Best MetaTrader 4 and 5 Brokers in Australia – November 2024

Our Top Picks for Best MetaTrader 4 Brokers

Choosing the right MetaTrader 4 broker can be challenging. We have outlined the most comprehensive brokers for your trading experience. Here are three options for the best MetaTrader 4 brokers:

OANDA

Why Did We Pick It?

OANDA, a prominent brokerage in the world of forex trading and esteemed as one of the Best MT4 Brokers, stands out for its comprehensive financial services and unwavering commitment to excellence.With an impressive range of tradable instruments and multiple regulatory certifications from respected authorities like the CFTC and FCA, OANDA provides traders with a secure environment for commission-free trading across various assets, including forex, commodities, indices, and bonds. This diverse offering caters to traders with varied preferences.

While OANDA excels in many aspects, its cryptocurrency options are somewhat limited in comparison.The broker supports traders with a user-friendly MT4 platform, complete with advanced charting tools, ensuring a seamless trading experience. Educational resources empower traders, and responsive customer support stands ready to assist when needed.

In summary, OANDA’s recognition as one of the Best MT4 Brokers is well-deserved, thanks to its comprehensive services, regulatory adherence, and commitment to enhancing traders’ experiences. It provides a compelling choice for successful forex trading, offering diverse assets, user-friendly platforms, and strong customer support.

Forex.com

Why Did We Pick It?

Forex.com is a well-established forex broker that offers access to the MetaTrader 4 platform as well as its own proprietary platform, TradeStation. It offers a wide range of forex, index, and commodity CFDs, as well as futures, options, and stocks. Forex.com is known for its refined trading tools and resources, such as its advanced charting package and market analysis.

IG

Why Did We Pick It?

IG is a global forex and CFD broker that offers access to the MetaTrader 4 platform, as well as its own proprietary platform. It offers a wide range of instruments, including forex, indices, commodities, and cryptocurrencies. IG is known for its user-friendly platforms and comprehensive educational resources.

Read our full review of IG Group.

Our Top Picks for Best MetaTrader 5 Brokers

MetaTrader 5 (MT5) is the newer and more advanced version of the popular MetaTrader platform, which offers a wide range of features for technical analysis, trading, and risk management. When choosing a MetaTrader 5 broker, it is important to consider a range of factors to ensure that you find the best fit for your trading needs. Here are three options for the best MetaTrader 5 brokers:

XM

Why Did We Pick It?

This global forex and CFD broker offers access to the MetaTrader 5 platform as well as its own proprietary platform. XM is known for its low spreads and fast execution speeds, and offers a variety of instruments including forex, indices, commodities, and cryptocurrencies.

Read our full review of XM.

Admiral Markets

Why Did We Pick It?

This global forex and CFD broker provides access to both the MetaTrader 5 platform and its own proprietary platform. Admiral Markets offers a wide range of instruments, including forex, indices, commodities, and cryptocurrencies, and is known for its comprehensive educational resources and excellent customer support.

Read our full review of Admiral Markets.

FxPro

Why Did We Pick It?

This global forex and CFD broker offers access to both the MetaTrader 5 platform and its own proprietary platform. FxPro is known for its advanced trading tools and resources, such as its advanced charting package and market analysis. It offers a wide selection of instruments, including forex, indices, commodities, and cryptocurrencies.

Read our full review of FXPro.

What are MetaTrader Brokers?

MetaTrader brokers are financial institutions or online platforms that provide their clients access to the MetaTrader trading platform. These brokers typically offer a range of trading instruments, such as forex, CFDs, and futures, and provide their clients with various tools and resources to help them make informed trading decisions. In addition to providing access to the MetaTrader platform, MetaTrader brokers may also offer their own proprietary platforms and a range of other services and resources.

Is MetaTrader Safe?

Yes, MetaTrader is generally considered safe for trading. The platform itself is developed by MetaQuotes Software, a reputable company in the financial software industry. However, the safety of using MetaTrader also depends on the broker with whom you choose to trade. When selecting a broker that offers MetaTrader, it’s crucial to ensure they are regulated by reputable financial authorities. Regulatory oversight helps ensure that the broker adheres to strict standards, including client fund segregation, security measures, and ethical business practices. Using strong account passwords, enabling two-factor authentication, and keeping your trading platform and devices updated with the latest security patches can further enhance the safety of using MetaTrader for trading.

Is MetaTrader Good for Beginners?

Yes, MetaTrader is often considered a good choice for beginners in the world of forex and CFD trading. Here’s why:

• User-Friendly Interface: MetaTrader platforms, especially for MetaTrader 4 (MT4), offer intuitive and user-friendly interfaces that make navigation and trading relatively straightforward, even for newcomers.

• Charting Tools: MT4 and MetaTrader 5 (MT5) provide powerful charting tools and technical analysis features. These tools can help beginners visualise price movements and identify trends, enabling them to make more informed trading decisions.

• Demo Accounts: MetaTrader platforms offer demo accounts that allow beginners to practise trading with virtual money. This is a valuable feature for gaining hands-on experience and building confidence before risking real funds.

• Educational Resources: Many brokers that offer MetaTrader platforms provide educational resources, tutorials, and guides tailored for beginners. These resources can help new traders understand the basics of trading, technical analysis, and platform navigation.

• Expert Advisors: MetaTrader platforms support Expert Advisors (EAs), which are automated trading algorithms. While more advanced, EAs can be useful for beginners looking to automate their trading strategies.

• Community Support: MetaTrader has a large and active community of traders who share tips, strategies, and insights. Beginners can benefit from this collective knowledge to enhance their understanding of the markets.

• Backtesting: Both MT4 and MT5 allow users to backtest trading strategies using historical data. This feature enables beginners to evaluate the potential performance of their strategies before implementing them in real-time.

• Range of Markets: MetaTrader platforms offer access to various markets beyond forex, such as commodities, indices, and cryptocurrencies. This diversity allows beginners to explore different trading opportunities.

However, like any trading platform, beginners should approach trading with caution and dedicate time to learning and practising. It’s advisable to start with a demo account, gradually transition to live trading with small amounts, and to continuously educate oneself about trading concepts and risk management strategies.

What Is MetaTrader 4? 

MetaTrader 4 (MT4) is a widely used electronic trading platform developed by MetaQuotes Software. It serves as a comprehensive tool for online trading in various financial markets, offering real-time price analysis, charting, technical indicators, and automated trading capabilities through Expert Advisors (EAs). MT4’s user-friendly interface makes it a preferred choice among traders, enabling them to execute trades and manage their portfolios efficiently.

Does MetaTrader 4 Cost Money?

MetaTrader 4 (MT4) is generally available for free to traders through most brokers. Brokers offer MT4 as a trading platform for their clients to use for executing trades in various financial markets, including forex, commodities, indices, and more. Traders can download and install the MT4 platform without any upfront cost.

However, it’s important to note that while the platform itself is often provided for free, traders may incur costs associated with trading activities, such as spreads, commissions, and other fees that brokers may charge for executing trades. These costs vary depending on the broker and the trading account type chosen by the trader.

Additionally, some brokers may offer premium or enhanced versions of the MT4 platform that come with advanced features or additional tools, and these versions could come with a fee. Traders should review the offerings of their chosen broker to understand any potential fees associated with using the MT4 platform or accessing specific features.

In summary, the standard version of MetaTrader 4 is typically available for free through brokers, but traders should be aware of potential trading costs and any premium versions that may come with additional fees.

Can I Use MetaTrader 4 Without a Broker?

Yes, it is possible to use MetaTrader 4 without a broker. However, it is important to note that in order to trade with real money, you will need to open an account with a broker that offers access to the MetaTrader 4 platform.

If you just want to explore the features and functionality of the MetaTrader 4 platform, or practice your trading skills, you can do so by downloading a free demo account from the MetaTrader 4 website. A demo account allows you to trade with virtual funds, so you can get a feel for the platform and try out different strategies without risking any real money.

While a demo account can be a useful tool for learning and practising, it is important to remember that it is not the same as a live trading account. The prices and conditions of a demo account may not be the same as a live account, and the results of your trades in a demo account may not be indicative of the results you would achieve with a real money account.

While it is possible to use MetaTrader 4 without a broker, in order to trade with real money, you will need to open an account with a broker that offers access to the platform. Using a demo account can be a useful way to practise your trading skills and explore the features of the platform, but it is not a substitute for a live trading account.

How to Connect a Broker to MetaTrader 4?

There are a few simple steps to follow once you have found the MetaTrader 4 broker that is suitable for you and your trading needs. To connect a broker to MetaTrader 4, follow these steps:

• Download and install the MetaTrader 4 platform on your computer. You can download the platform for free from the MetaTrader 4 website or from the website of a broker that offers the platform.

• Open the MetaTrader 4 platform and click on the “File” menu.

• Select “Open an Account” from the menu.

• In the “Open an Account” window, select the “New Account” tab.

• Enter your personal details, such as your name and email address, and select the type of account you want to open (such as a demo or live account).

• Select the broker you want to open an account with from the “Broker” drop-down menu.

• Enter the server name provided by the broker. This can typically be found on the broker’s website or in the email they sent you when you signed up for an account.

• Enter your account login and password, which will also be provided by the broker.

• Click “Next” to complete the account registration process.

Once you have completed these steps, your broker will be connected to the MetaTrader 4 platform and you will be able to start trading. Be sure to familiarise yourself with the platform and the broker’s policies and procedures before you start trading with real money.

Factors to Consider When Choosing a MetaTrader 4 Broker

When choosing a MetaTrader 4 broker, it is important to consider a range of factors to ensure that you find the best fit for your trading needs. Here are a few other things to consider when selecting a MetaTrader 4 broker:

• Fees and Commissions: Different brokers charge different fees and commissions for their services. It is important to compare the fees and commissions charged by different brokers to ensure that you are getting the best deal. Some brokers charge higher spreads, while others may charge additional fees for things like account maintenance or inactivity.

• Trading Platforms: In addition to the MetaTrader 4 platform, some brokers also offer their own proprietary platforms or other third-party platforms. It is important to evaluate the features and functionality of the available platforms to ensure that they meet your needs.

• Account Types: As mentioned above, different brokers offer different account types, each with their own set of features and requirements. For example, some brokers may offer micro accounts with lower minimum deposit requirements, while others may offer standard accounts with higher leverage. It is important to choose an account type that meets your needs and fits your trading style.

• Customer Service: When you are trading online, it is important to have access to reliable and responsive customer support in case you have any questions or issues. It is a good idea to research the customer service offerings of different brokers before committing to one.

How Did Investing.com Choose the Best MT4 Brokers?

At Investing.com, our mission is to provide traders with accurate and up-to-date information about brokers. To achieve this, we’ve developed a comprehensive rating system that quantifies each broker’s performance. Our ranking methodology is designed to offer traders valuable insights into broker features, strengths, and potential areas for improvement. We aim to equip traders with the knowledge they need to make informed decisions on their trading journey. 

We selected the best MT4 brokers through a rigorous evaluation process that considered multiple critical factors. Our approach aimed to provide you with a comprehensive understanding of each broker’s strengths, features, and potential areas for improvement. Here’s an overview of how we chose the best MT4 brokers:

• In-Depth Analysis: Our team of experienced experts delved into each broker’s offerings to assess their compatibility with the MetaTrader 4 (MT4) platform. We evaluated the broker’s MT4 platform for user-friendliness, advanced charting tools, ease of use, and compatibility with various devices.

• Free Access: We ensured that each broker offers free access to the MT4 trading platform. 

• Easy Access: We assessed the ease and speed of accessing MT4 and initiating trades. 

• Additional Plugins: We examined whether the broker offers supplementary MT4 plugins, including third-party applications like AutoChartist, additional indicator packages, and access to social trading features. 

• Trust and Safety: Regulatory compliance was a top priority. We ensured that brokers offering MT4 were licensed and regulated by credible authorities. We evaluated the broker’s measures for fraud prevention and client fund security to ensure a secure trading environment. 

• Expert Advisors: We verified if the broker permits users to deploy Expert Advisors through MT4, enabling algorithmic trading functionalities. 

• Additional Features: We also ascertained the presence of other supplementary features to support traders, encompassing market variety, account options, fee structures, customer service, trading tools, and more.

What Is The Difference Between MetaTrader 4 and 5?

MetaTrader 4 and 5 are both popular online trading platforms, but they have some key differences. MT4 was released in 2005 and is still widely used by traders today, while MT5 was released in 2010 and is considered the newer and more advanced version of the platform. 

One of the main differences between the two is the range of instruments they support. MT4 is primarily geared towards forex and CFD trading, while MT5 offers a wider range of instruments, including futures and stocks. In terms of technical analysis, both platforms offer a range of indicators and charting tools, but MT5 has more advanced features, such as more timeframes and more built-in indicators. MT5 also has better backtesting and optimization capabilities and offers a more advanced programming language for custom indicators and expert advisors.

In addition to the differences in the range of instruments and technical analysis capabilities, there are also some other key differences between MetaTrader 4 and 5 to take note of.

One notable difference is the programming language used for custom indicators and expert advisors. MT4 uses the MQL4 programming language, while MT5 uses the MQL5 programming language. MQL5 is more advanced and has more features than MQL4, but it may be more difficult to learn for traders who are already familiar with MQL4.

Another difference is the account types available on the two platforms. MT4 offers two main account types: standard and micro. Standard accounts are typically used for larger trades and offer higher leverage, while micro accounts are used for smaller trades and offer lower leverage. MT5 offers a wider range of account types, including standard, micro, and zero-spread accounts. Zero spread accounts offer zero spread on certain instruments, which can be beneficial for high-volume traders.

Finally, there are some differences in the way orders are handled on the two platforms. MT4 has a “one-cancels-other” (OCO) order feature, which allows traders to place two orders at the same time, with the understanding that if one is triggered, the other will be automatically cancelled. MT5 does not have this feature, but it does have a “netting” account type, which allows traders to have multiple positions in the same instrument and offset them against each other.

Overall, while both MetaTrader 4 and 5 are popular trading platforms, they have some key differences that traders should consider when deciding which one to use. MT4 is primarily geared towards forex and CFD trading and is suitable for traders who are familiar with the MQL4 programming language. MT5 offers a wider range of instruments and more advanced technical analysis capabilities and is suitable for traders who are looking for a more advanced platform.

Factors To Consider When Choosing A MetaTrader 5 Broker

There are several factors to consider when choosing a MetaTrader 5 broker. Some other things to consider include:

• Regulation: It is important to choose a broker that is regulated by a reputable regulatory body. This ensures that the broker follows fair and transparent practices and provides a certain level of protection for your funds.

• Leverage: Leverage allows you to trade with more capital than you have in your account, but it also increases the risk of your trades. Consider the leverage offered by different brokers and choose one that offers a level of leverage that is comfortable for you.

• Deposit and Withdrawal Options: Consider the deposit and withdrawal options offered by different brokers. Look for brokers that offer a range of options, such as bank transfers, credit/debit cards, and online payment processors.

• Demo Account: Many brokers offer demo accounts that allow you to practise trading with virtual funds before you risk real money. Consider whether a broker offers a demo account and whether it is a good fit for your learning style.

Final Say

MetaTrader 4 and 5 are popular online trading platforms that offer a range of tools and resources for traders. While both platforms have their own unique features and capabilities, it is important to consider your own trading needs and preferences when deciding which platform is right for you. Choosing the right MetaTrader broker is also an important decision, as different brokers offer different fees, commissions, and services. 

By considering factors such as fees and commissions, trading platforms, account types, and customer service, you can find a broker that meets your needs and fits your trading style. It is also important to remember that in order to trade with real money, you will need to open an account with a broker that offers access to the MetaTrader platform. By following these guidelines, you can find a broker and platform that will help you achieve your trading goals.

FAQ 

Can I Switch from MT4 to MT5?

Yes, you can switch from MetaTrader 4 (MT4) to MetaTrader 5 (MT5) if your broker supports both platforms. However, there are a few important points to consider when making the switch:

• Compatibility: While MT4 and MT5 are both trading platforms developed by MetaQuotes, they have different programming languages and functionalities. This means that any custom indicators, expert advisors (EAs), or scripts you were using on MT4 will need to be adapted or rewritten to work on MT5.

• Account Migration: If you have an existing trading account on MT4, you’ll need to create a new account on MT5. Your trading history, balances, and positions won’t automatically transfer from MT4 to MT5.

• Trading Instruments: While both platforms offer access to various trading instruments like forex pairs, commodities, and indices, the specific assets available might differ between brokers on MT4 and MT5.

• Features and Tools: MT5 offers more advanced features compared to MT4, including additional timeframes, more technical indicators, an economic calendar, and improved charting tools. If these features are important to you, transitioning to MT5 could be beneficial.

• Learning Curve: If you’re used to trading on MT4, there will be a learning curve when transitioning to MT5. Familiarising yourself with the new interface, tools, and functionalities might take some time.

• Backward Compatibility: While MT5 offers more advanced features, some traders prefer to stick with MT4 due to its wider availability and the compatibility of existing custom indicators and EAs.

Is MT4 Better than MT5?

Whether MetaTrader 4 (MT4) is better than MetaTrader 5 (MT5) or vice versa depends on your trading preferences, goals, and the features that matter most to you. Both platforms have their strengths and weaknesses, and the choice between them should be based on your individual needs.

Is MetaTrader 4 Only for Forex?

No, MetaTrader 4 (MT4) is not only for forex trading. While MT4 gained popularity primarily as a forex trading platform, it also supports the trading of other financial instruments such as commodities, indices, cryptocurrencies, and more. Many brokers offer a diverse range of tradable assets through the MT4 platform, allowing traders to access multiple markets within a single platform.