MetaTrader 4 (MT4) remains one of the most popular trading platforms among Australian forex traders, offering advanced charting capabilities, automated trading features, and a vast library of technical indicators. With numerous brokers offering access to the MT4 platform, selecting the right one requires careful consideration of factors including regulation, pricing, market access, and platform features.
Join us as we take a closer look at the leading MT4 brokers operating in Australia, separating the best from the rest.
The Best MT4 Brokers
Pepperstone came out top in our review of the top Australian MT4 brokers, yet there are also some other notable standouts that warrant some consideration depending on how you trade.
Pepperstone
Pepperstone is also our editor’s pick for best forex brokers, and with MT4 very often used to trade currencies, there is plenty of crossover in what you would be looking for. This fully regulated Australian broker provides tight spreads starting from 0 pips, and excellent execution. You can access customer support around the clock through the trading week, with 18 hours of support also provided over the weekend in case you need any help away from the working week. This is an extra level of service from the broker that stands above simple MT4 offering, with fast and reliable execution and tight spreads also helping traders get that little more. We are not alone in our view on Pepperstone, with the broker also receiving plenty of industry recognition, including for “Best Forex ECN Broker” and “Best Forex Trading Conditions”.
Top Australian Brokers
- Pepperstone - Top Australian broker - Read our review
- eToro - Invest in ASX and international shares - Read our review
Key Features
- Tight spreads and low fees
- Huge range of markets
- Excellent customer support
IC Markets
As one of Australia’s largest forex brokers, IC Markets offers Raw Spread accounts with spreads from 0.0 pips and commissions starting at AU$ 3.50 per lot. IC Markets offers a range of solutions for amateur traders and experienced professional traders.
Key Features
- A highly regarded industry leader
- Tight spreads, from 0 pips
- Highly rated on Trustpilot
Avatrade
Avatrade has become one of the big players in the online broker industry since its founding in 2006, although spreads are a little wider than some of the other names on this list. AvaTrade is a multi-asset broker offering clients a whole range of trade execution and support services via CFD. There are a few unique elements that AvaTrade offer as a broker that stand out, including AvaProtect, that put an emphasis on the user. 30 technical indicators and 9 timeframes are in at the get-go on MT4, and you can also use automated trading via EAs. Avatrade has received a number of awards including the accolade ‘Most Innovative CFD Broker’, and continues to push the boundaries with some of it’s other trading platforms and apps.
Key Features
- Easy-to-use platform with powerful trading tools
- Educational materials that are tailored to novice and advanced traders
- Top-tier automated trading, including API use
IG
IG offers a specialized MT4 solution particularly suited for larger traders and those requiring advanced platform customization. With access to 51 markets through MT4, IG provides a more focused but highly professional trading environment.
Key Features
- 51 instruments available on MT4
- $250 minimum deposit requirement
- Minimum trade sizes as small as 0.01 lots
What is MT4?
MetaTrader 4 is a sophisticated electronic trading platform developed by MetaQuotes Software for forex, CFD, and futures trading. Originally launched in 2005, MT4 has become the industry standard for retail forex trading due to its robust functionality and user-friendly interface.
Core Features of MT4
The platform offers several essential trading tools that have made it a preferred choice among traders worldwide:
- Advanced Charting: MT4 provides comprehensive charting capabilities with multiple timeframes, ranging from one-minute charts to monthly views
- Technical Analysis Tools: The platform includes over 30 built-in technical indicators and analytical objects for market analysis
- Expert Advisors (EAs): Auto trading platforms that can execute trades based on predetermined criteria
- Custom Indicators: Ability to install third-party indicators and trading tools
- Multiple Order Types: Support for market orders, pending orders, stop losses, and take profit levels
- Mobile Trading: Full mobile applications for iOS and Android devices
Trading Capabilities
MT4 supports various trading instruments and order execution methods:
- Forex Pairs: Access to major, minor, and exotic currency pairs
- CFDs: Contracts for difference on stocks, indices, commodities, and cryptocurrencies
- Execution Models: Market execution and instant execution depending on broker configuration
- Hedging: Ability to open multiple positions in the same instrument
- Scalping: High-frequency trading strategies with minimal restrictions
Programming Language
The platform utilizes MQL4 (MetaQuotes Language 4), a specialized programming language that enables traders to:
- Develop custom indicators and trading robots
- Create automated trading strategies
- Backtest trading systems using historical data
- Optimize trading parameters for improved performance
