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Updated: Apr 28, 2024Last Updated On Apr 28, 2024
The MT4 trading platform is slowly being replaced by MT5, but it is still the most popular trading platform in the world, and most good Forex brokers in Nigeria will offer it.
Because so many brokers offer MT4, we look for the widest range of top-quality MT4 brokers for a variety of trading priorities and budgets. We compared trading costs, execution speed and the number of Forex pairs the brokers offered. We also tested the quality of the brokers’ technical customer support and made sure they were fully regulated to ensure trader safety. Under the list of best MT4 brokers, common questions will also be answered, such as: What is MT4? How does MT4 work? How is it different from other trading platforms like MT5 and cTrader? And how to automate trading with Expert Advisors?
According to our testing and our research, these are the best MT4 brokers in Nigeria for 2024.
- Octa - Most Trusted Broker
- AvaTrade - Best MT4 Broker in Nigeria
- HFM - Best STP Broker on MT4
- XM - Best MT4 Education
- Exness - Best MT4 Trading Conditions
- Pepperstone - Best MT4 Broker with ECN Execution
- IG - Best Regulated MT4 Broker
- FBS - Highest Leverage MT4 Account
- Axi - Best MT4 Customisation
- FP Markets - Best MT4 ECN Account
Best MT4 Forex Brokers for 2024
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Broker
Official Site
MetaTrader 4 (MT4)
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Compare
Visit Broker >
72.90% of retail CFD accounts lose money
Yes
USD 0
1000:1
USD 10
1.00 pips
0.10 pips
1230
53
Visit Broker >
89%74- of retail CFD accounts lose money
Yes
USD 0
400:1
USD 10
1.00 pips
0.17 pips
1275
100
How to compare MT4 Brokers
When comparing MT4 brokers, it is important to pay special attention to a few factors that will significantly impact your trading costs and trading experience. To compare MT4 Forex brokers, we always consider the following:
Account Types: Most Forex brokers with MT4 in Nigeria have multiple account types, but some of their account types will not support MT4 as a trading platform option. Always ensure that the account that you want to use supports MT4.
Regulation: Most MT4 brokers in Nigeria are regulated by International regulators. Reputable tier-1 regulated brokers are audited regularly, must keep trader’s funds in segregated accounts and are required will provide negative balance protection to all traders. Trading with offshore brokers (who are often registered in Seychelles, Mauritius, or the British Virgin Islands) will mean fewer protections.
Execution Method and Execution Speed: MT4 brokers will use either instant execution, STP execution or market execution. Trading with instant execution or STP execution means you will be trading against your broker: When you lose money, they will profit and vice versa. Market execution can have slower execution speeds, but you will be trading with a third party and not your broker. Fast execution is especially important if you intend to use scalping strategies or automated trading.
Trading Costs: Be sure to check the trading costs of your MT4 account. Your trading account’s execution method in particular can affect your trading costs. Instant execution and STP execution accounts will usually have the trading costs included in the spread, while market execution accounts often have a commission attached. When you choose your MT4 account, be sure to verify the costs against what was advertised. If you intend to keep your trading positions open overnight be sure to check out your broker’s swap rates too.
MT4 Tools and Plugins: The occasional broker offers plugins and tools for the platform. Axi offers Psyquation and Autochartist to clients for free, while Admirals has built the MT4 Supreme Edition. These additions to the platform change the trading experience and add additional benefits to the trading platform.
Education, Analysis and Customer Support: Most MT4 brokers in Nigeria will offer Forex education and market analysis to help traders spot opportunities. Beginner traders who want to use MT4 will require a broker with good general education as well as more specific MT4 guides and tips. The better a broker’s research and analysis the more likely you are to find good trading opportunities. MT4 can be tricky to install and customize. Some brokers will offer their assistance, which can be helpful for beginners. Be aware that some brokers have limited customer service hours, especially on weekends, so look for a broker whose customer service hours suit you.
Octa – Best CopyTrading on MT4
Octa is a client-focused, international broker with a reliable, low-cost MT4 account and one of the easiest-to-use copy trading services in the industry. The MT4 account at Octa requires a minimum deposit of 20 USD, and no commission is charged on trades. An Islamic swap-free account is also available for all MT4 account types.
Octa also offers a free copy trading function for all accounts, allowing beginners to copy experienced, successful traders for a small fee per traded lot. This function is also available through the mobile app and free, well-presented trader education for beginners.
Accepts Nigerian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 and Octatrader platforms supported. Octa is regulated by CySEC.AvaTrade – Best MT4 Broker in Nigeria
AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT4 platform. AvaTrade MT4 offers low spreads across Forex, commodities, and a range of other CFDs. Max leverage is 400:1, and spreads are very tight for a 100 USD minimum deposit and no commission – as low as 0.7 pips on the EUR/USD.
AvaTrade supports all native features of MT4, such as nine timeframes, EA functionality and 30 built-in indicators. AvaTrade also has the Guardian Angel system. This personalised trading feedback tool helps traders refine their decision-making and includes support for automated trading platforms like ZuluTrade and DupliTrade and free Trading Central for all MT4 clients.
Accepts Nigerian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.HFM (formerly known as HotForex) – Best STP Broker on MT4
HFM is a well-regulated broker with fast STP execution on all six different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD and spreads start at 1.2 pips on the EUR/USD. For beginners, HFM offers unlimited demo versions of all its MT4 account types. For those that prefer ECN trading on MT4, the HFM Zero Spread Account offers spreads down to 0 pips for a 200 USD minimum deposit.
HFM supports MT4 via every method, including the MT4 MultiTerminal, which allows traders to manage multiple MT4 accounts from a single platform. MT4 is also available via web, desktop, and Android and iOS apps. Trading tools include free Autochartist, VPS services and the HFCopy copy trading service.
Accepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.XM – Best MT4 Education
An internationally regulated broker with low trading fees over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. XM’s MT4 video tutorials guide new traders through all the important features of XM’s MT4 platform. Tutorials cover most things from opening a trading account to understanding pending orders and backtesting Expert Advisors.
All MT4 accounts have a max leverage 1000:1, negative balance protection, and minimum deposits start from 5 USD. XM MT4 spreads are as low as 0.6 pips, and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, which means that all trades are always filled at the price expected. MT4 users can trade Forex, stock indices, precious metals, and energies.
Accepts Nigerian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.Exness – Best MT4 Trading Conditions
Exness’ Standard Account on MT4 requires a minimum deposit of 3 USD and has average spreads on the EUR/USD of 1 pip. This account is a fantastic low-risk opportunity for new traders to get experience in the live markets. The Pro Account on MT4 has similarly great trading conditions, offering commission-free trading with spreads averaging 0.6 pips EUR/USD – however, the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 7.0 USD round trip per lot traded.
All Exness clients on MT4 have access to financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports the MT4 MultiTerminal platform, allowing clients to run multiple accounts from a single app. Exness offers full MT4 support, with custom-built EAs allowing for automated trading on all account types.
Accepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA and the FSA Seychelles.Pepperstone – Best MT4 Broker with ECN Execution
A world-renowned broker, Pepperstone offers MT4 support, strong regulation and two simple accounts with ECN execution. Most orders are executed in less than 30 milliseconds, ideal for scalpers and clients who run MT4’s expert advisors. The Standard MT4 Account is commission-free, and spreads on the EUR/USD starts at 1.00 pips. The Razor MT4 Account charges a 7 USD round turn commission, but the average spread on the EUR/USD is 0.09 pips – about as close as traders can get to zero spread as possible.
The Pepperstone MT4 trading experience comes with live quotes, real-time charts, in-depth news, and analytics. Pepperstone also offers a package of Smart Trader Tools for MT4, a suite of 28 expert advisors and indicators to improve trade execution and management. Also, all MT4 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.
Accepts Nigerian Clients. Average spread EUR/USD 1.00 pipson the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5, TradingView & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.IG Markets – Best Regulated MT4 Broker
Broker Score
4.69 / 5
4.69 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | ASIC, BaFin, DFSA, CFTC |
| 💵 Trading Cost | USD 6 |
| ⚖️ Max. Leverage | 200:1 |
| 💹 Copy Trading | No |
| 🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by ten national authorities, including the FSCA, FCA, ASIC, MAS, and FINMA, IG Markets is also publicly traded on the London Stock Exchange and has a full banking license. IG Markets offers tight spreads, full MT4 support, and excellent education and market analysis.
IG Market’s version of MT4 takes the platform to another level with its package of free add-ons and indicators. Highlights include a Trade Terminal, Stealth Orders, a Correlation Matrix as well as a dozen indicators. Also, all IG clients get access to Autochartist for free. This powerful automated technical analysis tool scans the markets for opportunities that you may have missed. All these features are available with tight spreads, with the EUR/USD averaging 0.86 pips but sometimes as low as 0.6 pips, and commission-free trading.
Accepts Nigerian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.FBS – Highest Leverage MT4 Account
A well-regulated global broker, FBS offers trading on multiple assets, including Forex, commodities, cryptocurrencies, metals, and equities, on the MT4 platform. FBS has five MT4 trading accounts, including a Micro Account with a 5 USD minimum deposit and a Cent Account with a very low minimum deposit of 1 USD and leverage of 1:3000 available. Unusually, clients can access leverage of up to 1:3000 on three FBS accounts. High levels of leverage can increase risk but can also greatly increase profits. FBS also allows all trading strategies on the MT4 platform, including hedging, scalping, and copy trading.
FBS offers three commission-free MT4 accounts, the Micro, the Cent, and the Standard Account. These commission-free accounts have low minimum deposits, making them lower-risk choices for beginner traders, but spreads vary between 0.8 pips and 3 pips on the EUR/USD. The ECN and Zero Spread accounts are for more professional traders, with spreads starting at 1 pip and 0 pips, respectively. Leverage is lower on these accounts, at 1:500, and traders are also charged a commission of 6 USD (round turn) on the ECN Account and 20 USD on the Zero Spread Account.
Accepts Nigerian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.Axi – Best MT4 Customisation
Broker Score4.44 / 5
4.44 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, CySEC, ASIC, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Built by traders, for traders, Axi is an Australian ASIC and FCA regulated ECN broker with full MT4 support, great trading tools, and excellent customisation options. By only supporting the MT4 platform, Axi offers the most customisable MT4 experience in the world. Axi offers a range of tools for MT4, but one of the highlights is its MT4 NexGen plugin.
MT4 NexGen offers a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools. These include AutoChartist, the powerful automated technical analysis tool, and PsyQuation, an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with various trading algorithms to install on your MT4.
Accepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.FP Markets – Best MT4 ECN Account
FP Markets is an Australian broker with ASIC regulation and trading conditions derived from an ECN pricing model. With a minimum deposit of 100 USD, Nigerian traders get access to spreads as low as 0.0 pips on the EUR/USD and trading fast execution speeds.
In addition to offering a full, feature-rich MT4 experience, including advanced charting tools, numerous technical indicators, real-time price charts, market news and insights, and a suite of automated trading options, FP Markets also offers raw pricing with no price manipulation, no dealing desk, and no requotes.
Accepts Nigerian Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC, ASIC and BVA FSC.What is MetaTrader 4 (MT4)?
MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years.
98% of Forex brokers offer MT4 trading accounts
The launch of MT4 in 2005 changed the retail Forex industry almost overnight. It offered retail Forex traders an institutional-grade tool: Anyone with an internet connection was now on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:
- MT4 is the lowest-latency and a highly customisable trading platform, complete with a cutting-edge charting suite offering market charts overlaid with indicators from MT4’s library.
- MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4.
- MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades can then be made in an instant due to the platform’s execution speed.
- MT4 is available on mobile, tablet, in a web browser and as a downloadable application.
This versatility makes MT4 the world’s leading trading platform.
MT4 Pros and Cons
Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.
Pros
- Customisable layout provides a stable and personalised trading experience.
- Advanced charting allows traders to combine technical analysis and trade management from within the chart view.
- One-click trading. In fast-moving markets, traders can execute trading decisions quickly.
- The lowest-latency platform available. Trade execution speeds will also depend on internet connection speed.
- Built-in scripting tools allow users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools.
- Over 2000 free indicators available in the MetaTrader Code Hub.
- Traders can move between brokers without losing any customised changes to the platform. MT4 can also support multiple brokers and multiple accounts from the same broker.
- Social trading integration, available with a free subscription. Trading signals let you to automatically copy the trades of other traders.
- High secure. all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.
- Widespread Use. Most brokers will offer it, and it is well supported. If you have a question, someone will have answered it – if you have a problem, someone will have solved it.
- MT4 runs smoothly on all modern computers and is happy even on old systems.
MT4 runs smoothly on all PCs, even old ones
Cons
- It is old. It looks like a program from 2005. If you want a trading platform that looks nice this is not your platform
- It lacks native integration of news and economic data, though this can be added via plugins.
- While MT4 can run on Macs with a few tweaks, it will only run on Mac OS versions prior to Catalina (version 10.15, released in 2019).
MT4 is not compatible with MAC OS Catalina
MAC OS Catalina only supports 64bit applications and as MT4 is a 32bit application, it is not compatible. For earlier versions of Mac OS, the safest way of getting MT4 to run is to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.
Should I use MT4?
If you are just starting your trading career you should consider moving straight to MT5 or cTrader instead. But, if you have been using MT4 and you are happy with it then keep on using it.
MT4 is old, and MetaQuotes is actively trying to get Forex brokers to switch to MT5. MT4 is still the industry standard, but it will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern, cleaner layout.
But if you have been using MT4 for some time, then your version is probably heavily customised. Algos built for MT4 will not function in MT5 or cTrader, so any customisations you have made will be lost.
Algos built for MT4 will not function in MT5
MT4 will eventually be replaced, but its popularity means that is not going to happen anytime soon. But if you want to move to a more modern platform, or you are just starting out then you should check out MT5 or cTrader.
What is the difference between MT4 and MT5?
The significant change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.
The MQL5 scripting language allows for more advanced trading robots and more accurate backtesting
MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities. Additionally, MT5 is finally seeing serious support from the industry, with some brokers ditching MT4 entirely in favour of the newer version.
Which MT4 broker is best?
AvaTrade is the best MT4 broker. With excellent MT4 technical support for beginners, both FSCA and ASIC regulation and competitive trading conditions, they have the product offering to come top of a long list of MT4 brokers.
MT4 Brokers with best education material
Scroll for more details Brokers Min. Spread Trading Cost Official Site
Conclusion
MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.
If you’re interested in learning all trading features that this platform has to offer, please check out our complete guide to MetaTrader 4.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
