9  Best MT4 Forex Brokers in Zambia for 2024

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 Zambia 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 Zambia are regulated by the Financial Sector Conduct Authority (FSCA). FSCA-regulated brokers are audited regularly, must keep trader’s funds in Zambia 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 Zambia 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. 

What is MetaTrader 4 (MT4)?

MetaTrader 4 is the most popular Forex trading platform in the world and has been for the last fifteen years. It connects traders to brokers so they can trade Forex and other CFDs.

MT4 was built by MetaQuotes – a Russian software company – in 2003, and it revolutionised the retail Forex industry. MT4 offered retail Forex traders an institutional-grade trading platform, so anyone with an internet connection was on equal footing with professional Forex traders. 20 years later, MT4 is still the industry standard for several reasons:

• MT4 is a high-speed and customisable trading platform, complete with a charting suite where charts can be 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 and use them to automate their trading.
• 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 Android devices, in a web browser and as a downloadable application for Windows and MacOS.

Is MT4 a Broker?

No, MetaTrader 4 is not a broker. It is a trading platform which can be connected to a Forex broker to trade Forex and other CFDs. MT4 is a third-party trading platform, which means that you own the licence to the software, and you can use it with multiple brokers. MT4 is also free to download and use.

Which brokers have MT4?

This is our list of all regulated Forex brokers which support MT4, ordered by overall score.

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Broker	Broker Score	Global Regulators	Min. Deposit	Total # CFDs	No. of FX Pairs	Cost of Trading	EUR/USD	GBP/USD	USD/JPY	Fees	Compare
	4.69 /5 Read Review		USD 0	19295	80	USD 6	0.85 pips	1.40 pips	0.94 pips	Fees Included in Spread
	4.68 /5 Read Review		USD 100	1009	56	USD 7	0.60 pips	1.20 pips	0.70 pips	Fees Included in Spread
	4.61 /5 Read Review		USD 0	1597	90	USD 10	0.10 pips	0.40 pips	0.30 pips	6 USD / lot
	4.59 /5 Read Review		USD 100	930	63	USD 9	0.90 pips	1.60 pips	1.10 pips	Fees Included in Spread
	4.58 /5 Read Review		USD 100	612	62	USD 6	0.10 pips	0.30 pips	0.10 pips	6 USD/lot
	4.53 /5 Read Review		AUD 100	846	55	USD 10	0.06 pips	0.73 pips	0.23 pips	7 USD / lot
	4.53 /5 Read Review		USD 0	1230	53	USD 10	0.10 pips	0.50 pips	0.30 pips	6 USD / lot - Zero Account
	4.46 /5 Read Review		USD 200	1744	64	USD 8	0.02 pips	0.23 pips	0.14 pips	7 USD / lot - Raw Spread Account
	4.45 /5 Read Review		USD 0	1129	53	USD 6	1.30 pips	1.80 pips	1.90 pips	6 USD / lot - ZERO Spread Account
	4.45 /5 Read Review		USD 5	1554	57	USD 6	0.10 pips	0.20 pips	0.10 pips	Fees Included in Spread
	4.44 /5 Read Review		USD 0	188	70	USD 10	0.00 pips	0.10 pips	0.10 pips	7 USD / lot - PRO account
	4.43 /5 Read Review		USD 0	4150	46	USD 11	0.00 pips	0.00 pips	0.00 pips	7 USD / lot - ThinkZero Account
	4.41 /5 Read Review		AUD 0	247	81	USD 4.50	0 pips	0 pips	0 pips	4.5 AUD / lot (EUR/USD)
	4.40 /5 Read Review		AUD 100	10162	70	USD 6	0 pips	0.10 pips	0 pips	6 USD / lot - RAW Accounts
	4.39 /5 Read Review		USD 100	2241	70	USD 14	0.40 pips	1.00 pips	0.60 pips	9 USD / lot
	4.38 /5 Read Review		USD 50	3556	43	USD 6	0.74 pips	1.05 pips	1.23 pips	None
	4.37 /5 Read Review		USD 10	237	53	USD 13	0.00 pips	0.60 pips	0.30 pips	6 USD / lot - Zero-Spread account
	4.33 /5 Read Review		USD 5	573	72	USD 7	0.70 pips	0.90 pips	1.00 pips	Fees Included in Spread
	4.33 /5 Read Review		USD 100	2006	130	USD 12	0.20 pips	0.50 pips	0.50 pips	Fees Included in Spread
	4.33 /5 Read Review		USD 50	20108	50	USD 15	0.80 pips	1.10 pips	1.00 pips	3 USD / lot
	4.32 /5 Read Review		USD 3	221	100	USD 7	0 pips	0.10 pips	0 pips	7 USD/lot
	4.30 /5 Read Review		ZAR 1000	718	32	USD 6	0.60 pips	0.80 pips	1.00 pips	Fees Included in Spread
	4.28 /5 Read Review		USD 25	3996	82	USD 8	0.10 pips	0.60 pips	0.30 pips	1.8 - 3 USD per lot
	4.28 /5 Read Review		USD 0	26115	70	USD 8	0.18 pips	0.66 pips	0.44 pips	Fees Included in Spread
	4.28 /5 Read Review		USD 100	415	50	USD 20	2.00 pips	2.00 pips	2.00 pips	Fees Included in Spread
	4.28 /5 Read Review		USD 10	2193	49	USD 17	0.70 pips	2.00 pips	1.60 pips	Fees Included in Spread
	4.25 /5 Read Review		USD 5	146	80	USD 7	0.10 pips	0.40 pips	0.10 pips	6 USD / Lot
	4.12 /5 Read Review		USD 100	310	70	USD 12	0.10 pips	0.40 pips	0.20 pips	8 USD / lot - Raw Account
	4.08 /5 Read Review		USD 50	2489	63	USD 10	0.30 pips	1.60 pips	1.20 pips	Fees Included in Spread
	4.02 /5 Read Review		USD 25	193	63	USD 18	0.70 pips	1.30 pips	1.00 pips	Fees Included in Spread
	3.97 /5 Read Review		USD 50	262	56	USD 19	0.20 pips	0.20 pips	0.10 pips	10 USD / lot - ECN Account
	3.87 /5 Read Review		USD 50	151	50	USD 15	1.50 pips	1.60 pips	1.50 pips	Fees Included in Spread
	3.61 /5 Read Review		USD 0	164	48	USD 13	1.30 pips	1.80 pips	1.30 pips	7 USD / lot - Zero Account
	3.60 /5 Read Review		USD 0	8071	43	USD 6	0.30 pips	0.50 pips	0.30 pips	6 USD / lot
	3.52 /5 Read Review		USD 500	311	42	USD 7	0.20 pips	0.80 pips	0.40 pips	5 USD / lot

Which is the best MT4 broker?

HFM is the best MT4 broker in Zambia. HFM is FSCA-regulated with fast STP execution and six different accounts on the MT4 platform. The minimum deposit on the Micro Account is only 70 ZAR and spreads start at 1 pip on the EUR/USD.

How do I get started with MT4?

The quickest way to get started with Metatrader 4 is to download it yourself. You can download it directly from the MetaTrader website or from any Zambian MT4 broker. If you download it directly from MetaTrader website you will be asked to open a free demo account, which will allow you to test the features of the trading platform.

All Zambian MT4 brokers will offer demo accounts too – and you should always use one before opening a live account, especially if you are new to MetaTrader. The best MT4 brokers will offer detailed educational resources for the trading platform, including video tutorials and downloadable PDF guides.

What is the Difference Between MT4 and MT5?

MT5 is the newer version of MetaTrader, released in 2010, though it still lags behind MT4 in terms of popularity. The first significant change is that MT5 has native support for trading exchange-traded assets like shares, futures and ETFs, whereas MT4 does not – though most MT4 brokers have since added this capability to their MT4 systems.

The second major change is MT5’s new scripting language, MQL5, which allows for more accurate backtesting of Expert Advisors (EAs). It is important to note that EAs built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.

MT5 also boasts a cleaner interface and comes with an integrated news feed, a sentiment tracker, and more charting capabilities. MT5 is finally seeing support from the trading industry, with some MetaTrader brokers abandoning MT4 in favour of the newer version.

Is MT4 for Forex Trading Only?

MT4 was initially founded as a Forex-only trading platform, but nowadays, you can trade all CFDs with it. While MT4 was not originally designed to trade stock CFDs, some brokers have since added this capability. That said, don’t be surprised to see that some MT4-only brokers offer no stock CFDs at all – or a very limited selection.

What are MT4 Charts?

When you first open MT4 you will be greeted with the screen above. Like all trading platforms, charts are the main focus in MT4, and this is where most of your attention will be spent. The MT4 charts will show you the current and historical price of up to four different asset classes at the same time. Charts are the most valuable tool traders have for analysing the movements of Forex pairs and other CFDs.

In MT4, each chart can be fully customised. Traders can choose between Candlesticks, Bar Charts or Line Charts and each chart can be colour-coded and saved as a template.

What Charting Tools Does MT4 have?

Aside from customising the appearance of charts in MT4, there are a number of key charting features and tools that traders can use to enhance their trading experience.

Zooming: Each chart can be zoomed horizontally and vertically, to close in on a specific time period or set of bars.
Period Changes: MT4 allows traders to use nine different data periods, from 1 minute to 1 month. Some technical indicators and line studies will only be helpful when used with certain data periods, so this capability is especially important for technical analysis.
Objects: Also called graphical objects, these are lines, shapes and arrows that are imposed over charts to assist with technical analysis. Common graphical objects include support/resistance lines, trendlines, as well as Fibonacci, Gann, and Andrews’ tools. Objects will not be removed when the time period changes.
Indicators: Indicators are technical analysis tools that can identify market trends and help traders predict future price movements of an asset. MT4 comes with a number of the most common indicators already installed, but more can be added from the MetaTrader Market. Like graphical objects, indicators can be superimposed over the chart and will not be removed if the time period is changed.

Does MT4 Support Copytrading?

Yes, MT4 can support copy-trading in a few different ways. The most common method is through MT4 trading signals. Trading signals in MetaTrader 4 allow traders to automatically copy other traders in real-time. Many successful traders provide their Forex trades in public access either for free or for a reasonable fee, these are known as signal providers.

MetaTrader 4’s signal service is easily accessible. You will need an active trading account and an MQL5.com account. Once you have both you will be able to access the signal providers database. From this database, you can see the names of the signal providers, how long they have been active, and other important information like total profit, the number of followers and maximum drawdown.

MetaTrader 4 can also be used in conjunction with popular copy-trading solutions such as myFxBook, Duplitrade and ZuluTrade. These third-party copy-trading solutions have a carefully curated selection of traders to follow, therefore decreasing the risk of following a loss-making signal provider. Be aware that these other services have an additional cost.

Does MT4 Support Automated Trading?

Yes, MT4 does support automated trading. Aside from copy-trading through the MT4 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators. This type of automated trading is also called algorithmic trading, as the EAs are algorithms built specifically for trading.

It’s important to recognise the difference between EAs and indicators. EAs fully automate your trading and will trade for you within the parameters of the algorithm. Indicators will only analyse the market, allowing you to decide whether to trade or not based on the information given. EAs can be turned on and off easily from within MT4.

EAs and indicators can be downloaded and purchased from inside MT4, in the Market tab of the trading platform. Some EAs are free, others can be purchased outright or rented on a monthly or yearly basis.

In addition to the MetaTrader Market, thousands of free EAs and indicators can also be found in the MT4 Code Base.

How to Automate Trading in MT4 Using at EA?

Once an EA has been purchased or downloaded from the Market or Code Base, it’s a simple process to start automating your trading with it. First, you will need to find the location of the EA on your computer and copy it to the Experts folder in your MetaTrader 4 folder (usually on the C drive of your computer).

Launch the main MT4 application, and then look for the Expert Advisors section, which should be located under the Navigator tab on the left side of the main screen. Then click on the + icon and select the EA, which should now be visible. Once it has been selected you can drag it onto the charts to ensure that it’s active.

Can I Build My Own EAs?

Yes, anyone can build an EA using the MQL4 integrated programming language. MQL4 is a high-level object-oriented programming language based on the concepts of the popular С++ programming language.

What Are the Risks of Using an EA for Automated Trading?

Before you start using an EA with a live account, it should always be used with a demo account until you are happy with its performance. Most EAs will come with a short guide from the developer explaining how best to use it, and it’s important to understand this information completely before use.

Even though performance can be difficult to evaluate over a short time period, practice with a demo will be useful as a guide to the future. Even the best MT4 EA can’t take fundamental events such as geopolitical variables into account when automating your trades.

It’s also important to consider lot size when using an EA, you should never trade more than your account balance and risk management strategy will allow.

What is EA Backtesting in MT4?

Backtesting is using historical data in MT4 to see how an EA would have performed in the past. While this does not guarantee success of an EA in live trading, it does give you an idea of how the EA will function over a certain time period. This is especially useful if you backtest using a particularly volatile period, where the EA’s function would be disturbed by political or financial events outside of its purview.

Should You Use MT4?

If you are just starting your trading career you may want to 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.

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.

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.

MT4 is the most popular Forex trading platform in the world and has been for the last fifteen years. 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:

1. 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. 
2. MT4 allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools using MQL4. 
3. 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.
4. 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.

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.

 

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.