Forex trading is a prevalent choice among traders in the world. Besides learning how to trade in the world’s most volatile market, a trader needs to address various other complexities. Given the complexity of forex trading, a good forex broker is critical. They should have an advanced trading platform. This will solve most problems. On the same note, this blog will discuss the best MetaTrader 4 (MT4) brokers of 2024. It is the world’s most popular trading platform. It has an amazing, user-friendly interface, advanced tools, and a customizable trading experience. Forex trading continues to evolve with the influence of technology and other market factors. Choosing the right broker for MT4 in 2024 is more important than ever.
Different brokers in the market offer a wide variety of offerings. Some of them offer diverse trading instruments with specialized tools and competitive spreads. Although all these offerings are important, they can confuse a trader. The priority should be finding a trading platform. In this guide, we will explore some of the best MetaTrader 4 (MT4) brokers of 2024. This search will highlight other added advantages, like,
- Competitive Pricing
- Algorithm trading
- Overall offering
Best MetaTrader 4 (MT4) Brokers of 2024
There are different stages in which a forex trader enters the market. Some are beginners, while some of them are experienced traders. Finding the right broker with a robust trading platform can be challenging for any trader. I have divided MetaTrader brokers based on other priorities and added advantages.
| Features | Brokers |
| Excellent overall offerings | Forex.com |
| MetaTrader 4 (MT4) With Add-ons | Pepperstone |
| Combining MetaTrader 4 (MT4) and Algorithm trading | IC Markets |
| MetaTrader 4 (MT4) for novice traders | Forex.com |
| MetaTrader 4 (MT4) with competitive spreads | Pepperstone |
Offerings by Forex.com: Number 1 for Overall Offerings and Beginners
Forex.com is the world’s leading forex broker, providing a fantastic trading experience. Whether its intuitive trading platform or deep market access, the broker always stands tall as a market leader. The broker offers the MetaTrader 4 (MT4) platform to its clients. The platform is famous among traders for various reasons.
- Advanced Charting Tools
- Automated Trading Capabilities
- In-depth market analysis
Forex.com features like Trading Central, which offers in-depth market analysis, and FX Blue, which is for performance trading. These tools make Forex.com a market leader among traders who want to maximise their trading potential through the MT4 platform.
| User-Interface | 1. The MetaTrader 4 platform offered by forex.com caters to the needs of every type of trader. The interface is well-optimized, user-friendly, and customizable. 2. The platform qualities allow traders to tailor their workspace. They can arrange tools, charts, and indicators according to style and comfort. 3. The platform has all the tools for a good trading environment. It has over 100 built-in indicators, advanced charting tools, and multiple timeframes. All of these are for a comprehensive market study. 4. Forex.com improves users’ standard MT4 experience by providing additional services. These services include automated training with EA, advanced indicators, and updates on the live market. 5. Another important thing is that the platform is accessible on various devices from anywhere. Devices like desktops, laptops, or mobile phone accessibility are available. |
| Advanced Charting Tools | 1. Forex.com provides advanced charting tools. These tools are necessary to have a good trading experience. Some of the features of these tools are as follows: 2. Trade directly from charts: With the help of this feature, a user can execute their order on the charts. This technique is time-saving and easy to manage. The users can buy, modify, and close market orders from the charts. 3. Over 100 technical indicators: For a sound technical analysis, these indicators play a huge role. Indicators include MACD, Bollinger Bands, and Parabolic SAR. 4. Multiple chart types: The platform offers various chart types and formats with different styles. The user can select and form their trading strategies. 5. Customizable layouts: Different options, like zooming into regions of interest and changing the visibility. This can let traders optimize their workflow. |
| Automated Trading Capabilities | 1. The broker provides robust automated trading capabilities on the MT4 platform, primarily through its support for EAs (Expert Advisors). 2. Expert advisors are pre-programmed algorithms that can execute a trade on behalf of a trader. They work as per the conditions provided by the traders. This saves traders time and eliminates the need for constant monitoring. 3. MetaTrader 4 also has the tools required to backtest historical data. This will allow users to test their strategies before implementing them in the direct market. |
| In-depth market analysis | 1. Before entering the forex market, a trader must do an in-depth market analysis for a profitable trade. The MT4 platform provided by forex.com has many technical tools and features that can help with the analysis. 2. Traders can use charts and tools like MAs, trend lines, and oscillators. This is to identify market trends and grab trading opportunities. |
Offerings by Pepperstone: Number 1 for Competitive Spreads and Add-Ons
Pepperstone’s MetaTrader 4 is another contender with a strong market presence in the forex market. After examining it, we included it for its great user interface, automated trading, and competitive spreads.
Did you know? Pepperstone provides a low-latency trading environment while using automated trading strategies. This means that the execution of orders is fast and reliable.
| User-Interface | 1. Customizable layout: Pepperstone’s MT4 trading platform is equipped with all the necessary trading tools. Users can customize the layouts according to their preferences and suitability. This enhances the trading experience of a trader. 2. Built-in MQL4 programming language: The MT4 platform provided by the broker has a provision for the inbuilt MQL4. It is a programming language. This will allow users to develop and modify Expert Advisors and custom indicators within the interface. 3. Single-click trading: The platform provides a one-click execution of the trade from charts. This benefit allows fast and efficient trade execution. Otherwise, traders need not go through multiple steps to execute a trade. 4. Multiple device access: The good thing about the MT4 platform that Pepperstone provides is that you can access it on almost all devices and from anywhere. A trader can access it on desktop, web, and mobile. |
| Tighter Spreads | 1. Pepperstone’s MT4 platform offers tighter spreads and commissions when compared to the other brokers’ platforms. 2. Razor accounts: This account spread can start at 0.0 pips, and a small commission can complement it. Commission charges are very low. This type of account is good for major currency pairs with high liquidity, such as EUR/USD. 3. Standard Accounts: This type of account spread can start from 1.0 pip. It is also commission-free, benefiting scalpers and day traders. |
| Automated Training | 1. Expert Advisors: The MT4 platform provided by Pepperstone supports EAs. It allows traders to automate their strategies. Traders can build their EAs using MQL4 or use prebuild EAs provided by the platform. 2. Low-Latency execution: Traders can execute trades by using an automated strategy. The platform ensures low-latency execution, which means there are high chances of executing trades at precise timings. 3. Backtesting Capabilities: Backtesting is enabled in the MT4 platform provided by Pepperstone. Novice traders need to test the strategies on historical data. This helps to optimize the trading strategies before using them in a live market. 4. VPS hosting: Pepperstone offers a Virtual Private Server for traders relying on automated trading. The VPS server will speed things up and ensure uninterrupted trading even if the trader’s device is offline. |
Offerings by IC Markets: Number 1 for Automated Trading
IC Markets is another big player in the forex market, which has won many traders’ hearts with impeccable services. We have nominated it as the number one broker that provides the MT4 platform and has a very good automated trading system.
| User-Interface | 1. Dashboard Layout: A trader can open multiple charts at a time in a tiled or tabbed view. The system displays a list of available trading instruments with real-time bid/ask prices. 2. Order Execution Interface: The platform offers single-click trading. A trader can execute the trade from charts or the market watch window. It also displays market liquidity, which is necessary for precise order placements. 3. Integrated Tools: The MT4 interface provides a direct subscription to trading signals. IC Markets also offers regular news updates and alerts. 4. Customization: A trader can customize charts, indicators, and layouts according to them. This will provide a great trading experience. |
| Automated Training | 1. Expert Advisors (EAs): The IC Market’s MT4 platform supports any EA. There are no restrictions on the number or types of EAs you use. This will allow traders to implement a unique strategy for hedging, scalping, and more. 2. VPS Hosting: IC Markets provides VPS after partnering with a reliable VPS provider. Installing it will speed up trading and ensure seamless execution of orders. It will work even during internet disruptions. 3. Low Latency: The low latency of this platform ensures faster execution of the orders. 4. Backtesting: The platform uses historical data to test your strategies. Backtesting also generates a detailed report about performance, profit factors, and more. 5. NDD Model: It stands for No Dealing Desk. Traders can execute the trades without intervention. There is no chance of price requoting or manipulations. |
Comparative Study Between Forex.com, Pepperstone and IC Markets
MetaTrader 4 (MT4) platform is provided by these high-ranked brokers in the forex market. Let us do a comparative study of these three in terms of add-ons provided.
| Features | Forex.com | Pepperstone | IC Markets |
| Platform | MT4 with proprietary enhancements. | MT4 has more features and fast servers. | MT4, especially for scalping and automation. |
| Spreads | Standard Accounts: From 0.8 pips. | Standard Accounts: From 0.6 pips. | Raw Spread Accounts: From 0.0 pips. |
| Leverage | USA: 1:50 EU: 1:30 | EU: 1:30 Global: 1:500 | Global: up to 1:500 |
| Regulation | CTC FCA ASIC IIROC | FCA ASIC SCB CySEC | ASIC FSA CySEC |
| Number of Instruments and Technical Indicators | Number of instruments: 80+ Built-in indicators: 80+ | Number of instruments: 120+ Standard indicators with Ad-Ons: 30+ | Number of instruments: 250+ Customizable indicators: 30+ |
| VPS | Available for active traders. | A discounted price. | High-Performing VPS with low latency. |
| Automated Trading | EAs and advanced VPS. | Support EAs and VPS provided. | Support EAs and VPS with low latency. |
CTC: Commodity Trading Commission.
FCA: Financial Conduct Authority.
ASIC: Australian Securities and Investments Commission.
IIROC: Investment Industry Regulatory Organisation of Canada.
SCB: Securities Commission of Bahamas.
CySEC: Cyprus Securities and Exchange Commission.
FSA: Financial Services Authority.
Conclusion
This blog has discussed the best MetaTrader 4 (MT4) brokers of 2024. Forex trading is a risky business with so much volatility and dependence on sentiments. The introduction of technical tools and automated trading has made forex trading more accessible. Getting into the forex market requires an in-depth search for brokers. Traders also have to pay attention to the trading platform the broker offers. In this regard, MT4 is the best platform for executing forex trades. The offering of this platform suits both novice and experienced traders.