For this list, we have searched and tested several forex brokers in South Africa offering trading on MT4 trading platform.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers, then placed real trades in each popular market to get the real spreads. We also reached out to customer support to solve issues that we had encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best MT4 forex brokers South Africa based on our trading data and experience as a trader.

Is MetaTrader 4 MT4 Trading Platform good?

MetaTrader 4, also known as MT4, is an electronic trading platform developed by MetaQuotes in 2015. The platform comprises both server and client components; while the server component is run by the broker to give access to their services through the platform, the client component enables traders to manage their accounts, place orders, and see chart prices. Visit the official MT4 website.

The platform is commonly used among retail forex brokers and is used to trade a vast array of markets including forex, indices, cryptocurrencies, and commodities, via CFDs. Many brokers regulated by FSCA offer MT4 for South African clients, however, not all brokers have the same trading fees, support, and safety features.

Some facts on MT4:

  • MetaTrader 4 is available via desktop, mobile, and web versions
  • It is accepted by most brokers all around the world, except for Japan.
  • MetaQuotes launched MetaTrader 5 (MT5) – an upgraded version of MT4
  • the platform is available in 30 languages
  • MT4 is designed for 32-bit operating system, it will work on 64-bit operating system; however, some compatibility problems may occur.
  • MetaQuote stopped the platform in 2018 to promote its freshly-launched MT5 update.

Despite the fact, that MetaQuote is no longer selling the MT4 platform; it still remains one of the most used platform based on execution. Many traders in South Africa prefer it as a choice also due to vast number of videos, education materials, and other good sources available online.

Key features of the MT4 trading platform:

📈Trading InstrumentsForex and CFDs
🔜Pending Orders4 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop)
📊HedgingOnly Hedging
🔎Technical Analysis Tool30
📑Market DepthNo
🗓Economic CalendarNo
💰Order Execution Type3
📊Graphical Objects31
🖥Strategy TesterSingle-Threaded
💳Fund Transfer Between AccountsNo
💻Programming LanguageMLQ4

Best MetaTrader Forex Brokers in South Africa

To select the best MT4 forex brokers South Africa, we tested and reviewed several forex brokers with good regulation and standing. We opened live accounts and deposited real money with each broker, placed real trades to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

  • FXTM – Best Overall MT4 Forex Broker in South Africa
  • IG Markets– Best MT4 Broker for Beginners in South Africa
  • IC Markets – Best Broker MT4 for Auto Trading
  • Tickmill – Best Mobile MT4 Broker for South Africa Trading
  • ThinkMarkets – Best South Africa MT4 Broker with Low Fees

Best Overall MT4 Broker

We picked FXTM as the best overall MT4 forex broker in South Africa.

Founded in 2011, FXTM is an FSCA-regulated CFD provider licensed by top-tier regulators in the UK, Cyprus, and South Africa. Additionally, FXTM is known to be one of the best ECN brokers offering 4 types of accounts: Stocks Account, ECN Account, ECN Zero Account, and FXTM Pro Account.

FXTM offers its clients a full suite of MetaTrader platforms with trading opportunities in forex, indices, commodities, stocks, cryptocurrencies, and spot metals.

Best MT4 Broker for Beginners in South Africa

We picked IG Markets as the best MT4 broker for beginners.

Founded in 1974, IG is a publicly-traded highly regulated brokerage company offering a comprehensive trading package with over 20,000 trading instruments.

IG provides ample educational resources through its academy suitable for beginners, as well as a demo account to allow learning different trading strategies.

Best Broker MT4 for Auto Trading

We picked IC Markets as the best broker for auto trading with the MT4 platform in South Africa.

Incorporated in 2007, IC Markets is an Australia-based forex broker offering over 3,500 tradeable instruments in the forex, indices, stocks, commodities, and cryptocurrencies sectors. IC Markets’ pros include a 1:30 high leverage under the FSA regulation, no deposit/withdrawal fees, and a $200 minimum deposit requirement.

IC Markets offers its clients AutoTrade – a trade copy service owned by Myfxbook – that offers to copy the trades of any system directly into IC Markets MT4 account. IC Markets MT4 platform doesn’t have any restrictions on trading. It has some of the best conditions for scalping, hedging, and high-frequency trading with the tightest spreads (0.0 pips).

Best Mobile MT4 Broker for South Africa Trading

We chose Tickmill as the best mobile MT4 broker for South Africa.

Tickmill is a reputable broker regulated by top-tier entities such as CySec, FCA, and FSCA. Tickmill provides trading on forex, stock indices,  oil, precious metals, and bonds with 0.0 spreads

Tickmill offers a fully customizable MT4 mobile app both on IOS and Android with interactive charts, a full set of trading orders, popular analytical tools, and pretty much all the functionality available on the desktop version.

Best South Africa MT4 Broker with Low Fees

We chose ThinkMarkets as the best MT4 broker in South Africa with low fees.

Founded in 2010, ThinkMarkets is Australia-based forex and CFD broker providing trading opportunities with forex, indices, commodities, cryptocurrencies, and shares CFDs.

ThinkMarkets offers low fees for both Standard and ThinkZero Accounts through the MT4 platform. In fact, fees for the Standard account are built into spreads; and for the ZeroThink account type, the broker charges a minimum commission fee with tight or no spreads. We didn’t find any noticeable non-trading fees like deposit/withdrawal or account maintenance fees.

MT4 Forex Brokers List

Apart from the shortlisted brokers, here is a complete list of forex brokers that are well-regulated and offers to trade on the MT4 platform for South African clients, which we have tested and reviewed.

South Africa Forex BrokerFSCA RegulatedAbout Our TestOur Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
FxProYesDeposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades
TickmillYesDeposit Amount: Over €8,000
Total Trade: 12 trades
Tickmill Review
IGYesIG Website

FAQ and More on MT4 Brokers

Traders usually have many questions related to generic trading-related queries. We tried to answer some of the most important queries related to MT4 forex brokers South Africa.

South Africa Metatrader 4 Real Account

A real or live account is a gateway where traders need to make a deposit before trading can be done, account types vary based on broker proposal too, and typically offering standard, commission-based, or micro-accounts.

MT4 Demo Account in South Africa

A demo account on MetaTrader 4 is an account for test/practicing trading account with virtual money, and most brokers offer this account for free use; however, the access to it may be limited to 1 month or so, based on broker conditions.

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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