Updated: 06/19/2024

Best MetaTrader Forex Brokers: A Comprehensive Guide to the MT4 and MT5 Trading Platforms

Best Metatrader Forex Brokers What Is the MetaTrader Trading Platform? The MetaTrader, otherwise known as MT4…

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Best Metatrader Forex Brokers 2024


  • Multiple Account Types
  • High Leverage
  • Low Trading Costs
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  • Competitive spreads
  • Fast trade execution
  • Many trading platforms
  • Limited education
  • No fixed spread
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  • Robust trading technology
  • Multiple account types
  • Best Client Security
  • Limited education
  • High minimum deposit
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  • Competitive spreads
  • Many Instruments
  • Many trading platforms
  • Limited education
  • High Minimum deposit
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  • Many instruments
  • Friendly platforms
  • Multi-Regulated broker
  • Inactivity fees may apply
  • Limited educational resources
  • Customer support response varies
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What Is the MetaTrader Trading Platform?

The MetaTrader, otherwise known as MT4 or MT5 is the most common and most popular trading platform in the Forex industry, created by Metaquotes. This is a platform offered by most brokers in the market and helps traders globally to trade Forex and other financial instruments with ease. The trading platform is particularly popular because it has a user-friendly interface and new traders can utilize it quickly.

At the moment the platform has 2 live versions, the MT4 version which was launched in 2005 and will be discontinued by the company, and the MT5, which is the new and improved version launched 5 years later in 2010.

The MetaTrader platform comes equipped with an excellent and detailed charting package. Traders have the opportunity to choose between a variety of line, bar, and candlestick charts, technical indicators, trend lines, support and resistance levels, and many other beneficial tools. The trading platform gives access to pretty much everything you need for the technical and fundamental analysis of your trading strategies. Some brokers will also feature a live feed of financial news and market events.

MetaTrader Platform Features
? Trading InstrumentsForex, CFDs, Futures, Stocks, Options, Crypto
⏱ Timeframes21
? Types of Orders6 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop, Stop Limit, Sell-Stop Limit)
? HedgingYes
? Technical Analysis Tools38
? Market DepthYes
? Economic CalendarYes
? Order Execution Type4
? Graphs and Chart Objects44
? Strategy TesterMulti-Threaded
?‍? Programming LanguageMQL5 and MQL4
? Back-testingYes

Why Should A Trader Choose A MetaTrader Broker?

The MetaTrader platform provides traders the opportunity to create their own automated trading strategies, scripts, and custom indicators using the MQL language. There is also the option to download these scripts and indicators from the platform’s extensive library.

Forex traders can also check whether a strategy works before they apply it, with actual market conditions, through backtesting. Both MT4 and MT5 also provide the option for one-click trading and signal copying. The platform is available across all devices desktop, mobile, and tablet.

MT4 Forex Brokers

There are many Forex brokers that utilize MT4 as their preferred trading platform as an option for their traders. As an example, Pepperstone relies heavily on the MT4 trading platform because of its user-friendly interface and its ability to simplify trading for anyone. Most traders find using MT4 Forex brokers to be comfortable and accommodating, especially since the MT4 trading platform tends to conform to the preferences of the trader. This means that the platform is learning the trader, and the trader is not necessarily learning the platform; it causes many traders to delve deeper into the financial market and trading industry.

MT4 Forex brokers are also very reliable because of the amount of security that is available in the trading platform. They keep personal information and IP addresses private and concealed from the public, along with the trading actions that are taken by the trader. Many traders rely on the trading platform and the brokers that utilize it, especially since the fact that MT4 is the most common trading platform in the financial market.

Along with all the other features that emphasize the benefits of the MT4 trading platform, MT4 is free of charge and completely hassle-free. One of the best MT4 brokers, according to various sources, would be Pepperstone.

MT4 System Requirements

MT4 PC Requires the Following:

  • Processor 1 GHz or higher
  • Windows 7 (32 – and 64-bit); Windows 8 (32 – and 64-bіt) and Windows 10 (32 – and 64-bіt)
  • RAM 512 MB
  • Free hard disk space 50 MB
  • Screen Resolution 800×600

MT4 Download Has Been Tested for The Following Browsers and Reported Successful:

  • Google Chrome – latest version
  • Fіrеfоx – latest version
  • Opera – latest version
  • Internet Explorer – version 8.0, 9.0, 10.0.

There are numerous Android-powered smartphones and tablets, and any of them can be used to trade with MT4 Forex brokers or trade Forex via MT4.

These are just many of the praised features on the trading platform that have been popular with traders, old and new:

  • Round-the-clock access to the financial markets, so traders can trade whenever they feel like it
  • Connection to over two-thousand broker servers, where traders are able to reach unlimited brokers
  • 30 technical indicators and 24 analytical objects that help clarify the trading environment
  • Full-feature trading system with two execution modes and four order types
  • Real-time symbol quotes
  • 3 chart types and 9 time-frames (periods)

Benefits Of MT4 Forex Brokers

User Experience

MT4 provides an easy-to-use interface, allowing both beginner and seasoned traders to trade comfortably within an intricate, erratic market. The trading platform of MT4 is available to download for desktop and handheld devices. Handheld devices and MT4 allow traders to have access to financial markets and to trade without being limited to a desk or a certain space.


MT4 enables traders the ability to trade with all currency crosses and pairs, together with, the option to trade in disparate markets for securities such as futures and equities.

Expert Advisers (EAs)

This is an extremely crucial and popular aspect of the MT4 feature portfolio and a major point on the pros side, Expert Advisers provides and allows traders with the option to automate trades through a customization interface that is tailored to their preferences. MT4’ѕ success and popularity is largely attributed to its algorithmic trading.


Excellent, enhanced communication tools are also another crucial aspect of MT4 that links and connects traders and brokers, which ensures swift and instant communication.


Security is always a priority, especially when traders are handling Forex trading. Traders need to be secure in the knowledge that they are not susceptible or exposed to any form of hacking or attacks. The MT4 trading platform is primed and equipped with encryption software that protects data traded between traders, or clients, and the server via a 129-bіt key. Furthermore, the IP addresses and personal information of clients and traders, such as IP addresses, are concealed, as an extra layer of protection.

These benefits show you that the MT4 trading platform is, in fact, the most helpful and user-friendly trading platform that is currently in the market. Along with the MT4 trading platform, there is the new and improved MT5 trading platform, which is also utilized by Forex brokers like AvaTrade and IC Markets.

What To Consider When Using The MT5 Platform

MT5 is one of the most respected and globally acclaimed trading portals for personal computers and PC. Following the reputation of its predecessor and the previous version, MT4, this package provides real-time access to various financial markets.

Trades can be executed and implemented with the click of a button and all information is regularly updated and restructured through streaming software that is located in the Cloud.

MT5 is designed and premeditated as a full-fledged system that allows clients to trade online. It consists of a wide range of features of the previous MT4 version, supplemented and supported with new useful tools and resources. All traders have to do is simply download, and install, and they can start trading!

The new MT5 trading platform got a brand-new assortment of candlestick time frames, which are now available and accessible for both long-term and short-term traders. In addition, the economic calendar is directly integrated and incorporated with the price charts and has small bookmarks on the time alignment at the bottom.

All of these new and improved features can, of course, be filtered or fully removed from the calendar menu.

The MQL Marketplace is still available on the MT5 trading platform, but the outdated indicators and Expert Advisors (EAs), which were developed for MT4 but are no longer supported on the new trading platform.

New and updated versions are being developed and established, but it will take some time until their volume reaches the old volumes of the MT4 platform.

At first, the MT5 platform was designed with the prospect of trading futures and stocks. Therefore, a trader was not able to have a long position and a short position open at the same time (also known as hedging).

However, as the platform evolved hedging became a prominent feature for Forex traders. MT5 Forex brokers, at their discretion, may offer the opportunity to their clients to hedge certain instruments under certain trading conditions.

How To Download the MT5 PC Version

MеtаTrаdеr5 (MT5) is the most popular and it is the number one multi-asset platform that is chosen by traders and investors alike, from all over the world for trading Forex, CFDs, exchange-traded instruments, and futures. The trading platform provides advanced charting and trading tools, as well as options for automated trading.

MT5 Forex brokers and the associated trading platform can be downloaded at absolutely no charge, and hassle-free. By entering the inter-bank market via MT5 trading platforms, you can immediately find out the balance of your trading account.

Besides, you will receive records of all your deals, open orders, profits, and losses. If you plan to download MetaTrader for your Forex business, it could be a wise move for your career and company. This is true, especially if you get the platform from an MT5 Forex broker.

MT Download Has Been Tested in The Following Browsers:

  • Google Chrome – latest version
  • Firefox – latest version
  • Opera – latest version
  • Internet Explorer – version 8.0, 9.0, 10.0.

MеtаTrаdеr5 System Requirements

MT5 For PC Requires:

  • Processor with SSE2 support (almost all modern processors)
  • Windows 7 (32 – and 64-bіt); Windows 8 (32 – and 64-bіt) and Windows 10 (32 – and 64-bіt)
  • RAM 512 MB
  • Free hard disk space 50 MB
  • Screen Resolution 800×600

MT5 Forex brokers offer a wide variety of functions and unique features for the modern forex and exchange market trader:

  • Full Set of Trading Orders for Flexible Forex, Stocks, And Other Securities Trading.
  • Two-position accounting systems: netting and hedging.
  • An unlimited number of charts with twenty-one time-frames and one-minute playback history of quotes.
  • Technical analysis with over eighty built-in technical indicators and analytical tools.
  • Fundamental analysis based on financial news and an economic calendar.
  • The largest store of ready-to-use trading applications at MetaTrader Market.
  • Powerful algorithmic trading with the built-in MQL5 development environment.
  • Trading Signals allow you to automatically copy deals of experienced traders.
  • A system of alerts to keep track of and monitor all the important financial market events.
  • Built-in Forex VPS

Pros Of MT5

There are several advantages of the MT5 trading platform, which seem to be a crowd-pleaser. The MT5 trading platform is mainly used by advanced traders, which is why traders tend to use this platform more than the rest.

The first advantage is that it is a clear and easy-to-use online trading platform, which means that it is user-friendly and it provides a comprehensive guide on how to operate trades. With a helpful trading platform, it makes trading more attractive and accessible for traders.

Speaking of accessibility, the MT5 trading platform has a mobile application that makes trading possible anytime, anywhere! So, traders will not be constrained by the possibility of missing an important trade or being chained to a desk, in order to trade. Traders will be able to trade whenever they feel like it, wherever they are, and it won’t take any time at all.

The third and final advantage that will be highlighted is the real-time element of the MT5 trading platform. The MT5 trading platform provides charts and other analytical data for trading, in real-time scenarios.

This means that you can create trading strategies that are reliable, and make trading decisions that are accurate, through MT5. With the real-time scenarios, it will be fairly easy for traders to forecast what assets are going up, and what assets are going down.

The third advantage is one of the most important aspects since it defines the trades a user will make for the future trading operations that will occur; it also allows traders a peek into the inner workings of the forecasted trades.

Cons Of MT5

As for the disadvantages and drawbacks, the MT5 trading platform has two main disadvantages for traders.

The first disadvantage is that the MT5 trading platform is not suitable for novice traders, and investors with small investments. It would be considered extremely challenging for novice traders to use the MT5 trading platform, and they might find it confusing for them to operate.

With this particular trading platform, many traders are advanced and experienced in the trading industry, already knowing how it works. Novice traders will find it hard, but there is an alternative to this trading platform; beginners can also trade with the MT4 trading platform since it’s more user-friendly for novices.

The second disadvantage and an essential element to consider is the cost of the MT5 trading platform. Although the MT5 trading platform is completely and utterly free for any user, there is some cost to it.

In order to access all the features of the MT5 trading platform, traders will have to pay for it and purchase the option to access all the features. Of course, this is understandable since you need to give money to get money, but it is not the best of options to have to pay for the features you would need.

Mobile Trading With MT5 Forex Brokers

Mobile trading with MT5 Forex brokers for Android provides convenient access to the Forex and Exchange markets from your smartphones and from your tablet.

Regardless of where you are, you can connect to your broker’s server; analyze quotes of currencies, stock, and other exchange instruments, along with executing trade operations. All of the above features are available for free, around the clock!

MT4 Vs MT5 Trading Platforms

mt4 vs mt5

The MetaTrader platforms are undoubtedly the most popular platforms in forex trading. These platforms are the quintessential trading tools and they perfectly manifest how effective trading can be when you have the right tools.

MT4 vs MT5 trading platforms, Which one is the best? has been a question asked for a long time. Both platforms have been in the market for a considerable amount of time now, and they both have an immense number of users. MT4 is the older of the two have been on the market since 2005. MT5, on the other hand, has barely been around for a decade but it has seen its popularity go up within a short time.

Both provide pioneering automated trading systems with expert advisors. However, they each serve a very different function, and, contrary to popular belief, MT5 is not an upgrade of MT4. MT4 was specifically built for forex traders, whereas MT5 was designed to provide traders with access to CFDs, stocks, and futures.

Comparison of MetaTrader 5 and MetaTrader 4 – MT4 vs MT5

Partial Order Filling PoliciesYesNo
Order Fill PolicyFill or Kill
Immediate or Cancel
Fill or Kill
Pending Order Types64
Depth of MarketYesNo
Time and Sales (Exchange data)YesNo
Technical Indicators3830
Graphical Objects4431
Economic CalendarYesNo
Email SystemWith AttachmentsNo Attachments
Transfer funds between accountsYesNo
Embedded MQL5.community chatYesNo
Strategy TesterMulti-threaded
+ Multi-currency
+ Real ticks
Single thread
Multilingual UnicodeYesNo
Supported MarketsForex / Futures /
Options / Stocks / Bonds
Exchange TradingYesNo

Let’s have a closer look at different aspects.


  • MT4: Installation is simple and straightforward.
  • MT5: Installation is not as simple when compared to MT4. The manufacturer’s demo trading server (METAQUOTE) is a default in the opening account phase of the installation. An option to add a new trading server from MetaTrader 5 for a demo account is also included.

Fundamental Analysis (news trading)

  • MT4: Forex Economic Calendar is not included in the news tab.
  • MT5: The platform has an inbuilt Forex economic calendar tab with features like a news event, schedule, impact, forecast, earlier events, etc.


  • MT4: There are nine (9) timeframes. There are limitations to the number of charts that can be opened at the same time.
  • MT5: There are 21 timeframes ranging from 1 minute to 1 month, and an unlimited number of charts. One hundred charts can be opened at the same time without limitations.


  • MT4: The market utility tab is not integrated into the platform. You have to visit MQL4.com in order to buy any of its products in its marketplace.
  • MT5: The market utility tab is built inside the platform. You can directly buy Forex products through the market tab.

Order Types

  • MT4: It has only two (2) market orders, and four (4) pending orders.
  • MT5: More order types are included in the platform. There are two (2) market orders, six (6) pending orders, and two (2) stop orders.

Indicators & Analytical Objects

  • MT4: There are 30 inbuilt indicators pre-installed on the MT4 platform.
  • MT5: There are 38 inbuilt indicators pre-installed on MetaTrader 5 platform. There are 22 analytical objects, and 46 graphical objects added to the platform.


  • MT4: The interface is easier to navigate when compared to MetaTrader 5. The one-click trading feature and the drag-and-drop functionality are included in the build 500 version only.
  • MT5: There are slight differences in the platform’s interface. A search box has been included on the platform as well as a details tab on the market watch window.

Expert Advisors and Autotrading

  • MT4: The MQL code editor and strategy tester are the main utilities used for expert advisor design. Expert advisors are programmed with MQL programming language, and they are faster to compile. It is not possible to transfer expert advisor codes from MT4 to MetaTrader 5. Therefore expert advisors designed in MT4 would not work on MetaTrader 5.
  • MT5: It comes with more utilities for expert advisor design. The strategy tester utility has been upgraded, and a strategy tester agent manager for remote optimization of expert advisors was also added. Expert advisors are designed with C++, and they are slower to compile due to the dynamics of the C++ programming language.

Brokers service integration

  • MT4: Most brokers deliver their services on MT4.
  • MT5: Fewer brokers deliver their services through MetaTrader 5 when compared to brokers who deliver their services on MT4.

Trading (Hedging, FIFO, etc.)

  • MT4: There are no restrictions on any trading method. However, broker regulations are implemented on their proprietary MT4 platforms.
  • MT5: It does not support the hedging of trades, and it also implements the FIFO policy by default.

So Which Platform Is Better?

Well, that depends on your preferences. That’s just like asking if plain black coffee is better than an iced caramel macchiato with whipped cream and an extra shot of espresso!

If you believe that “less is more” and you’d rather stick to the essentials of straight-up forex trading, then you might be better off using the more straightforward MT4 platform. On the other hand, if you like the flashy new features and a jam-packed menu of options, MT5 might have just what you need.

There is not much of a difference between both trading platforms, and most brokers provide both trading platforms for traders of all experiences. The only difference that applies to both trading platforms is the trader’s personal preference.

The new and improved features are not for everyone’s tastes, but there are always going to be clients that are looking for something that is not like the others. The MT4 trading platform is user-friendly, and many traders have appreciated using the platform.

However, as you gain more experience, you might want to look for a trading platform that gives you access to more features and options than you needed before.

While the MT4 trading platform is the preferred mode of trading for almost all Forex brokers, there are various brokers that choose to add the MT5 trading platform as an additional feature.

Despite the additional features, the MT4 and MT5 trading platforms are neither superior to one another. There are advantages and disadvantages to each trading platform, especially for the trader’s preference.

MT4 and MT5 Forex brokers tend to give the traders the option to choose whichever they prefer.

We advise traders who are with an MT4 and MT5 Forex broker to try the demo account on both trading platforms and see which of them is better suited for them.

In general terms, MT5 and the corresponding MT5 Forex brokers are more resourceful and flexible than the MT4 trading platform, which gives traders access to more opportunities for more profit and the ability to execute more operations.

For experienced traders and ambitious traders then MT5 is the most suitable trading platform for you. However, if you prefer to keep trades simple and be in complete control of the risks that occur, then you’d better stay with the simplified MT4 trading platform.

Both the MT4 Forex brokers and the MT5 Forex brokers allow traders to make all the decisions, so they can be as comfortable as possible with their trading experience.


Who created MetaTrader?

MetaTrader, also known as MT4 or MT5, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and was first released in 2005

How many MT4 brokers are there?

How many MT4 brokers are there? MetaQuotes Software does not release any figures that reveal the number of brokers that use MT4. That being said, our research found that there are at least 3,006 (counted on mobile) MetaTrader 4 (MT4) servers and an even larger number of MetaTrader 5 (MT5) servers globally

How do I set up a broker on MetaTrader 4?

To do this:
Visit your broker’s site and in the account section, find and select the live trading option.
Select ‘MetaTrader 4’ from the platform selection.
Choose a trading account type with the conditions best suited to your trading needs. 
Read and accept the broker’s terms, conditions, and risk disclosures.

What are “Expert Advisors” in MetaTrader?

Expert Advisors (EAs) are programs that run on the MetaTrader 4 (MT4) platform, used to monitor and trade financial markets using algorithms. They find opportunities according to the parameters you set, then either notify you or open a position automatically

Does MetaTrader cost money?

MetaTrader is completely free to use, whether you have a demo or live account. That said, you can still incur trading costs charged by your broker (or market-maker) in the form of spreads and commissions when you buy or sell securities such as forex and CFDs

Does MetaTrader support copy trading?

MetaTrader allows Copying trades of successful traders or social trading. Trading Signals are also supported in MetaTrader 4, and allow you to automatically copy the deals performed by other traders in real-time.

author avatar image
Chad Smith

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com. Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it. Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.

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