Top 10 of the Best MT4 Forex Brokers for 2020

Filippo Last Updated: October 2019 13 min read
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Do you want to find the best MT4 forex broker around?

Do you want to know what are the best specifically in UK or Australia?

If you do, then this is the perfect place to begin your search.

We have put together a comprehensive listing of the top 10 best forex brokers for MT4 to help you choose.

MT4 is one of the most respected trading platforms in the entire industry. It has been around for well over a decade and continues to be used by almost all of the best forex brokers. It has become a key part of the offering when you are choosing your next broker.

The top MetaTrader 4 forex brokers offer access to the trading platform, and some of the most top quality conditions which you will find. They will also in many cases offer access to MT4 in many varieties. This includes on desktop, through the webtrader, or any of your mobile devices.

The 10 brokers who we have chosen not only offer the best access to the platform, but also possess a selection of other top features, and are all highly trusted and transparent within their operations. This is another one of our top priorities for you as a trader beyond selecting the best MT4 forex broker possible.

(This post is part of the best forex brokers series)

Top 10 Best MT4 Forex Brokers Listing for 2019

Here’s our general ranking of the best MT4 forex brokers:

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76.5% of retail investor accounts lose money

1 Pepperstone

Pepperstone is a globally respected broker in its own right. They are the first to feature as one of our MT4 best brokers list. The broker offers the MT4 trading platform with all account types including standard, razor, and swap-free.

Our Pepperstone review also details how they offer a special suite of smart trader tools. These will help you unlock the fullest potential of the trading platform and all of the professional tools and charting capabilities it possesses. These tools can greatly enhance your trading potential as well as your ability to engage with MT4 features such as Expert Advisors. Overall, Pepperstone has utilized its top position and many years in the industry to great effect when harnessing the MT4 trading platform.

Added to this, the broker offers excellent value to all traders. This is shown in their competitive minimum deposit of only $200 together with fantastic value spreads starting from 0 pips on forex and an active trading program that can help further reduce an already low trading cost.

83
Rated: Excellent
security 91
cost 81
trading 70
education 100

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC Minimum Deposit: 200
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74-89 % of retail CFD accounts lose money

2 IC Markets

Continuing in the vein of established brokers who are also top of the best MT4 forex brokers, we have IC Markets. As we covered in our IC Markets review, they offer MT4 to users who operate a standard account, or a Metatrader True ECN account.

IC Markets attempt to offer true ECN connectivity through their MT4 platform. This also means no restrictions on trading which has also made them a great choice as a top forex broker for scalping. Spreads from 0 pips and trading in more than 60 currency pairs is available to traders using IC Markets as their MT4 forex broker.

IC Markets are also a very popular choice for new traders thanks to the fact they do not impose a minimum deposit. Experienced traders alike are drawn to them for their renowned high speed order execution. Something for every forex trader at IC Markets.

86
Rated: Excellent
security 92
cost 90
trading 75
education 100

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: MIFID-ESMA, ASIC, CYSEC, Offshore Minimum Deposit: 200
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74-89% of retail CFD accounts lose money

3 FBS

Next among our MT4 brokers list is FBS. Another CySEC regulated broker, as we can see through our FBS review, they are fully dedicated to offering MT4 exclusively to traders. Again this allows all levels of trader from beginner to experienced, to utilize one of the best trading platforms in the business to execute lightning fast trades.

It is one of the best trading platforms for many reasons, one being the simplicity with which trades can be executed. This is something FBS traders can look forward to when trading on the MT4 platform.

Showing their range of appeal, the FBS cent account is hugely popular with new traders as a low risk choice to get started from just $10, while the ECN account type with minimum deposit from $500 for non-Europeans only, is the account of choice for many experienced traders to take advantage of the great value spread from 0 pips.

59
Rated: Medium
security 48
cost 79
trading 51
education 81

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC, Offshore Minimum Deposit: 1
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73.57% of retail investor accounts lose money

4 XM

Rounding off the first 5 of our list of best forex brokers using MT4 is the well-known XM. Our XM review noted that they have more than 1000 trading instruments available for traders to take advantage of. All of these are operated through the sole trading platforms of XM. These platforms are primarily MT4, with MT5 also available.

This level of trust from a broker to the platform exemplifies why MT4 has been able to establish as one of the best and most-trusted in the industry. It has also been a big factor in the rise of XM and other top MT4 forex brokers over the years.

Helping the rise is a $5 minimum deposit that makes it very accessible to all. This, combined with an excellent value spread starting from 0 pips makes XM a top choice for beginners and all who can further learn and grow from a top class educational offering too.

75
Rated: Excellent
security 78
cost 81
trading 71
education 69

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
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75.54% of retail investor accounts lose money

5 FxPro

Next on our listing of best MT4 forex brokers is FxPro. They are a top, award -winning broker and well-regulated around the world, including by CySEC. Our FxPro review noted that they offer several trading platforms including their own proprietary one, but they retain a dedication to being among the best MT4 forex brokers in the sector.

The long-standing nature of both MT4 and FxPro make them the perfect combination for any trader who values speedy and reliable order execution from a top broker. FxPro offers MT4 in all of its forms. This includes on desktop, mobile, and web-based which is easily accessible to millions of traders.

You can get started at FXPro for as little as a $100 minimum deposit and the broker facilitates both fixed and variable spreads through MT4. More experienced traders are also glad to find that EAs are allowed here allowing them to take advantage of algorithmic trading opportunities.

77
Rated: Excellent
security 94
cost 56
trading 67
education 100

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, FSB, DFSA, CYSEC, Offshore Minimum Deposit: 100
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71% of retail investor accounts lose money

6 AvaTrade

Avatrade is next to make our list as one of the top forex brokers for MT4. The top Irish broker have been around for a long time and are regulated across 6 jurisdictions, most notably within Europe by CySEC. This shows that they take the security and experience of traders very seriously as we have noted in our Avatrade review.

This becomes apparent by the fact that they have developed their own platforms but still choose to retain the much liked and respected MT4 to give their traders a wide range of options when choosing a trading platform to use. In fact, they even herald MT4 as the most powerful trading platform in the world.

They are one of the few top brokers to facilitate a great value fixed spread starting at 1.3pips and once you have opened an account here with the low $100 minimum deposit, you can avail of the unique AvaProtection service that actually shields you from losses for a period. Perfect for new traders learning the ropes.

82
Rated: Excellent
security 93
cost 79
trading 67
education 100

Platforms: Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSB, Offshore, FSC (British) Minimum Deposit: 100
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81% of retail investor accounts lose money

7 FXTM

FXTM is the next best forex broker for MT4 we will focus on. FXTM offers trader’s accessibility to MT4 through all of their 6 account types as mentioned in our FXTM review. This includes standard accounts, and ECN account types where MT5 is also available alongside the MT4 platform.

As with the other best brokers for MT4, this provides the best access to the full functionality of MT4 and has no doubt been, at least in part, a catalyst for the success of the now hugely popular FXTM broker. FXTM is a Metatrader only broker and has been since its foundation.They are very popular among copy traders too, with a built in service provided.

A range of 6 accounts are available here that can appeal to traders at all levels. Cent accounts are ideal for new traders and these start with a $10 minimum deposit. ECN accounts with minimum deposits starting at $20 are also available. This, combined with a top value spread starting at 0 pips makes FXTM another top broker choice.

74
Rated: Excellent
security 77
cost 71
trading 71
education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSB, CYSEC, FSC (Mauritius) Minimum Deposit: 100
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74-89% of retail CFD accounts lose money

8 FP Markets

FP Markets has also made the list of our best brokers with MT4 list. This top Australian broker offers up to 10,000 trading instruments starting from a 0 pips spread all through MT4. One click trading, ECN execution, and multiple language options are just some of the features we outlined in our FP Markets review.

Beyond this, traders can expect the usual excellent and robust functionality which has made MT4 one of the best trading platforms for many years through the availability of charts and professional trading tools in abundance. The FP Markets MT4 trading platform is fully customizable as always.

One of the most attractive points beyond those already mentioned with FP Markets is the fact their spread starts from an amazingly low 0 pips with some of the fastest execution speeds in the business. This makes them a top choice for scalpers and anyone looking to get started with a minimum deposit that also is a very low $100.

90
Rated: Excellent
security 77
cost 100
trading 100
education 79

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC, Offshore Minimum Deposit: 200
Open an account
80% of retail investor accounts lose money

9 XTB

XTB is the next major broker to feature in our top 10 MT4 brokers list. They are a strong company within the industry, particularly within Europe, and like so many of the other top brokers they clearly recognize the value of making the MT4 trading platform available to traders alongside their own trading platform, both featuring in our XTB review.

It can bring an additional sense of trust and transparency to be an MT4 forex broker as they are utilizing a platform which any experienced trader can recognize and has likely used previously. This familiarity also ensures that as a trader, you stand the best possible chance of making successful trades with a likely prior knowledge of the trading platform.

With that said, XTB is attractive to new traders too with no minimum deposit needed. This then provides access to a wide range of more than 1,500 markets, 48 of which are forex pairs with a spread starting from a really low 0.1 pips. They also boast an impressive array of 25 crypto assets providing flexibility to all traders.

74
Rated: Excellent
security 92
cost 55
trading 60
education 100

Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: 250
Open an account
73.57% of retail investor accounts lose money

10 HotForex

Finally on our top 10 best MT4 forex brokers we have HotForex. They are another long standing, MT4 exclusive broker. They make the trading platform available on desktop, webtrader, and all kinds of smart and mobile devices. Their MT4 trading platform benefits from additional features thanks to their collaboration with Blue Labs to enable some premium trader tools add-ons as mentioned in our Hot Forex review.

This makes what is already a great platform and one of the best MT4 forex brokers, even better for traders. If you are looking for a broker to really get the most out of MT4 then this could be the perfect choice.

Adding to the appeal with HotForex is a really low minimum deposit from just $5 on a micro account ideal for beginners. There is something for everyone here though with 6 specific account types including one dedicated to stock from $10,000 minimum deposit, and even a copy tradinng service called HF Copy built in to the broker.

80
Rated: Excellent
security 92
cost 88
trading 59
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: FCA, MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit: 50

What is MT4?

MT4 is short for MetaTrader 4 and it is a trading platform which was developed and is run by MetaQuotes Software. It was launched in 2005 and has grown to become the standout most trusted and well-recognized trading platform in the industry.

The MT4 platform provides the very best in trading capabilities to the forex market from both the broker and trader side. The platform itself features both a server, and client interface to serve the needs of both with ease and reliability. The server side is controlled by the broker, while the trader manages the client side of the software. The nature of the platform also provides it with fantastic ability to be customized and crossover for use with all brokers who facilitate it.

Is mt4 safe?

The simple answer here is yes. Absolutely. MetaTrader 4 has been around since 2005 and is one of the safest and most trusted platforms around. It features 128 bit encryption to make it ultra-secure.

Beyond the long standing reputation that brings huge trust, it can also be testament to the trustworthiness of your broker. A forex broker must pay $100,000 up front plus a $15,000 monthly fee to provide MT4 to clients. This demonstrates that your broker is investing in traders, and also that the platform is one of the best, and safest in the business.

Products with MT4

The major focus of MT4 is CFDs. This means the majority of brokers who utilize MT4 will also be able to offer you many CFD markets on assets like forex, shares, commodities, and others. Utilizing MT4 has the power to expand the range of assets a broker can offer greatly. With that said, each broker has their own catalogue of markets offered, so this will vary depending on your choice.

MT4 Key Characteristics

Some of these key points have worked together positively to make MT4 the popular trading platform it is today. The platform is very user-friendly and easy to navigate from the first time you open it. They also have a wide variety of built in support features and cater for a number of languages to ease the process.

One of the most mentioned characteristics of MT4 is the fact it is highly customizable and provides for the widest range of technical indicators and professional charting capabilities in the sector.

Expert Advisors (EAs) with MT4

Another leading point about MT4 that attracts many, particularly experienced traders is the fact they can engage in auto trading with MT4. Codes implemented in the MQL4 language (MetaQuote Language) can be applied within the platform.

This autotrading software or coding creations are referred to as EAs (Expert Advisors) and can be used to automatically execute trades in a particular way, or create new charting capabilities and indicators. Everything can also be  shared among a huge community within the MQL forums for download and installation of other traders. This kind of community development and support is another big reason for the success and longevity of MT4.

How to get started with MT4

Getting started with MT4 is actually quite simple if you follow these few easy steps:

Download

MT4 is a very light software in the sense that almost all computers at any performance level nowadays can run the platform with ease. You can download directly from the MT4 website, or sign up with a broker offering the platform and download from there.

Sign in with the broker supporting MT4

Once you are on board with a broker, you can get started with your MT4 trading account. You can try a demo account with most brokers and once you are inside, you will easily find a download link for the MT4 trading platform.

Check e-mail

Once you have downloaded the platform from your selected broker, the last step is to check your email. Here you will find one from your broker that includes a server address and password for use with their version of MT4. Once you input these details to login to MT4, the platform will direct you to your particular broker and account.

The whole process from download to sign-in is simple and should take not much longer than 10-minutes in total to get started.

MT4 pros and cons

Like every trading platform on the market, you will undoubtedly find some great, and not so great points about MT4. Here are a few we have noted:

Pros

  • MT4 is really light and easy to run. It will run on basically any computer without problem.
  • Despite its age, it remains one of the most user-friendly trading platforms around.
  • The ability to heavily customize charts and tools to your need appeals to many traders.
  • It is absolutely one of the safest, most respected trading platforms available.

Cons

  • The product range can be limited, with margin trading only with CFDs and other derivatives. This may not be enough for some traders.
  • The execution speed can be a fraction slower than some platforms available.

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