MetaTrader 4, or MT4, remains the industry-leading algorithmic trading platform. Retail prop firms with highly competitive trading conditions permit their prop traders to use expert advisors or EAs, which are algorithmic trading solutions running on the MT4 infrastructure. Despite its availability, not all prop firms can offer MT4, as MetaQuotes, the developer of MT4, has pulled the license of one prominent retail prop firm, which sent shock waves across the industry. Read my MT4 prop firm analysis and learn the best options, how to use MT4 to improve your trading results, and the pros and cons of MT4 prop firms.
- FundedNext, 15% profit share of the profits during the evaluation period.
- FTMO, the best prop trading firm with a genuine path for salaried prop traders.
- FXIFY, 100% STP execution via 20+ bank and non-bank liquidity providers.
FundedNext
In Summary 15% profit share of the profits during the evaluation periodFundedNext has a 4.6 out of 5.0 rating on Trustpilot (29,671 reviews). Prop traders get six accounts ($6,000, $15,000, $25,000, $50,000, $100,000, and $200,000) and one-step or two-step evaluations. FundedNext also pays 15% of profits during the evaluation period. It is the only prop firm that offers this feature. Therefore, I rank FundedNext among the best MT4 prop firms.
The one-time evaluation fees range between $65 and $1,099 and $59 and $999 for the two-step alternative. The maximum daily drawdown is 3% or 6%, with an overall maximum of 6% and 10%, and a maximum profit split of 95%.
Pros & Cons
- Six account options, a refundable evaluation fee, and a 10% reset discount
- MT4 and MT5 trading platforms with copy and algorithmic trading enabled
- 15% profit share during the evaluation process
- 60% to 90% profit share with ultra-fast withdrawal of five hours
- Limited asset selection
FTMO
In Summary the best prop trading firm with a genuine path for salaried prop tradersFTMO has a rating of 4.8 out of 5.0 on Trustpilot (20,493 reviews). I rank FTMO among the best MT4 prop firms as its Premium Program provides an opportunity to become a professional trader in Quantlane, a proprietary trading firm managing real capital with a contract and fixed salary. FTMO is also an industry leader in transparency, profit-share, and trading conditions, having won the Deloitte Technology Fast 50 Winner award for four consecutive years, starting in 2019.
Prop traders get five accounts ($10,000, $25,000, $50,000, $100,000, and $200,000) and two-step evaluations with a profit share between 80% to 90%.
Pros & Cons
- Reasonable profit targets and generous maximum loss levels
- 80% to 90% profit share with a fast withdrawal process
- Customizable two-step evaluation period with free retrials where applicable
- MT4, MT5, and cTrader accounts with generous leverage
- No information about which broker or brokers FTMO uses
FXIFY
In Summary 100% STP execution via 20+ bank and non-bank liquidity providersFXIFY has a 4.1 out of 5.0 rating on Trustpilot (2,977 reviews). FXIFY, part of the brokerage FXPIG, maintains a well-balanced asset selection of 300+ assets. It offers three trading platforms and a maximum leverage of 1:50. Traders can choose from one-step, two-step, and three-step evaluations with a 10% profit target. The daily and maximum drawdown limits depend on the verification challenge.
Prop traders can use algorithmic and news trading and hold weekend positions. FXIFY features eight account options, from $5,000 with a minimum fee of $59. FXIFY processes bi-weekly payouts with $30M+ in payouts over the past twelve months.
Pros & Cons
- Traders can use EAs, grid trading, and martingale strategies
- Scalability of portfolios to $4M
- Maximum profit share up to 90%
- Low evaluation fees starting from $39
- Limited operational history
MT4 Prop Firms Comparison
| | | |
Year Established | 2022 | 2014 | 2023 |
Average Trading Cost EUR/USD | N/A | 0.6 pips ($6.00) | N/A |
Average Trading Cost GBP/USD | N/A | 0.8 pips ($8.00) | N/A |
Average Trading Cost Gold | N/A | $0.19 | N/A |
Trading Platform(s) | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, DX Trade+ |
| Visit Website | Visit Website | Visit Website |
What MetaTrader Is and How to Use It with Prop Firms
MetaTrader is the developer of MT4 and its successor, MT5. MT4 is the leading algorithmic trading platform and one of the most versatile trading infrastructures. Traders can upgrade it with 25,000+ custom indicators, templates, scripts, and EAs (the term for expert advisors, which are automated trading solutions on MT4/MT5).
Tips on Using MT4 with Prop Firms
- Algorithmic trading - Since algorithms handle 80%+ of daily Forex volumes, prop traders should code their strategies into MT4 EAs
- Backtesting - This is ideal for manual and algorithmic traders
- Charting tools - MT4 has an extensive library of charting tools and custom templates
- Technical analysis - Traders have an unmatched choice of technical indicators
How to Choose a Prop Firm with MetaTrader
I focused my comprehensive analysis of MT4 prop firms on the criteria below.
Prop traders should look for the following features from their MT4 prop firms:
- Trustworthiness: Most prop firms emerged during the post-COVID-19 era and lack verifiable operational history. Therefore, I recommend prop traders consider third-party review sites like Trustpilot and check the regulatory environment of the partner broker.
- Trading Fees: Major currency pairs should not exceed $8.00 per 1.0 standard lot or 0.8 pips.
- Asset Selection: 200+ trading instruments ensure diversification and cross-asset trading opportunities.
- Withdrawals: I advise e-wallets and cryptocurrency withdrawals.
MT4 Prop Firms - Pros and Cons
Prop traders should consider the pros and cons of MT4 prop firms.
The Pros of MT4 Prop Firms
- Leading algorithmic trading platform
- API trading for advanced algorithmic traders
- VPS hosting for low-latency 24/5 Forex trading
- 25,000+ custom indicators, templates, scripts, and EAs
- Connectivity to third-party trading tools, including Capitalise AI, Trading Central, and Autochartist
- One-click trading
- Unlimited demo accounts to test and tweak strategies
The Cons of MT4 Prop Firms
- MT4 has its own coding language, and some coders may experience a learning curve
- Quality upgrades are not free
- Dated user interface, but highly functional
Bottom Line
MT4 prop firms ensure prop traders have a cutting-edge trading infrastructure, including algorithmic trading, an extensive technical analysis suite, and an excellent charting package.
