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Metatrader 4 (MT4) is the most commonly used Forex trading platform and is supported by the vast majority of brokers. While there is now a newer version, MT5, MT4 is still widely recognised for its trade execution speeds, charting tools, customizability and overall brilliance.
To test these brokers, we downloaded and connected the platform with our trading accounts. Setting up MT4 can be a challenge, so we engaged with customer service to create a customised dashboard featuring indicators and advanced charts and started trading to test execution speeds and slippage. Where possible, we downloaded EAs from the broker to test the social trading functionality of the platform and broker combination. These are the best MT4 brokers in South Africa for 2021, according to our testing and our research.
Accepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
Accepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
Accepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
Accepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Accepts South African Clients. Average spread EUR/USD 1.5 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4 & Sirix platforms supported. CM Trading is regulated by the FSCA.
Accepts South African Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.
Accepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
When setting up a trading account, it is common for a broker to support various trading platforms. As you compare brokers, it is important to pay special attention to factors that set these MT4 accounts apart from the accounts offered connected with other trading platforms. To compare MT4 Forex brokers, we need to consider the following:
MT4 account types: While a broker will support MT4, brokers often have multiple account types, and it could be that not all account types will allow you to trade using the MT4 platform. If you intend to use MT4, verify the account that best suits you also supports MT4.
MT4 trade execution and conditions: Be sure to check the trading conditions of your MT4 account. The trade execution method, speed of execution, and the trading costs of your trade can all be impacted by the platform and account combination. As you choose your MT4 account, be sure to verify the conditions against what was advertised.
MT4 tools and plugins: The occasional broker offers plugins and tools for the platform. Axi offers Psyquation and Autochartist to clients for free, while Admirals, through cooperation with MetaQuotes, built MT4 Supreme Edition. These additions to the platform change the trading experience and add additional benefits to the trading platform.
MT4 support: Setting up a trading platform like MT4 can take time to install and customize. Select brokers will offer their assistance, which can be helpful for beginners. Be aware that some brokers have limited customer service hours, especially on weekends, so finding a broker whose customer service hours suit you.
An multi-regulated market-maker with tight spreads over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. XM’s MT4 video tutorials guide new traders through all the important features of XM’s MT4 platform. Tutorials cover most things from opening a trading account to understanding pending orders and backtesting Expert Advisors.
All MT4 accounts have a max leverage 500:1, negative balance protection, and minimum deposits start from 5 USD. XM MT4 spreads are as low as 0.6 pips, and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, which means that all trades are always filled at the price expected. MT4 users can trade Forex, stock indices, precious metals, and energies.
Accepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
FXTM – Best MT4 Broker for Beginners in SA
FXTM provides both standard and ECN accounts on MT4. FXTM offers a Cent Account on MT4 with a minimum deposit of 10 USD and spreads starting at 1.5 pips. This is the ideal entry-level account into live market conditions on MT4, as new traders can learn how to use MT4’s advanced automation features like scripts, EA’s, and indicators.
FXTM Invest Copy trading scheme is one of the best in the industry and is also available on the MT4 platform. Traders unfamiliar with the MT4 can find more experienced strategy managers whose risk profile matches their own and copy their trades. FXTM also offers weekend support, ideal for non-professional traders who want to get their MT4 platform set up over the weekend.
Accepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
BDSwiss – Best MT4 Tools and Analysis
BDSwiss has taken the MT4 platform and optimised it with BDSwiss’ advanced technology to create a user-friendly trading interface designed to support traders of all levels. MT4 traders will benefit greatly from BDSwiss’ collection of MT4 trading tools and market-leading research for traders of all experience levels.
BDSwiss offers MT4 account types suitable for beginners and more experienced traders, including a Raw Account with spreads down to 0 pips. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds.
Accepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
Exness – Best MT4 Trading Conditions
Exness’ Standard Account on MT4 requires a minimum deposit of 1 USD and has average spreads on the EUR/USD of 1 pip. This account is a fantastic low-risk opportunity for new traders to get experience in the live markets. The Pro Account on MT4 has similarly great trading conditions, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – however, the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 7.0 USD round trip per lot traded.
All Exness clients on MT4 have access to financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports the MT4 MultiTerminal platform, allowing clients to run multiple accounts from a single app. Exness offers full MT4 support, with custom-built EAs allowing for automated trading on all account types.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
HotForex – Best STP Broker on MT4
HotForex is a well-regulated broker with fast STP execution on all six different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD and spreads start at 1.2 pips on the EUR/USD. For beginners, HotForex offers unlimited demo versions of all its MT4 account types. For those that prefer ECN trading on MT4, the HotForex Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.
HotForex supports MT4 via every method, including the MT4 MultiTerminal, which allows traders to manage multiple MT4 accounts from a single platform. MT4 is also available via web, desktop, and Android and iOS apps. Trading tools available include free Autochartist, VPS services and the HFCopy copy trading service.
Accepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
CM Trading – Largest African MT4 Broker
With 1 million clients worldwide, CM Trading is the largest South African MT4 broker. Regulated by the FSCA and based in Sandton, CM Trading’s clients can rely on full support for MT4, including hedging, scalping, and Expert Advisors, negative balance protection and simple account types coupled with optional ECN execution.
CM Trading offers a range of tools for traders, but the most popular are the Guardian Angel and CopyKat systems. Guardian Angel shows market trends and provides feedback on trading behaviour, helping traders optimise their strategies and prevent errors. The CopyKat system is a social trading system that allows new traders to mirror professional traders’ strategies, always useful for new traders.
Accepts South African Clients. Average spread EUR/USD 1.5 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4 & Sirix platforms supported. CM Trading is regulated by the FSCA.
Axi – Best MT4 Customisation
Built by traders, for traders, Axi is an Australian ASIC and FCA regulated ECN broker with MT4 support, great trading tools, and excellent customisation options. By only supporting the MT4 platform, Axi offers one of the most customisable MT4 experience in the world. Axi offers a range of tools for MT4, but one of the highlights is its MT4 NexGen plugin.
MT4 NexGen offers a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools. These include AutoChartist, and PsyQuation, an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with various trading algorithms to install on your MT4.
Accepts South African Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.
Khwezi Trade – Best Local Customer Support
An FSCA-regulated STP broker based in Cape Town, Khwezi Trade supports MT4 and provides fast and reliable market execution. Khwezi Trade offers four account types, with a 2000 ZAR minimum deposit on the smallest account. All accounts have a ZAR base currency option, and MT4 is fully supported, with hedging, scalping, and EAs all permitted.
At Khwezi Trade, all accounts come with a personal account manager. For South African traders looking for a genuinely local broker, Khwezi Trade provides excellent local customer support in English, Afrikaans, Zulu, Sotho, and Xhosa and offers via local offices, and uses SA banks for all client funds. Support is offered via live chat, email, and phone from 7 am to 6 pm, but clients can call after-hours for emergency assistance. Also, there are no deposit or withdrawal fees, and withdrawals are processed daily.
Accepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
What is MetaTrader 4 (MT4)?
MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years. The launch of MT4 in 2005 changed the retail Forex industry almost overnight. It offered retail Forex traders an institutional-grade tool: Anyone with an internet connection was now on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:
MT4 is the lowest-latency and a highly customisable trading platform, complete with a cutting-edge charting suite offering market charts overlaid with indicators from MT4’s library.
MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4.
MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades can then be made in an instant due to the platform’s execution speed.
MT4 is available on mobile, tablet, in a web browser and as a downloadable application.
This versatility makes MT4 the world’s leading trading platform.
MT4 Pros and Cons
Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.
Pros
Customisable layout provides a stable and personalised trading experience.
Advanced charting allows traders to combine technical analysis and trade management from within the chart view.
One-click trading. In fast-moving markets, traders can execute trading decisions quickly.
The lowest-latency platform available. Trade execution speeds will also depend on internet connection speed.
Built-in scripting tools allow users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools.
Over 2000 free indicators available in the MetaTrader Code Hub.
Traders can move between brokers without losing any customised changes to the platform. MT4 can also support multiple brokers and multiple accounts from the same broker.
Social trading integration, available with a free subscription. Trading signals let you to automatically copy the trades of other traders.
High secure. all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.
Widespread Use. Most brokers will offer it, and it is well supported. If you have a question, someone will have answered it – if you have a problem, someone will have solved it.
MT4 runs smoothly on all modern computers and is happy even on old systems.
Cons
It is old. It looks like a program from 2005. If you want a trading platform that looks nice this is not your platform
It lacks native integration of news and economic data, though this can be added via plugins.
While MT4 can run on Macs with a few tweaks, it will only run on Mac OS versions prior to Catalina (version 10.15, released in 2019).
MAC OS Catalina only supports 64bit applications and as MT4 is a 32bit application, it is not compatible. For earlier versions of Mac OS, the safest way of getting MT4 to run is to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.
Should I use MT4?
If you are just starting your trading career you should consider moving straight to MT5 or cTrader instead. But, if you have been using MT4 and you are happy with it then keep on using it.
MT4 is old, and MetaQuotes is actively trying to get Forex brokers to switch to MT5. MT4 is still the industry standard, but it will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern, cleaner layout.
But if you have been using MT4 for some time, then your version is probably heavily customised. Algos built for MT4 will not function in MT5 or cTrader, so any customisations you have made will be lost.
MT4 will eventually be replaced, but its popularity means that is not going to happen anytime soon. But if you want to move to a more modern platform, or you are just starting out then you should check out MT5 or cTrader.
What is the difference between MT4 and MT5?
The significant change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.
MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities. Additionally, MT5 is finally seeing serious support from the industry, with some brokers abandoning MT4 in favour of the newer version.
MT4 Broker Guide
If you are sure you want to use MT4, you need to find a broker. There are many ways to compare brokers, depending on what is important to you as a trader. These are a selection of brokers broken down by trading costs, customer support, and education material, including features relevant to each area.
MT4 brokers with the best trading conditions
Each broker will have different trading conditions. Trading conditions include the assets available to trade, if negative balance protection is available, and the total cost of trading. The cost of trading is the sum of the cost of the spread and the commission. If you are looking for the lowest trading costs at an MT4 broker, these are the top 5 regulated MT4 brokers with the lowest cost of trading.
Because setting up a trading platform like MT4 can take time for beginners to install and customize, brokers offer a variety of customer service options to get you started. Better customer support means brokers will have various contact methods, including local phone numbers and extended opening hours, including help on the weekend. Brokers should also have customer service agents who speak the languages of their client base. If you want a broker with leading client support, these are the best MT4 brokers by customer service in South Africa.
Broker education will vary considerably. Better brokers will offer beginners and experienced traders courses, coupled with webinars that allow interactive learning. A printable ebook is valuable for those who want to learn on paper and away from a keyboard. These are the MT4 brokers the best educational offering in the industry and ordered by their education score.
MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.
To learn more about the trading features that MT4 has to offer, please check out our complete guide to MetaTrader 4.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Accepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
