BrokerNotes Top MT4 Forex Broker As one of the most established and popular trading platforms, the MT4 is a top choice for traders looking for a powerful forex trading platform. With over institutions offering the MT4 platform, the search for the right broker for you can be a difficult task. rows · MetaTrader 4 Forex Brokers. A list of FX brokers that support MetaTrader 4 Forex trading .
Forex brokers customise the MT4 platform according to their branding requirements and thereafter offer it to their clients. As just mentioned, the MT4 serves the retail individual, non-professional end of the market, however it still provides powerful features to allow retail investors to effectively begin forex trading.
The MT4 is considered a revolutionary product because of the quantum leap the platform took in terms of features and performance when compared to its predecessor. The MT4 was later upgraded to the MT5, but due to the massive popularity of the MT4 platform, the MT5 never really took off in the market and MetaQuotes Inc was forced to do a re-design which combined many features of the MT5 with the old MT4 to create a brand new MT4 Build platform, starting from Build which was launched in The popularity of the MT4 platform has forced many brokerages which were operating with proprietary platforms to include the MT4 to the list of forex platforms they offered their clients.
The MT4 is arguably the most popular forex trading platform in the retail forex market today with over banks and brokers offering the platform. As one of the most established and popular trading platforms, the MT4 is a top choice for traders looking for a powerful forex trading platform.
With over institutions offering the MT4 platform, the search for the right broker for you can be a difficult task. In our comparison table, we have narrowed down the list to the top 5 brokers that offer the MT4 platform, regulated and are the most popular choices for retail traders.
They are part the Monecor London Ltd group who are listed on the London Stock Exchange so you can be confident about their financial status and transparency. The MT4 is a solid trading engine which many traders have under-utilised over the years. The power of the MT4 is showcased when all these functions are put to use. Testing and optimisation of any programmed robots can also be done on the MT4. Strategy testing requires historical data from the M1 time frame and this is also available via the History Centre on MT4.
Only professionals who know how to test strategies can perform this function accurately. The MT4 features charts for all assets traded on the platform. You can add line tools, indicators and other add-ons to the charts to perform technical analysis. The charts feature three methods of price representation:. Other methods of price representation such as the Renko charts are usually custom-made.
Candlesticks are very popular because they show at a glance the open, high, low and closing prices for a time frame. Charts are very important components of trading because they enable the trader perform technical analysis. The MQL Community was launched by MetaQuotes Inc as a response to the yearnings of the millions of MT4 users all over the world, as a one-stop shop for all tools, indicators, scripts and add-ons for the MT4 platform.
It is now possible to purchase or even sell your add-on software on the MQL Community website. This is where various shortcut functions of the MT4 are located. Simply use your mouse to go over each button to find out its name and function. This is where the charts are displayed. This displays the tabs that give out several MT4 displays such as the account capital the margin , how much has been committed to a trade used margin , the margin exposure, open positions, closed positions, the account history, news bar, etc.
With the advent of the smartphone and tablet devices, it became necessary for traders to keep up with technology. These new hand-held devices were as good as mini-computers, capable of most functions of desktops. Brokers went to work and came up with different versions of the MT4 platform. Today, the MT4 now has a web-based version and a mobile version. With the web-based browser versions, traders no longer need to download the bulky desktop client.
All they need is the URL which connects to the server on which the web-based trading platform is hosted. This enables trading from anywhere without carrying along your physical computer. Browser versions are also supported for display on smartphones and tablet devices. The mobile versions are an advancement of the web-based platforms.
Available as apps that can be downloaded from the respective app stores, the mobile versions of the MT4 come with a condensed set of features that allows just the most basic aspects of trading such as order placement, basic technical analysis and basic charting.
What are the instruments or assets which can be traded on MT4? Virtually all asset classes are now represented on the MT4 platform. These are usually blue-chip stocks such as those of Apple, Microsoft, Yahoo!
Stock indices are assets that measure the performance of the national stock exchanges across the world. Therefore, you have the following indices: US30 or Wall Street 30 Australia: CAC40 or France 40 The exact instruments will differ from one broker to another but you can trade most of the main traded financial assets with all the MT4 providers. Offers over 12, instruments. Founded in , Interactive Brokers is one of the oldest online brokerages in the U. It was one of the first to offer a multi-asset solution that now includes options, futures, forex, and bonds across market centers in 24 countries.
Regulated in numerous major financial centers globally, Interactive Brokers is known for its competitive commission rates, and today offers retail forex outside of the U.
The broker also launched Bitcoin futures, further broadening its offering into digital asset. Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry. Using 28 different variables, we have created a proprietary score the higher the better of overall trustworthiness, which we call the Trust Score.
Here is our trust summary of Interactive Brokers. The following table summarizes the different investment products available to Interactive Brokers clients. For active traders, there are applicable discounts you may be entitled to depending on your monthly trading volumes and the relevant products, and while active traders can be rewarded with commission discounts, beginners may find overcoming fees more challenging due to monthly minimum spend requirements.
Despite all these various fees and trading costs, Interactive Brokers appears to score well in this category, but without publishing its average spreads, it is difficult to make a precise comparison.
Overall, we would like to see IB publish its average forex spreads in , since it competes well in other asset classes such as equities, where it ranked first out of 16 U. For our Forex Review, customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally and thoroughly answer each question.
A Net Promoter Score was also given for the overall experience. On the research front, Interactive Brokers provides a broad range of choices. Available resources include a long list of analytical tools covering nearly every spectrum, including technical and fundamental analysis, news, and portfolios. While these are useful, it would be nice to see them displayed within the platform instead of redirecting the user to an external browser.
Out of all brokers reviewed on ForexBrokers. For research, Interactive Brokers finished 8th out of 43 brokers in out Review. Like most multi-device platforms, you cannot login to both mobile and desktop or web at the same time, as logging into one will log you out of the other.
However, a reconnect button that remains in place makes it easy to log back in when switching between devices. Overall, the TWS desktop version of the platform is the clear choice at Interactive Brokers, and for those who are willing to dedicate time to learn to use the platform, it can become a powerful tool in your multi-asset trading arsenal.
One interesting feature with order pre-populating is that you can repeat this process and have several orders that have not yet been transmitted but are pre-filled and ready for submission.
Besides exchange-traded forex futures and forex options, Interactive Brokers offers two types of spot forex contracts: This is a neat feature that helps uphold transparency with regard to price execution.
Getting the platform configured is also a clean experience, as Interactive Brokers provides over a dozen default layouts that can be used, including one for forex trading. Shifting to charting within the TWS desktop platform, there are available studies that can be added to a chart, which is far above the industry average of 42 compared to other brokers reviewed, and only surpassed by thinkorswim by TD Ameritrade, which has , followed by Dukascopy Bank with , and then City Index with The drawing tools were not as extensive, with only 10 to choose from, and while the number of customizations that can be made in the TWS platform is impressive, the complexity and long lists of possible configurations can be intimidating to unseasoned investors.
Moving to the web-based version of the TWS, Interactive Brokers is light compared to the desktop version, as far as functionality goes. It comes equipped with everything traders need to go about their business, specifically trading, but lacks the depth of its desktop counterpart. Unless you cannot access the desktop, or you prefer a more simplified trading environment, then web-based TWS is worth checking out.
Otherwise, stick with the flagship desktop TWS platform. The advanced features of the desktop version are positive attributes compared to other platforms from multi-asset brokers that lack depth of options, such as Plus or XTB. TWS finished Best in Class in our review. Interactive Brokers offers several mobile applications, including its TWS mobile trading app for Android smartphones and tablets as well as all iOS devices, including iPhone, iPad, and the Apple Watch.
My testing was conducted using the Android smartphone app. Charting within the mobile app had nearly one-third less indicators than the desktop platform, but it still packed in 70 indicators, which is far more than most brokers offer in their mobile apps or even on their desktop and web platforms. Surprisingly, one drawback was the lack of drawing tools, including the ability to plot a trend line. Otherwise, Indicators were easy to add, and can be saved as a template for quick analysis on other charts.
Charting aside, the TWS mobile app is easy to navigate and offers a good range of sophisticated tools, ranging from the trading assistant to customized scanners, and most recently the iBot chat bot.
There is always someone trading against you.
Surprisingly, one drawback was the lack of drawing tools, including the ability to plot a trend line.