MT4 Brokers
Brokers by Type
Latest Reviews
Evgeniy Shestakov
I started trading with them with a minimum amount. They assigned me a manager who helped me with trading. My stock has already doubled in one day. The mentor began to say that I could earn even more, but I needed to increase the amount on deposit. I wanted to try to get the part out first, and told my mentor about it. After that I was unable to log into my account.
Read moreArthur
I tried to trade here. Nothing worked out; for some reason, promising deals went into the red as soon as we tried to close them. The terminal could ignore orders for several minutes until the price of the asset changed for the worse.
Read moreArthur
I really didn’t like that they called me several times a day after I registered my account. I didn’t even have time to top up the deposit when calls started coming in asking me to deposit as much money as possible and invest it all in an incredibly profitable deal. Such recommendations contradict any rules of money management. And that's why I refused to work with them. And then for another two weeks I blocked the left numbers from which they called.
Read moreMax
I met on VK girl from somewhere in the EU and corresponded with her for a couple of weeks and evenby videocommunicated. And then she started asking about my work and said that she herself is engaged in trading and lives well on the income from it and offered to introduce me to a person who has a good broker. Like a fool, I agreed and gave my contacts, and within a day they called me and started telling me tales about huge incomes and pointing out some graphs and reports. A day later I transferred money to the account to scrape $300 according to mystockpiles and tried it at the merchant. My trading almost immediately went negative. I realized that it was not mine and wanted to withdraw the money, but I was thrown out of my personal account and was not allowed back.
Read moreEgor
Rakuten Trade clearly does not look like a normal broker. Too many jambs. It is very difficult to open an account with him; it is impossible to trade normally. Any transaction becomes unprofitable due to direct and hidden commissions.
Read moreMatvey
I fell for the promises of the bitprojectinvests manager like a horse. And now I can’t even withdraw my money.
Read moreForex Brokers with MT4 Platform: Allies or a Path to Deposit Drain
The MetaTrader 4 (MT4) platform emerged in 2005, revolutionizing the field of forex trading. Even in 2022, it is still considered the most widely used trading platform.
The 4th version of MetaTrader was specifically designed for dealing operations. In other words, trades were not initially routed anywhere else. They were handled using the dealer’s internal reserves, including their capital and opposing orders from clients.
Over time, the software underwent upgrades, introducing the possibility of using Straight Through Processing (STP). However, additional configuration is required, which can negatively impact the platform’s performance.
MT4 Brokers 10 Years Ago and in 2023
In the last decade, the MetaTrader 4 platform was at the peak of its popularity. However, the situation changed significantly in 2023. Most brokers transitioned to new, modern trading platforms.
In 2022, 10% of MT4 brokers are smaller firms that did not route trades to the interbank market even a decade ago, and they have no intention of changing this approach.
90% of modern forex brokers offering MT4 are market makers. Then why is this platform still used? Most often, it is used by scammers. Their numbers far exceed those of legitimate brokers.
Characteristics of MT4 Forex Brokers
It’s worth noting that the majority of brokers using the MT4 platform are market makers. This is indicated by their:
-
- License
-
- Leverage
-
- Supported payment systems
License of an MT4 Broker
Usually, the license is either offshore or non-existent. In either case, regulatory bodies might not provide protection against fraud.
Many brokers offering real accounts on the MT4 platform are registered in St. Vincent and the Grenadines or utilize local licenses. Only the SVG FSA openly states that it does not oversee brokers in the forex or binary options markets. In case of broker fraud, the regulator won’t help recover funds.
Trustworthy MT4 brokers are very few in number. The practice demonstrates that the majority of them are located in Cyprus, dating back to a time when CySEC (the Cyprus regulator) was issuing licenses liberally, even to scammers.
Leverage of an MT4 Broker
Typically, MT4 dealers offer leverage ranging from 1:100 to 1:1000, and sometimes even higher. It’s important to note that positions with such high leverage do not reach the interbank market. This is a sign of a market maker that can imitate any trading volume. Such brokers do not risk their own capital when providing high leverage.
Payment Systems of an MT4 Broker
A reliable broker accepts funds via bank accounts, cards, and payment systems with strict verification procedures. Fraudsters who use MT4 may accept transfers from payment systems where anonymous accounts can be created. This practice contradicts KYC and AML policies.
Binary Options Brokers with MT4
Globally, there are only two or, at most, three genuine brokers offering binary options, all of them from the US. The rest are scammers peddling bets on quote differences. Essentially, they are bookmakers. Due to numerous scandals, these fraudulent practices are being widely banned.
Can Fake Binary Options Brokers Offer the MT4 Platform?
Yes, if they present themselves as forex dealers. For those who merely accept bets, there’s no need for a trading terminal.
Can MT4 Brokers Be Trusted?
If a broker suggests opening a MetaTrader 4 account, they are likely scammers. Moreover, this is outdated software that doesn’t meet modern market requirements. Even the developer of MetaTrader 4 encourages transitioning to MT5, which offers the possibility to route trades to the interbank market and even trade on real exchanges.
