An MT4 ECN broker refers to a forex (Foreign Exchange) brokerage firm that uses the MetaTrader 4 (MT4) trading platform to provide traders with direct access to interbank forex rates through an Electronic Communication Network (ECN), ensuring transparent pricing and faster trade execution.
In this article we have collected some of the best MT4 ECN brokers by taking into consideration the following factors:
- If they had an ECN account
- If they offered MT4 platform
- The Minimum Deposit
- The Spreads charged
- The Leverage provided
What are the best MT4 ECN Brokers?
Below our curated list of the best forex brokers offering MT4 with ECN execution, with details of features and characteristics.
Pepperstone
Best MT4-ECN broker overall
Pepperstone provides a Razor ECN account with MT4, offering 200+ CFD assets with spreads from 0 pips and leverage up to 500:1, depending on location.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Pepperstone provides a Razor ECN account available with the MT4 platform.
- No minimum deposit is requested by Pepperstone, though a $200 deposit is recommended.
- 200+ CFD assets are offered by Pepperstone in their ECN account, including forex, indices, stocks, commodities, crypto, and ETFs.
- Peppersone spreads start from 0 pips with a $7 round turn commission on forex.
- The leverage depends on your location. It is up to 200:1 (SCB), up to 30:1 (CySEC, FCA and ASIC), up to 500:1 (Professional SCB, CySEC, FCA, ASIC), up to 50:1 (DFSA).
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FP Markets
Best for liquidity
FP Markets uses MT4 for its Raw ECN account with minimum deposits starting at $100, featuring spreads from 0 pips and offering leverage up to 500:1 for non-EU traders.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- FP Markets provides the use of the MT4 platform with their Raw ECN account.
- The minimum deposit FP Markets clients find is $100 to open the ECN account.
- The spreads charged by FP start from 0 pips with a 3 USD per side commission on forex.
- The assets provided within this account are 60 forex pairs, with also metals, commodities, and indices.
- The leverage, again, depends on your location: it’s up to 30:1 for CySEC and ASIC clients and 500:1 as a non-EU trader.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
Admirals
Best for algo trading on MT4
Admirals offers a Zero MT4 account as an ECN option, requiring a $100 minimum deposit and featuring forex spreads from 0 pips with leverage up to 500:1 for professional clients.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals provides a Zero MT4 account which is an ECN account available with the MT4 platform.
- The minimum deposit requested by Admirals to open this account is $100.
- Within this Admirals ECN account, you will have access to 45+ forex pairs, metals, index, and energies.
- The spreads charged start from 0 pips on forex with a commission from 1.8 to 3 USD per lot.
- Leverage depending on your location, up to 30:1 for CySEC, FCA, and ASIC clients, and up to 500:1 for professional CySEC, FCA, and ASIC clients.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
Vantage
Best MT4 ECN account
Vantage features Pro and Raw ECN accounts with MT4, starting spreads from 0 pips and leverage up to 500:1 for professional clients, with minimum deposits up to $20,000.
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About Vantage
Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.
Vantage Features
The features of Vantage are listed below.
- Vantage offers 2 ECN accounts, the Pro ECN account, and Raw ECN account, and both of them are available with the MT4 platform.
- The minimum deposit requested is $500 to open the Pro ECN account and $20,000 to open the Raw ECN account.
- The assets provided on both accounts are forex, indices, commodities, and shares CFDs.
- The spreads charged start from 0 pips for both accounts with a $3 commission per lot per side on the Pro ECN, while the commission starts from $1.75 on the Raw ECN.
- The leverage you will find is up to 30:1 as a UK, EU, and ASIC client, and up to 500:1 as an EU, ASIC, and UK professional client, and as a CIMA client.
Vantage Pros and Cons
Advantages of Vantage
The advantages of Vantage are listed below.
- Competitive spreads and low commissions
- Strong range of asset classes
Disadvantages of Vantage
The disadvantages of Vantage are listed below.
- Not available to US traders
- Customer service could be improved
FBS
Best for lowest spreads
FBS offers ECN and Zero Spread accounts on MT4, with spreads starting from -1 pips and leverage up to 500:1 under the IFSC regulation for the ECN account.
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About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- FBS offers an ECN account and a Zero Spread account as well, both usable with a MT4 platform.
- Please note that the ECN account is available only under the IFSC regulation.
- The minimum deposit to open a Zero Spread account is $500, while the minimum deposit to open an ECN account is $1,000.
- The Zero spread account has spreads from 0 pips and a $20 per lot traded
- The ECN account has spreads from -1 pips and a $6 per lot traded commission.
- The leverage depends on the account type and on the location: the ECN account allows a leverage up to 500:1 on forex, while the Zero Spread has leverage up to 30:1 for EU retail clients and up to 500:1 for professional clients.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
FxPro
Best NDD execution
FxPro provides an MT4 account with market execution, offering spreads from 0 pips on forex and leverage up to 500:1 for professional clients across trusted regulatory bodies.
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About FxPro
FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.
FxPro Features
The features of FxPro are listed below.
- FxPro offers an MT4 account with market execution.
- FxPro requires a minimum deposit of $100.
- The FxPro assets which can be traded are futures, crypto, shares, indices, and commodities.
- The FxPro spreads start from 0 pips on forex within this account type.
- The leverage is up to 30:1 for EU and UK clients, and up to 500:1 for FSCA, SCB, UK professional and EU professional clients.
FxPro Pros and Cons
Advantages of FxPro
The advantages of FxPro are listed below.
- Regulated and Trusted Forex broker
- Diverse Trading Platforms
- Wide Range of Instruments
Disadvantages of FxPro
The disadvantages of FxPro are listed below.
- Inactivity Fee
- Limited Educational Resources
- No Guaranteed Stop-Loss Orders
Roboforex
Best for crypto trading
Roboforex features ECN accounts with MT4, offering a minimum deposit of $10, spreads from 0 pips, and leverage up to 500:1, supporting diverse assets.
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About Roboforex
RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.
Roboforex Features
The features of Roboforex are listed below.
- Roboforex provides an ECN account, available with the MT4 platform, as well as a Prime account.
- The Roboforex minimum deposit is $10 for both accounts.
- Spreads on the Prime account start from 0 pips with a $20 commission per million traded.
- Spreads on the ECN account start from 0 pips with a $10 commission per million traded.
- Both accounts provide the a variety assets to trade including forex pairs, metals, US stock CFDs, index CFDs and Oil CFDs.
- The leverage depends on your account type choice. This isup to 300:1 on Prime accounts and up to 500:1 on ECN accounts.
Roboforex Pros and Cons
Advantages of Roboforex
The advantages of Roboforex are listed below.
- Diverse Trading Platforms
- Wide Range of Instruments
- Low Minimum Deposit
Disadvantages of Roboforex
The disadvantages of Roboforex are listed below.
- Limited Educational Resources
- Higher Spreads on Some Accounts
- Regulatory Concerns
OctaFX
Best for educational support
OctaFX delivers an MT4 account with spreads starting from 0.2 pips, a minimum deposit of $25, and leverage up to 500:1 for global clients in a variety of assets.
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About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- OctaFX is a top ECN/STP broker which offers a MT4 account.
- The recommended deposit suggested by OctaFX is $100 to start using the MT4 account, though there is a $25 minimum deposit requirement.
- Clients will find the following OctaFX assets. 35 currency pairs, metals, energies, indices, and cryptocurrencies.
- Spreads with OctaFX start from 0.2 pips on forex.
- The leverage enabled is up to 500:1 for global clients and up to 30:1 for EU clients on major forex.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
LCG
Best for UK based clients
LCG provides an MT4 ECN account with a minimum deposit of $10,000, offering spreads from 0 pips and leverage up to 500:1 for SCB and professional EU and UK clients.
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About LCG
London Capital Group (LCG) is a global forex and CFD broker established in 1996. LCG offers trading on currencies, commodities, indices, stocks, and cryptocurrencies. LCG provides MetaTrader 4 and a proprietary LCG Trader platform. LCG is regulated by multiple authorities including the FCA and SCB. The CEO of LCG is Dave Worsfold, and the LCG managing director is Matt Basi.
LCG Features
The features of LCG are listed below.
- LCG offers an ECN account available with the MT4 platform.
- The minimum deposit requested by LCG is $10,000.
- There are 7000+ CFDs offered by LCG that you can trade with the MT4 platform including,forex, spot metals, indices, commodities, shares, bonds, ETFs.
- The LCG ECN account charges spreads from 0 pips on forex.
- The leverage accessed is up to 30:1 for FCA and CySEC clients, while it is up to 500:1 for SCB clients. Moreover, EU and UK professional clients have as well access to a max. leverage up to 500:1.
LCG Pros and Cons
Advantages of LCG
The advantages of LCG are listed below.
- Established Reputation
- Negative Balance Protection
- Diverse Trading Instruments
Disadvantages of LCG
The disadvantages of LCG are listed below.
- High Minimum Deposit for ECN Accounts
- Wider Spreads on Classic Accounts
- Inactivity Fees
Pros and cons of using MT4 ECN brokers
MT4, or MetaTrader 4, stands out as an extremely versatile trading platform tailored to offer traders everything they need to navigate the financial markets. Its compatibility with ECN-type forex brokers is noteworthy, allowing traders to tap directly into the market and access interbank forex rates without the interference of a middleman. This direct approach is beneficial for those who want pure market access, free from broker-induced slippage or re-quotes.
Additionally, MT4’s architecture is favorable for those inclined towards algorithmic trading. This facet of the platform enables traders to automate their strategies, letting the software autonomously execute trades when certain pre-set conditions are met. This feature, combined with the ability for traders to install custom indicators, makes MT4 a favorite among those who have a specific set of tools or indicators not natively available on many platforms.
However, every platform has its set of drawbacks. One significant limitation of using MT4 with an ECN broker is its inability to provide market depth information. This lack can be a stumbling block for traders who rely on insights into supply and demand at various price levels. On the contrary, platforms like cTrader stand out by offering this feature, presenting a more granulated view of the market’s activities.
Pros:
- MT4 is a versatile trading platform
- Algorithmic trading is allowed
- You can install custom indicators
Cons:
- no market depth like cTrader