Despite the saturation in proprietary trading platforms, MT4 (also known as MetaTrader 4) remains the most popular platform among forex traders. The sophisticated, more advanced selling points of emerging trading platforms were beaten by the practicality and familiarity of using MT4.
While MT4 remains beneficial, South African traders still face the task of finding the best brokers for MT4. You have a lot to consider—but don’t fret; this article is here to make your MT4 hunt easier.
In this TRU Insight, you’ll explore the 5 best MT4 brokers. Read on to find the best one that aligns with your trading needs and objectives.
What Is MetaTrader 4 (MT4)
Developed by MetaQuotes in 2005, MT4 or MetaTrader 4 is an online trading platform integrated into the systems of thousands of forex brokers. It’s a third-party platform that allows forex brokers to facilitate trading among its traders.
But why do traders prefer MT4 over some emerging, arguably more advanced trading platforms?
For starters, it’s highly intuitive and customizable. These are the two features needed by most traders as they eliminate the unnecessary learning curve. After all, online trading is complex by itself. Adding the confusing trading platform would be like adding another jab into their faces.
But that doesn’t mean MT4 falls short of advanced features. In fact, MT4 introduced Expert Advisors (EAs). EAs are software or series of codes plugged into your MT4 account to automate some of your trading systems. This seamless automation, aiding the time constraint for most part-time traders, solidifies the platform’s reign in the forex trading scene.
Read More: MT4 vs MT5: Choosing the Right Platform For Your Trading Needs: Best Brokers for MT4 (MetaTrader 4) in South Africa in 2025Now, let’s explore the best brokers for MT4 in South Africa. TRU experts spent hundreds of hours trying and examining more than 20 leading South African brokers to find the five best MT4 brokers.
5 Best Brokers for MetaTrader 4 (MT4) in South Africa
In South Africa, there is a booming number of forex brokers trying to cater to the growing optimism of the public towards the forex market.
However, these brokers are not created equal—choosing and opening an account with a broker you didn’t research well may cause you more harm than good.
But don’t worry; our very own TRU experts did all the legwork for you! Here are the top 5 MT4 Brokers we’ve chosen and why they reign as the best among the rest.
AvaTrade
| FSCA Regulation | Ava Capital Markets Pty. Ltd. (FSP No. 45984) |
AvaTrade is one of the most reputable brokers globally and among the few that are FSCA-regulated in South Africa.
It offers full integration with MetaTrader 4, allowing traders to access customizable charts, Expert Advisors, and over 250 trading instruments. AvaTrade’s MT4 platform includes automated trading capabilities, risk management tools, and multilingual support.
Additionally, traders benefit from zero commissions and fixed spreads, making it ideal for beginners who want predictability in fees.
Key MT4 Features:
- Full EA compatibility
- MT4 WebTrader and mobile access
- Fixed spreads
- Negative balance protection
XM
| FSCA Regulation | No, but regulated by the Australian Securities and Investments Commission (ASIC) with a license number of |
While not regulated by the FSCA, XM is highly trusted internationally and well-known for its robust MT4 offering.
The broker gives access to over 1,000 trading instruments via MT4, including forex, indices, commodities, and stocks.
XM also provides both Micro and Standard account types on MT4, with spreads as low as 0.6 pips and leverage up to 1:1000. It’s an excellent choice for traders looking for flexibility and global market access.
Key MT4 Features:
- Over 1,000 instruments tradable on MT4
- EA support and one-click trading
- MT4 MultiTerminal for managing multiple accounts
- Free VPS for eligible clients
Pepperstone
| FSCA Regulation | No, but regulated by the Financial Conduct Authority (FCA) in the United Kingdom |
Pepperstone is a favorite among experienced traders due to its lightning-fast execution and ultra-low spreads on the MT4 platform.
It integrates seamlessly with MT4 and supports EAs, custom indicators, and advanced order types.
South African traders can benefit from Pepperstone’s Razor account, which provides spreads from 0.0 pips with a commission-based structure—ideal for scalpers and high-frequency traders.
Key MT4 Features:
- Institutional-grade liquidity
- Razor and Standard MT4 accounts
- Free Autochartist plugin
- Access to MT4 via desktop, web, and mobile
HF Markets
| FSCA Regulation | HF Markets SA Pty. Ltd. (FSP No. 46632) |
HF Markets is a locally regulated broker offering an exceptional MT4 trading environment. South African traders can access six account types on MT4, with features like free VPS hosting, copy trading, and tight spreads starting from 0.0 pips.
HF Markets is beginner-friendly and includes an expansive educational suite alongside its powerful MT4 platform.
Key MT4 Features:
- Six account types including Premium and Zero
- Copy trading integration with MT4
- MT4 VPS support for automated strategies
- Enhanced risk management tools
FXTM
| FSCA Regulation | Exinity Ltd. (FSP No. 50320) |
FXTM is another FSCA-regulated broker providing a solid MT4 experience for South African traders. With both Standard and ECN account options, FXTM’s MT4 offers fast execution and flexible leverage up to 1:2000.
It’s a suitable option for both new and seasoned traders who want to leverage automated trading tools and detailed market analysis within the MetaTrader 4 environment.
Key MT4 Features:
- Standard and ECN MT4 accounts
- Daily market analysis tools embedded in MT4
- In-house EAs and trading signals
- MT4 trading tools plugin included
Factors to Consider When Looking for the Best MT4 Broker
You never open an account and deposit your capital in an MT4 broker you don’t know by heart. This is why DYOR-ing (doing your own research) could save you from any type of investment losses due to trading with unreliable trading brokers.
Can’t decide which among our 5 MT4 brokers is suitable for you? Definitely your call! If you want to do the research yourself, here’s the checklist you need to know when you’re looking for the best MT4 trader.
Regulatory Oversight
In the high-stake and risky forex market, regulatory oversight should be your primary priority. This ultimately ensures that you’re dealing with a broker that operates under a particular financial law.
Regulators ensure the fairness of their respective financial and investment landscape. They’re the authorities responsible for fair financial transactions between service providers and their clients. Additionally, they implement laws to combat money laundering and financing of terrorists—two of the most pervasive issues in the financial markets.
Lastly, dealing with regulated MT4 brokers gives you the peace of mind you need when handling your hard-earned money with the broker. In any case of dispute with your broker, you can always escalate your case to its regulators’ ombuds. This allows you to have access to impartial and legal dispute resolution.
Available MetaTrader Suite
Despite their varying knowledge or skill level, traders need all possible trading tools and resources. This allows them to make the most of their trading experience, ensuring profitability and safety.
Aside from the actual access to MT4, a broker should also allow you to access the comprehensive MetaTrader suite. This includes Expert Advisors (EAs), copy trading, demo trading, MetaEditor for robot and indicator developers, backtesting, and hundreds, if not thousands, of charting tools.
Trading Fees (Spread, Commission, etc)
Trading fees vary from MT4 broker to other brokers. While this factor is highly dependent on your broker, it remains a critical consideration as it directly affects your trading profitability and capital sustainability.
A forex broker may charge you commission fees, spreads, or both.
Online Trust Score
The experiences of those who came after you are another critical consideration when looking for an MT4 broker to trade with.
Remember, don’t rely on the reviews you see on the broker’s website, social media, or any channels it manages. They have total control of the reviews they put on it—and what company would ruin their reputation by showing negative reviews or experience?
Instead, look for third-party review sites to tap into the genuine feedback to the MT4 broker. A low online trust score raises a red flag—beware of them.
Mobile Application
A lot of retail traders don’t trade full-time. They often have a day job that they need to focus on. Thus, the time restriction on the traders’ end.
This enters the benefit of those brokers that offer access to the MT4 mobile application. Designed to allow traders to monitor the market, modify their trades, and execute orders, the MT4 mobile app ensures that traders remain profitable even if they’re on the go.
The MT4 app can be downloaded on your iOS (iPhone and iPad) and Android devices.
Frequently Asked Questions (FAQs)
What’s the Difference Between MT4 vs. MT5?
The main difference between MT4 and MT5 is the tradeable instruments.
MT4 was primarily developed for forex traders. Thus, an MT4 trader can only buy and sell currency pairs.
However, the market demanded a wide range of market access. Thus, MetaQuotes developed MT4’s successor—MT5, also known as MetaTrader 5.
With MetaTrader 5, brokers can provide access to multiple financial markets. This includes cryptocurrency, stocks, indices, contract-for-difference (CFDs), and commodities on top of forex.
Is MT4 a Good Broker?
MT4 is not a broker but an online trading platform. It’s software integrated into the systems of online brokers to provide their traders with access to the financial markets, specifically the forex market.
However, to answer the question of its quality, many traders find value in MT4 due to its intuitive interface without falling short on advanced trading features.
What Is EA in MT4?
EA, an acronym for Expert Advisor, is an algorithm program or set of codes that run on the MT4. These are either offered for free by your broker or an additional platform plugin you bought or subscribed to a service provider.
With its focus on market algorithms, EAs detect patterns based on your predetermined parameters to help you with your market analysis or automate your trade execution.
Why Should You Find the Best Broker for MT4?
With all the benefits provided by MetaTrader 4, it’s only reasonable for traders to find the best broker for MT4. And honestly, you should, too!
Just remember, MT4 brokers are not created equals. Some provide access to the forex market, while a lot (unfortunately) exploit your trade for their own interest. To find the best MT4 broker, always check its regulatory oversight above all else. Next to it are its offered MetaTrader suite access, trading fees, online trust score, and mobile app compatibility.
