What Is MetaTrader 4 and How Does It Work?
MetaTrader 4 is a trading platform for forex, CFDs, and futures. You download it free from a broker, log in, and trade assets like EUR/USD or gold. It shows live prices, charts with tools like RSI, and lets you set orders—market, limit, or stop-loss. Expert Advisors (EAs) run auto-strategies coded in MQL4. Brokers connect it to markets, charging spreads or commissions.
To start, open a broker account, deposit $100-500, and install MT4 on PC, phone, or web. Pick pairs, set lot sizes (0.01 for beginners), and use stops to cap losses. Leverage like 1:30 boosts buying power but risks margin calls if trades go south. Backtest EAs on demo to avoid blind bets.
Top 7 MetaTrader 4 Brokers for 2025
These brokers stand out for MT4 speed, fees below 0.7 pips on majors, and oversight from FCA, ASIC, or CySEC. Each offers 50+ forex pairs, thousands of CFDs, and demos with $10,000+ virtual cash. User reviews on Trustpilot average 4.2+ stars, praising support and execution. All support EAs and mobile MT4 for trading anywhere.
- Pepperstone: ECN speeds for scalpers.
- IC Markets: Raw spreads, pro tools.
- AvaTrade: Fixed spreads, strong lessons.
- FP Markets: Deep asset pool, IRESS add-on.
- XM: Low entry, bonus offers.
- Admiral Markets: Custom MT4 plugins.
- Oanda: Flexible lots, US-friendly.
Pepperstone
Pepperstone, started in 2010 in Australia, serves 400,000+ clients under ASIC and FCA rules. Funds sit in tier-1 banks with negative balance protection. MT4 runs on ECN with spreads from 0 pips + $3.50/lot commission. Servers hit 99.9% uptime, and fills average 30ms. Add-ons like Autochartist scan patterns free.
Pepperstone App Overview
60+ forex, 1,200 CFDs on indices, crypto.
Free VPS for 5+ lots monthly.
TradingView sync for extra charts.
24/5 chat, phone support.
Scalpers thrive on Pepperstone—one trader reported 60 pips daily on GBP/JPY, using volume profiles and 1:2 setups, dodging news slips with fast fills. Deposits start at $0, withdrawals clear in 12 hours via PayPal or wire.
IC Markets
IC Markets, launched 2007 in Sydney, holds ASIC and CySEC licenses with $500k client insurance. MT4 offers raw spreads from 0 pips + $3.50/lot, with 65ms execution. Over 2,250 CFDs span forex, stocks, and bonds. ZuluTrade links for copy trading, and servers run in NY4 for low lag.
IC Markets App Overview
65 forex pairs, 2,100 stock CFDs.
No min deposit outside EU.
Free API for custom EAs.
Multi-currency accounts.
High-volume traders cut costs—one test showed $0.12/round turn on EUR/USD, saving 20% vs retail. Backtesting EAs on MT4’s history helped one user refine a breakout bot, hitting 15% returns in six months with 1% risk per trade.
AvaTrade
AvaTrade, founded 2006 in Dublin, operates under CBI, ASIC, and FSCA, securing funds with 2x margin alerts. MT4 has fixed spreads from 0.9 pips, no commissions, and AvaProtect for insured trades. Over 1,250 CFDs cover forex, options, and crypto. Sharp Trader adds 60+ videos for learning.
AvaTrade App Overview
$100 min deposit.
Islamic swap-free accounts.
MT4 add-ons like Guardian Angel.
24/7 email, live chat.
Beginners stick to fixed spreads—one trader gained 10% monthly on USD/CAD ranges, setting 20-pip targets with alerts. Copying signals via DupliTrade boosted another’s account 12% in Q1 2025, risking 1% per idea.
FP Markets
FP Markets, since 2005, answers to ASIC and CySEC with segregated accounts. MT4 delivers 0.0 pips + $3/lot, IRESS view for depth. Over 10,000 CFDs include 70 forex and 9,000 stocks. Free Trading Central signals spot trends, and VPS cuts latency for EAs.
FP Markets App Overview
70+ pairs, 11k instruments.
No inactivity fees.
ECN pricing, 40ms fills.
24/7 support, webinars.
Swing traders use FP’s depth—one nabbed 80 pips on AUD/USD weekly pivots, layering orders at supports. MT4’s tester refined an EA for 25% yearly gains, sticking to 5-pip stops and 1:3 rewards.
XM
XM, started 2009, serves 5 million under CySEC, ASIC, and IFSC with $100k fund protection. MT4 spreads from 0.6 pips, no commissions on standard accounts. Over 1,000 CFDs, plus bonuses like $30 for newbies. Micro-lots (0.01) suit small budgets, and education covers 20 languages.
XM App Overview
55 forex, 1,200 CFDs.
$5 min deposit.
Free signals, daily videos.
Loyalty points for trades
Low-balance traders scale in—one grew $200 to $800 in four months, trading 0.02 lots on EUR/GBP with 10-pip stops. Withdrawals hit bank in 24 hours, free over $50.
Admiral Markets
Admiral Markets, from 2001, holds FCA and CySEC licenses, insuring funds to £85,000. MT4 Supreme Edition adds 12 tools like mini-charts. Spreads start 0.5 pips, no commissions on Trade.MT4. Over 8,000 CFDs span forex, metals, and ETFs. StereoTrader boosts order precision.
Admiral Markets App Overview
45+ forex, 3,000 stocks.
$100 min deposit.
Free VPS for pros.
Daily analysis emails.
Traders use volatility tools—one hit 30 pips on DAX scalps, fading spikes with 1:2 setups. MT4’s journal tracked 18% returns over Q2 2025, cutting losses via 2% daily caps.
Oanda
Oanda, since 1996, is CFTC and FCA regulated, with funds in AAA banks. MT4 spreads from 0.8 pips, no min deposit, and nano-lots (0.001). Over 70 forex pairs, 1,900 CFDs, plus fxTrade app sync. MarketPulse offers daily charts and Fed outlooks.
Oanda App Overview
70+ pairs, indices, bonds.
Free API for EAs.
No withdrawal fees.
US clients welcome.
US traders like flexibility—one pulled 15 pips daily on USD/JPY, using Oanda’s overlay to confirm trends. Backtests on MT4 boosted a grid EA to 10% monthly, risking 0.5% per trade.
Picking an MT4 Broker
Choose FCA or ASIC for safety—check client fund rules. Spreads under 0.7 pips save on majors; ECN cuts slippage. Test MT4 demo for lag—servers matter. Assets: 50+ pairs, 1,000 CFDs for variety. EAs need VPS or fast cloud. Withdrawals should clear in 1-2 days, free over $100.
Setting Up MT4 for Trading
Setting up MetaTrader 4 (MT4) takes only a few minutes and is an important first step for any trader. Download MT4 from your broker’s official website, install it, and log in using your account ID, password, and server name. Once you’re inside, customize your charts and add your favorite trading indicators like MACD, RSI, or Moving Averages.
Steps to set up MT4 efficiently:
- Download and install MT4 from a regulated broker’s website.
- Log in using your account credentials and select the correct trading server.
- Add custom indicators or expert advisors (EAs).
- Adjust timeframes and chart types (candlestick, line, or bar).
- Backtest strategies using Strategy Tester with at least six months of historical data.
- Save chart templates for one-click setups.
- Sync your mobile MT4 app for real-time alerts and position monitoring.
Test your settings in a demo account before live trading. This ensures your templates, indicators, and EAs work as intended. Once everything runs smoothly, you can trade live with confidence and react faster to price changes.
MT4 Trading Strategies for Beginners
Beginners should start with simple trading methods that are easy to test and follow. Focus on strategies with clear rules and small risks to build consistency. For example, scalping on 1-minute charts using Bollinger Bands helps catch quick breakouts with 5–10 pip targets. Swing traders can use moving averages on 4-hour charts to identify longer trends, aiming for 50+ pip moves on pairs like GBP/USD or EUR/USD.
Practical strategy examples:
- Scalping: Trade short bursts with tight spreads; exit after small profits (5–10 pips).
- Swing Trading: Follow the trend on H4 charts; use MA crossovers as signals.
- Hedging: Open opposite positions (e.g., EUR/USD vs USD/CHF) to reduce exposure.
- Risk Management: Limit risk to 1% per trade and maintain a detailed trade log.
- EA Testing: Always test automated strategies on demo before going live.
Focus on execution discipline and review at least 30 trades to understand performance patterns. Track results weekly, fine-tune your methods, and never risk capital without testing. The goal is steady improvement, not quick profits.
Managing MT4 Trade Risks
Cap leverage at 1:10 early—$1,000 controls $10,000. Set stops on all trades, trail at 20 pips profit. Spread bets across forex, indices. Monitor margin; keep 150% buffer. Review weekly for overtrading—pause after 5% drawdowns. Use MT4’s reports to trim losers.
FAQ
What’s the min deposit for MT4 brokers?
$0-100 mostly. XM $5, AvaTrade $100. Region varies.