AuthorBy Jeffrey Cammack
Updated: March 1, 2021

Metatrader 4 (MT4) is the most popular Forex trading software and is supported by 98% of Forex brokers. While there is now a newer version (called MetaTrader 5, or MT5), MT4 is still widely recognised for its trade execution speeds, charting tools, customisability and overall brilliance.

The best MT4 Forex Brokers for 2021

Last updated on 1 Mar 2021
Updated 1 Mar 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Trading Platforms
Fx Pairs
50+
Overall Rating
11110.54.48/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
2
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Trading Platforms
Fx Pairs
51
Overall Rating
11110.54.49/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
3
XM
Min. Deposit
USD 5
4.254.25
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
57
Overall Rating
11110.54.25/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
4
Axi
Min. Deposit
USD 5
4.344.34
Min. Spread
0 pips
Trading Platforms
Fx Pairs
80+
Overall Rating
11110.54.34/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.20 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.
5
Exness
Min. Deposit
USD 1
4.124.12
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
120
Overall Rating
11110.54.12/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
6
FxPro
Min. Deposit
USD 100
4.244.24
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
70+
Overall Rating
11110.54.24/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
7
FXTM
Min. Deposit
USD 10
4.334.33
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
59
Overall Rating
11110.54.33/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
8
IG Markets
Min. Deposit
USD 250
4.694.69
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
93
Overall Rating
11110.54.69/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

  • AvaTrade - Best MT4 Broker in Tanzania
  • HotForex - Best STP Broker on MT4
  • XM - Best MT4 Education
  • Axi - Best ECN broker on MT4
  • Exness - Best MT4 Trading Conditions
  • FxPro - Best MT4 Trade Execution
  • FXTM - Best MT4 Broker for Beginners in Tanzania
  • IG Markets - Best Regulated MT4 Broker

?AvaTrade – Best MT4 Broker in Tanzania

AvaTrade is a globally renowned market maker with over 200,000 customers and regulation from the FSCA, ASIC and the Central Bank of Ireland. While AvaTrade provides MT5 and its own WebTrader (as well as its excellent AvaTradeGo mobile platform) it is primarily an MT4 broker – with the support, tools, and trading conditions to make it the best provider of the MT4 platform in the world.

AvaTrade MT4 small

✔️Full MT4 Support and Trading Tools

As well as offering full support for all native features of MT4, such as 9 timeframes, EA functionality and 30 built-in indicators, AvaTrade also offers the Guardian Angel system (a personalised trading feedback tool that helps traders refine their decisions-making), support for automated trading platforms like ZuluTrade and DupliTrade and free Trading Central for all MT4 clients.

✔️Tight spreads, Low Minimum Deposits

While MT4 does not support trading shares, AvaTrade MT4 offers low spreads across Forex, commodities and crypto. Leverage is set at 1:400 and spreads are very tight for a 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

?HotForex – Best STP Broker on MT4

HotForex is a well-regulated STP broker with awards for client protection and its product line. HotForex offers lightning-fast STP execution and no dealing desk, thereby guaranteeing no conflict of interest and tight spreads. Both MT4 and MT5 are supported, but for MT4 traders who wants fast STP execution, it is difficult to recommend another broker.

✔️MT4 on 6 Account Types

HotForex offers 6 different accounts, all on the MT4 platform. The minimum deposit on the Micro Account is exceptionally low, at 10.000 TZS and spreads start at 1.2 pips on the EUR/USD. For beginners, HotForex offers free and unlimited demo versions of all its MT4 account types. For those that prefer ECN trading on MT4, the HotForex Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.

HotForex Account Range

✔️MT4 for MultiTerminal and Mobile

HotForex 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 Android and iOS apps. Trading tools available 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 Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

?XM – Best MT4 Education

A well-regulated market-maker with tight spreads over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. Leverage is offered up to 1:888 on all accounts and all clients will benefit from negative balance protection. Minimum deposits start as low as 5 USD.

✔️MT4 Video Tutorials

XM is well known for its Forex education and has amassed 1.5 million users through detailed instruction and support for beginners. XM’s MT4 video tutorials slowly and carefully guide new traders through all the important features of XM’s MT4 platform. Tutorials cover everything from opening a trading account to understanding pending orders and backtesting Expert Advisors.

✔️Low Spreads, No Requotes + 4 Asset Classes

XM offers spreads as low as 0.6 pips on the MT4 platform and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, this means that all trades are always filled at the price expected. MT4 users will be able to trade Forex, stock indices, precious metals, and energies.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

? Axi – Best ECN broker on MT4

Built by traders, for traders, Axi is an ASIC and FCA regulated ECN broker with full MT4 support, great trading tools, and simple account options.

✔️MT4 Perfection with ECN Execution

Axi likes to keep things simple, and only offers support for the MT4 platform. This focus has allowed Axi to offer the best ECN 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.

In addition, Axi’s pricing model connects to over 20 liquidity sources, so traders experience fewer slippages and requotes. Spreads on the Pro Account start at 0 pips (with a 7 USD commission) and leverage maximum is 1:500.

✔️Powerful Tools and Simple Account Options

Axi Pysquation

Apart from MT4 NexGen, traders at Axi have access to a range of tools. These include AutoChartist, the powerful automated technical analysis tool, and PsyQuation, an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algos you wish to install to your MT4.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.20 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.

?Exness – Best MT4 Trading Conditions

Founded in 2008, Exness offers the best trading conditions to be found on the MT4 platform. Exness has four account types and all trades are executed on the market with no intervention, with one exception. With a low-cost Standard Account for new traders, unlimited leverage on some of the professional accounts and a wide range of assets to trade, Exness has something for every MT4 trader.

✔️Unbeatable Trading Conditions

Exness’ Standard Account on MT4 requires a minimum deposit of 1 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 – though the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 3.5 USD per lot traded.

✔️Manage Multiple MT4 Accounts + Free Trading Central

All Exness clients on MT4 are provided with financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports for 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 Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

?FxPro – Best MT4 Trade Execution

FXPro No Dealing Desk

FxPro has a super-fast NDD execution model and full support for all MT4 auto trading features (it also offers MT5, cTrader, and a browser-based platform). A reasonable 100 USD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips. All deposits and withdrawals are free of charge.

✔️Super-Fast Execution and No Dealing Desk

FxPro’s NDD execution model has won awards over the years for its speed and reliability. Most trades are executed in less than 10 milliseconds and only 9% of market orders receive negative slippage. These execution statistics are perfect for scalpers and traders who like to take advantage of volatile markets.

FxPro Slippage

✔️Choose Instant or Market Execution on MT4

At FxPro, traders can choose between instant or market execution on the MetaTrader4 platform. In both cases, there is no dealing desk intervention. While instant execution removes the likelihood of slippage, it does increase the chances of requotes. The opposite is true for market execution. FxPro is renowned as the most transparent broker in the world and publishes all statistics on slippage, requotes, and execution speed on a regular basis.

 

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

?FXTM – Best MT4 Broker for Beginners in Tanzania

FXTM is the best MT4 broker for beginners in Tanzania. Regulated by the FSCA since 2016, FXTM provides both Standard and ECN accounts on MT4. Beginner traders will appreciate the tight spreads on the MT4 Cent Account, weekend customer support, Copytrading with FXTM Invest and the comprehensive education section.

FXTM Cent Account

✔️Great Value Cent Account + Weekend Customer Support

FXTM’s offers a Cent Account on MT4 with a minimum deposit of only 10 USD and spreads starting at 1.5 pips. This is the perfect entry into live market conditions on MT4, as new traders can learn how to use MT4’s advanced automation features (scripts, EA’s, and indicators) with little risk. FXTM also offer weekend support, ideal for non-professional traders who want to get their MT4 platform set up over the weekend.

FXTM Strategy Managers

✔️FXTM Invest + Education

FXTM Invest Copytrading scheme is one of the best in the business 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. Beginners frequently find that Copytrading is more profitable than making their own trades.  FXTM also has a great deal of training material to help new traders get started. Materials include articles, videos, webinars, and a searchable glossary of new vocabulary.

 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

?IG Markets – Best Regulated MT4 Broker

IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by 10 national authorities including the FSCA, FCA, ASIC, MAS, and FINMA, IG Markets is also publicly traded on the London Stock Exchange and has a full banking license. IG Markets offers tight spreads, full MT4 Support, and excellent education and market analysis.

IG Markets MT4

✔️IG Market’s MT4

IG Market’s version of MT4 takes MT4 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. In addition, 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.

IG Markets Customer Support

✔️Top Tier Education and Analysis

Millions of traders have started their trading careers at IG Markets, and it is easy to see why from the excellent material available at the IG Academy and the constantly updated News and Trade Ideas page. IG Markets also offers a free Trade Analytics tool that evaluates trading performance over time and offers diagnosis and suggestions to improve your trading.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

What is MetaTrader 4 (MT4)?

Best MT4 Brokers

MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years.

98% of Forex brokers offer MT4 trading accounts

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.

MT4 Pros and Cons

Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.

Pros

  • Customisable layout provides a stable and personalised trading experience.
  • Advanced charting allows traders to combine technical analysis and trade management from within the chart view.
  • One-click trading. In fast-moving markets, traders can execute trading decisions quickly.
  • The lowest-latency platform available. Trade execution speeds will also depend on internet connection speed.
  • Built-in scripting tools allow users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools.
  • Over 2000 free indicators available in the MetaTrader Code Hub.
  • Traders can move between brokers without losing any customised changes to the platform. MT4 can also support multiple brokers and multiple accounts from the same broker.
  • Social trading integration, available with a free subscription. Trading signals let you to automatically copy the trades of other traders.
  • High secure. all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.
  • Widespread Use. Most brokers will offer it, and it is well supported. If you have a question, someone will have answered it – if you have a problem, someone will have solved it.
  • MT4 runs smoothly on all modern computers and is happy even on old systems.

MT4 runs smoothly on all PCs, even old ones

 Cons

  • It is old. It looks like a program from 2005. If you want a trading platform that looks nice this is not your platform
  • It lacks native integration of news and economic data, though this can be added via plugins.  
  • While MT4 can run on Macs with a few tweaks, it will only run on Mac OS versions prior to Catalina (version 10.15, released in 2019).

MT4 is not compatible with MAC OS Catalina

MAC OS Catalina only supports 64bit applications and as MT4 is a 32bit application, it is not compatible. For earlier versions of Mac OS, the safest way of getting MT4 to run is to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.

Should I use MT4?

If you are just starting your trading career you should 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.

Algos built for MT4 will not function in MT5

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.

What is the difference between MT4 and MT5?

The significant change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.

The MQL5 scripting language allows for more advanced trading robots and more accurate backtesting

MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities. Additionally, MT5 is finally seeing serious support from the industry, with some brokers ditching MT4 entirely in favour of the newer version.

Which MT4 broker is best?

AvaTrade is the best MT4 broker. With excellent MT4 technical support for beginners, both FSCA and ASIC regulation and competitive trading conditions, they have the product offering to come top of a long list of MT4 brokers. 

MT4 Brokers with best education material

Scroll for more detailsPreviousNext
Brokers
Education Score
Platforms
Min. Spread
Trading Cost
Official Site
111115/ 5
CMCmarkets
0.70 pips
USD 7
111115/ 5
L2 Dealer
ProRealTime
0.60 pips
USD 6
111115/ 5
Avatrade Social
0.90 pips
USD 9
111115/ 5
Zulu Trade
0.10 pips
USD 8

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.

If you’re interested in learning all trading features that this platform has to offer, please check out our complete guide to MetaTrader 4.

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

Featured Brokers

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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