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AuthorBy Jeffrey Cammack
Updated: July 13, 2022

Metatrader 4 (MT4) is the most popular Forex trading platform in the world and is supported by most Forex brokers in South Africa. On this page, we will look at the best Forex brokers with MetaTrader 4 in South Africa and explain why they excel.

Further down, common questions will also be answered like: What MT4 is, how it works, how it differs from other trading platforms like MT5 and cTrader, and how to automate trading with Expert Advisors.

To find the best MT4 brokers we compared trading costs, execution speed and the number of Forex pairs the brokers offered. We also tested the quality of the brokers’ technical customer support and made sure they were fully regulated to ensure trader safety. These are the best MT4 brokers in South Africa for 2022, according to our testing and our research.

  • HFM (HotForex) - Best Overall MT4 Broker
  • FXTM - Best MT4 Broker for Beginners
  • XM - Best Educational Support for MT4
  • Exness - Best MT4 Trading Conditions
  • Pepperstone - Best MT4 Broker with ECN Execution
  • CM Trading - Largest African MT4 Broker
  • Axi - Best MT4 Customisation
  • IG - Best Regulated MT4 Broker
  • ETX Capital - Best MT4 Trading tools

The best MT4 Forex Brokers for 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (forex)
MetaTrader 4 (MT4)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Compare
HFM (HotForex)
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 701000:1 ExcellentUSD 101.00 pips0.10 pipsFSCA Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityDubai Financial Services Authority116953
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
USD 102000:1 ExcellentUSD 151.50 pips0.00 pipsCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services Commission79162
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5888:1 ExcellentUSD 161.60 pips0.10 pipsCySEC Regulated BrokersASIC Regulated Forex BrokersInternational Financial Services Commission151057
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 32000:1 StandardUSD 70.70 pips0 pipsFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets Authority221100
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0400:1 ExcellentUSD 60.60 pips0.17 pipsFCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority070
CM Trading
3.54 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100200:1 StandardUSD 151.50 pips1.70 pipsFSCA Regulated Forex BrokersThe Seychelles Financial Services Authority17450
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5500:1 ExcellentUSD 101.00 pips0.00 pipsFCA Regulated BrokersASIC Regulated Forex BrokersFinancial Markets Authority of New ZealandDubai Financial Services Authority18870
IG
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0200:1 ExcellentUSD 60.60 pips0.85 pipsFCA Regulated BrokersASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionen1929580
ETX Capital
4.07 /5
Read Review
Visit Broker >
Your capital is at risk
GBP 10030:1 StandardUSD 60.60 pips1.01 pipsFCA Regulated BrokersFSCA Regulated Forex BrokersCySEC Regulated Brokers513562

How to compare MT4 Brokers

When comparing MT4 brokers, it is important to pay special attention to a few factors that will significantly impact your trading costs and trading experience. To compare MT4 Forex brokers, we always consider the following:

Account Types: Most Forex brokers with MT4 in South Africa have multiple account types, but some of their account types will not support MT4 as a trading platform option. Always ensure that the account that you want to use supports MT4. 

Regulation: Most MT4 brokers in South Africa are regulated by the Financial Sector Conduct Authority (FSCA). FSCA-regulated brokers are audited regularly, must keep trader’s funds in South Africa and most will provide negative balance protection to all traders. Trading with offshore brokers (who are often registered in Seychelles, Mauritius, or the British Virgin Islands) will mean fewer protections.

Execution Method and Execution Speed: MT4 brokers will use either instant execution, STP execution or market execution. Trading with instant execution or STP execution means you will be trading against your broker: When you lose money, they will profit and vice versa. Market execution can have slower execution speeds, but you will be trading with a third party and not your broker. Fast execution is especially important if you intend to use scalping strategies or automated trading.

Trading Costs: Be sure to check the trading costs of your MT4 account. Your trading account’s execution method in particular can affect your trading costs. Instant execution and STP execution accounts will usually have the trading costs included in the spread, while market execution accounts often have a commission attached. When you choose your MT4 account, be sure to verify the costs against what was advertised. If you intend to keep your trading positions open overnight be sure to check out your broker’s swap rates too.

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 has built the MT4 Supreme Edition. These additions to the platform change the trading experience and add additional benefits to the trading platform.

Education, Analysis and Customer Support: Most MT4 brokers in South Africa will offer Forex education and market analysis to help traders spot opportunities. Beginner traders who want to use MT4 will require a broker with good general education as well as more specific MT4 guides and tips. The better a broker’s research and analysis the more likely you are to find good trading opportunities. MT4 can be tricky to install and customize. Some 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 look for a broker whose customer service hours suit you. 


HFM (HotForex) – Best Overall MT4 Broker

HFM is an FSCA-regulated broker with fast STP execution and six different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD (or 70 ZAR), and spreads start at 1 pip on the EUR/USD. For beginners, HFM offers unlimited demo versions of all its MT4 account types. For those that prefer raw spreads and commissions on MT4, the HFM Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.

HFM 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 on Android and iOS apps. Trading tools include free Autochartist, VPS services, and the HFCopy copy trading service.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1.00 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.

FXTM – Best MT4 Broker for Beginners

FXTM has Standard accounts and ECN accounts on MT4. FXTM offers a Micro Account on MT4 with a minimum deposit of 50 USD and spreads starting at 1.5 pips. This is the ideal beginner account 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.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

XM – Best Educational Support for MT4

An internationally regulated broker with low trading fees 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 888:1, 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. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

Exness – Best MT4 Trading Conditions

Exness’ Standard Account on MT4 requires a minimum deposit of 3 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.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
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, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Pepperstone – Best MT4 Broker with ECN Execution

A world-renowned broker, Pepperstone offers MT4 support, strong regulation and two simple accounts with ECN execution. Most orders are executed in less than 30 milliseconds, ideal for scalpers and clients who run MT4’s expert advisors. The Standard MT4 Account is commission-free, and the average spread on the EUR/USD is 1.09 pips. The Razor MT4 Account charges a 7 USD round turn commission, but the average spread on the EUR/USD is 0.09 pips – about as close as traders can get to zero spread as possible.

The Pepperstone MT4 trading experience comes with live quotes, real-time charts, in-depth news, and analytics. Pepperstone also offers a package of Smart Trader Tools for MT4, a suite of 28 expert advisors and indicators to improve trade execution and management. Also, all MT4 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, 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.

Pros
  • Good for beginners
  • Great customer support
  • Copy trading accounts
Cons
  • Expensive withdrawals
  • Local regulation only
AlertAccepts South African Clients. Average spread EUR/USD 1.70 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.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts South African Clients. Average spread EUR/USD 1.00 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 – Best Regulated MT4 Broker

IG 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 is also publicly traded on the London Stock Exchange and has a full banking license. IG offers tight spreads, full MT4 support, and excellent education and market analysis. 

IG’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.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

ETX Capital – Best MT4 Trading tools

An FSCA-regulated broker, ETX Capital, offers the MT4 trading platform in addition to the MT4 Remastered, which enhances the MT4 trading platform. MT4 Remastered includes a trading terminal, a mini terminal, a tick chart trader, stealth orders and other functionalities that improve the standard MT4 platform. ETX Capital also includes a library of educational materials, including MT4 tutorials to help new traders get started.

Spreads start at 1.01 pips pips (EUR/USD) on its MT4 account, offering maximum leverage of 30:1 on Forex. Tradable assets include currency pairs, commodities, indices, bonds, cryptocurrencies, and over 5000 stock CFDs.

Pros
  • Tight spreads
  • Great platform choice
Cons
  • Poor customer service
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & ETX Trader Pro platforms supported. ETX Capital Group is regulated by the FCA.

What is MetaTrader 4 (MT4)?

Best MT4 Brokers

MetaTrader 4 is the most popular Forex trading platform in the world and has been for the last fifteen years. It is a third-party trading platform that connects a trader to a broker so they can trade Forex and other CFDs.

MT4 was built by MetaQuotes – a Russian software company – in 2005, and it revolutionised the retail Forex industry. MT4 offered retail Forex traders an institutional-grade trading platform so anyone with an internet connection was on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:

  • MT4 is a high-speed and customisable trading platform, complete with a charting suite where charts can be 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 and use them to automate their trading.
  • 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.

Is MT4 a Broker?

No, MetaTrader 4 is not a broker. It is a trading platform, which can be connected to a Forex broker to trade Forex and other CFDs. MT4 is a third-party trading platform, which means that you own the licence to the software, and you can use it with multiple brokers. MT4 is also free to download and use.

Which brokers have MT4?

This is our list of all regulated Forex brokers which support MT4, ordered by overall score.

Scroll for more detailsPreviousNext
Broker
Overall Rating
Global Regulators
Min. Deposit
Total # CFDs
No. of FX Pairs
Cost of Trading
EUR/USD
GBP/USD
USD/JPY
Fees
Compare
IG
4.69 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSwiss Financial Market Supervisory AuthorityMonetary Authority of SingaporeFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenUSD 01929580USD 60.85 pips1.40 pips0.94 pipsFees Included in Spread
Capital.com
4.68 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersUSD 204284137USD 60.60 pips1.30 pips0.80 pipsFees Included in Spread
Pepperstone
4.61 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityUSD 0070USD 60.17 pips0.59 pips0.26 pipsFrom 7 USD / lot - Razor Account
HFM (HotForex)
4.49 /5
Read Review
FSCA Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityDubai Financial Services AuthorityZAR 70116953USD 100.10 pips0.50 pips0.30 pips6 USD / lot - Zero Account
Markets.com
4.49 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionZAR 2500220667USD 70.60 pips1.20 pips0.70 pipsFees Included in Spread
AvaTrade
4.48 /5
Read Review
FSCA Regulated Forex BrokersASIC Regulated Forex BrokersCentral Bank of IrelandCySEC Regulated BrokersZAR 150087255USD 90.90 pips1.60 pips1.10 pipsFees Included in Spread
Tickmill
4.48 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 10020762USD 40.10 pips0.30 pips0.10 pips4 USD / lot
IC Markets
4.46 /5
Read Review
CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 200174464USD 80.02 pips0.23 pips0.14 pips7 USD / lot - Raw Spread Account
Admirals
4.34 /5
Read Review
ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersZAR 500383050USD 80.80 pips0.60 pips0.30 pips1.8 - 3 USD per lot
Axi
4.34 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Markets Authority of New ZealandDubai Financial Services AuthorityUSD 518870USD 100.00 pips0.10 pips0.10 pips7 USD / lot - PRO account
FXTM
4.33 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services CommissionUSD 1079162USD 150.00 pips0.20 pips0.00 pipsFrom 4 USD / ECN Accounts
BDSwiss
4.32 /5
Read Review
Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 1023450USD 150.30 pips0.60 pips0.30 pips5 USD / lot - RAW account
FxPro
4.29 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthoritySecurities Commission of the BahamasUSD 100218170USD 140.40 pips1.00 pips0.60 pips9 USD / lot
FP Markets
4.28 /5
Read Review
ASIC Regulated Forex BrokersCySEC Regulated BrokersAUD 1001009960USD 70.10 pips0.20 pips0.10 pips6 USD / lot - RAW Accounts
Oanda
4.25 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersMonetary Authority of SingaporeInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 042545USD 100.10 pips0.10 pips0.10 pips4 USD / lot
Valutrades
4.25 /5
Read Review
FCA Regulated BrokersThe Seychelles Financial Services AuthorityUSD 513874USD 70.10 pips0.40 pips0.10 pips6 USD / Lot
XM
4.25 /5
Read Review
CySEC Regulated BrokersASIC Regulated Forex BrokersInternational Financial Services CommissionUSD 5151057USD 160.10 pips0.20 pips0.10 pips7 USD / lot - XM Zero Account
FXCM
4.24 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersBermuda Monetary AuthorityUSD 5030645USD 130.20 pips0.60 pips0.30 pipsNone
FBS
4.23 /5
Read Review
CySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersInternational Financial Services CommissionUSD 125437USD 70.70 pips1.20 pips1.30 pips6 USD / lot - ECN Account
Skilling
4.23 /5
Read Review
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityEUR 10080773USD 80.40 pips0.50 pips0.70 pips6 USD round turn commission
Global Prime
4.19 /5
Read Review
ASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityVanuatuAUD 20020549USD 80.16 pips0.75 pips0.39 pips7 USD / lot
Fortrade
4.18 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersInvestment Industry Regulatory Organization of CanadaUSD 10041250USD 202.00 pips2.00 pips2.00 pipsFees Included in Spread
ThinkMarkets
4.18 /5
Read Review
FSCA Regulated Forex BrokersFCA Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 0415046USD 120.00 pips0.00 pips0.00 pips7 USD / lot - ThinkZero Account
Eightcap
4.13 /5
Read Review
ASIC Regulated Forex BrokersVanuatuSecurities Commission of the BahamasAUD 10097245USD 70.06 pips0.73 pips0.23 pips7 USD / lot
GKFX Prime
4.13 /5
Read Review
Malta Financial Services AuthorityBritish Virgin Islands Financial Services CommissionSecurities and Exchange Regulator of CambodiaUSD 5022550USD 180.90 pips1.30 pips1.70 pipsFees Included in Spread
OctaFX
4.12 /5
Read Review
CySEC Regulated BrokersFinansinspektionenFinancial Services Authority – St. Vincent & the GrenadinesUSD 507932USD 70.70 pips1.50 pips1.40 pipsFees Included in Spread
FXPRIMUS
4.11 /5
Read Review
CySEC Regulated BrokersVanuatuUSD 1518143USD 150.30 pips1.50 pips0.80 pips8 - 10 USD / lot - PRO Account
Go Markets
4.10 /5
Read Review
ASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services CommissionAUD 20057549USD 100.20 pips0.50 pips0.20 pips6 USD / lot - GoPlus+
ACY Securities
4.08 /5
Read Review
ASIC Regulated Forex BrokersVanuatuUSD 50173163USD 100.30 pips1.60 pips1.20 pipsFees Included in Spread
HYCM
4.08 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtUSD 10028770USD 120.10 pips0.40 pips0.20 pips8 USD / lot - Raw Account
ETX Capital
4.07 /5
Read Review
FCA Regulated BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersGBP 100513562USD 61.01 pips1.85 pips1.35 pipsFees Included in Spread
LiteForex
4.07 /5
Read Review
Financial Services Authority – St. Vincent & the GrenadinesUSD 5012656USD 100.20 pips0.20 pips0.10 pips10 USD / lot - ECN Account
Trade Nation
4.05 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersSecurities Commission of the BahamasUSD 5118533USD 60.60 pips0.80 pips0.70 pipsFees Included in Spread
easyMarkets
3.98 /5
Read Review
CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 25216103USD 180.70 pips1.30 pips1.00 pipsFees Included in Spread
MultiBank
3.93 /5
Read Review
Financial Services CommissionASIC Regulated Forex BrokersUSD 502009341USD 140.80 pips1.10 pips1.00 pips3 USD / lot
FXCC
3.84 /5
Read Review
CySEC Regulated BrokersUSD 09871USD 60.60 pips0.80 pips0.80 pipsNone
Amana Capital
3.83 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinansinspektionenLabuan Financial Services AuthorityCapital Markets AuthorityUSD 5043066USD 141.30 pips1.80 pips2.10 pips3 USD / lot
Errante
3.83 /5
Read Review
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityUSD 5015150USD 151.50 pips1.60 pips1.50 pipsFees Included in Spread
IronFX
3.74 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersUSD 5029083USD 220.00 pips0.00 pips0.00 pipsOn select STP/ECN Accounts
Swissquote
3.70 /5
Read Review
FCA Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenUSD 1000244130USD 171.70 pips2.00 pips1.60 pipsFees Included in Spread
Hantec Markets
3.69 /5
Read Review
ASIC Regulated Forex BrokersFinancial Services AgencyFCA Regulated BrokersFinancial Services CommissionJordan Securities CommissionUSD 10010345USD 20.20 pips0.50 pips0.50 pipsFees Included in Spread
Black Bull Markets
3.65 /5
Read Review
Financial Markets Authority of New ZealandThe Seychelles Financial Services AuthorityUSD 2004127USD 120.18 pips0.66 pips0.44 pips6 USD
TrioMarkets
3.64 /5
Read Review
CySEC Regulated BrokersFinancial Services CommissionUSD 50014463USD 240.00 pips3.00 pips1.00 pipsFees Included in Spread
Vantage FX
3.63 /5
Read Review
FCA Regulated BrokersASIC Regulated Forex BrokersCayman Islands Monetary AuthorityVanuatuUSD 20031846USD 100.00 pips0.50 pips0.40 pips4 USD / lot - ECN Accounts
NordFX
3.53 /5
Read Review
CySEC Regulated BrokersVanuatuUSD 104433USD 200.30 pips0.40 pips0.20 pips0,007% / Trade - Zero Account
Darwinex
3.52 /5
Read Review
FCA Regulated BrokersUSD 5004540USD 70.20 pips0.80 pips0.40 pips5 USD / lot
FIBO Group
3.50 /5
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CySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenBritish Virgin Islands Financial Services CommissionFinancial Services CommissionUSD 0807948USD 60.30 pips0.50 pips0.30 pips6 USD / lot
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How do I get started with MT4?

The quickest way to get started with Metatrader 4 is to download it yourself. You can download it directly from the MetaTrader website or from any South African MT4 broker. If you download it directly from MetaTrader website you will be asked to open a free demo account, which will allow you to test the features of the trading platform.

All South African MT4 brokers will offer demo accounts too – and you should always use one before opening a live account, especially if you are new to MetaTrader. The best MT4 brokers will offer detailed educational resources for the trading platform, including video tutorials and downloadable PDF guides.

What is the Difference Between MT4 and MT5?

MT5 is the newer version of MetaTrader, released in 2010, though it still lags behind MT4 in terms of popularity. The first significant change is that MT5 has native support for trading exchange-traded assets like shares, futures and ETFs, whereas MT4 does not – though most MT4 brokers have since added this capability to their MT4 systems.

The second major change is MT5’s new scripting language, MQL5, which allows for more accurate backtesting of Expert Advisors (EAs). It is important to note that EAs 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, a sentiment tracker, and more charting capabilities. MT5 is finally seeing support from the trading industry, with some MetaTrader brokers abandoning MT4 in favour of the newer version.

Is MT4 for Forex Trading Only?

MT4 was initially founded as a Forex-only trading solution, but these days you can trade all CFDs with it. While MT4 was not originally designed to trade stock CFDs, some brokers have since added this capability. That said, don’t be surprised to see that some MT4-only brokers offer no stock CFDs at all – or a very limited selection.

What are MT4 Charts?

MT4 Charts

When you first open MT4 you will be greeted with the screen above. Like all trading platforms, charts are the main focus in MT4, and this is where most of your attention will be spent. The MT4 charts will show you the current and historical price of up to four different asset classes at the same time. Charts are the most valuable tool traders have for analysing the movements of Forex pairs and other CFDs.

In MT4, each chart can be fully customised. Traders can choose between Candlesticks, Bar Charts or Line Charts and each chart can be colour-coded and saved as a template.

What Charting Tools Does MT4 have?

Aside from customising the appearance of charts in MT4, there are a number of key charting features and tools that traders can use to enhance their trading experience.

Zooming: Each chart can be zoomed horizontally and vertically, to close in on a specific time period or set of bars.
Period Changes: MT4 allows traders to use nine different data periods, from 1 minute to 1 month. Some technical indicators and line studies will only be helpful when used with certain data periods, so this capability is especially important for technical analysis.
Objects: Also called graphical objects, these are lines, shapes and arrows that are imposed over charts to assist with technical analysis. Common graphical objects include support/resistance lines, trendlines, as well as Fibonacci, Gann, and Andrews’ tools. Objects will not be removed when the time period changes.
Indicators: Indicators are technical analysis tools that can identify market trends and help traders predict future price movements of an asset. MT4 comes with a number of the most common indicators already installed, but more can be added from the MetaTrader Market. Like graphical objects, indicators can be superimposed over the chart and will not be removed if the time period is changed.

Does MT4 Support Copytrading?

Yes, MT4 can support copytrading in a few different ways. The most common method is through MT4 trading signals. Trading signals in MetaTrader 4 allow traders to automatically copy other traders in real-time. Many successful traders provide their Forex trades in public access either for free or for a reasonable fee, these are known as signal providers.

MetaTrader 4’s signal service is easily accessible. You will need an active trading account and an MQL5.com account. Once you have both you will be able to access the signal providers database. From this database, you can see the names of the signal providers, how long they have been active, and other important information like total profit, the number of followers and maximum drawdown.

MetaTrader 4 can also be used in conjunction with popular copytrading solutions such as myFxBook, Duplitrade and ZuluTrade. These third-party copy-trading solutions have a carefully curated selection of traders to follow, therefore decreasing the risk of following a loss-making signal provider. Be aware that these other services have an additional cost.

Does MT4 Support Automated Trading?

Yes, MT4 does support automated trading. Aside from copytrading through the MT4 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators. This type of automated trading is also called algorithmic trading, as the EAs are algorithms built specifically for trading.

It’s important to recognise the difference between EAs and indicators. EAs fully automate your trading and will trade for you within the parameters of the algorithm. Indicators will only analyse the market, allowing you to decide whether to trade or not based on the information given. EAs can be turned on and off easily from within MT4.

EAs and indicators can be downloaded and purchased from inside MT4, in the Market tab of the trading platform. Some EAs are free, others can be purchased outright or rented on a monthly or yearly basis.

In addition to the MetaTrader Market, thousands of free EAs and indicators can also be found in the MT4 Code Base.

How to Automate Trading in MT4 Using at EA?

Once an EA has been purchased or downloaded from the Market or Code Base, it’s a simple process to start automating your trading with it. First, you will need to find the location of the EA on your computer and copy it to the Experts folder in your MetaTrader 4 folder (usually on the C drive of your computer).

Launch the main MT4 application, and then look for the Expert Advisors section, which should be located under the Navigator tab on the left side of the main screen. Then click on the + icon and select the EA, which should now be visible. Once it has been selected you can drag it onto the charts to ensure that it’s active.

Can I Build My Own EAs?

Yes, anyone can build an EA using the MQL4 integrated programming language. MQL4 is a high-level object-oriented programming language based on the concepts of the popular С++ programming language.

What Are the Risks of Using an EA for Automated Trading?

Before you start using an EA with a live account, it should always be used with a demo account until you are happy with its performance. Most EAs will come with a short guide from the developer explaining how best to use it, and it’s important to understand this information completely before use.

Even though performance can be difficult to evaluate over a short time period, practice with a demo will be useful as a guide to the future. Even the best MT4 EA can’t take fundamental events such as geopolitical variables into account when automating your trades.

It’s also important to consider lot size when using an EA, you should never trade more than your account balance and risk management strategy will allow.

What is EA Backtesting in MT4?

Backtesting is using historical data in MT4 to see how an EA would have performed in the past. While this does not guarantee success of an EA in live trading, it does give you an idea of how the EA will function over a certain time period. This is especially useful if you backtest using a particularly volatile period, where the EA’s function would be disturbed by political or financial events outside of its purview.

Should You Use MT4?

If you are just starting your trading career you may want to 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.

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.

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:

  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.

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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