
10 Best MT4 ECN Brokers for 2023
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 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).
Admirals : Best for algo trading on MT4
- 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.
Vantage : Best MT4 ECN account
- 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.
FP Markets : Best for liquidity
- 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.
IC Markets : Best for scalping
- IC Markets allows the use of a Raw Spread account, which is available with the MT4 platform.
- The minimum deposit IC Markets requires is $200.
- 200+ CFD assets are offered, including 60+ forex pairs, indices, crypto, bonds, futures, stocks, and commodities.
- The spreads you will find within the ECN account are from 0 pips with a 3.50 per lot commission on forex.
- The leverage offered is up to 30:1 for ASIC, FCA, and CySEC clients, up to 500:1 for professional FCA, CySEC, and ASIC clients, and up to 500:1 for global clients.
FBS : Best for lowest spreads
- 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.
FxPro : Best NDD execution
- 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.
Roboforex : Best for crypto trading
- 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.
OctaFX : Best for educational support
- 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.
LCG : Best for UK based clients
- 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.
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

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