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Quick Guide to Best MetaTrader 4 (MT4) Brokers

  • What is MetaTrader 4

MetaTrader 4  (MT4) is an online trading platform that provides market indicators to make complex trading comprehensible for beginner traders. It allows a trader to make their trading deal, automated trade, and copy trading.

MetaTrader 4 plays a significant role in forex trading, stock, commodities, indices, and cryptocurrencies. Beginner traders can use the free MetaTrader 4 demo account for testing and trading. Aside from this, MT4 is best for Forex trading and experienced traders as well.

It was initially developed by MetaQuotes in 2005 and is authorized to give live costs, diagrams, and the capacity to place orders. MetaTrader 4 provides access to the “Trading robot/Algorithm” that performs trading actions automatically and keeps checking the data and charts.

  • MetaTrader 4 Review

MetaTrader 4 provides a “free MT4 Demo account” to its users, and users can use the free account as long as they desire. Moreover, the “Free MetaTrader 4 demo account” has “100,000.00 USD” virtual money that user/trader can use for learning online trading via MetaTrader 4.

Many Traders and users rapidly ask if they can trade directly on MT4. The answer is NO. You must open an account with a broker for a live account or real-time trading. There are more than 6000 brokers that provide MT4 software for online trading; however, there are only a few that are the best MetaTrader 4 brokers.

MT4 doesn’t have any fee, but the broker you use for trading will imply its price, and each broker has a different fee.  

MetaTrader 4 customer support doesn’t run in the free MetaTrader 4 demo account. Moreover, live EA (Expert Advisor) and robot service are also unavailable in the free MetaTrader 4 demo account. When traders open their accounts with a broker, they can have live customer support, EA, and Robot services. (Depend on what broker you choose for trading)

Here is our list of best online forex brokers – Updated

In contrast, Metatrader 4 has uploaded many video tutorials and helping blogs that guide the MT4 platform to its users.

Furthermore, MetaTrader 4 provides many tools and runs in more than 30 languages. Users can use MetaTrader 4 on PCs, Mac, Android, and iPhones. MetaTrader 4 is user-friendly and runs smoothly on the web, desktop, and mobiles.

MetaTrader tools have two parts; the Front end (User experience) and the Back end (MetaTrader team end). Here are the details of MT4 tools and devices:

Source: MetaTrader 4

Due to its vast sources and tools, many traders prefer trading via MT4. Users cannot trade directly via MetaTrader 4 but enjoy extensive references with the help of other brokers. 

  • Best MetaTrader 4 Brokers (MT4 Broker)

Here is the list of best MetaTrader 4 brokers that traders can use for online forex trading, automated trading, and copy trading.

How to set-up Metatrader 4 account?

For setting up your MetaTrader 4 account, you have two options:

MetaTrader 4 (MT4) Demo account

MetaTrader 4 linked with a broker 

To avail of any of two options, a user must download MT4 on the required devices. For instance, how to use MetaTrader 4 on PC/macOS.

First, download the software on PC/macOS from this link. After downloading it, you need to run it on your device and login into your demo account. Now, if you want to add your broker to your MT4 account, you need to click on the “+” mark and add your broker. Fund your broker account from a minimum deposit.

Secondly, if the user wants 24/7 updates on the retail price, then simply download MetaTrader 4 app on your iPhone/iPad or Android. All web, desktop, and mobile users can avail all trading tools and sources for fast trading.

MetaTrader 4 is a famous trading platform traders use to buy, sell, and trade financial instruments. It is one of the most widely used platforms in the world, with more than 11 million active users. MetaTrader 4 can be installed on a PC for free.

Here is the details on how to use metaTrader 4 on PC for a demo account. 

Step 1: Download MT4 installer for PC 

Download it here – Metatrader 4; double tap on it after downloading the Meta Trader installer. It will empower User Account Control, and the below window will display to you; click Yes. Acknowledge the terms after you read them.

“Click Next” if you believe the establishment should be gone on with the default setting, and the main page will automatically open. Here:

Step 2: Installation

From this on, the establishment interaction will continue all alone. Contingent upon your PC, the establishment might require 10-200 seconds to be finished. When done, the Meta Trader terminal will run, and you can see the Open Account window.

Now, you have introduced the Metatrader 4 to your PC. Here a user can read the data and understand MT4, an online trading platform, via its demo account. For a live account, click “+” add your broker and start trading immediately.

MataTrader 4 is user-friendly and has the same procedure for downloading on Mac and mobiles. MT4 offers analytical charts, graphs, and all real-time price updates that make it worthwhile for the trader to read and take action. It also runs at a moderate execution speed, making the exchange easy for the customer.

  • What is the difference between MT4 and MT5?

MetaTrader 4 is the oldest version and is widely used by traders and brokers. While MetaTrader 5 is new (comparatively MT4) and offers access to the stock trading that makes it valuable.

MT4 and MT5 almost have similar functions, but MT5 postulates cloud storage for strategies performance while this feature isn’t available in MT4. Moreover, in MT4, users need VPS for backtesting, although MT5 doesn’t need VPS for this purpose.

Previously, brokers were implying MT4 to their platforms for the traders, but now brokers also provide access to MT5 (for full MetaTrader suite) to speed up the execution process and other tasks. MT4 has more users than MT5, but the number will reverse in the future.

  • FAQs

  1. Is Metatrader 4 Regulated?

MT4 is an online trading platform that gives you real-time updates regarding prices, stocks, and much more. A user cannot trade via MT4 if the account is not linked with a broker. The authorities regulate MT4, but users do not fund money in an MT4 account. The user invests the cash in the Broker account. Broker reliability and regulated credibility must be checked before opening the account.

  1. Is Metatrader 4 Safe?

Yes! MT4 is safe, trusted, and reliable for trading information and analytics data. Millions of traders and brokers have used MT4 for reliable trading. It is one of the best trading software that offers multiple benefits to its users.

  1. Are Metatrader 4 Scams?

MT4 is not a scam. MT4 does not connect the trader to the market directly. For this purpose, the trader connects MT4 with the broker, and if the broker is not regulated or reliable, then a trader will be scammed. Always remember that MT4 never asks for your data via messages or email. It always provides information not taken from you.

  1. Is Metatrader 4 Free?

Yes! MT4 is free to use. MT4 doesn’t offer any live account or trading to its users. For trading, the user needs to connect with the broker, and each broker has a different deposit fee, trading fee, and other expenses that the user/trader needs to pay.

  1. Can I Trade Directly on MT4?

No. MT4 doesn’t allow trading via this platform without a broker. MT4 provides exchange rates, stock analytical data, cryptocurrency retail access, and more. With the help of MT4, a trader can generate the trading deal manually, develop it via an algorithm or copy the trading technique from the old traders.

  • Final Verdict

It is necessary to select the best MetaTrader 4 broker for trading. The trading profit relies on the broker’s reliability and regulated backup. For choosing a broker, read the safety and security process, check customer services and their availability, prices, countries, and currencies, and carefully go through the tax page.

There isn’t any doubt that MetaTrader has been working in the trading market for decades and established its vital and trusted regime in online forex trading.