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Last Updated On Jul 7, 2023
MT5 is slowly replacing the MT4 trading platform, but it is still the most popular trading platform in the world, and most good Forex brokers in India will offer it.
Because so many brokers offer MT4, we look for the widest range of top-quality MT4 brokers for a variety of trading priorities and budgets. We compared trading costs, execution speed, and the number of Forex pairs the brokers offered. We also tested the brokers’ technical customer support quality and ensured they were fully regulated to ensure trader safety. Under the list of best MT4 brokers, common questions will also be answered, such as: What is MT4? How does MT4 work? How is it different from other trading platforms like MT5 and cTrader? And how to automate trading with Expert Advisors?
- OctaFX - Best CopyTrading on MT4
- AvaTrade - Best Commission-Free MT4 Account
- XM - Best MT4 Education
- FP Markets - Most Assets Available
- HFM - Best STP Broker on MT4
- IG - Best Regulated MT4 Broker
- IC Markets - Best MT4 for Beginners
- Exness - Best MT4 Trading Conditions
- markets.com - Market Maker with Tight Spreads
The best MT4 Forex Brokers for 2023
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Broker
Official Site
Min. Deposit
Max. Leverage (Forex)
MetaTrader 4 (MT4)
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Website Language: English
Support Language: English
Compare
Visit Broker >
76% of retail CFD accounts lose money
USD 100
400:1
Yes
USD 9
0.90 pips
0.90 pips
872
55
Yes
Yes
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75.33% of retail CFD accounts lose money
USD 5
1000:1
Yes
USD 7
0.70 pips
0.60 pips
1539
57
Yes
Yes
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79% of retail CFD accounts lose money
AUD 100
30:1
Yes
USD 7
0.10 pips
0.10 pips
10162
70
Yes
Yes
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72.90% of retail CFD accounts lose money
USD 0
500:1
Yes
USD 10
1.00 pips
0.10 pips
1230
53
Yes
Yes
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70% of retail CFD accounts lose money
USD 0
200:1
Yes
USD 6
0.60 pips
0.85 pips
19295
80
Yes
Yes
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77% of retail CFD accounts lose money
USD 200
30:1
Yes
USD 8
0.10 pips
0.02 pips
1744
64
Yes
Yes
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71.67% of retail CFD accounts lose money
USD 10
0:1
Yes
USD 7
0.70 pips
0 pips
221
100
Yes
Yes
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70.3% of retail CFD accounts lose money
USD 100
30:1
Yes
USD 7
0.70 pips
0.60 pips
1009
56
Yes
Yes
How to compare MT4 Brokers
When setting up a trading account, it is common for a broker to support various trading platforms. As you compare brokers, it is important to pay special attention to factors that set these MT4 accounts apart from the accounts offered connected with other trading platforms. To compare MT4 Forex brokers, we need to consider the following:
MT4 account types: While a broker will support MT4, brokers often have multiple account types, and it could be that not all account types will allow you to trade using the MT4 platform. If you intend to use MT4, verify the account that best suits you also supports MT4.
MT4 trade execution and conditions: Be sure to check the trading conditions of your MT4 account. The trade execution method, speed of execution, and the trading costs of your trade can all be impacted by the platform and account combination. As you choose your MT4 account, be sure to verify the conditions against what was advertised.
MT4 tools and plugins: The occasional broker offers plugins and tools for the platform. Axi offers Psyquation and Autochartist to clients for free, while Admirals, through cooperation with MetaQuotes, built MT4 Supreme Edition. These additions to the platform change the trading experience and add additional benefits to the trading platform.
MT4 support: Setting up a trading platform like MT4 can take time to install and customize. Select brokers will offer their assistance, which can be helpful for beginners. Be aware that some brokers have limited customer service hours, especially on weekends, so finding a broker whose customer service hours suit you.
OctaFX – Best CopyTrading on MT4
OctaFX is a client-focused, international broker with a reliable, low-cost MT4 account and one of the easiest-to-use copy trading services in the industry. The MT4 account at OctaFX requires a minimum deposit of 100 USD, and no commission is charged on trades. An Islamic swap-free account is available for all MT4 account types.
OctaFX also offers a copy trading function free for all accounts, allowing beginners to copy experienced, successful traders for a small fee per traded lot. This function is also available through the mobile app along with free, well-presented trader education for beginners.
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.AvaTrade – Best Commission-Free MT4 Account
AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT4 platform. AvaTrade MT4 offers low spreads across Forex, commodities, and a range of other CFDs. Max leverage is 1:30, and spreads are very tight for a 100 USD minimum deposit and no commission – as low as 0.7 pips on the EUR/USD.
AvaTrade supports all native features of MT4, such as nine timeframes, EA functionality and 30 built-in indicators. AvaTrade also has the Guardian Angel system. This personalised trading feedback tool helps traders refine their decision-making and includes support for automated trading platforms like ZuluTrade and DupliTrade and free Trading Central for all MT4 clients.
Accepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.XM – Best MT4 Education
An multi-regulated market-maker with tight spreads over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. XM’s MT4 video tutorials guide new traders through all the important features of XM’s MT4 platform. Tutorials cover most things from opening a trading account to understanding pending orders and backtesting Expert Advisors.
All MT4 accounts have a max leverage 1000:1, negative balance protection, and minimum deposits start from 5 USD. XM MT4 spreads are as low as 0.6 pips, and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, which means that all trades are always filled at the price expected. MT4 users can trade Forex, stock indices, precious metals, and energies.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.HFM (formerly known as HotForex) – Best STP Broker on MT4
HFM is a well-regulated broker with fast STP execution on all four different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD and spreads start at 1 pip on the EUR/USD. For beginners, HFM offers unlimited demo versions of all its MT4 account types. For those that prefer ECN trading on MT4, the HotForex Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.
HFM supports MT4 via every method, including the MT4 MultiTerminal, which allows traders to manage multiple MT4 accounts from a single platform. MT4 is also available via web, desktop, and Android and iOS apps. Trading tools available include free Autochartist, VPS services and the HFCopy copy trading service.
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IG Markets – Best Regulated MT4 Broker
Overall Rating
4.69 / 5
4.69 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | ASIC, BaFin, DFSA, CFTC |
| 💵 Trading Cost | USD 6 |
| ⚖️ Max. Leverage | 200:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by ten national authorities, including the FSCA, FCA, ASIC, MAS, and FINMA, IG Markets is also publicly traded on the London Stock Exchange and has a full banking license. IG Markets offers tight spreads, full MT4 support, and excellent education and market analysis.
IG Market’s version of MT4 takes the platform to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. Also, all IG clients get access to Autochartist for free. This powerful automated technical analysis tool scans the markets for opportunities that you may have missed. All these features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.
Accepts Indian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.IC Markets – Best MT4 for Beginners
IC Markets is rare amongst ECN MT4 brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT4 platform and more general queries.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.
Accepts Indian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.Exness – Best MT4 Trading Conditions
Exness’ Standard Account on MT4 requires a minimum deposit of 10 USD and has average spreads on the EUR/USD of 1 pip. This account is a fantastic low-risk opportunity for new traders to get experience in the live markets. The Pro Account on MT4 has similarly great trading conditions, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – however, the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 7.0 USD round trip per lot traded.
All Exness clients on MT4 have access to financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports the MT4 MultiTerminal platform, allowing clients to run multiple accounts from a single app. Exness offers full MT4 support, with custom-built EAs allowing for automated trading on all account types.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.Markets.com – Market Maker with Tight Spreads
Markets.com is a Market Maker broker, offering a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Beginner traders will also likely be pleased with their comprehensive education section, as well as a wide scope of excellent tools for research and analysis.
Markets.com provides support for the basic version of MT4 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 100 USD. It also boasts excellent trading conditions with spreads starting as low as 0.8 pips on the EUR/USD and leverage is available up to 300:1.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.What is MetaTrader 4 (MT4)?
MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years. The launch of MT4 in 2005 changed the retail Forex industry almost overnight. It offered retail Forex traders an institutional-grade tool: Anyone with an internet connection was now on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:
- MT4 is the lowest-latency and a highly customisable trading platform, complete with a cutting-edge charting suite offering market charts overlaid with indicators from MT4’s library.
- MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4.
- MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades can then be made in an instant due to the platform’s execution speed.
- MT4 is available on mobile, tablet, in a web browser and as a downloadable application.
This versatility makes MT4 the world’s leading trading platform.
MT4 Pros and Cons
Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.
Pros
- Customisable layout provides a stable and personalised trading experience.
- Advanced charting allows traders to combine technical analysis and trade management from within the chart view.
- One-click trading. In fast-moving markets, traders can execute trading decisions quickly.
- The lowest-latency platform available. Trade execution speeds will also depend on internet connection speed.
- Built-in scripting tools allow users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools.
- Over 2000 free indicators available in the MetaTrader Code Hub.
- Traders can move between brokers without losing any customised changes to the platform. MT4 can also support multiple brokers and multiple accounts from the same broker.
- Social trading integration, available with a free subscription. Trading signals let you to automatically copy the trades of other traders.
- High secure. all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.
- Widespread Use. Most brokers will offer it, and it is well supported. If you have a question, someone will have answered it – if you have a problem, someone will have solved it.
- MT4 runs smoothly on all modern computers and is happy even on old systems.
Cons
- It is old. It looks like a program from 2005. If you want a trading platform that looks nice this is not your platform
- It lacks native integration of news and economic data, though this can be added via plugins.
- While MT4 can run on Macs with a few tweaks, it will only run on Mac OS versions prior to Catalina (version 10.15, released in 2019).
MAC OS Catalina only supports 64bit applications and as MT4 is a 32bit application, it is not compatible. For earlier versions of Mac OS, the safest way of getting MT4 to run is to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.
Should I use MT4?
If you are just starting your trading career you should consider moving straight to MT5 or cTrader instead. But, if you have been using MT4 and you are happy with it then keep on using it.
MT4 is old, and MetaQuotes is actively trying to get Forex brokers to switch to MT5. MT4 is still the industry standard, but it will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern, cleaner layout.
But if you have been using MT4 for some time, then your version is probably heavily customised. Algos built for MT4 will not function in MT5 or cTrader, so any customisations you have made will be lost.
MT4 will eventually be replaced, but its popularity means that is not going to happen anytime soon. But if you want to move to a more modern platform, or you are just starting out then you should check out MT5 or cTrader.
What is the difference between MT4 and MT5?
The significant change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.
MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities. Additionally, MT5 is finally seeing serious support from the industry, with some brokers abandoning MT4 in favour of the newer version.
MT4 Broker Guide
If you are sure you want to use MT4, you need to find a broker. There are many ways to compare brokers, depending on what is important to you as a trader. These are a selection of brokers broken down by trading costs, customer support, and education material, including features relevant to each area.
MT4 brokers with the best trading conditions
Each broker will have different trading conditions. Trading conditions include the assets available to trade, if negative balance protection is available, and the total cost of trading. The cost of trading is the sum of the cost of the spread and the commission. If you are looking for the lowest trading costs at an MT4 broker, these are the top 5 regulated MT4 brokers with the lowest cost of trading.
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Broker
Min. Deposit
Cost of Trading
Trading Commission
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Official Site
MT4 brokers with the best customer support
Because setting up a trading platform like MT4 can take time for beginners to install and customize, brokers offer a variety of customer service options to get you started. Better customer support means brokers will have various contact methods, including local phone numbers and extended opening hours, including help on the weekend. Brokers should also have customer service agents who speak the languages of their client base. If you want a broker with leading client support, these are the best MT4 brokers by customer service in India.
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Broker
Min. Deposit
Support Hours
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Official Site
MT4 Brokers with best education material
Broker education will vary considerably. Better brokers will offer beginners and experienced traders courses, coupled with webinars that allow interactive learning. A printable ebook is valuable for those who want to learn on paper and away from a keyboard. These are the MT4 brokers the best educational offering in the industry and ordered by their education score.
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Broker
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
Conclusion
MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.
To learn more about the trading features that MT4 has to offer, please check out our complete guide to MetaTrader 4.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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