Best MetaTrader FOREX Brokers In 2024

Best MetaTrader FOREX Brokers in 2024

• ICM - Capital 91.10: Best Deposit and Withdrawal Broker

• Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

• XTB - 85.55: Best Customer Service Broker

• IG - 85.45: Best Regulations Broker plus Convenient Platform

• Saxo Bank - 80.09: Excellent Private Trading Platform

• CMC Markets - 80.07: More than 9,000 Assets

• ThinkMarkets - 80.05: Aimed at the Audience of Traders

What is MetaTrader?

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 platforms come in two forms. You can read our in-depth comparison of the two platforms here. 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 backtesting. 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 the best broker for your needs 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. To help you out, we've written an article about what to think about when you must choose a broker. Once you've opened 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 and NinjaTrader, or even their own in-house software. 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?

Regulation and Licensing

Ensure that a reputable authority regulates your chosen broker. FOREX brokers that use MetaTrader tools must be regulated by the same regulators that regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator. Here is a list of major reasons your broker must be regulated:

Safety of funds: 

A regulated broker must comply with strict regulations to protect client funds, including segregating client funds from the company's own funds.

Fair trading practices: 

A regulated company must adhere to strict guidelines ensuring products and services are offered fairly and without manipulation, helping create a level playing field for all clients.

Transparency: 

The law compels regulated brokers to be transparent with clients, which assures you of safe, fair trading. In practice, this looks like brokers admitting openly that FOREX trading is highly risky and you could lose your money.

Protection from fraud: 

Regulatory authorities protect clients from fraudulent activities and scams and also ensure that FOREX brokers operate within set guidelines that safeguard their clients' interests.

Leverage

Leverage is a powerful tool in trading where your broker basically lends you money to open bigger positions than you would have been able to with your own capital. Brokers in certain markets can offer you leverage as high as 500:1. Depending on the regulator that your broker works under, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.

Here are selected leverage rules according to some major regulators:

Financial Conduct Authority (FCA) UK: 

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

2:1 for cryptocurrencies

These limits are in place to reduce the risk of significant losses for retail traders.

Australian Securities and Investments Commission (ASIC) Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major stock market indices

10:1 for commodities other than gold and minor stock market indices

5:1 for equities (stocks) and other underlying assets

2:1 for cryptocurrencies

Swiss Financial Market Supervisory Authority (FINMA) Switzerland:

FINMA has not set specific leverage limits like the FCA or ASIC. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.

Commodity Futures Trading Commission (CFTC) USA:

The CFTC enforces a 50:1 leverage limit on major currency pairs and a 20:1 limit on non-major currency pairs for retail FOREX traders.

The U.S. has a distinct regulatory environment, with retail FOREX trading regulated separately from other forms of derivatives trading.

It's worth noting that these rules generally apply to retail clients. Professional or institutional clients might have access to different levels of leverage, depending on the regulatory environment and the broker's policies. As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily become financially ruined!

Stop out

The term "stop out" refers to an undesirable situation where a broker automatically closes some or all of your open positions to prevent your account from going into a negative balance. This is most relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades.

Stop out of 0%: 

Your broker will not automatically close any of your open positions, even if your margin level falls to 0%. This is because some brokers allow traders to have negative balances, which means that you could owe the broker money if your trades continue to lose money

Stop out of 50%: 

Once your equity falls to 50% of your used margin, a stop out will be triggered, and your broker will automatically start closing out your trades, starting with the most unprofitable one, until your margin level is back above the stop-out level.

Stop out of 100%: 

Your broker will automatically close all of your open positions once your margin level falls to 100%.  In a trading scenario where the broker operates with a separate margin-call level and stop-out level, the broker defines the margin-call level at 100% and the stop-out level at 50%. If your margin level falls to 50%, your trading platform will automatically execute a stop out, and your trade will be automatically closed at market price

You should know that the specific percentage and the order in which positions are closed can vary among brokers, so it's essential for traders to be aware of their broker's policy on stop-out levels.

It's worth noting that while stop-out procedures are meant to protect you from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically. This is especially true if the market quickly reverses after the stop out. Therefore, using protective measures like stop-loss orders and not over-leveraging is always a good way to go.

Why MetaTrader’s Tools and Features Stand Out

• Technical Analysis Tools. The platform should be equipped with robust technical indicators to aid traders in making informed decisions.
• Customization and User Interface. Traders need to mold the platform according to their preferences, allowing them to set up their trading environment precisely how they want. The MetaTrader suite offers excellent features for you to do this.
• Platform Accessibility is a big consideration. Whether it's web-based or a downloadable application, a top-notch trading platform should offer flexibility in terms of access.
• Risk-Management Tools are another pivotal aspect. Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types. 
• Performance and Reliability cannot be overlooked. Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.
• Learning and Educational Resources are essential. The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.

How Can I Connect My Account to MetaTrader?

How To Use MetaTrader

• Download and install the MetaTrader platform from your broker's 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.

Video Explaining How to Use MT4 and MT5

How Does MetaTrader Compare with Other Third-Party Trading Platforms?

cTrader 

NinjaTrader 

ProRealTime 

What Is the Difference Between MT4 and MT5?

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 care of.

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.

While more traders use MT4, MT5 offers more advanced features and greater flexibility for traders looking for a multi-asset platform. However, the choice between the two platforms ultimately depends on your trading style and the asset classes you want to trade. For more information about the difference between MT4 and MT5 click here. 

Tradable Assets and Instruments

• FOREX

• Commodities

• CFDs

• Equities or Stocks

• Indices

• Cryptocurrencies

• Bonds

• Options and Futures

What is the Best Broker for MT4?

What is the Best Broker for MT5?

We analyzed a vast MetaTrader 5 broker list. 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 ICM. This broker is the best FOREX broker for MetaTrader 5 and offers diversified traders like you the widest range of financial assets available. ICM offers a vast array of tradable assets, many of which can be traded on MT5.

Does MetaTrader Need a Subscription?

Does MetaTrader Add Additional Costs 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.
Other Fees

Besides the fees we have discussed above, don’t forget the following:

Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.

Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.

Does MetaTrader Support Copy Trading?

Does MetaTrader Support Bot Trading?

Who is Arincen and What do We do?

The Bottom Line

Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ Websites.

2. Other Websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) was 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. 

Afterwards, we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. Survey number “2,” in which we asked these companies’ customers for important feedback and experience. 

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering 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 to evaluate our 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 about how we came up with the evaluation, please click here.