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HERE IS A LIST OF FOREX BROKERS THAT WORK WITH MT4

Best MetaTrader 4 (MT4) Brokers in Nigeria

In forex trading, MetaTrader 4 (MT4) has long been a preferred trading platform for its user-friendly interface and intuitive nature. Additionally, it offers advanced charting tools and automated trading capabilities. Nigerian traders, in particular, seek reliable and feature-rich brokers to execute their trading strategies successfully. Brokers that offer MetaTrader 4 might just be the solution.


In this article, we will look at some of the best MetaTrader 4 brokers in Nigeria. Specifically, we will focus on renowned platforms such as Exness, Pepperstone, XM, and more. We’ll explore their features, regulatory status, and unique offerings to Nigerian traders.


Exness

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, CMA, CySEC, FCA πŸ’° Spreads: as low as 0.3 pips
βš–οΈ Max. leverage: 1:unlimited ▢️ Min. deposit: $10/7,775 NGN
πŸ“Š Forex pairs: 100+ πŸ”Ž MT4 Available: Yes

Exness has emerged as a prominent broker in the forex industry over the years. It has earned a reputation for innovation and transparency. Exness is regulated by the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus. Strong regulations are always a good selling point for any broker. The integration of MT4 enhances the trading experience. It provides traders with a seamless and feature-rich platform for executing trades. On top of that, the platform allows traders to link EAs and trading bots to automate their trading. On the broker site, there are various market instruments clients can trade. Specifically, traders have access to global markets such as forex, energies, cryptocurrencies, stocks, and indices.


One of Exness’s standout features is its commitment to providing low spreads, making it an attractive choice for traders. It offers a diverse range of account types, catering to both novice and experienced traders. The broker offers two different standard accounts and three professional accounts. The Standard and the Standard Cent accounts both have spreads from as low as 0.3 pips with no commission paid.


Pepperstone

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: CMA, CySEC, ASIC, FCA, BaFin πŸ’° Spreads: as low as 1.0 pips
βš–οΈ Max. leverage: 1:400 ▢️ Min. deposit: No minimum deposit
πŸ“Š Forex pairs: 60+ πŸ”Ž MT4 Available: Yes

Pepperstone is renowned for its cutting-edge speed matched with precision in the market. The broker offers four world-class trading platforms for traders to choose from including MetaTrader 4. This platform offers a wide range of features, including advanced charting tools, Expert Advisors, copy trading, custom indicators, algorithmic trading, scripts, and more. Pepperstone tries to cater to all kinds of traders by supporting diversification on its platform. Traders have access to over 1,200 CFDs on forex, cryptocurrencies, indices, commodities, shares, and ETFs. Traders can spread their investments across various markets to maximize their earning potential.


With Pepperstone, Nigerian traders can benefit from ultra-low spreads. Pepperstone’s Standard account features spreads from as low as 1.0 pips for major currency pairs. On the other hand, the Razor Raw account allows clients to trade with even lower spreads starting from 0.0 pips with a commission depending on the trading platform. When using MT4, MT5, and TradingView, traders pay a commission of $3.5 per side per lot paid. Pepperstone is under the regulation of the CMA in Kenya. However, the broker is also regulated and licensed by the FCA in the UK, the ASIC in Australia, the CySEC in Cyprus, and the BaFin in Germany.


XM.com

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: IFSC, FCA, CySEC, ASIC πŸ’° Spreads: as low as 0.6 pips
βš–οΈ Max. leverage: 1:1000 ▢️ Min. deposit: 5$
πŸ“Š Forex pairs: 55 πŸ”Ž MT4 Available: Yes

XM is a globally recognized broker that has made significant inroads into the Nigerian market. MetaTrader 4, offered by this broker, is available on all types of devices including PC, macOS, iOS, Android, and as a Web app. This platform comes with full EA functionality, one-click trading, technical analysis tools, and a plethora of charting tools.


On top of that, traders get access to over 1,000 different trading instruments. These include CFDs on forex, indices, cryptocurrencies, stocks, shares, precious metals, and energies. One of XM’s distinguishing features is its commitment to trader education. The broker provides an array of educational resources, including webinars, seminars, and video tutorials. On regulations, XM is under the supervision of world-class regulators including the FCA, the CySEC, and the ASIC. While not regulated in Africa, these are tier-one regulators that ensure brokers follow strict financial laws.


FP Markets

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, IFSC, CySEC, ASIC πŸ’° Spreads: as low as 1.0 pips
βš–οΈ Max. leverage: 1:500 ▢️ Min. deposit: $100
πŸ“Š Forex pairs: 70+ πŸ”Ž MT4 Available: Yes

FP Markets is a prominent player in the forex industry, known for its immense collection of trading instruments. This broker offers its clients over 10,000 different CFDs on forex, shares, metals, commodities, indices, cryptocurrencies, bonds, and ETFs. These assets are available to trade on four different trading platforms which include MetaTrader 4, MetaTrader 5, cTrader, and Iress. With the MT4, the broker offers a customisable interface, one-click trading, EA integration, and customizable alerts, among other features.


Traders can enjoy low spreads when trading with this broker from as low as 1.0 pips on the standard account. However, the Raw account has even lower spreads starting from 0.0 pips and a commission of $3 per side per lot. This broker operates under the regulation of the FSCA in South Africa, the CySEC in Cyprus, and the ASIC in Australia.


FXTM

🏦 Regulation: FSCA, CySEC, FCA πŸ’° Spreads: as low as 1.5 pips
βš–οΈ Max. leverage: 1:2000 ▢️ Min. deposit: $10
πŸ“Š Forex pairs: 60+ πŸ”Ž MT4 Available: Yes

FXTM, or ForexTime, is a global broker that also accepts Nigerian traders. Regulated by various authorities such as the CMA, the FSCA, the FCA, the CySEC, and the IFSC, FXTM ensures compliance with stringent financial regulations. There are a variety of trading instruments clients can invest in on FXTM. These include forex currency pairs, metals, commodities, indices, forex indices, stocks, stock baskets, and stock CFDs. 


The trading fees on FXTM are favourably affordable. There are three main accounts which include the micro, the advantage, and the advantage plus accounts. The Micro account and the Advantage Plus account both feature spreads starting from 1.5 pips upwards. On the other hand, the Advantage account features commissions of about $0.4 to $2 based on the volume with spreads from 0.0 pips. FXTM offers clients attractive trading platforms which include MT4, MT5, and FXTM Trader. With MT4 support, FXTM provides advanced trading tools and features for a comprehensive trading experience.


AvaTrade

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, CySEC, KNF πŸ’° Spreads: as low as 0.9 pips
βš–οΈ Max. leverage: 1:400 ▢️ Min. deposit: $100
πŸ“Š Forex pairs: 55+ πŸ”Ž MT4 Available: Yes

AvaTrade is a globally regulated broker with a strong presence in Nigeria. Regulated by the FSCA, the ASIC, the BVI FSC, and the ADGM, AvaTrade adheres to international financial standards. With AvaTrade, traders can access a variety of financial instruments. These include CFDs on forex, indices, stocks, commodities, ETFs, bonds, and cryptocurrencies. When trading forex pairs, spreads start from as low as 0.9 pips. AvaTrade supports the MT4 platform, providing traders with a user-friendly interface, professional analytical tools, algorithmic trading support, and custom indicators, among other features.


Top MT4 Platform Features

Numerous Analytics Tools

MT4 has long been an industry leader when it comes to providing analytical tools. This trading platform provides traders with interactive charts with 9 different timeframes, 23 different analytical objects,  and 60+ different technical indicators. On top of that, the platform has alerts and financial news widgets where traders get notified of any relevant news and events.

Copy Trading and Trading Signals

Trading Signals on MT4 allow you to see the moves that other traders are making in real time. Using this service, you can copy the deals that more successful traders are making in the market. There are many successful traders that provide their forex trades in public whether for a fee or for free.

Positively, MT4 showcases more than 3,200 different free and commercial signals to its clients. For their convenience, the trading platform sorts all signal providers by their trading results with the most successful ones displayed at the top.

MetaTrader Community of Traders

MetaTrader allows investors to communicate with each other and learn more about the markets. They can share trading news and articles to keep each other up to date. The popularity of this trading platform has attracted a large pool of developers, experts, and traders. This large community provides traders with a large knowledge base that they can use to improve their trading.

MetaTrader Market

The MetaTrader market is another notable feature of MetaTrader 4. On this marketplace, traders can buy or rent trading bots and technical indicators to help them in their trading journey.

Better yet, MetaTrader 4 gives traders the ability to test products before buying them. This is because all the products available have demo versions. In total, there are over 1,700 different trading robots and over 2,100 different technical indicators.

Algorithmic Trading

Algorithmic trading is one of the strongest features of MetaTrader 4. It allows traders to develop, test and use Expert Advisors and technical indicators to automate their trading. The platform features the MQL4 IDE (Integrated Development Environment) allowing traders to develop Expert Advisors and technical indicators of any complexity.

Its core is MQL4 object-oriented programming language for trading strategy development. It offers high efficiency, flexibility and functionality. Better yet, traders can publish the applications they produce in the MetaTrader Market. This can help earn traders some extra funds that they can then use as trading capital.

Pros and Cons of MT4

Advantages

  • MetaTrader 4 is available on various broker sites for free.  
  • Traders can test out MetaTrader 4 on a demo account.
  • Its copy-trading capabilities are helpful for both beginner and seasoned traders.
  • MetaTrader 4 has an intuitive and user-friendly interface.
  • Supports algorithmic trading through EAs and indicators.
  • Offers support for multiple languages, facilitating seamless use for non-English-speaking traders.
  • Enables effortless one-click trading, a favoured choice among scalpers.
  • Allows customization for a personalized user experience.
  • Compatible with Android, iOS, and Windows operating systems.
  • Provides a diverse range of charting tools and indicators for streamlined analysis.
  • Includes support for backtesting.

Disadvantages

  • May not meet the speed requirements of high-frequency traders.
  • MetaQuotes is gradually transitioning to the updated MT5 platform.
  • Prone to susceptibility to bugs.

Conclusion

MetaTrader 4 empowers traders to access real-time data, analyze the market, and execute orders effortlessly. Alongside its analytical tools, the platform offers copy-trading, allowing novice traders to lean on the expertise of seasoned professionals. However, MetaQuotes is increasingly promoting MT5. This suggests a potential shift away from introducing new technical updates for MT4. Nevertheless, users can continue to enjoy uninterrupted access to the platform. 


The brokers on this list stand out as some of the best MT4 brokers, each offering a unique set of features and advantages. Nigerian traders should prioritize choosing a broker with a robust regulatory framework, competitively low spreads, and a wide section of trading assets. By making an informed decision, traders can position themselves for success. As such, thorough research is needed before selecting a broker and investing in any market.