10 Best MT4 Forex Brokers for 2025

The best Forex brokers for MetaTrader 4 (MT4) are Pepperstone, IC Markets, XM, and FP Markets.

The most important criteria to consider when choosing the best Forex broker for MT4 are low all-in trading costs (tight spreads plus fair commissions), fast and low-latency execution, advanced MT4 tools and VPS support for EAs, and strong multi-jurisdiction regulation with solid client protections.

Pepperstone is the best MT4 Forex broker overall, thanks to providing very low trading costs (Razor/raw spreads with low commissions), fast execution on low-latency infrastructure, enhanced MT4 tools and VPS support for algorithmic trading, and top-tier regulation with segregated client funds.

Ranked just behind Pepperstone, the best MT4 Forex brokers for low all-in costs, execution quality and MT4 tooling include IC Markets, XM, and FP Markets. IC Markets features razor-thin raw spreads, true ECN/no-dealing-desk execution and VPS options ideal for scalpers and EA users. XM provides a very low minimum deposit with user-friendly accounts (including the Ultra Low option) and full MT4 on desktop, web and mobile. FP Markets comes with competitive raw-spread pricing, Autochartist & Smart Trader Tools on MT4, and strong ASIC/CySEC oversight.

Pepperstone, IC Markets, and FP Markets are regarded as recommended Forex brokers due to tight spreads, fast execution, and robust platforms and support.

The table that compares the best MT4 forex brokers is shown below.

The best MT4 broker for demo trading is HF Markets. HF Markets provides unlimited MT4/MT5 demo funds with up to a $100k starting balance, a customisable demo balance to mirror your planned live account, and MT4 Cent, Pro and Zero Spread accounts with premium tools so demo conditions closely match live trading. These unlimited and flexible demo resources, together with realistic account types and advanced tools offered by HF Markets, help traders practise strategies in a true-to-life environment and fine-tune their approach before risking real money.

The best MT4 brokers for demo trading usually offer generous virtual balances, demo setups that replicate live-account conditions, and supportive tools or features that speed up the learning curve. IG is an alternative to HF Markets thanks to its $20k virtual-balance demo that mirrors the live platform layout, IG Academy courses running alongside the demo for guided learning, and its MT4 infrastructure with competitive spreads and VPS-supported add-ons once you switch to a live account. Pepperstone is another solid alternative to HF Markets and is often regarded as one of the best demo FX brokers, since it offers MT4/MT5 demo accounts (with a 60-day default period) and quick balance top-ups, access to cTrader and TradingView demos to compare execution before committing to MT4, and Razor MT4 pricing with Smart Trader Tools so the strategies you refine in demo can later run on razor-thin live spreads.

For ECN trading on MT4, the best broker is HFM. HFM delivers an MT4 Zero Spread account with raw EUR/USD pricing around 0.1–0.3 pip plus a $6 round-turn commission, market execution with no requotes for ECN-style fills, and flexible MT4 accounts (Cent, Pro, Zero Spread) so you can pair ECN pricing with position sizes that fit your capital. This combination of raw spreads, reliable market execution and adaptable account types provided by HFM allows ECN traders to keep costs tight, reduce slippage and tailor position sizing to their strategy and account size.

Top MT4 ECN brokers typically combine raw or near-zero spreads, fast execution from deep liquidity, and specialised tools that help traders identify and manage high-frequency setups. FP Markets is an alternative to HFM and is widely regarded as one of the top ECN brokers due to its MT4 Raw ECN account with near-zero spreads and a $6 round-turn commission, low-latency access to tier-1 liquidity that suits active day trading and scalping, and MT4 Autochartist plus Smart Trader Tools that support finding and managing ECN trading opportunities. Pepperstone also stands out as an alternative to HFM, because it offers a Razor MT4 ECN account with raw spreads from 0.0 pips and about a $7 round-turn commission, deep multi-provider liquidity and a no-dealing-desk model to minimise slippage, alongside Smart Trader Tools and fast low-latency MT4 execution tuned for scalpers and EA users.

The top MT4 broker for trading with Expert Advisors (EA) is HF Markets. HF Markets offers full MT4/MT5 EA support with scalping and hedging allowed, free VPS hosting for 24/7 automated trading with reduced latency, and Zero Spread MT4 accounts (0.0–0.3-pip raw spreads plus a $6 commission) that keep EA trading costs under control. This combination of unrestricted EA usage, VPS hosting and low-cost Zero Spread accounts from HF Markets enables algo traders to run robots continuously, cut execution delays and maximise the efficiency of cost-sensitive automated strategies.

The best MT4 brokers for EA trading usually provide full algo compatibility, low-latency infrastructure and tight spreads so automated systems can operate smoothly and economically. IC Markets is an alternative to HF Markets thanks to its MT4 environment built for algos with ultra-low raw spreads and true ECN no-dealing-desk execution, ultra-low-latency infrastructure and VPS options ideal for high-frequency EAs, plus deep liquidity and no minimum order distance so robots can fire many small trades efficiently. Pepperstone is likewise a compelling alternative to HF Markets, since it offers MT4 Razor pricing (around 0.0–0.3-pip spreads with roughly a $7 commission) optimised for cost-efficient EA trading, strong API and VPS integrations for stable low-latency connectivity, and Smart Trader Tools on MT4 to help fine-tune EA entries, exits and risk parameters.

Choosing the best MT4 forex broker requires evaluating multiple trading factors such as spreads, execution speed, and account features. Traders must compare MT4 FX brokers commission structures, minimum deposits, and available currency pairs to optimize their trading performance.

The criteria on how to choose the best MT4 forex brokers are listed below.

• Account types available: Examine whether brokers offer multiple MT4 account variants such as Standard, ECN, or Swap-Free accounts to match trading preferences and regulatory requirements.
• Minimum deposit requirements: Compare deposit thresholds across brokers, for example Pepperstone requires $0, XM requires $5, and AvaTrade requires $100 to access MT4 platforms.
• Spread and commission structures: Analyze cost models where brokers charge spreads from 0 pips with commissions ranging from $1.80 per lot at Admirals to $7 per lot at Pepperstone on MT4 accounts.
• Currency pair selection: Verify the range of tradeable forex instruments, such as FBS offering 72 currency pairs while Admirals provides 40+ currency pairs on their MT4 platforms.
• Execution speed performance: Assess order processing latency where top performers like IC Markets and Pepperstone deliver 30ms execution speed compared to AvaTrade at 80ms on MT4.
• Demo account duration: Evaluate practice account terms such as XM providing unlimited MT4 demos versus AvaTrade offering 21-day trial periods for strategy testing.
• Algorithmic trading support: Confirm Expert Advisor compatibility since all major MT4 brokers enable automated trading strategies through EA integration on their platforms.
• Server infrastructure quality: Review server availability where brokers like XM offer 20 server locations compared to AvaTrade providing 7 servers for MT4 connectivity.

MT4 is the better choice when you depend on existing MQL4 robots or indicators. MQL4 code does not run on MT5 without rewriting, which introduces the risk of higher migration costs. MT4 gives you access to a mature ecosystem of trading tools if you rely on specific Expert Advisors or custom indicators built in MQL4.

You should choose MT4 when you prefer a simpler desktop workflow dedicated to spot FX trading. MT5 offers additional order types, such as Buy Stop-Limit and Sell Stop-Limit, but MT4 provides the four classic pending orders that many FX traders need. The lighter MT4 interface suits traders who focus on currency pairs and do not require multi-asset capabilities.

MT4 can deliver better value when your broker offers superior pricing or execution on their MT4 accounts. Some brokers, like IC Markets and Pepperstone, segment their account types by platform, which is an important factor to consider when comparing MT4 vs MT5 in terms of trading conditions. You should verify the spread, commission structure, and server locations on your broker’s account types pages before deciding.

Comparing MT4 brokers with brokers using different forex platforms requires evaluating execution quality, trading costs, and platform functionality. Forex traders examine spreads, commissions, latency metrics, available currency pairs, and account features when choosing the perfect broker. Platform capabilities differ across brokers, and these differences affect trading outcomes and operational efficiency.

The criteria on how to compare MT4 brokers with brokers using different forex platforms are listed below.

• MT5 differs from MT4 through its expanded timeframes, economic calendar integration, and multi-asset trading capability across stocks, futures, and options. Traders assess whether MT5’s additional order types and depth-of-market data justify the potential learning curve.
• Proprietary platforms vary in customization, order routing transparency, and exclusive tools that brokers develop internally. Traders weigh whether proprietary systems deliver sufficient charting depth or if the absence of expert advisor support restricts automated strategies.
• cTrader contrasts with MT4 through Level II pricing visibility, one-click trading, and advanced order management features. The decision depends on whether cTrader’s execution model aligns with the trader’s order flow preferences.

To understand if an MT4 broker offers reliable server stability and execution speed, first check the broker’s regulatory status by verifying their license on Tier 1 regulatory entities like FCA, ASIC, and CySEC. Unregulated firms present the biggest risk to stability.

Second, measure the MT4 broker’s latency directly in the platform’s server list. MetaQuotes displays ping times for each endpoint. Home broadband typically shows 30-120 ms, while a VPS near the broker’s data center achieves 1-10 ms. Lower latency matters most for scalping strategies.

Third, test execution speed at your MT4 broker by placing small orders on demo accounts and then on live accounts with minimal size. Compare the “order sent” and “filled” timestamps in the Journal tab to calculate execution time during different market sessions and news events.

Fourth, to assess your MT4 broker’s consistency you can use independent monitoring services. Myfxbook provides live spread dashboards, while FX Blue offers historical spread analysis. These services show how pricing changes during volatile periods versus quiet sessions.

Finally, consider MetaTrader Virtual Hosting if you run automated strategies at your MT4 broker. The service minimizes latency to trade servers. Many brokers (such as IC Markets and Pepperstone) host infrastructure at Equinix facilities like NY4 in New Jersey or LD4/LD5 near London, locations that reduce round-trip execution time.

Defining your trading strategy before choosing an MT4 broker is critical. Your strategy determines which broker features you actually need. Scalpers and EA users need an MT4 broker with low latency connections. You can achieve low latency by choosing a VPS hosting near broker servers like Equinix NY4. These traders benefit from raw spread accounts like Pepperstone Razor or IC Markets Raw Spread that charge commissions around $3.50 per lot per side. The MT4 broker you select must support tight execution speeds.

Swing traders hold positions longer. Standard accounts at an MT4 broker work better for them because spread markup often costs less than commissions when you trade infrequently.

Copy traders need an MT4 broker that integrates MQL5 Signals into the platform. Hedging strategies require checking whether your MT4 broker offers hedging account modes. For example, the United States NFA Rule 2-43(b) prohibits hedging with American brokers.

Leverage requirements matter when selecting an MT4 broker. EU, UK, and Australian regulations cap retail leverage at 30:1 on major pairs like EUR/USD and GBP/USD, which may influence the effectiveness of some of the best trading strategies, especially those that rely on high margin availability. Your strategy’s leverage assumptions must align with your jurisdiction’s rules before opening an account with any MT4 broker.

To choose the right forex account type in a MT4 broker, match your account type to your trading frequency and calculate the total cost per trade. Standard accounts at MT4 brokers charge no commission but have wider spreads, which works well if you trade infrequently. Raw accounts (like IC Markets Raw or Pepperstone Razor) offer tight spreads plus a commission of around $7 per round-turn lot, which benefits scalpers who trade often.

Calculate your all-in cost before you choose an MT4 broker account. Add the average spread in pips multiplied by pip value, then add commissions, then adjust for swap fees if you hold overnight. A 1-lot EUR/USD trade with a 0.8 pip spread costs $8 on a Standard account type. The same trade with a 0.1-pip spread plus $7 commission on a Raw account costs $8 total.

Check non-price features that affect your MT4 broker experience. Cent accounts let you trade in micro-lots with minimal capital, which helps when you test strategies with real money. Swap-free accounts replace overnight interest with administrative fees, which matters if you hold positions for days. Lastly, verify minimum trade sizes, margin requirements, and leverage caps (30:1 in the EU, UK, and Australia for retail traders) before choosing among Forex trading account types.

MT4 brokers are your only choice if you must rely on existing MQL4 code that you don’t want to rewrite. MT4 gives you access to a large ecosystem of third-party tools, including Expert Advisors and indicators from the MT4 Market and CodeBase. You can use integrated copy-trading through MQL5 Signals if that matches your strategy. Check whether your preferred broker offers the account type you want on MT4, since some brokers, like FxPro, segment accounts by platform. Standard accounts, Raw accounts, ECN accounts, and Cent accounts may be available on MT4 depending on the broker.

MT4 becomes less suitable when you need multi-asset trading, advanced backtesting, or more order types. The Strategy Tester in MT4 lacks the multi-threaded, multi-currency capabilities that MT5 offers. Your needs determine whether MT4’s simplicity outweighs the modern features offered by a more advanced forex trading platform like MT5.