Top 10 Best Metatrader 4 (MT4) Forex Brokers

Top Trusted and The Best Metatrader 4 (MT4) Forex BrokersWith a daily turnover of over $5 trillion, the forex market is the largest financial market in the world. Owing to its 24/7 schedule, easy accessibility, and high liquidity, FX trading has emerged as a popular career for millions of people across the globe. However, if you are a novice FX trader, the FX market can be very challenging and overwhelming. How much money should I invest? What currency pairs should I start trading? Do I really need a broker? Which is the best FX broker? These are just a few of the questions a novice FX trader will face. Of course, you will have to make many decision, some more difficult than others but selecting a broker is not something you should do without some guidance.

There are many factors to consider when choosing a forex broker. The most important of them is the type of trading platform the broker uses. Different brokers use different trading interfaces to connect their clients to the interbank when choosing a Forex broker. MetaTrader 4 is the most recognized and widely used trading platform used by millions of investors across the world. Developed and programmed by MetaQuotes Software Corp., MT4 allows its users to trade in the futures market, CFDs and Forex.

MT4 is compatible with several devices, from Smartphones and iPads to iPhones and PCs. It’s considered as the gold standard in in FX trading, thanks to its numerous unique features and benefits. MT4 is known for its efficient trading tools, numerous currency pairs, and multiple timeframes. It’s also easy to customize and use which makes it the perfect choice for many traders.

10 Trusted MT4 Forex Brokers

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If you choose to trade forex on MetaTrader platform, you’ll need to create an account with FX broker that offers the particular platform. Brokers that offer MT4 usually provides a download link on their website, making it easier for their clients to download the platform and install it on their devices. The download is usually free and will just take afew minutes to download and install on your device. Once you’ve installed the software and created an account, you’ll be able to start trading forex straightaway.

Benefits of Trading on MetaTrader 4 Platform

Still not convinced to use MT4? Here is a list of the advantages offered by the MT4 platform:

1. User Experience:

MetaTrader 4 is a popular choice for new and experienced traders owing to its extremely user-friendly interface, which enables them to trade the complex and volatile Forex market with ease. Also, as we mentioned before, MetaTrader 4 is available for a wide range of devices such as mobile phones and laptops which allows you to access the volatile currency market from the comfort of your home or wherever you might be.

2. Language:

There are many reasons why the MT4 platform has remained one of the greatest trading platforms in the world, and one of them is its multilanguage service ( more than 20 available). This means that different users across the globe can benefit from the MetaTrader4’s features in their own native language. Whether you are from Alaska or SouthAfrica, you can change the interface to your native or preferred language and avoid trading errors.

To set the language in MT4, click ‘View’ and then ‘Languages’ and choose your preferred language from the list. Then restart the application to effect the changes.

3. Charts

Apart from MT4’s user-friendly interface and multi-language service, the program also offers advanced and efficient charting capabilities. These charts enable traders to analyze the technical aspects of the volatile market and trade simultaneously. The charts also customizable allowing to change their colors and styles and load preset templates to suit your personal preferences. This makes it easier to read the charts and since you have an option to remove functions that don’t interest you, you’ll focus more on your personal priorities.

4. Expert Advisors:

This is another important and popular in MT4’s features portfolio. With MT4, you cant implement Expert Advisors(EAs) if you want, which are special software programmed and integrated into the MT4 platform. Programmed using the MQL4 language, these EAs allow automated forex trading and can even trade independently. Traders who have no time for manual trading can use this feature to automate their trading.

The great thing about EAs is that you can programme them according to your own trading requirements. Once programmed, you simply attach the Expert Advisor to the platform and then leave it to scan the market and trade forex on your behalf.

5. Communication

The MetaTrader 4 platform also offers advanced communication tools for brokerage companies to communicate with their clients in real-time through messages. This prevents the need for complicated email communication and makes your experience much simpler. So if you experience any issue while trading online, you can easily contact your broker and get help.

6. Low Resources

Unlike many other trading platforms, the MetaTrader4 platform has relatively low resources, which means it has minimum disruption of your activities on your device. This also enables increases its efficiency, making it easy to place your orders.

7. Profiles

With MT4, you can easily view account information with a few clicks. Some of the information you can access include your password information, account balance, trading history, and access details. You can also arrange the charts and windows for each profile in a way that you can easily follow. You can also set up each market as a separate profile so that you can easily switch between them.

8. Safety and security

Forex trading transfer of funds and private information. So, you’d want to choose a platform that can safeguard your confidential information. All trading on the MetaTrader 4 trading platform happens in a safe and secure environment thanks to its solid security system that includes 128-bit encryption between the server and trader. Also, the platform makes use of advanced RSA digital signatures, ensuring your personal data is well protected from any account hacks. Your device’s IP address is also entirely hidden, ensuring that your account cannot be hacked. So you can trade peacefully knowing your account details are safe and secure.

9. Technicality

Considered as the best online trading platforms in the globe, the MT4 program enables its users to perform accurate and precise technical analysis thanks to its detailed algorithms, charts, and graphs that provide real-time price information. With just a few clicks, you can access important updates and information such as automatic alerts, data analysis, and daily market reports.

The MetaTrader 4 platform offers 30 technical indicators and about 2000 free indicators, making it easy to analyze the market however complex it is. These indicators also come with interactive charts and adjustable graphical settings, allowing you to stay informed of the current market activities.

10. Customizability

The MetaTrader 4 forex trading platform is a good choice for both new and experienced traders as it’s completely flexible and fully customizable for personal trading experience. For instance, you can remove or add the grid lines, make the bars smaller or bigger according to your personal preferences, or even change the bars to candlesticks to make them easy to read.

Other customizable elements of the MT4’s platform include the bull candle, bear candle, stop levels, and much more. If you want to customize the colors on this platform, simply right click on the chart area, select ‘Properties’ and customize the charts according to your desired colors.

11. Different trading Orders

The advantages of the MetaTrader 4 platform don’t stop there. This easy to use and customizable platform meets all the needs of each trader, whether you want to immediately execute your trades or want to place orders. With MT5, you can as well place stop-loss and even take profit orders to minimize the risk. No matter the level of complexity of your strategies, the MT4 platform allows you to use them with ease.

12. Demo Trading Account

If your FX broker offers MT4 platform, then it’s a wise idea to create a demo account first. A demo account, which is almost similar to a real account except that it uses virtual money, allow you to test the performance of the site and see if it has all the features you want. With the demo trading account, you also get to familiarize yourself with the platform’s functionalities by trading under controlled market conditions prior to opening a real account. If the platform’s features and functionality interests you and you are confident with your strategy, then you can open a live trading account and start trading currency. The MT4 system is designed to support all currency pairs and to trade other markets such as futures, equities, and commodities.

In Summary

Like we said before, the MT4 system has become a gold standard for forex trading and there are good reasons for that. It has a user-friendly and intuitive interface, efficient trading tools and ability to customize which makes it a good choice for both new and experienced traders. Choose the best MT4 broker today and make your trading easier and more profitable.

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