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MetaTrader Brokers – The Complete List

MetaQuotes Software created the MetaTrader platform which is a digital trading platform widely utilized by Forex traders. The MetaTrader software series was first started in 2002 and has since been upgraded and enhanced significantly. The most well-known version is MetaTrader 4 (MT4) which was released in 2005 and this platform has become a standard for the industry.

market position

Forex brokers will purchase a license for the software, and they will then provide access to the MetaTrader platform to their clients. When you partner with a broker that offers access to the MetaTrader platform, you will be able to use interface to view live streaming price charts. Traders also use MetaTrader to execute trades and to close and open market positions. You can use the software to set take profit and stop loss levels as well.

Brokers Trading in Forex

The MT4 software provides traders with numerous price charts and technical indicators which can help with analyzing the financial markets. The interface includes 50 basic technical indicators which can be customized to fit your preferences. The software is made for the Windows operating system but there are ways to make it usable on a Mac with a third-party application. Also, MetaTrader is available for mobile giving traders the convenience and flexibility to trade while on the go.

After the widespread adoption of the MetaTrader 4 (MT4) platform across the Forex industry by MT4 brokers, MetaQuotes began beta testing MetaTrader 5 (MT5) in October 2009. This software is a re-coding of the MT4 software with significant improvements. The MT5 platform was eventually released to the public in September 2010. Many MetaTrader 4 brokers have now switched over to MT5.

MetaTrader Brokers

Much of what makes MetaTrader popular is the software’s ability to integrate with algorithmic trading. The software’s client terminal provides its own built-in editor, compiler and free software library. The software’s proprietary script, MQL4/MQL5, allows users to design their own expert advisors (EAs), customized technical indicators and scripts.

Top MetaTrader Brokers

Fortrade

Fortrade Ltd. is a UK-based trading platform provider. The firm, founded in 2013, provides a variety of tradable assets.

MT4

MT5
YES NO

Read ForTrade Review

FP Markets

FP Markets was established in 2005. Based in Australia, the broker provides access to numerous financial markets.

MT4

MT5
YES YES

Read FP Markets Review Here

TeleTrade

Founded in 1995, TeleTrade provides a quality trading platform for Forex and other markets.

MT4

MT5
YES YES

Read TeleTrade Review Here

IC Markets

IC Markets provides access to Forex, commodities, indices, bonds, stocks and more. The broker also offers automated trading integration

MT4

MT5
YES YES

Read IC Markets Review Here

EverFX

Offering more than 130 tradable assets, EverFX is an international broker that provides a quality and secure trading environment.

 

MT4

MT5
YES YES

Read EverFX Review Here

Pepperstone

Established in 2010, Pepperstone is now a highly reputable broker in the Forex space worldwide. They offer top trading services and professional customer support.

MT4

MT5
YES YES

Read Pepperstone Review Here

Arum Capital

Arum Capital is a powerful trading platform which provides traders with access to the Forex and cryptocurrency markets. They offer a wealth of trading tools and resources.

MT4

MT5
YES NO

Read Arum Capital Review Here

iTrader

Founded in 2012, iTrader, a leading broker in the industry, provides a powerful platform with 24/7 customer service.

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MT4

MT5
YES NO

Read iTrader Review Here

CapitalXP

Founded in 2015, CapitalXP provides a reliable platform to trade Forex and CFDs. This broker also offers secure banking options and trading resources.

MT4

MT5
YES NO

Read CapitalXP Review Here

24Option

24Option aims to empower beginners as well as professionals to trade the Forex markets as well as other assets and CFDs.

MT4

MT5
YES NO

Read 24Option Review Here

Nasdaq 500

Nasdaq 500 offers leverage up to 200:1 for trading Forex, cryptocurrencies, stocks, commodities and indices.

MT4

MT5
YES NO

Read Nasdaq 500 Review Here

Stratton Markets

Trade Forex, stocks, cryptocurrencies and commodities with leverage of up to 1:400 with Stratton.

MT4

MT5
YES NO

Read Stratton Markets Review Here

Investous

Investous offers traders access to Forex trading with various, effective charting tools and technical indicators.

MT4

MT5
YES NO

Read Investous Review Here

GMOTrading

GMOTrading provides a reliable trading platform and a variety of educational resources.

MT4

MT5
YES NO

Read GMOTrading Review Here

Grahamalpha

Based out of Europe, Grahamalpha is a reputable broker with access to a multitude of tradable assets.

MT4

MT5
YES NO

Read Grahamalpha Review Here

TradeFred

Access Forex and CFD trading with TradeFred. The broker also provides educational resources for traders.

MT4

MT5
YES NO

Read TradeFred Review Here

IG

IG is a leading broker which is listed on UK’s FTSE 250. The broker provides Forex, stocks, indices and more.

MT4

MT5
YES NO

Read IG Review Here

TrustFX

Based in Europe, TrustFX provides access to Forex, stocks, indices, commodities and cryptocurrencies. Traders can choose from over 500 instruments.

MT4

MT5
YES NO

Read TrustFX Review Here

GSI Markets

Founded in 2003, GSI Markets is recognized worldwide for being a reliable trading platform offering Forex and CFDs.

MT4

MT5
YES NO

Read GSI Markets Review Here

KronosInvest

KronosInvest was started in 2010 as a small financial services firm and has grown rapidly within just a few years.

MT4

MT5
YES NO

Read KronosInvest Review Here

easyMarkets

Established in 2001 easyMarkets provides Forex, metals, commodities, indices, stocks and cryptocurrencies. Also, traders can access various educational resources.

MT4

MT5
YES NO

Read easyMarkets Review Here

Xtrade

Xtrade has been empowering traders for over a decade and even had famous football player Cristiano Ronaldo as an official ambassador at one time.

MT4

MT5
YES NO

Read Xtrade Review Here

AvaTrade

AvaTrade has been providing investors with a quality trading environment since 2006. The broker offers Forex and cryptocurrency trading.

MT4

MT5
YES YES

Read AvaTrade Review Here

What is the Difference Between MT4 and MT5?

MT4 was developed in 2000 and has since become the industry standard for Forex brokers. However, MetaQuotes has aimed to improve on the success of the MT4 software with the development of MT5. Both MT4 and MT5 are known for fast trade executions while offering a wide array of trading tools and technical indicators to help with analyzing the financial markets. Also, both software systems enable users to watch live streaming price charts. Traders are also able to place orders with both MT4 and MT5. On the other hand, there are notable differences between the two software applications.

MetaTrader Chart

Although both MT4 and MT5 have execution modes similar to one another, MT5 actually has an additional type of order. The three modes of execution the two have in common are the following: instant execution, execution by market and execution on request. MT5 provides one additional type of execution mode called the “exchange execution.”  This additional mode allows orders to be sent to an exchange, otherwise referred to as an external trading system.

Both MT4 and MT5 offer users the ability to create pending orders, which is a type of order which buys or sells an asset when the market reaches a specified price. MT4 has four types of orders: buy stop, sell stop, buy limit and sell limit. On the other hand, MT5 also offers these same order types but allows two additional order types: buy stop limit and sell stop limit

MT4 allows traders to hedge, while MT5 provides the ability for both hedging and netting. For example, if you buy 1 lot on the EUR/USD and then buy a second lot of EUR/USD, the first order will simply combine into a single position, instead of remaining separate. This is known as netting.

Pros and Cons of Trading with MetaTrader

There are many advantages and disadvantages to using a MetaTrader platform. Below are some of the pros and cons.

Pros and Cons

Pros

  • Ease of use – MetaTrader software is well-known for being intuitively designed. This means that both beginners, as well as expert traders, will benefit from using MT4 or MT5. Also, if you do not like the trading interface that your broker provides, the MetaTrader software can provide a better alternative that is easier to use.
  • Low System Requirements – Both MT4 and MT5 do not require large amounts of computing power to operate. Therefore, you will not have to worry about your computer crashing when using MetaTrader software.
  • Compatibility – MetaTrader software applications are compatible with most operating systems. This includes Windows, Mac and Linux. Also, for those who are looking for the convenience of mobile trading, MT4 and MT5 are both compatible with Android and iOS.
  • Troubleshooting – Even the best trading software will have errors now and then. However, with MetaTrader software applications, you can easily obtain information regarding program errors, using the “GetLastError” feature.
  • Technical Indicators – Both MT4 and MT5 have comprehensive menus of technical indicators to choose from. These indicators will help with accurate market analysis. All of the popular indicators are available on MetaTrader software applications.
  • Automated Trading – MetaTrader software applications are known for being popular for traders who use automated trading strategies. MT4 and MT5 easily integrate with automated trading algorithms.
  • Expert Advisors – MT4 and MT5 are well-known for allowing traders to easily create customized expert advisers (EAs) for automated trading.

Cons

  • No Backtesting – The MT4 and MT5 software applications do not have the ability for backtesting of comprehensive historical price data.
  • Execution Speed – MT4 and MT5 are not known for having the fastest execution speed. Although the MetaTrader software applications are fine for most everyday traders, it is not suitable for high-frequency trading strategies.
  • Web Platform – Although the MetaTrader software applications are known for effective integration with automated trading, the web versions of the MetaTrader software do not support automated trading functions.
  • No Custom Time Frame – Unfortunately, the charting package for MT4 and MT5 software applications do not allow you to customize the time frame. Despite this, they do offer a wide range of time frames to choose from.

How to Choose a MetaTrader Broker

brokers

Not all MetaTrader 4 and MetaTrader 5 brokers are the same. It is important that you do comprehensive research into any broker you are considering using as a trading platform. A broker’s reputation, cost and ease of use are important aspects to consider before making a decision.

Is the Broker Trustworthy?

Since you will be depositing your hard-earned money into your trading account with the broker you choose, you will want to be sure your funds will be safe and secure. Therefore, it is imperative that you find a broker that is trustworthy and has a strong reputation within the trading community. You should make sure the broker has implemented the latest security technology. Also, the broker should be properly licensed within all applicable jurisdictions. The firm should also follow Know-Your-Customer and Anti-Money Laundering standards. These are qualities in a broker which will help prevent fraudulent activities and keep the trading platform safe for all.

meta trader broker

Another way to know if a broker is trustworthy is by finding out what other traders are saying about the broker. Make sure to check online for any testimonials from traders who have experienced using the broker’s trading platform. Be on the lookout for any user reviews which allege that the broker may be some type of scam or could have some sort of security issues. Also, you should pay attention to any testimonials describing how well the trading platform performs in terms of executing trades and performing basic trading functions. Using a broker’s demo account feature first can be a good way to test out how a broker’s trading platform performs before actually putting any real money at risk.

How Much Will It Cost?

cost

Along with trustworthiness of the broker, you should also take cost into consideration when deciding on a broker to provide a trading platform. Most brokers will not charge a fee for registering a new account. If you happen to find a broker that does, you may want to consider another one. Also, a broker may charge a transaction fee for deposits and withdrawals. Make sure to understand how much these types of charges will cut into the profit margins of your trading strategies.

Another aspect of costs to consider is how the broker charges for trading activities. Some brokers will charge a fee for each trade, however, in Forex, it is more common for brokers to earn a profit through a price spread; the difference between the buy and sell prices. Find out exactly what the fees or spread are because not all brokers are the same. Many can have significantly higher costs.

How the Trade Will Be Done

stop sell coins

The method which MT4 or MT5 brokers use to match orders may be important to consider for some investors when it comes to choosing a trading platform. How a broker executes an order can affect how quickly your order is executed and how much slippage can occur on price fills. A broker can choose to fill your order by going to a third market maker, such as an external exchange. Also, the broker can choose to fill an order internally, which means that the broker will fill the order using the securities which the firm already owns. Filling orders this way is usually much quicker with less time required for the order to be filled. Make sure to partner with a broker that meets your trading needs and preferences.