MetaTrader 4 Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: December 1, 2025

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• Jump to:
• Forex Brokers with MT4 Trading Platform
• Development Team Behind the Creation of MetaTrader 4
• Interface of the MT4 Platform
• Order Execution and Order Types on the MT4 Platform
• Algorithmic Trading with MT4
• Specific Features of MT4
• MT4 Supported Devices
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MetaTrader 4, or MT4 for short, is one of the most popular trading platforms in the forex trading community. The software was launched in 2005, and it has been adopted by the vast majority of online FX brokers. Although it was designed mainly to facilitate forex trading, MT4 also supports CFDs on commodities, metals, cryptocurrencies and other asset classes.

1. 

   Plus500 US

   Rating: 4

   This content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.

2. 

   eToro

   Rating: 4.2

   61% of retail investor accounts lose money

3. 

   Fusion Markets

   Rating: 4.8

   74-89% of retail's CFD accounts lose money

4. 

   FP Markets

   Rating: 4.9

   73.85% of retail investor accounts lose money

5. 

   Global Prime

   Rating: 4.7

   74-89% of retail CFD accounts lose money

6. 

   Pepperstone

   Rating: 4.4

   75.5% of retail investor accounts lose money

Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.

Forex brokers with the MT4 trading platform

Development team behind the creation of MetaTrader 4

MetaQuotes Software is the company responsible for the development of MT4. This platform has been adopted by a plethora of regulated brokers that offer forex trading services to their customers.

The MT4 software comprises a server and a client portal, with brokers operating the server, while traders use the client application to view live price changes of the symbols offered by the broker. MT4’s client component is a Microsoft Windows-based application that gained popularity among traders mainly because it enables the development of scripts and robots for automated trading.

MT4 was not the first product developed by MetaQuotes; the company released FX Charts in 2000. The product was widely appreciated because it enabled easy market operations and analysis of forex pair quotes. As FX Charts surpassed its competitors thanks to its fair pricing model and advanced trading features, MetaQuotes focused on improving its products, launching the MetaQuotes platform, which featured the new MetaQuotes Language (MQL). With the introduction of this new programming language, traders were able to use automated robots for their trades, making the platforms developed by the company extremely popular among both novice and advanced traders.

Interface of the MT4 platform

One of the most distinctive features of MT4 is its user-friendly interface, which allows smooth trading for both inexperienced traders and professionals. If you have created an account with an MT4 forex broker, you will be able to sign in to your trading profile using your live or demo account number and password.

The interface of the MT4 terminal comprises several key components, which we will briefly describe below.

Once you sign in, the heading section of the software’s window will display the number of your account and the timeframe of the active chart window. The main menu bar of the window will display all the commands and functions available on the platform. Traders will notice four main toolbars built into the MT4 interface. These include ‘Standard’, ‘Charts’, ‘Line Studies’ and ‘Timeframes’.

Tradable symbols can be viewed by clicking Market Watch; each symbol has a Bid and an Ask price representing the quotes provided by the broker or its liquidity providers. You can also access charts that provide information on the depth of market of a specific tradable instrument. While the data window does not allow you to perform any actions, it displays prices, indicators and any Expert Advisors (EAs) that have been applied.

In the Navigator section, you will discover the platform’s accounts, indicators, EAs, custom indicators and scripts. The Terminal is one of the key elements of the MT4 platform, as it combines multiple functionalities, enabling the opening and closing of orders as well as the modification of existing trades.

For those who wish to use EAs, the Tester section provides details of an EA’s parameters, allowing you to modify them, test the robot’s functionality and view various performance reports. As for data analysis, you can utilise the platform’s tick charts, which display price movements, technical and customised indicators, line studies and various geometrical figures.

The Status Bar displays additional information, such as server location and traffic data. Last but not least, the Fast Navigation Tools are designed for quick, hassle-free work with the platform.

Order execution and order types on the MT4 platform

Traders who use the MT4 platform can choose from several order types when trading the assets available on the software. Below, we cover every type of order supported by MT4 and their specifications to help you make informed decisions the next time you assess how best to manage your trades.

Instant order vs. pending order

Once you have selected an instrument to trade, you can execute the order instantly (place a market order) or opt for a pending order. In the first scenario, you agree to buy or sell the asset at its current price, while a pending order indicates that you agree with the broker to buy or sell the instrument at a predetermined price in the future.

Even if you place an order with instant execution, a sudden price change may occasionally cause the trade to be rejected. However, when you place an instant order on MT4, you will notice a box titled ‘Enable maximum deviation from quoted price’. If you tick this box and select a maximum deviation expressed in pips, the platform will attempt to execute the order within the price range you are willing to accept, helping you avoid scenarios where the trade fails because of unexpected price movements.

If you choose the pending order option, you must pick the type of order you would like to place and the price at which you would like the trade to be executed. It should be noted that some order types will automatically be triggered at market level once the price you have chosen has been breached. Pending orders also have an expiry section where you can choose the time and date at which your order will expire if the asset price does not reach the level you have set for your trade. As mentioned, there are several order types you can choose from when opting for a pending order. Next, we will cover the different orders you can place on the MT4 platform.

Types of pending orders

When you opt to place a pending order, you have four order types to choose from. The MT4 terminal allows you to place Buy Limit, Buy Stop, Sell Limit and Sell Stop orders. Here are the specific characteristics of each:

1. Buy Limit – this order type triggers a buy if the future Ask price matches the value you pre-selected when setting your pending order. In this case, the current market price must be higher than the value you have set. Buy Limit orders are typically placed when traders expect the price of an asset that has fallen to a certain level to rebound.
2. Buy Stop – this buy order is executed only if the future Ask price matches the predetermined value. Here, the current market price is lower than the level chosen when the order is placed. Typically, this order type is placed when traders anticipate that the price of an asset, which has already reached a certain level, will continue to increase.
3. Sell Limit – this order is executed when the future Bid price matches the predetermined value. The current price level is lower than the value chosen when the order is placed. Usually, traders place Sell Limit orders when they expect the price of an asset that has risen to a certain level to decline.
4. Sell Stop – this sell order is executed when the future Bid price matches the predetermined value of the order. The current market price surpasses the value of the order that has been placed. Traders tend to place this type of order when they believe that the asset’s price, which has reached a specific level, will continue to decline.

Stop loss and take profit orders

Stop loss and take profit orders can be attached to traders’ pending orders. Once triggered, the stop loss and take profit levels are automatically applied to the open position.

A stop loss is usually used to minimise losses when the asset’s price starts moving in an unfavourable direction. This order is typically attached to an open position or a pending order and is triggered when the loss-making price level is reached, automatically closing the position.

A take profit is intended to help traders lock in profit when the asset’s price reaches a specified level. It is also often attached to an open position or a pending order and closes the trade automatically once the instrument’s price reaches the profitable level.

Algorithmic trading with MT4

One of the main reasons MT4 has become so popular among traders is its automated trading feature, which enables algorithmic trading. Traders can develop robots known as Expert Advisors (EAs), test them and use them for automated trades. Moreover, they can customise and apply technical indicators that help them place orders even when they do not have access to the MT4 platform.

Thanks to the MQL4 IDE (Integrated Development Environment), MT4 users can develop and test EAs and technical indicators. The built-in MetaEditor allows traders to create their trading strategies and debug any issues they may discover. After that, the strategy can be moved to MT4 for optimisation in the platform’s Strategy Tester.

Put simply, the technical indicators you develop are used to analyse markets, and the EA you create automatically executes orders based on those analyses. Traders can also publish their EAs in the Code Base, where other trading enthusiasts can download them for free. Alternatively, EAs can be sold in the Market section or offered to institutional clients. In addition to enabling traders to develop EAs, the platform offers services designed for the comprehensive utilisation of their advanced programming skills.

Specific features of MT4

Although several newer trading platforms have been introduced, MT4 continues to dominate the market, with the majority of brokers offering it to their clients. Below, we cover the features that have contributed to the platform’s popularity among traders.

1. Advanced Trading System – One can choose between instant and pending order execution, and orders can be placed directly from a chart with a single click. The MT4 trading system supports several market and pending orders, as well as stop orders and trailing stops.
2. Wide Range of Analytical Tools – Supports a wide selection of analytical tools, including interactive charts, 30 built-in technical indicators, more than 2,000 free custom indicators in the Code Base, over 700 paid indicators, nine timeframes (from one minute, M1, to one month, MN) and 24 analytical objects. The Code Base and Market sections provide access to additional indicators.
3. Smooth Copy Trading Experience – MT4’s Trading Signals functionality enables users to automatically replicate the deals of fellow traders in real time. These signals are available either for free or for a reasonable fee. Overall, traders will find more than 3,200 free and paid signals by navigating to the Signals tab. Conveniently, signal providers can be sorted by trading performance. Once traders pick a provider from the list, their trades will be executed in accordance with the parameters they have set.
4. Built-in Market – This is one of the best places to discover additional technical indicators and EAs (more than 1,700 trading robots and over 2,100 technical indicators). Traders can choose from both free and commercial products.
5. Easy Algorithmic Trading – Traders can develop their own indicators and EAs through the MQL4 language. MetaEditor allows testing and optimisation of strategies. A library full of free trading robots enables the utilisation of EAs developed by fellow MT4 users.
6. Alerts and Financial News – Alerts and news keep traders abreast of the latest events that can trigger sharp market moves, enabling them to make informed trading decisions.

MT4 supported devices

MT4 for desktop devices

You can download the MT4 software for PC and start trading multiple markets using innovative charts, analytical tools and EAs. The desktop platform is compatible with devices that run on Linux, Windows and macOS. Most brokers provide direct links for downloading the platform to your preferred device, but you can also visit the official MetaTrader 4 website to download and install the software on your PC.

MT4 web trading

Traders who do not wish to download and install software on their desktop devices can opt for the MT4 web platform. It enables trading through any popular browser and is compatible with operating systems such as Windows, macOS and Linux. The web version includes all the features and tools of the native MT4 platform, ensuring a smooth trading experience. Because the application uses encryption to protect transmitted data, you can be confident that trading through the MT4 web version is secure.

MT4 mobile trading

Thanks to the MT4 mobile app, both Android and iOS users can trade various financial markets on their smartphones and tablets. The mobile platform includes features such as interactive charts with quotes, the full set of order types and the most popular analytical tools that are available on the desktop version. Chatting with other traders and enabling push notifications are also distinctive features of the MT4 mobile app.