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MT5 is slowly replacing the MT4 trading platform, but it is still the most popular trading platform in the world, and most good Forex brokers in Kenya 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 brokers’ technical customer support quality and ensured 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 Kenya for 2024.
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 South Africa 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 South Africa are regulated by the Financial Sector Conduct Authority (FSCA). FSCA-regulated brokers are audited regularly, must keep trader’s funds in South Africa and most 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 South Africa 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.
A world-renowned Australian broker, Pepperstone offers MT4 support, ASIC 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 0.10 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 Kenyan Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA
AvaTrade is a globally renowned market maker with over 200,000 customers and regulation from the FSCA, ASIC and the Central Bank of Ireland. While AvaTrade provides MT5 and its own WebTrader (as well as its excellent AvaTradeGo mobile platform) it is primarily an MT4 broker – with the support, tools, and trading conditions to make it the best provider of the MT4 platform in the world.
Full MT4 Support and Trading Tools
As well as offering full support for all native features of MT4, such as 9 timeframes, EA functionality and 30 built-in indicators, AvaTrade also offers the Guardian Angel system (a personalised trading feedback tool that helps traders refine their decisions-making), support for automated trading platforms like ZuluTrade and DupliTrade and free Trading Central for all MT4 clients.
Tight spreads, Low Minimum Deposits
While MT4 does not support trading shares, AvaTrade MT4 offers low spreads across Forex, commodities and crypto. Leverage is set at 1:400 and spreads are very tight for a 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.
Pros
Top-tier regulation and security with licenses from ASIC and CBI among others
Accessible trading with a low minimum deposit of 100 USD
Award-winning mobile trading with the AvaTradeGO app with social trading features
Wide range of assets including unique instruments like vanilla options
Educational material to support trader development and strategy enhancement
Cons
Market analysis could be more extensive
Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
A well-regulated market-maker with tight spreads over three simple account types, XM stands out from a crowded field of MT4 brokers for its educational support and customer service. Leverage is offered up to 1:888 on all accounts and all clients will benefit from negative balance protection. Minimum deposits start as low as 5 USD.
MT4 Video Tutorials
XM is well known for its Forex education and has amassed 1.5 million users through detailed instruction and support for beginners. XM’s MT4 video tutorials slowly and carefully guide new traders through all the important features of XM’s MT4 platform. Tutorials cover everything from opening a trading account to understanding pending orders and backtesting Expert Advisors.
Low Spreads, No Requotes
XM offers spreads as low as 0.6 pips on the MT4 platform and 99.35% of all trades are executed in less than 1 second. XM also has a strict no-requotes/rejection policy, this means that all trades are always filled at the price expected. MT4 users will be able to trade Forex, stock indices, precious metals, and energies.
Accepts Kenyan 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.
Founded in 2008, Exness offers the best trading conditions to be found on the MT4 platform. Exness has four account types and all trades are executed on the market with no intervention, with one exception. With a low-cost Standard Account for new traders, unlimited leverage on some of the professional accounts and a wide range of assets to trade, Exness has something for every MT4 trader.
Unbeatable Trading Conditions
Exness’ Standard Account on MT4 requires a minimum deposit of 1 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 – though the minimum deposit here is 200 USD. Exness also offers two commission-based accounts, with spreads down to 0 pips and a commission of 3.5 USD per lot traded.
✔️Manage Multiple MT4 Accounts + Free Trading Central
All Exness clients on MT4 are provided with financial news from the world’s leading providers and the TC.Technical Analysis indicator from the international analytical agency Trading Central. Exness also supports for 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.
Pros
Highly competitive spreads and low trading costs (7 USD per lot).
Extensive selection of trading instruments and over 100 Forex pairs
User-friendly trading platforms: MT4 MT5 and Exness Terminal.
Accepts Kenyan 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 FSC.
FXTM is the best MT4 broker for beginners in Kenya. Regulated by CMA in Kenya via it’s parent company Exinity and the FSCA since 2016, FXTM provides both Standard and ECN accounts on MT4. Beginner traders will appreciate the tight spreads on the MT4 Cent Account, weekend customer support, Copytrading with FXTM Invest and the comprehensive education section.
Great Value Cent Account + Weekend Customer Support
FXTM’s offers a Cent Account on MT4 with a minimum deposit of only 10 USD and spreads starting at 1.5 pips. This is the perfect entry into live market conditions on MT4, as new traders can learn how to use MT4’s advanced automation features (scripts, EA’s, and indicators) with little risk. FXTM also offer weekend support, ideal for non-professional traders who want to get their MT4 platform set up over the weekend.
FXTM Invest Copy Trading
FXTM Invest Copytrading scheme is one of the best in the business and is also available on the MT4 platform. Traders unfamiliar with the MT4 can find more experienced Strategy Managers whose risk profile matches their own and copy their trades. Beginners frequently find that Copytrading is more profitable than making their own trades. FXTM also has a great deal of training material to help new traders get started. Materials include articles, videos, webinars, and a searchable glossary of new vocabulary.
Accepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CMA, FCA, FSCA, and the FSC.
HFM is a CMA-regulated broker with fast STP execution and four different accounts on the MT4 platform. The minimum deposit on the Micro Account is low, at 5 USD, and spreads start at 1 pip on the EUR/USD. HFM offers unlimited demo versions of all its MT4 account types for beginners. For those that prefer raw spreads and commissions 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, Android, and iOS apps. Trading tools include free Autochartist, VPS services, and the HFCopy copy trading service.
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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 Kenyan Clients. Average spread EUR/USD 0.70 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 and the FSC Belize.
Built by traders, for traders, Axi is an ASIC and FCA regulated ECN broker with full MT4 support, great trading tools, and simple account options. Axi likes to keep things simple, and only offers support for the MT4 platform. This focus has allowed Axi to offer the best ECN 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.
In addition, Axi’s pricing model connects to over 20 liquidity sources, so traders experience fewer slippages and requotes. Spreads on the Pro Account start at 0 pips (with a 7 USD commission) and the maximum leverage is 1:500.
Powerful Tools and Simple Account Options
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 all the trading algos you wish to install to your MT4.
Accepts Kenyan 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.
IG Markets is possibly the best regulated and most trusted MT4 broker in the world. Regulated by 10 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 MT4
IG Market’s version of MT4 takes MT4 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. In addition, 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.
Top Tier Education and Analysis
Millions of traders have started their trading careers at IG Markets, and it is easy to see why from the excellent material available at the IG Academy and the constantly updated News and Trade Ideas page. IG Markets also offers a free Trade Analytics tool that evaluates trading performance over time and offers diagnosis and suggestions to improve your trading.
Accepts Kenyan 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.
Bonds, Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices
Markets.com is a well-regulated Market Maker broker, offering a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Beginner traders will also likely be pleased with their comprehensive education section, as well as a wide scope of excellent tools for research and analysis.
Markets.com provides support for the basic version of MT4 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 100 USD. It also boasts excellent trading conditions with spreads starting as low as 0.6 pips on the EUR/USD and leverage is available up to 1:300
Pros
Regulation by top-tier authorities
Hassle-free withdrawal process without any fees
Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders
Competitive spreads starting from 0.6 pips
Cons
The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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.
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.