MetaTrader 4
MetaTrader 4 review by forex trading experts the Topforexbrokers.com team, All you need to know about MetaTrader4 platform and what are the best Metatrader 4 forex brokers in the world.
Top 10 Metatrader 4 forex brokers in the world
etoro
eToro is a reasonably novel but fast-growing brokerage firm with overhead 5,000,000 traders in over 140 Countries. Unlike the enormous mainstream of brokers. You can trade Cryptos, Currencies, Stocks and Commodities with this broker.
Plus500
Plus500 was established in 2008 as an online international trading platform that is popularly used in Asia, Europe and Australia and elsewhere in the world. In the United Kingdom (UK), the company operates under the name Plus500 UK Ltd and is regulated by the Financial Conduct Authority of the UK (FCA).
IG
IG Broker is also based in the UK and is a leading spread betting brokerage firm overseen and regulated by the Financial Conduct Authority (FCA), which oversees all brokerage firms and brokers in the UK.
FxPro
London based FxPro was founded in 2006 and is an online brokerage firm offering trading accounts for Stocks trading, Spread betting, foreign currency exchanges, as well as accounts for trading CFD’s.
Capital.com
Capital.com is a global online brokerage firm that offers trading services across various asset classes, including forex, commodities, indices, and cryptocurrencies. It’s located in Cyprus.
Pepperstone
Pepperstone broker is founded in Australia, Melbourne and has offices in USA, Dallas and China, Shanghai.
IC Markets
IC Markets is an Australian forex broker, The ICMarkets constitutes one of the biggest online retail foreign exchange brokers in Australia.
FP Markets
FP Markets (First Prudential Markets) is an Australian-based online broker founded in 2005. It is regulated by ASIC.
Forex.com
Forex.com UK was established in 1999 and is regulated by the UK’s Financial Conduct Authority (FCA).
Interactive Brokers
Interactive Brokers Group Inc is a true online ECN brokerage, You can trade bonds, stocks, Forex, optionsand futures in bulk orders with this broker. The broker headquarter is at Greenwich, Connecticut of United States.
Oanda
Since the mid-1990s, OANDA is one of the primary innovators of online Forex brokers. The company is assumed to be founded by Dr. Richard Olsen and Dr Michael Stumm. Whereas in 2001 the online trading platform Fxtrade was launched, it was the 1st completely automatic forex trading platform, You can trade CFDs, Stocks, Currencies and commodities with this broker.
Swissquote Bank
Swissquote Group Holding SA is a Swiss banking group specializing in the provision of online financial and trading services.
Saxo Bank
Saxo Bank is a Danish investment bank. It was founded as a brokerage firm in 1992. SaxoBank is one of the best online stock broker in the world.
What is MetaTrader 4 platform ?
MetaTrader 4, widely known as MT4, has been the go-to trading platform for forex traders and brokers since 2005. With its robust features, user-friendly design, and vast global adoption, MT4 has earned a place as the industry standard. Whether you’re a beginner or a seasoned pro, understanding MetaTrader 4 is essential in choosing the right forex broker and trading strategy.
At TopForexBrokers.com, we break down everything you need to know about MetaTrader 4 — how it works, its features, broker compatibility, pros vs cons, and how it compares with other platforms like MetaTrader 5 and cTrader.
🔍 What Is MetaTrader 4 (MT4)?
MetaTrader 4 is a forex and CFD trading platform developed by MetaQuotes Software. It offers real-time trading, charting tools, technical analysis, Expert Advisors (EAs) for automation, and multi-device accessibility. It has become a top choice for both forex brokers and retail traders worldwide.
Key MT4 Features:
Real-time price feeds for forex, commodities, indices, and CFDs
30+ technical indicators (customizable)
9 timeframes (M1 to MN1)
One-click trading from charts
Built-in programming language (MQL4)
Automated trading with Expert Advisors
💼 Why Top Forex Brokers Prefer MT4
Almost every major forex broker integrates MetaTrader 4. Here’s why:
| Feature | Broker Benefit |
|---|---|
| Stability & Speed | MT4 is lightweight and highly responsive |
| Widespread User Adoption | Familiar interface builds trust with traders |
| Compatibility with Liquidity Providers | Brokers can easily connect MT4 to backend systems |
| Scalability | Brokers can host MT4 on multiple servers for global clients |
| Support for Automated Trading | Enhances client trading volume and platform engagement |
TopForexBrokers.com ranks MT4 brokers based on:
Regulation and trustworthiness
Execution speed
MT4 customization
Available trading instruments
Deposit/withdrawal options
🧠 MetaTrader 4 Core Tools Explained
🕹️ 1. Charting & Analysis
3 chart types: Candlestick, Bar, Line
Over 30 pre-installed indicators
Support for custom indicators using MQL4
Multiple chart windows and layout customization
Commonly Used Indicators in MT4:
| Indicator | Use Case |
|---|---|
| Moving Averages | Trend identification |
| RSI | Momentum and reversal signals |
| MACD | Entry/exit signal confirmation |
| Bollinger Bands | Volatility measurement |
📈 2. Order Types and Trade Execution
| Order Type | Description |
|---|---|
| Market Order | Buy/Sell at current price |
| Limit Order | Buy/Sell at a specific favorable price |
| Stop Order | Triggers when a set price is reached (to limit losses or join trends) |
| Trailing Stop | Automatically adjusts stop-loss to secure profits |
🤖 3. Expert Advisors (EAs)
MT4 allows you to automate trading strategies using Expert Advisors. Traders can:
Run 24/5 auto strategies
Backtest with historical data
Download free or premium EAs
Build custom bots with MQL4
Example Use Case:
A scalping EA can scan EUR/USD price action and auto-execute 10–20 trades per day with tight stop-losses.
📊 MetaTrader 4 vs MetaTrader 5 vs cTrader
| Feature | MT4 | MT5 | cTrader |
|---|---|---|---|
| Year Released | 2005 | 2010 | 2010 |
| Order Types | 4 | 6+ | 6+ |
| Programming Language | MQL4 | MQL5 | C# |
| Hedging Support | Yes | Yes (optional) | Yes |
| Economic Calendar | No | Yes | Yes |
| Depth of Market | Basic | Advanced | Full DOM |
| Multi-Asset Support | Forex, CFDs | Forex, CFDs, Stocks | Forex, CFDs, Crypto |
Verdict:
MT4 is perfect for forex-focused traders. For multi-asset traders, MT5 or cTrader might be suitable, but MT4 still dominates broker offerings due to its simplicity and automation tools.
📲 MT4 Access: Desktop, Web, and Mobile
Desktop (Windows/Mac)
Full charting and analysis suite
EA installation
Strategy backtesting
WebTrader
Access via browser
No download required
Basic features and charting
Mobile (iOS/Android)
Monitor trades on-the-go
Push notifications
Simple order execution
🏦 How to Choose the Best MT4 Broker
When comparing brokers on TopForexBrokers.com, evaluate:
| Factor | Why It Matters |
|---|---|
| Regulation | Protects your funds |
| Spreads/Commission | Impacts your net profit |
| Server Location | Affects execution speed and slippage |
| Deposit Options | Convenient funding |
| MT4 Customization | Tailored tools, EAs, templates |
| Trading Instruments | Wider options = more opportunity |
Tip: Check if the broker offers MT4 with enhanced plugins like SmartTrader Tools or Autochartist.
🧩 MT4 Add-Ons and Plugins
Brokers may provide added functionality:
One-click trade managers
Sentiment indicators
News feed integrations
Trade copiers (copy top-performing traders)
🛠️ How to Set Up and Use MetaTrader 4 (Step-by-Step)
Download MT4: From your broker’s official page
Install & Login: Use account credentials provided by your broker
Set Up Charts: Customize indicators and chart layouts
Place Orders: Use the New Order button or right-click on chart
Monitor Trades: Use the “Terminal” window for open/closed trades
Use EAs: Drag Expert Advisors onto chart after activation
✅ MT4 Pros and Cons
| Pros | Cons |
|---|---|
| Widely available across brokers | No support for stocks directly |
| Supports automated trading | Older interface than MT5 |
| Low system requirements | Limited depth of market (DOM) |
| Large online community | Only 9 timeframes |
| Vast library of EAs and indicators | No built-in economic calendar |
🧠 Tips for New Traders Using MT4
Start with a demo account
Use trailing stops to lock in profits
Don’t overuse indicators (avoid analysis paralysis)
Test EAs on historical data before going live
Monitor economic events manually (MT4 doesn’t have a calendar)
🔧 Troubleshooting MT4 Issues
| Problem | Solution |
|---|---|
| Platform won’t open | Reinstall or check antivirus blocks |
| Charts not updating | Right-click > Refresh |
| EA not executing trades | Enable “AutoTrading” in toolbar |
| Login failed | Confirm credentials and server name |
❓ Frequently Asked Questions
Q1: Can I trade crypto on MT4?
A: Yes, if your broker supports crypto CFDs on MT4.
Q2: Is MT4 free to use?
A: Yes. It’s free for traders — brokers pay for the license.
Q3: Can I use MT4 on Mac?
A: Yes, some brokers offer a Mac-compatible version or you can use web access.
Q4: Is MT4 better than MT5?
A: Depends on needs. For forex-only trading, MT4 is simpler and more widely supported.
Q5: Is it safe to trade using MT4?
A: Yes — with a regulated broker and proper risk management.
📌 Conclusion: Is MT4 Right for You?
If you’re trading forex, especially with a top-tier broker, MetaTrader 4 is likely the best platform to start with. It combines simplicity, speed, and flexibility with professional-grade features. At TopForexBrokers.com, we rank MT4 brokers to help you choose the right one — based on execution, regulation, tools, and support.
Explore the best MT4 forex brokers now and start trading smarter.
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