How to Choose the Best MetaTrader 4 Broker in 2024?

MetaTrader 4 is the leading online trading platform in the Forex world. But a trader can’t get direct access to this platform. As a trader, you need to choose a Forex broker who will help you connect with the MetaTrader platform. 

So, choosing the right broker is important for a seamless trading experience. That’s why we will guide you on how to choose the right Forex trading broker for you and give a list of the best brokers for MetaTrader 4 in 2024.

What is a MetaTrader 4 Broker?

An FX broker is a financial services company that provides traders access to trading platforms such as MT4, MT5, or cTrader for Forex trading. Similarly, an MT4 broker is a Forex broker who will grant you access to the MT4 platform for trading foreign currencies. They work as middlemen between trading platforms and traders. 

Simply, any broker who helps a trader get into the MT4 platform is considered an MT4 broker. Moreover, they execute trades and provide numerous trading tools and resources to maximize your profits. They are also referred to as a retail Forex broker or currency trading broker.

What Does an MT4 Broker Do?

According to recent statistics, most FX brokers consider the MetaTrader 4 platform as the best trading software because of its immense popularity. So if you want to start FX trading, first you have to find the best MT4 brokers for beginners and understand what an MT4 broker mainly does. 

Here’s a detailed breakdown of what an MT4 broker does:

• Provide Access: MT4 brokers offer traders access to the MetaTrader 4 platform. Then they can enter the Forex Market and start trading. 
• Trade Execution: Brokers execute trades on behalf of traders. Let’s assume you place an order, the broker matches it with another party in the market. 
• Manage Account: Similar to other forex brokers, MT4 brokers also manage traders’ trading accounts, such as account opening, funding, and account management.
• Provide Leverage: They also offer leverage that allows traders to control larger positions with less capital. To put it simply, as a trader you can also borrow a large amount of money from brokers depending on their regulations.
• Offer Customer Support: Brokerage companies also offer customer support services when traders face any issues related to the MetaTrader 4 platform. 
• Provide Educational Resources: They also offer educational resources, including tutorials, webinars, articles, and videos.
• Offer Trading Tools: MT4 brokers provide a wide range of technical indicators and charting tools that help traders analyze the markets and develop trading strategies.

Top MetaTrader 4 Brokers of 2024: Comparison Chart

Forex Broker	Platform	Instruments	Minimum Deposit
IG	MetaTrader 4	Forex, CFDs, Cryptos, Stocks, Indices, Commodities	$250
AvaTrade	WebTrader + MetaTrader 4 + MetaTrader 5	Forex, CFDs, Cryptos, Stocks, Commodities, Indices	$100
Pepperstone	MetaTrader 4 + MetaTrader 5 + cTrader+Trading View	Forex, CFDs, Indices, Commodities, Spread Betting (UK), ETFs	$200
CMC Markets	MetaTrader 4	Forex, Indices, Commodities, Cryptos, Shares, Treasuries	$0
Forex.com	MetaTrader 4	Forex, Indices, Commodities, Cryptos, Shares	$100
IC Markets	MetaTrader 4 + MetaTrader 5 + cTrader	Forex, Indices, Commodities, Cryptos, Stocks, Bonds	$200
FP Markets	MetaTrader 4 + MetaTrader 5 + IRESS + cTrader	Forex, Indices, Commodities, Cryptos, Shares, ETFs	$0
OANDA	MetaTrader 4 + MetaTrader 5	Forex, Indices, Commodities, Cryptos, Bonds	$0
FXPro	MetaTrader 4 + MetaTrader 5	Forex, Indices, Commodities, Cryptos, Shares	$100

Factors to Consider When Choosing a MetaTrader 4 Broker:

If you want to find the best forex brokers MetaTrader 4, consider the following factors-

• Regulation & Reputation: 

Regulation is a fundamental aspect of any reputable brokerage farm. Before choosing any broker, we should choose a broker who is regulated by a recognized financial authority such as the National Futures Association (NFA), Financial Conduct Authority (FCA), or other reputable regulatory to ensure the safety of your money.

• Deposit and withdrawal Options:

Check brokers’ deposit and withdrawal methods and explore their offers. For example, if you are thinking of selecting a broker, it would be better to get all the information about their bank transfer and payment (card, bank transfer, etc.) process.

• Trading Platforms:

A trading platform plays an important role in our overall trading experience. So, knowing which platform the broker is providing us is important. We have to check if the platform is user-friendly, stable, and secure or not. 

• Security:

When investing your funds in the Forex market, it’s important to ensure the broker has a strong encryption and online security system that protects your personal and financial information.  

• Account Types: 

Not all brokers offer the same type of account for trading. Different brokers offer different types of trading accounts with various features. For example, you are a new trader. So, it would be best to find brokers for MT4 who offer beginner-level micro trading with lower deposits. 

Contrarily, if you are a seasoned trader, then a standard account with tighter spreads and higher leverage would be great as it allows you to invest a large amount of money.

• Customer Service: 

As we all know, the Forex trading market operates 24/5 and moves super fast. Sometimes, it moves less than a millisecond. So it is very tough to crack this market. No matter how smart you are, you will need support at some point. That’s why it’s best to pick a good broker who can provide good customer service.   

• Demo Account:

A Forex demo account helps traders get real trading experience before entering the live Forex world. That’s why a demo account is a must-have. Luckily, most brokers offer demo accounts that mirror the live account’s features and conditions. 

• Education and Resources:

Webinars, tutorials, articles, and videos are beneficial educational resources that help a trader in the long run. So try to find a reliable broker who provides these educational materials. All these things act like a mentor and help you understand forex trading.

Learn How to integrate MT4 to trade Telegram Forex signals?

FAQs