AuthorBy Jeffrey Cammack
Updated: April 15, 2021

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.

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The best MT4 Forex Brokers for 2021

Last updated on 15 Apr 2021
Updated 15 Apr 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
32
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
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Blackstone Futures is an established FSCA-regulated CFD broker based in Johannesburg, offering clients trading in commodities, cryptocurrencies, equities, energies, Forex, futures, indices, and metals. Blackstone offers ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms – both with STP execution.

While trading costs are low, and spreads are tight and maximum leverage is 400:1, Blackstone Futures restricts traders by offering a limited set of 32 FX pairs. Beginner traders are well-catered with outstanding educational support for beginners, weekly webinars, and in-person Masterclass sessions around South Africa.  Unfortunately while BlackStone Futures caters to Malaysian clients, it does not offer Islamic swap-free accounts.

Pros
  • ZAR accounts
  • Tight spreads
  • Fast and free withdrawals
Cons
  • Limited platform choice
Read More About Blackstone Futures
2
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
59
Overall Rating
11110.54.17/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.90 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.
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FXTM is a multi-regulated FSCA registered CFD broker offering clients trading on Forex, cryptocurrencies, indices, metals and stocks. With a complete education and market analysis section, and the unique FXTM Invest copy trading platform, FXTM is plagued by unfavourable trading conditions and platform choice limits on their entry-level accounts and charging withdrawal fees.

Beginners at FXTM will find a good overview of how Forex trading works and the basics of a beginners course in their guides and tutorials, webinars, ebooks, trading glossary and videos that cover beginner and intermediate topics. Daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where the opportunities lie. However, Serious beginners should consider the ECN Account (minimum deposit 500 USD) or the ECN Zero Account (minimum deposit 200 USD) as trading conditions dramatically improve to fall in line with industry averages.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
Trading Platforms
Fx Pairs
50+
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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BDSwiss is a European CFD broker regulated by CySEC, the FSC (Mauritius) and the FSA (Seychelles). BDSwiss offers trading on Forex, commodities, shares, indices, and cryptocurrencies. While trading costs on the entry-level Classic account are slightly above the industry average, the trading platform choice and the industry-leading education and market analysis material make up for it. A professional 5000 USD Raw account is also available with industry-competitive trading costs of 8 USD per EURUSD lot traded.

BDSwiss offers MT4, MT5 and a bespoke BDSwiss Web Trader application – the star attraction for new traders – with an intuitive and modern interface, an extended set of technical analysis tools, and advanced charting. The BDSwiss trading academy and market analysis are some of the best in the industry, with structured courses for all levels, frequent strategy webinars, and insightful market analysis headlined by a detailed daily market preview.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
CM trading
Min. Deposit
USD 100
3.243.24
Min. Spread
1.50 pips
Trading Platforms
Fx Pairs
47
Overall Rating
1110.503.24/ 5
AlertAccepts 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.
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CM Trading is a major South African CFD broker offering trading on Forex, indices and commodities.  South African traders will be pleased that CM Trading is fully licenced by the FSCA, but should be aware that trading and withdrawal costs are high.

The minimum deposit is 250 USD and CM Trading offers both MetaTrader4 and Sirix trading platforms on desktop computers and mobile devices. A variety of promotions and bonuses are available for new accounts.

The local customer service is generally excellent, but wide spreads and only basic market analysis might discourage traders.

Pros
  • Good for beginners
  • Great customer support
  • Copy trading accounts
Cons
  • Expensive withdrawals
  • Local regulation only
Read More About CM trading
5
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Trading Platforms
Fx Pairs
51
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HotForex is a global CFD broker with FSCA regulation offering a variety of trading products including Forex, commodities, indices, shares and crypto. Trading conditions are unusually good on the 5 USD (5 USD) introductory account, with fast market execution and competitive spreads. Experienced traders will be interested in HotForex’s professional account with EUR/USD spreads starting at 0 pips pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms and provides 18 trading tools to further assist traders. Unfortunately, access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 6500 ZAR – well above the required minimum deposit.

HotForex offers a structured beginner course and webinars to help newcomers get started, but customer support is closed on the weekend, leaving novices stranded when they may need help the most.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
57
Overall Rating
11110.54.38/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM is a reliable multi-regulated CFD broker offering trading in Forex, stocks, commodities, indices, metals, and energies. XM leads the Forex industry in terms of education and market analysis, but with customer service closed on the weekend, beginner traders with technical issues could face difficultly.

With support for MT4 and MT5, trading costs below the industry average on both introductory and professional accounts, and a low minimum deposit of 5 USD (70 ZAR), XM Group stands out from a crowded field of market maker brokers.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
Exness
Min. Deposit
USD 1
4.324.32
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
120
Overall Rating
11110.54.32/ 5
AlertAccepts 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.
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Exness is an FSCA and internationally regulated CFD broker offering trading in Forex, cryptocurrencies and metals. Exness has some of the tightest spreads in the industry and a relatively low minimum deposit, but its selection of financial instruments is limited compared to similar brokers.

Exness has market and instant execution accounts and full support for MT4 and MT5 on both standard accounts. An optional ZAR account is available to South African traders, deposits and withdrawals are free of charge, and customer service is 24/7.

While Exness’ trading costs are well below the industry average, its education and market analysis are poor compared to other major brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
Read More About Exness
8
Axitrader
Min. Deposit
USD 5
4.344.34
Min. Spread
0 pips
Trading Platforms
Fx Pairs
80+
Overall Rating
11110.54.34/ 5
AlertAccepts 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.
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Axi (formerly Axitrader) is an Australian CFD broker regulated by ASIC, the FCA and the DFSA, and an FSCA application pending approval. Axi offers clients trading on Forex, metals, cryptocurrency, commodities, and indices. Axi accounts seem to offer clients industry competitive trading costs – the Standard Account (from 0.4 pip EURUSD) and the Pro Account (0.0 pips EURUSD + 7 USD commission) – but unnecessarily dodges transparent practices by not publishing their average spreads.

Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including Autochartist, MyFxBook, PsyQuation, to help professional or serious newcomer traders make better trading choices. Beginners to Axi have structured learning material and frequent market analysis, making them a front-runner in the education space only empowered by their powerful trading tools.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
9
IG Markets
Min. Deposit
USD 250
4.694.69
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
93
Overall Rating
11110.54.69/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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IG Markets is an extremely well-regulated CFD broker with world-class trading conditions and a massive variety of trading assets: Traders have access to Forex, indices, shares, commodities, cryptocurrencies, ETFs, digital 100s, interest rates and bonds. While IG Markets is well suited to professionals with its advanced custom trading platform and powerful charting tools, it also offers industry-leading educational support to beginners through the IG Academy.

IG Markets supports MT4 and its own superior L2Dealer platform, which offers direct market access, improved liquidity, faster trade execution and advanced order management. Experienced traders can activate L2Dealer’s ProRealTime extension for advanced charting, trading automation, and detailed technical analysis to enhance the trading experience.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
10
Khwezi Trade
Min. Deposit
USD 100
3.473.47
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
32
Overall Rating
1110.503.47/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816
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Khwezi Trade is a South African FSCA regulated broker headquartered in Cape Town. As is common with other STP brokers, Khwezi Trade uses MetaTrader 4 as their single choice of platform, as it provides fast and reliable market execution.

Khwezi Trade offers four account types depending on minimum deposit but all accounts come with a personal account manager.  Leverage is less than is offered by other international brokerages, and currency pairs are more limited, but the clear appeal with Khwezi Trade is their competitive trading conditions that rival other local players.

For beginner traders with higher deposits above R15,000, Khwezi Trade awards clients five trading sessions led by a professional trader as well as more profitable trading conditions. For deposits over R50,000 unlimited training is provided.

For a South African trader looking for a genuinely local broker, Khwezi Trade has local regulation, local offices, local staff, and uses local banks.

Pros
  • ZAR Accounts
  • Fast and free withdrawals
Cons
  • Local regulation only
  • No swap-free account option
Read More About Khwezi Trade

How to compare MT4 Brokers

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. 


🏆BlackStone Futures – Best MT4 Broker in South Africa

Blackstone Futures is a South African STP broker with regulation from the FSCA and very tight spreads. Blackstone Futures MT4 offers low spreads across Forex, commodities, shares and indices. Leverage is set at 1:400 for experienced traders, and traders can choose between a USD account or a ZAR account, with USD accounts requiring a minimum deposit of 100 USD.

As well as offering full support for all native features of MT4, such as 9 timeframes, EA functionality and 30 built-in indicators, BlackStone Futures also offers ZAR Accounts. With a minimum deposit of R1000, South African traders get access to spreads as low as 0.6 pips on the EUR/USD and full mobile support.

AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846

🏆FXTM – Best MT4 Broker for Beginners in SA

FXTM is the best MT4 broker for beginners in South Africa and 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.

AlertAccepts South African Clients. Average spread EUR/USD 1.90 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.

AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

🏆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.

AlertAccepts 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.

🏆HotForex – Best STP Broker on MT4

HotForex is a well-regulated broker with lightning-fast STP execution on all six different accounts on the MT4 platform. The minimum deposit on the Micro Account is exceptionally 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. For MT4 traders who want fast STP execution, it is difficult to recommend another broker.

AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

🏆XM – Best MT4 Education

An FCA 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 everything from opening a trading account to understanding pending orders and backtesting Expert Advisors.

All MT4 accounts have a max leverage 1:30, negative balance protection, and minimum deposits start from 5 GBP. 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 will be able to trade Forex, stock indices, precious metals, and energies. 

AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

🏆Exness – Best MT4 Trading Conditions

Exness offers the best trading conditions to be found on the MT4 platform. 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.

AlertAccepts 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.

🏆Axi – Best MT4 Customisation

Built by traders, for traders, Axi is an Australian ASIC and FCA regulated ECN broker with full MT4 support, great trading tools, and excellent customisation options. By only supporting the MT4 platform, Axi offers 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, the powerful automated technical analysis tool, 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.

AlertAccepts 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.

🏆IG Markets – Best Regulated MT4 Broker

IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by ten national authorities, including the FSCA, FCA, ASIC, MAS, and FINMA, IG Markets is also publicly traded on the London Stock Exchange and has a full banking license. IG Markets offers tight spreads, full MT4 support, and excellent education and market analysis. 

IG Market’s version of MT4 takes the platform to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. Also, all IG clients get access to Autochartist for free. This powerful automated technical analysis tool scans the markets for opportunities that you may have missed. All these features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.

AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

🏆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.

AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Only MT4 platform supported. Khewzi Trade is regulated by the FSCA - FSP:44816

What is MetaTrader 4 (MT4)?

Best MT4 Brokers

MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years.

98% of Forex brokers offer MT4 trading accounts

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:

  1. 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. 
  2. MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4. 
  3. 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.
  4. 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.

MT4 runs smoothly on all PCs, even old ones

 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).

MT4 is not compatible with MAC OS Catalina

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.

Algos built for MT4 will not function in MT5

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.

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

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 ditching MT4 entirely in favour of the newer version.

Which MT4 broker is best?

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

MT4 Brokers with best education material

Scroll for more detailsPreviousNext
Brokers
Education Score
Platforms
Min. Spread
Trading Cost
Official Site
111115/ 5
CMCmarkets
0.70 pips
USD 7
111115/ 5
0.60 pips
USD 6
111115/ 5
Zulu Trade
0.10 pips
USD 7
111115/ 5
0.60 pips
USD 16

Conclusion

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.

If you’re interested in learning all trading features that this platform 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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