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MetaTrader 4 (MT4) is by far the most popular trading platform among Forex traders worldwide. There are reasons why this is the case: MT4 has been around for years as an early trading platform since 2005. It offers all the features needed for financial trading including advanced charting tools, technical tools and indicators, autonomous trading capabilities, and advanced backtesting features. Finding a Forex prop firm offering MT4 is relatively easy as most of the firms offer MT4 as their main trading platform. Let’s dive deeper into prop trading and explore the best prop firms offering MT4.
MetaTrader 4 Platform explained
MT4 is an advanced trading platform software that allows traders to see prices for a wide range of assets including Forex pairs, indices, commodities, cryptos, stocks, and more. It enables traders to open and close trading positions, meaning to buy and sell any asset offered by the broker. Top Forex prop trading firms with MT4 enable traders to use all advanced features of the platform, including automated trading. However, some firms restrict Expert Advisors or EAs which are automated trading robots on the MT4 platform. In our reviews of prop firms, we typically research the firm’s rules and find out if they allow EAs or not. So, to explore all the critical details about the firm, the fastest way is to read our unbiased reviews of a multitude of prop firms.
MT4 offers advanced drawing tools and numerous built-in technical indicators. The platform allows custom technical indicators and has a dedicated programming language MQL5 for creating both indicators and EAs. Since the platform has a vibrant community, there are thousands of free custom indicators and EAs online to download and test, which is very advantageous.
The platform has multiple timeframes and allows for creating and saving workspaces to allow traders to customize them to their needs and preferences.
The best MT4 Forex Prop Firms
| Firm | Overall Score | Min funding | Max funding | Min funding fee | Profit share | Daily loss limit | Max loss limit |
|---|---|---|---|---|---|---|---|
| Funded Trading Plus | 4.05 | 5,000 USD | 250,000 USD | 119 USD | 70-80% | 3-4% | 5-8% |
| FTMO | 4.03 | 10,000 USD | 200,000 USD | 164 USD | 90% | 5% | 10% |
| Blue Guardian | 3.95 | 10,000 USD | 200,000 USD | 87 USD | 85% | 4% | 8% |
| Fidelcrest | 3.5 | 15,000
USD |
1 million USD | EUR 99 | 80-90% | 5% | 10-20% |
| E8 Funding | 3.18 | 25,000 USD | 300,000 USD | 138 USD | 80% | 5% | 8% |
Pros and Cons of the MT4 Platform
Despite being one of the most popular trading platforms, MT4 still has disadvantages together with numerous pros. The platform is advanced and offers a wide range of tools and indicators to analyze markets, but has a slightly older design. Despite the old design, it still has a user-friendly interface, but requires some effort to learn its functions and use it at its full potential.
Pros
- User-Friendly Interface
- Advanced Charting Tools
- Advanced Automated Trading
- Superior Customization
- Large Community
- Wide Broker Support
- Mobile Trading
- Availability of Historic Data
Cons
- Outdated Interface
- Limited Timeframes
- Limited Asset Classes
- Resource Intensive
- No Native Support for Mac
- Limited Fundamental Analysis Tools
How to install MT4 on your Desktop
Installing the MT4 on Windows is a relatively straightforward process. Traders can download it from their broker’s website or find it on the official MT4 website. They will have to launch the installer and log in to their account once the platform is installed.
After logging in, traders can access buy and sell features and use the full functionality of the platform. The platform can be customized to suit trader’s needs and visual preferences.
Installing the platform on Mac devices is a trickier process. Traders will have to either download and run the MT4 using the Rosetta 2 or download a custom MT4 developed specifically for Mac by their brokers.
How to install MT4 on a smartphone — iOS, Android Guide
The installation process on the mobile devices is intuitive. Traders have to search MetaTrader 4 on the app store for each device and install it. After the installation, they have to launch and log in to their account. MT4 mobile apps allow traders to use numerous built-in technical indicators and drawing tools. There are a multitude of timeframes, order types, and features. The platform offers an intuitive menu and is fully designed for touchscreens, with its charts and easy-to-use features.
Selecting the best MT4 Prop firms
There are several necessary steps to select the most suitable Forex prop trading firm that offers MT4. The most critical step is to define the exact needs and preferable conditions, and then select the firm accordingly.
Here is the list of steps:
Define your trading goals
First things first, define your trading goals. Clarify your trading goals, risk tolerance, and preferred trading style. Determine the level of capital you will be able to manage without emotional difficulties. Trading large accounts may introduce emotional stress, which never is a good thing.
Research and understand prop trading
After knowing your trading goals, it is time to explore prop trading and how it works. This will help you define if the prop trading is in your interest. Familiarize yourself with the risks and rewards associated with prop trading.
Ensure the firm is reliable
This one is critical. Many new firms try to attract clients, and finding reliable ones can be tricky. Fortunately, we have reviewed a multitude of prop firms and will offer the list of the most reliable Forex prop trading firms with MT4.
Evaluate trading conditions and rules of the firm
After knowing your trading goals and trading style, ensure they align with the rules and limitations of the prop firm. Different prop firms have different daily and overall risk limits, which is crucial for achieving financial goals. If your strategy is expected to lose more than the limits of the prop firm, you need to reconsider your choices.
Understand profit share and fees
Profit share is a percentage of profits the firm gives to its traders. The popular profit share percentage is between 75-90% and any firm offering a profit split with these levels can be considered a decent prop firm to trade with. There are fees related to withdrawals, and we usually check for these fees in our reviews. The firms in our top firms list with MT4 have commission-free withdrawals. Other types of fees are trading fees like spreads and commissions, and they can also become very important in prop trading.
Ensure its broker offers MT4
Since we are focusing on the MT4 prop firms, traders can either see our list of best prop firms with MT4 or check themselves to find which broker the firm has partnered with. If the broker offers MT4, then the prop firm will provide the same platform for trading as prop trading is done through partner brokers.
Conclusion
MetaTrader 4 (MT4) is a dominant Forex trading platform with multitude of built-in advanced features and automated trading capabilities. The platform is also popular among proprietary trading firms, making it an easy process to find reliable prop firms with MT4. While its pros include user-friendliness, customization, and broad broker support, its drawbacks are an outdated interface and limited support for non-Forex instruments.
Installing MT4 is a straightforward process on Windows but requires a workaround on Mac. The platform is available for all mobile devices offering advanced chart analysis and trading capabilities on the go.
FAQs on MT4 Forex Prop Firms
Do prop firms use MT4?
Does FTMO use MT4?
Is MT4 good for forex?
Do prop firms allow MT4 EAs?
