16 Best MT4 Brokers for Crypto Trading
MetaTrader4 is an intuitive and straightforward online trading platform that can support tens of thousands of trades simultaneously. It uses very few resources, and works well on computers with low internet bandwidth. This guide explores why it’s perfectly suited to crypto traders — and why many of them are switching to MT4.
What Is MetaTrader (MT4)?
MetaTrader4, or MT4, is an electronic trading platform used to trade forex (FX) and other financial instruments. Its user-friendly interface has made it extremely popular among retail traders.
MT4 is by far the most popular trading platform for retail trades. Nowadays, almost every major forex broker offers it as one of their main trading terminals. While MT4 was originally developed for forex trading, technological innovation has led other markets to follow suit.
Despite the introduction of newer trading platforms, MT4 continues to attract a heavy following because it's user-friendly, free of cost, stable and extremely responsive. As a result, its parent company, MetaQuotes, continues to roll out advanced features that are truly the best in class.
The growing interest in cryptocurrency has also prompted some of the most renowned trading exchanges to offer cryptocurrency trading on the MT4 terminal. If you're a crypto trader, it's about time that you try MT4.
Why Is MT4 Useful for Crypto Trading?
Most crypto traders are used to trading cryptocurrencies on the native trading platform of their crypto exchange. While the inbuilt interface is mostly designed to ease the learning curve, it's not a one-size-fits-all solution.
In contrast, the MT4 terminal is tailor-made for every level of trader. It offers a uniform interface across every trade exchange, and tons of features that aren’t available anywhere else.
The intuitive features of MT4 can help beginner traders streamline their trading journey and assist experienced traders in earning a stable income. Here’s why an ever increasing number of crypto traders are switching to MT4:
Customizable
Unlike crypto trading platforms, which are often extremely confusing to navigate, MT4 offers a crisp and clear interface that you can customize according to your preferences. You can move the charts, delete unnecessary windows, change the colors of the bar, pick a time zone, draw on charts and much more.
Technical Indicators
If you appreciate technical analysis, there’s nothing that comes close to MT4. Depending on your broker, you can get almost all the major MT4 indicators preinstalled free of cost. If you can't find an indicator, you can install it from the MetaQuotes Library, which offers over 2,000 popular technical indicators. If needed, it's possible to change the parameters of these trading tools to suit individual trading styles.
Copy Trading Function
MT4 is the foremost platform for executing copy trading. You can either use it to copy trade other experienced traders on a native exchange, or pick any one of the thousands of free and paid strategies. If you have a specific trading strategy in mind, you can also ask MT4 experts to design one for you. Compared to the market, most of these independent programmers can build an automated trading bot at an extremely reasonable cost.
How to Select a Good MT4 Broker
While you do need to carry out your own research, it's important to remember that ignoring basic parameters can adversely affect your journey toward becoming a consistently profitable trader. If you've shortlisted specific brokers, or even if you've already made up your mind, make sure to go through the following five important guidelines:
Spreads: MT4 brokers offer fixed and variable spreads. If you do scalping or swing trading, large spreads can often catch you off guard.
Type of Broker: A market maker or Dealing Desk broker can often trade against you. Therefore, look for brokers who offer ECN, STP and DMA trade execution models — without any Dealing Desk.
Execution Speed: If you consistently place large blocks of trade, then ask your broker about the execution speed of transactions. Any number greater than 150 milliseconds may induce slippage, partial fills and requotes.
Regulatory Oversight: It's always wise to choose a regulated broker. You can view the license and regulations of your preferred broker by visiting the About Us section. If you can't find it there, you can also try scrolling to the bottom of the main page, where you can find such details listed on the page footer.
Customer Support: Pay special attention to the type of customer support and the hours. If you want weekend support, make sure that the broker offers some kind of live chat or telephone support during off-market hours.
Best MT4 Brokers for Crypto Trading
To help you through the journey, we’ve compiled a list of 16 reputable trading platforms that offer crypto trading on the MT4 terminal so that you can choose one that suits your trading style.
Bybit
Bybit is among the first crypto exchanges to integrate an MT4 trading terminal into its trading platform. For crypto traders, it offers an extensive library of learning material that will ease the learning curve. You can also easily switch to a demo account to test your trading strategies out. On the other hand, if you're using MT4 for forex trading, you can enjoy the same interface and Expert Advisor (EA) integration to trade cryptos.
Using the Bybit MT4 terminal, it's possible to trade more than 15 different crypto perpetual contracts. Unlike other MT4 brokers that offer spot trade, trading perpetual contracts is much easier because you don't need to worry about the dreaded margin call. Trading on Bybit also lets you access best-in-class security features, 24/7 customer support and top-tier liquidity.
Orders placed through the Bybit MT4 platform are processed using STP. In addition, users can rent MT4 VPS hosting services to take advantage of automated trading. Currently, the system only supports USDT deposits, which are displayed as UST on MT4.
In essence, Bybit MT4 is certainly a great platform for you to:
Trade perpetual contracts
Execute copy trades
Enjoy best-in-class security features
Access 24/7 multilingual customer support
Experience top-tier liquidity
Interested in crypto trading with the Bybit MT4 platform? Register for an account on Bybit to get started.
Hugo’s Way Fx
Hugo's Way FX is one of the newest financial brokers to offer MT4 crypto trading. It features market-leading pricing and trade conditions with true ECN connectivity. The minimum deposit is only $10, which complements the small 0.01 lot size and 1:500 leverage.
Using the Hugo’s Way FX MT4 platform, you can trade 55 currency markets, 73 stocks and 38 cryptos. The company uses segregated accounting records, which means that its assets and client funds are tracked separately. It also works closely with multiple payment processors, which ensures flawless deposits and withdrawals.
The diversity of offerings makes Hugo's Way one of the best MT4 brokers in the industry. While there are lots of great products, reviews of Hugo FX are mixed, and the customer support lags behind that of some competitors.
Eightcap
Eightcap is a well-known Australian broker that mainly deals in derivatives and cryptos. You can trade approximately 1,200 instruments, including 250 crypto derivatives. It even lets you select among the Standard and Raw Accounts — a tradeoff between trade commissions and spreads.
When you're ready to trade, Eightcap offers multiple payment methods to make instant deposits to your trading account. The platform supports PayPal, credit cards, Skrill, and a variety of third-party processors. It's even possible to fund your account with one of the popular cryptocurrencies.
There is a minimum of $100 to open an account. The application process is simple, and you can also call one of their experts to guide you through the entire process. The number of crypto offerings makes Eightcap one of the best MT4 brokers on this list. Nevertheless, it's not a viable option if you’re looking for high leverage and fewer trade restrictions.
XBTFX
XBTFX is a cryptocurrency-based forex CFD provider. You can use MT4 to trade more than 200 trading assets on their platform. It partners with Sumsub to provide institutional-grade security to its users.
The platform is powered by USD crypto stablecoins. This means that you can deposit USDT, USDC, DAI, TUSD and PAX in your XBTFX account with 1:1 conversion and zero exchange fees. It's important to note that XBTFX is mainly designed for users who want an Expert Advisor to manage and trade their cryptos. You can either pick from one of the preconfigured EAs or create your own EA program.
If you don't want the EA mode, it's also possible to trade manual strategies using real STP market execution via the lightning-fast Equinix LD4 London data center.
XBTFX is one of the best MT4 brokers for traders who prefer automated trading. The minimum 0.01 lot size and 1:500 leverage offer a lot of flexibility. Other than that, the overemphasis on EA is something that may put you off.
IG Group
If you only trade major cryptos, then trading on IG's MT4 is a practical solution. Dubbed as the world's number one CFD provider, its MT4 platform is streamlined to offer fast and reliable execution during volatile market conditions.
At the time of this writing (Sept. 14, 2022), each contract equals $1 of the underlying crypto. When trading, you're required to maintain a minimum retail margin of 20%. These margin requirements are a percentage of the overall position value. The trade execution follows a market-maker model, which relies on the price made available to IG Market by exchanges and market makers. Depending upon the circumstances, the spreads can increase significantly during volatile market conditions.
IG is among the best MT4 brokers for high-net-worth individuals who only prefer to hold BTC, ETH and their variants. However, if you want to trade multiple coins, it's probably better to look elsewhere.
Swissquote
Swissquote is a Switzerland-based exchange that serves both retail and institutional clients worldwide. Using Swissquote MT4, you can trade 34 different cryptocurrencies at competitive rates.
If you're willing to look beyond spot cryptos, Swissquote provides a variety of crypto assets. Crypto traders may love Themes Trading Certificates, ETFs, ETPs, or leveraged products like mini-futures. Besides exposing yourself to crypto derivatives, you can also hold actual crypto assets in your Swissquote wallet.
Swissquote is among the best MT4 brokers for crypto traders looking for a regulated listed bank in the European Union. One major drawback, however, is a $1,000 minimum deposit limit, as well as somewhat lengthy paperwork for institutional traders.
Roboforex
Roboforex is a regulated broker that offers negative balance protection and trade verification for all its financial products, including cryptos. It claims to offer similar conditions to top crypto exchanges around the world.
Using the Roboforex MT4 platform, you can invest in 33 different crypto instruments and crypto-associated ETFs. It's easy to register. Just download the MT4 terminal from the official website and transfer at least $10 to your account. Using a single account you can trade stocks, indices, metals, commodities, energies, ETFs and forex.
If you're looking for the best MT4 brokers, Roboforex should be at the top of your list because it offers both standard and ECN accounts without additional requirements. The company also participates in the Financial Commission Compensation Fund. Despite these considerable positives, the number of crypto pairs is very limited.
XTB
XTB is one of the largest stock exchange–listed FX and CFD brokers in the world. Regulated by the world's leading supervision authorities, it offers award-winning MT4 solutions.
Using XTB, you can trade more than 2,100 financial instruments, including cryptos. The safety mechanism and protected funding ensure that there’s no possibility of losing capital to hacker attacks. You can access crypto markets 24/7 using both the desktop and mobile app. There’s no minimum required to open an account. When needed, you can safely deposit and withdraw crypto in fiat currency using PayPal, credit card or bank transfer.
Opening an account with XTB has its advantages. For instance, you can open a mirror trading account, an Islamic account or a professional company account. You can also hedge, scalp or use any type of EA to execute your trades. The only downside is the variable spread, lacking the pure ECN model that some of the best MT4 brokers can offer.
XM
XM was the first MT4 trading platform that offered no-quotes and no-rejection trade execution quality. Using XM, you can easily trade over 1,000 instruments that include forex, cryptocurrencies, CFDs and futures.
There are more than 30 cryptocurrencies on offer, with some of the pairs offering zero spread. The transparent trading structure offers a detailed insight into each crypto pair, which includes important fundamentals such as price fluctuations, trade size, spreads, swap value, dynamic margin percentage and stop levels. For the convenience of new MT4 users, the company offers standard, micro and ultra-low accounts.
If you're looking for dynamic tools, XM is one of the best MT4 brokers out there. Besides these offers, you’ll also get 24/7 live support, 250:1 leverage and VPS functionality. The only downside to the platform is the lack of investor protection for EU clients.
Pepperstone
Pepperstone is an Australian broker overseen by the Financial Conduct Authority and Australian Securities & Investment Commission. It offers access to more than 1,200 financial instruments, with the promise of low-cost and fast execution.
There is more than one reason to trade on Pepperstone MT4. For instance, it offers a couple of hours of weekend trading on major cryptocurrencies and 10:1 leverage for all participants, irrespective of their location. When you trade on Pepperstone, you can also expect to receive a 99.6% fill rate, fast trade execution and No Dealing Desk.
Pepperstone is likely among the best MT4 brokers that also offer crypto swaps. The daily swap is calculated based on the closing price and holding lot size of the relevant coin.
FP Markets
FP Markets is a relatively new entrant to crypto markets, and yet, it has a stellar reputation to match its diverse offerings. It's also one of the few brokers to offer MT4 for almost every conceivable platform, such as Windows, Web, MacOS, iOS and Android.
You can expect higher spreads, institutional-grade liquidity, award-winning low latency trading and no restriction on trading styles. The MT4 crypto platform offers more than ten crypto assets, including all the popular pairs.
If you're looking for a highly regulated broker that also offers segregated client funds, look no further. Without a doubt, FP Markets is among the best MT4 brokers in terms of asset protection and fraud prevention measures. However, the low number of crypto pairs remains a major drawback.
NordFX
Established in 2008, NordFX is one of the best MT4 brokers for new crypto enthusiasts. It offers an extremely user-friendly interface and lots of tutorials. The trading terminal is specifically designed to accommodate mobile users.
Depending on the account type, you can fund your wallet using USD, ETH and BTC. According to the official website, more than 100,000 users actively trade crypto on the NordFX website. The low trading fees, direct ECN flow, 1:1,000 leverage and variety of tools also make it ideal for professional traders.
If you love maximum flexibility without trading restrictions, then NordFX is a great choice. On the other hand, a limited choice of crypto coins, the lack of payment processors and the absence of live customer support on weekends is something to consider before opening an account.
FxPro
Located in London, FxPro is a global leader in providing financial trading services to millions of traders. Despite the big name, it offers a competitive trading environment that’s accessible to almost anyone worldwide. FxPro also offers thousands of CFD instruments in six asset classes, and you can choose between raw spreads and marked-up spreads without paying any commission.
The MT4 platform features more than 30 cryptocurrencies. To protect your assets, FxPro uses dynamic leverage, which changes according to the trade size and equity. When trading on MT4, you'll benefit from ultra-fast transactions as most orders are executed in less than 14 ms.
FxPro is one of the best MT4 brokers with No Dealing Desk intervention. The ultra-low latency and data center colocation enable the system to execute thousands of orders in record time. One of the only pitfalls of trading on FxPro MT4 is the lack of specialized accounts, which are often useful for traders who want to trade a specific number of lots with minimum fees.
BDSwiss
BDSwiss is a Seychelles-based broker regulated by the Financial Services Authority. It's a familiar name to forex traders, who use its native MT4 platform to trade five types of asset classes. Using BDSwiss MT4, you can trade 31 popular cryptocurrencies, with a leverage margin requirement of only 20%.
The minimal lot size to trade cryptos is 0.01, and all the trades are commission-free. Compared to similar MT4 brokers, it offers extremely competitive spreads suited to scalping and swing traders. If the free margin is positive, BDSwiss will let you hedge your position without commission. In a volatile market, you can use its friendly interface to view floating losses and drawdowns.
If you're a short-term crypto trader, BDSwiss is one of the best MT4 brokers that can match your trading style and lot size. The only downside to trading with BS Swiss is that it only has 24/5 live support, which can prevent weekend traders from taking full advantage of their trade positions.
Libertex
Libertex™ is a well-established broker offering more than 70 crypto trading instruments and the ability to participate in crypto mining. When trading on Libertex MT4, you can enjoy up to 1:500 leverage and zero spreads on some cryptos. If you're lucky, you can also receive free cryptos or stocks just for opening an account.
According to the official website, users can mine BTC by registering for Libertex’s Bitcoin Virtual Mining product. At the end of the day, you can convert your mined rewards without incurring hidden fees or charges. Mining sessions end every four hours.
Since its inception, Libertex has earned both a loyal following and a good reputation. Without a doubt, it's one of the best MT4 brokers that can fulfill the needs of crypto traders wishing to use MT4 as their main trading platform. While there is no apparent disadvantage, the website lacks specific information on trading instruments. Therefore, you may have to pick up the phone to get additional details.
Capital.com
Capital.com offers the widest range of cryptos on MT4. There are more than 200 crypto assets on offer, and the simple and intuitive MT4 platform has competitive spreads and zero commission. Using a single app, you can also access over 6,100 trading instruments.
The MT4 is preconfigured for Apple and Windows. Crypto traders new to the MT4 platform can access almost 85 preinstalled indicators — the most in its class. For your convenience, you can easily set up custom push notifications and market news feeds.
Capital.com is one of the best MT4 brokers for traders who have just started to experiment with crypto trades. Despite lots of advantages, there are certain limitations that you need to be aware of. For instance, you need to deal with low leverage on cryptos, the absence of weekend support and a clunky interface.
Closing Thoughts
There’s little doubt that MT4 has quickly altered the trading landscape by transforming the balance of power between institutional and retail traders. If you haven’t made up your mind, it’s the perfect time to test this groundbreaking product. If you had to choose one platform, we’d recommend Bybit’s MT4 Terminal as the overall best MT4 broker. Register for a Bybit account and get started with crypto trading on Bybit’s MT4 Terminal now.