Best MT4 Brokers

The launch of MetaTrader 4 around 2005 and it changed the forex industry very quickly. It offered forex traders an institutional grade tool: anyone with an internet connection could trade on an equal footing with professional forex traders. Sixteen years later, MetaTrader 4 continues to be preferred for several reasons:

• MT4 is the highly customizable trading platform, complete with a set of cutting edge charts that offers market charts overlaid with indicators from the MetaTrader 4 library.
• The Graphics Platform allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4.
• MetaTrader 4's customizable algorithms and graphs allow users to analyze market movements accurately and quickly. Transactions can then be made quickly due to the speed of execution of the platform.
• MT4 is available on smartphone, tablet, web browsers and APP.

This versatility makes MT4 the world's leading trading platform.
MT4

MetaTrader 4 Pros and Cons

Before deciding whether to use a MetaTrader 4 broker, we have to analyze the advantages and disadvantages of the platform.

Pros

• Customizable layout provides a stable and personalized business experience.
• Advanced graphic design allows users to combine technical analysis and business management from within the chart view.
• One-click trading. In fast-changing markets, users can execute business decisions quickly.
• The lowest latency platform available. Transaction execution speeds will also depend on the Internet connection speed.
• Built-in scrip tools allow users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools.
• More than 2000 free indicators available on MetaTrader Code Hub.
• Traders can switch brokers without losing any custom platform changes. The graphics platform can also support multiple brokers and multiple accounts from the same broker.
• Social trading integration, available with a free subscription. Trading signals allow you to automatically copy other traders' trades.
• High security. All information between client and server is 128 bit encrypted, and also supports RSA digital signatures.
• Questions answered quickly. Most brokers offer it, and it's well supported. If you have a question, someone will have answered it – if you have a problem, someone will have solved it.
• MT4 works without problems on all modern computers and also on older operating systems.

Cons

• It's old. It looks like a 2005 program. If you want a trading platform that looks good, this is not your platform.
• It lacks native integration of news and economic data, although this can be added via plugins.

Should I use MT4?

If you are starting your trading career you should consider switching directly to MT5 or cTrader. But, if you use MT4 and are satisfied with it, then keep using it.

The MT4 platform, and MetaQuotes is actively trying to get forex traders to switch to MetaTrader 5. MT4 is still the industry standard but will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern layout.

But if you've been using MetaTrader 4 for some time, then your version is probably heavily customized. Algorithms built for MT4 will not work in MetaTrader 5 or cTrader, any customization you have done will be lost.

Algorithms Built For MT4 Will Not Work On MT5

MetaTrader will eventually be replaced, but its popularity means that won't happen anytime soon. But if you want to move to a modern platform, or if you are just starting your trading career, then you should check out cTrader or MT5.

What is the Difference Between MetaTrader 4 and MetaTrader 5?

The significant change is that MT5 has native support for equities, futures, and commodity trading, while MT4 does not. MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of more advanced algorithms and trading robots. It is important to note that trading algorithms built for MT4 will not run on MT5 (and vice versa) due to the incompatibility of their scripting languages.

MQL5 scripting language allows for more advanced trading robots and more accurate backtesting tests.

The MT5 also has a cleaner 'interface' and comes with an integrated news feed and more graphics capabilities. Furthermore, MT5 finally receives stronger support from the industry, with some brokers abandoning MT4 entirely in favor of the latest version.

Which of the MT4 Brokers is the Best?

A AvaTrade is the best MT4 broker. With excellent MT4 technical support for beginners, both FSCA and ASIC regulations and competitive trading conditions, they have the product offering to be at the top of a long list of MetaTrader 4 brokers.

Conclusion

The MT4 is central to both beginners and professional users. It will be in use for many years and will continue to help new traders jumpstart their trading career. If you're trying to make the most of your strategies and focus without the distraction of fancy tools, then you're still a candidate to satisfy almost all of your business needs.