The MetaTrader suite of products allows traders to navigate the FOREX trading world with ease and comfort. MetaTrader’s two primary products are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These two industry stalwarts have been around for many years and are the backbone of the FOREX trading world.
They are important because they provide reliable and user-friendly tradingplatforms for traders to execute their trades. The platforms contain a wide range of trading tools, including charts, technical indicators and order management features.
With excellent access to markets, MetaTrader gives new traders the opportunity to trade a wide range of financial markets. This includes not only FOREX, for which it is well-known, but also indices, commodities and cryptocurrencies. Traders can easily diversify their portfolios and take advantage of what is out there.
MetaTrader can help traders streamline the trading process. Using these powerful platforms reduces the risk of trading and makes it more likely you could be profitable. In this article, we will explain how to choose the best FOREX brokers when trading MT4 and MT5.
After a stringent research exercise, here is our list of the Best MetaTrader FOREX Brokers:
Best MetaTrader FOREX Brokers in 2023:
FXDD - 92.15 – Best Overall Broker.
ICM Capital – 91.10 – Best Deposit and Withdrawal Broker.
XTB – 85.55 – Best Customer Service Broker.
IG – 85.45 – Best Regulations Broker Plus Convenient Platform.
Think Markets – 80.05 – Aimed at the Audience of Traders.
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
CM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
MetaTrader, owned by MetaQuotes Software Corp, is a long-established software platform used for trading various financial instruments. It made its name in the FOREX game and has become synonymous with this financial asset, though it has expanded its reach into assets like stocks, and commodities.
MetaTrader comes in two versions. MT4 was released in 2005 and has for many years been the gold standard of FOREX trading platforms, beating off competition from the likes of cTrader and NinjaTrader. MT5 was released in 2010 as a multi-asset platform that is not the successor of MT4, but merely another product in the family.
Both platforms offer a vast array of tools and features for traders to study the markets and carry out trades. The best-known and most useful tools include customizable charts, technical indicators, automated trading robots, and excellent back testing. Both MetaTrader platforms are household names and are rightly favored by retail traders new and old, as well as by brokers and financial institutions.
Do I Need A Broker To Use MetaTrader?
In short, yes. To be able to use MT4 or MT5 to trade financial instruments, you must have an account with a broker that supports the platform. MetaTrader is a third-party software and does not offer retail traders direct access to the financial markets. For this reason, you cannot use MetaTrader on your own to place trades.
Choosing a broker is a big decision when starting to trade, as there are many different types of brokers, not all of whom may be what you require. When you open an account with a broker, they will provide you with login credentials that you can use to access their trading platform through MetaTrader. You can then use MetaTrader to trade the markets and manage your positions.
You should know that not all brokers offer MetaTrader as a trading platform option. Seeking independence, many brokers have developed their own trading software as part of their strategy to differentiate themselves from MT4- and MT5-reliant brokers. Some brokers use competitor third-party platforms like cTrader. If you want to use MetaTrader, make sure that before you open an account, the broker you are considering offers the platform.
Is MetaTrader Safe?
MetaTrader is a trusted trading software that has been in use for 18 years, which is a lifetime in online FOREX trading terms. For this reason, it is considered to be a safe platform. However, as with any platform, there are some risks of which you should be aware. The safety of MetaTrader depends on the safety of the broker with which you choose to work. MetaTrader itself could be safe, but if the broker falls short in many areas, then you will be worse off. That is why you must only work with well-known and regulated brokers who have good track records of keeping their clients' funds and personal information safe.
When it comes to the platform, MetaTrader was designed with security top of mind. The platform uses enterprise-grade encryption to protect your data, and it has built-in security features to prevent unauthorized access to your account. Just remember that no trading platform can completely remove the risk of loss in trading. Therefore, it's important to be careful in your trading activities and to use smart risk management strategies to protect your money.
How Can I Connect My Account to MetaTrader?
Linking your trading account to MetaTrader is a simple process. You do not need to do anything out of the ordinary. Start by opening a trading account with a broker that supports the MetaTrader platform. You will need to provide some personal information and complete any required verification steps before your account can become live.
Download and install the MetaTrader platform on your device from the broker's Website. The broker will most likely have a bespoke version of the platform that has subtle branding features that show that it is a version of MetaTrader purchased by and aligned to the broker.
Next, you should launch MetaTrader and log in using the account credentials provided by your broker. You may need to select the appropriate server provided by your broker during the login process. Once you are logged into MetaTrader, you can view your trading account details and start trading.
This process will change slightly from one broker to another. Remember before you dive in that there is often “how to” documentation to be found on the broker’s Website that will clarify the steps you need to take for setup.
How To Use MetaTrader?
Using MetaTrader is usually straightforward. Here are the most common steps to follow:
Download and install the MetaTrader platform from your broker's Website or the official MetaQuotes Software Website. You can work on the platform via a Web page, a downloadable desktop application, or a mobile interface.
Log into MetaTrader using the account credentials provided by your broker.
Familiarize yourself with the MetaTrader interface, including the various windows and tabs, charts and indicators. This is a highly customizable product whose layout you can adjust to suit your personal preferences.
To place a trade, open a chart for the currency pair you want to trade, and then select “New Order” from the “Trade” tab or right-click on the chart and select “Trading” > “New Order.”
In the “New Order” window, choose your trade volume, stop-loss, and take-profit levels, and then select the trade direction (buy or sell). When you have filled in all the required information, you can click “Buy” or “Sell” to place the trade.
To manage your trades, use the “Trade” tab to view your open positions, modify orders or close trades.
Use the “Terminal” window to get a high level view of your account balance, trading history and other account details.
You can also use various tools and indicators available in MetaTrader to study the markets and make the best trading decisions.
This is a basic overview. Remember that each broker will have a slightly different process, depending on how it has set up its system. There is a range of more advanced features and tools available in MetaTrader. It is crucial to take time mastering and practicing with the platform before you start trading with real funds. For more information about how to use MT4 / MT5 click here.
Video Explaining How To Use MT4 / MT5 ?
How Does MetaTrader Compare with Other Third-Party Trading Platforms?
The MetaTrader suite of products has been around for many years and has been a trailblazer in the FOREX trading game. However, competition eventually arrives for every dominant product. There are viable alternatives to MT4 and MT5. The one you choose will depend on your specific trading needs and preferences. Remember, despite the presence of these alternatives, MetaTrader still enjoys unrivaled dominance in FOREX trading in particular, for good reason. Here are some popular alternatives to MetaTrader:
Developed by rival software firm Spotware, this platform offers advanced trading features and a convenient interface. It has a growing reputation among FOREX traders and is known for its fast trade execution and customizable charts. Common criticisms of the system are that it offers limited automation and its advanced features can be overwhelming.
This trading platform is best used for futures and FOREX trading. It offers advanced charting capabilities and automated trading features. It is also known for its community of third-party developers who create custom indicators and trading strategies. However, it lacks widespread broker support and is still trying to get a foothold as a mass market product.
This is a Web-based charting platform that offers real-time data and advanced charting tools. It is popular among elite traders and offers features such as automated trading and back testing. Some traders find it to be less customizable than other products on the market.
What Is the Difference Between MT4 and MT5?
MT4 and MT5 are both popular trading platforms developed by MetaQuotes Software Corporation. MT4 predates MT5 and they share many aesthetic and functional similarities, but there are some key differences between them:
Asset classes: MT4 is mainly used for FOREX trading, while MT5 supports trading of FOREX as well as additional asset classes, such as stocks, futures and commodities. As a FOREX trader, you can use MT4 and have all your FOREX trading needs taken handled
Programming languages: MT4 uses the MQL4 programming language, while MT5 uses the more advanced MQL5 language. This means that MT5 allows for more complex trading strategies and indicators to be created. However, do not think this means MT4 is on the way out. There is no intention of doing away with the product, despite its older programming language.
Hedging: MT4 allows traders to use hedging strategies by opening multiple positions in the same currency pair in opposite directions. In MT5, hedging is allowed, but the platform may encourage you to rather use netting, which is a more efficient system for the platform to accommodate open positions in the same direction to be consolidated into a single position.
Market depth: MT5 has a built-in depth-of-market feature that allows traders to view the current bid and ask prices, as well as the liquidity available at each price level. This feature is not available in MT4. That said, MT5 is a purpose-built multi-asset platform, while MT4 has never strayed too far away from its FOREX roots.
User interface: The user interface in MT5 is more pleasing to the eye and customizable than MT4, with such additional features as multiple chart templates and the ability to open multiple windows within the platform.
Many brokers do a good job of supporting MT4. It is, after all, an industry staple. From our point of view, you can try ICM Capital. This excellent broker has combined a slate of advanced features that will keep even the most elite traders happy. It integrates MT4 into its product basket seamlessly, making it a pleasure to use.
What is the Best Broker for MT5?
In much the same case as its related family product MT4, MT5 is much used in trading circles. You can find any number of brokers that integrate this software in their product offering. However, as a starting point, you will not go wrong by using FXDD. This broker assists diversified traders like you who require access to the widest range of financial assets available. FXDD offers a vast array of tradable assets, many of which can be traded on MT5.
Does MetaTrader Need a Subscription?
No, MetaTrader does not require a subscription. The MetaTrader software is free to download and install, and you can use it to access and trade on your broker's trading platform. However, keep in mind that some brokers may charge fees for certain features or services, such as data feeds or premium indicators. Remember, you must open a trading account with a broker in order to use MetaTrader for live trading, and there may be costs associated with account opening and funding.
Does MetaTrader Add Additional Cost to My Positions?
MetaTrader itself does not add any costs to your trading positions. However, the costs associated with your trading positions will depend on several factors, including the type of financial instrument you are trading, the broker you are using and the prevailing market conditions when you enter and exit your positions. There are several costs that can be relevant when trading, including:
Spread: This is the difference between the bid and ask prices of the financial instrument you are trading. It represents the cost of entering a trade and varies depending on the broker and the market conditions.
Commission: Some brokers may charge a commission for each trade you make in addition to the spread.
Overnight swap fees: If you hold a position overnight, some brokers may charge a fee or credit your account with an amount based on the interest rate differential between the currencies involved in the trade.
Slippage: This happens when the price at which your trade is executed differs from the price you intended to enter or exit the trade. This can lead to extra costs or losses.
It is important to understand the costs associated with trading and to factor them into your trading strategy and risk management plan. MetaTrader itself does not add any extra costs to your trades. As we have shown, your broker may use one or more of the costs associated with FOREX trading to levy a fee while you are using MetaTrader products. Be sure to review your broker's fee schedule and trading terms and conditions before opening an account.
Does MetaTrader Support Copy Trading?
Yes, MetaTrader supports copy trading. When you use the “Signal Trading” feature, you can follow the platform’s signals to mimic the trades of the most successful traders. This is a great way for newbie traders to profit from the expertise of more experienced traders, or for busy traders who don't have the time to monitor the markets themselves.
Remember that copy trading is not risk-free. You must carefully evaluate the performance of a popular trader before subscribing to their signals. Additionally, not all brokers allow Signal Trading even if they use MetaTrader, so you will need to ensure that your broker provides this feature and supports the signal providers you want to follow.
Does MetaTrader Support Bot Trading?
Through its “Expert Advisors” (EA) feature, MetaTrader can support bot trading. EAs are automated trading algorithms that can be programmed in the MQL4 or MQL5 language and run on the MetaTrader platform. These powerful algorithms can analyze market conditions, generate trading signals, and instantly and automatically execute trades in your trading account based on rules and parameters you have set.
You can either create your own EA using the MQL4 or MQL5 programming language, or you can buy pre-made EAs from the MetaTrader Marketplace or other sources. You can even rent an EA for a short period of time with no obligation to buy. Once you have an EA that you want to use, you can import it into the MetaTrader platform and set your risk parameters, such as lot size, stop-loss, and take-profit levels.
Keep in mind that bot trading comes with some risks. Make sure you evaluate and test any EA before using it in a live trading account. Luckily, the MetaTrader marketplace gives you options to rent EAs for up to a year. Not all brokers support EAs, so you must verify that your broker allows this feature and supports the programming language used by your EA.
Who is Arincen?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all what you need in one place, not less, not more. In short, Arincen: We Meet to Simplify the Trading World.
The Bottom Line
MT4 and MT5 are popular imprints of MetaTrader, a leading trading platform widely used by retail FOREX traders. MetaTrader products offer a simple and intuitive interface that is easy to navigate, even for newbies. Traders will also find many technical indicators and charting tools, allowing them to carry out technical analysis and make data-driven trading decisions.
MetaTrader has a large and active community of traders who share their knowledge and trading strategies, making it easier for retail traders to learn and improve their trading skills. This trading software offers several benefits that can help traders improve their trading performance.
Still, you must perform thorough research before choosing a broker. Even though MetaTrader is the same basic trading architecture available to all brokers, not all brokers choose to switch on every single feature. For example, even though copy trading is available on MetaTrader, some brokers will turn this feature off if copy trading is something they do not want to support. Be sure to conduct thorough research along these lines before you decide which online MetaTrader FOREX broker to use.
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
What is MetaTrader?
MetaTrader is a trading platform designed for online trading in FOREX and other markets. It is widely used by retail traders to access various financial instruments. Besides FOREX, traders can access stocks and commodities on the platform.
How do I download MetaTrader?
You can download MetaTrader from the official Website of the platform or from a broker who offers MT4 or MT5 for trading. Once downloaded, you can install the platform on your computer or mobile device. Do note that you need a brokerage account before you can trade.
What are Expert Advisors?
Expert Advisors (EA) are automated trading programs that can be used with MetaTrader. They can execute trades automatically based on a set of predefined trading rules and parameters.
How do I fund my MetaTrader account?
To fund your MetaTrader account, you need to deposit funds with a broker who offers the platform for trading. You can fund your account using various payment methods, such as bank transfer, credit/debit card, or online payment systems.
Can I trade on MetaTrader using my mobile phone?
Yes, MetaTrader is available as a mobile application for iOS and Android devices. You can download the app from the app store on your mobile device and access your trading account from anywhere.
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...