The best MT4 Forex brokers are Pepperstone, IC Markets, XM, and FBS.
To choose the best MT4 Forex broker to trade, the availability and features of MT4 platforms, trading costs (spreads and commissions), platform and tools, execution speed, and customer support are the most important criteria.
Pepperstone is the best MT4 Forex broker overall, for possibility to use MT4 platforms, with spreads (0.1 pips on EUR/USD), fast execution (average 60ms), comprehensive platforms (MetaTrader, TradingView, Proprietary Platform and cTrader), and active customer support (24/5 availability).
IC Markets, XM, and FBS follow Pepperstone as the best MT4 Forex brokers with the possibility to use MT4 trading platform for desktop, web and mobile trading, and customer support (24/5 availability via phone, email, and chat). IC Markets offers trading costs with spreads from 0.1 pips along a commission of $7 per lot round turn on EUR/USD with an execution speed of 36.5 ms approximately. XM offers trading costs with spreads from 0.1 pips on EUR/USD with an execution speed less than 1 second approximately. FBS offers trading costs with spreads from 0.7 pips on EUR/USD with an execution speed of 30 ms approximately.
What are the best MT4 forex brokers?
Below is our curated list and review of the best forex brokers with MT4 platform, with details of features and characteristics.
Pepperstone
best for overall trading experience
Pepperstone offers the MT4 platform with no minimum deposit, supports algorithmic trading via EAs, and features fast execution with low latencies.
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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 the MT4 platform on all its account types: Razor, Standard, and Swap-Free.
- Pepperstone does not require a minimum deposit to start trading with the MT4 platform.
- Spreads on the MetaTrader 4 platform depend on the account type and start from 0 pips with a $7 commission under the Razor accounts.
- 90+ currency pairs are available through the Pepperstone MT4 platform.
- An MT4 demo account is available for all Pepperstone accounts, for a period of 30 days.
- By using Pepperstone MetaTrader 4 you can engage in algorithmic trading via EAs.
- Pepperstone MT4 traders find a fast latency of around 30 ms and 2 servers to choose from.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,10 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
IC Markets
best for scalpers
IC Markets provides the MT4 platform with zero starting deposit, enabling low-latency trading, deep liquidity, and includes an unlimited demo account.
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About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets provides the MT4 platform on all its account types: Standard, Raw Spread, and Swap-Free.
- IC Markets does not require a minimum deposit to start trading with the MT4 platform.
- Spreads on the MT4 platform depend on the account type and start from 0 pips with a $3 commission per lot under the Raw Spread account. The deep liquidity and the low spread in the MetaTrader 4 platform provided by IC is a great option for scalpers.
- 60+ currency pairs are available through IC Markets MetaTrader 4 platform.
- An IC Markets unlimited MT4 demo account is available for all accounts.
- When using IC Markets MT4 platform you can engage in algorithmic trading via EAs.
- IC Markets clients trading with MetaTrader 4 find a fast execution speed of around 30 ms and 10 servers to choose from.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
XM
best for no requotes
XM supports MT4 across all account types, offers unlimited demo access, and provides algorithmic trading with competitive spreads.
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM provides the MT4 platform on all its account types. Availability of these may depend on your location. Standard, Ultra Low, Zero, Shares, Micro, and Swap-Free are all offered.
- The minimum deposit to use the MT4 platform depends on the account type, starting from $5.
- Spreads on the MetaTrader 4 platform depend on the account type. With the Zero Spread account they start from pips with a $3.50 commission per lot.
- 57 XM currency pairs can be traded via the MT4 platform.
- An MT4 demo account is available for all XM accounts. The demo has an unlimited duration.
- XM MetaTrader 4 allows you to engage in algorithmic trading via EAs.
- XM MetaTrader 4 traders find a fast latency of around 40 ms and 20 servers to choose from.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
FBS
best for beginners
FBS delivers MT4 trading with minimal deposits, extensive currency pairs, and supports automated trading through EAs.
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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 provides the MT4 platform on all account types.
- The minimum deposit to use the MT4 platform starts from $5.
- Spreads on the MetaTrader 4 platform starts from 0.7 pips.
- 72 currency pairs are available through the FBS MT4 platform.
- An MT4 demo account is available for all FBS accounts for a period of 90 days.
- FBS MetaTrader 4 platform enables algorithmic trading via EAs.
- FBS MT4 traders find a fast latency of around 30 ms and 10 servers to choose from.
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 for customer service
FxPro features the MT4 platform with flexible spreads, offers multiple trading servers, and enables algorithmic trading.
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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 provides an MT4 account to all their traders.
- The FxPro minimum deposit to trade with the MT4 account is $100.
- Spreads on the MetaTrader 4 platform can be fixed or floating. Fixed spreads start from 1.6 pips and depend on the time and volatility of the asset. Floating spreads start from 1 pip.
- FxPro clients can choose among over 70 forex currency pairs via the FxPro MT4 platform.
- An FxPro MT4 demo account is available, with a 180 day duration.
- FxPro MT4 clients have the possibility to engage in algorithmic trading via EAs.
- FxPro MetaTrader 4 traders find a fast latency of around 35 ms and 11 servers to choose from.
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
AvaTrade
best for fixed spreads
AvaTrade offers MT4 with fixed spreads, requires a standard deposit, and facilitates EAs for algorithmic trading.
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade offers the MT4 trading platform with all account types
- A $100 minimum deposit is needed to trade with the AvaTrade MT4 account.
- Under the MetaTrader 4 account, AvaTrade charges fixed spreads from 0.9 pips.
- 60+ forex currency pairs can be traded with the AvaTrade MT4 platform.
- An MT4 demo account is available for all AvaTrade clients. The trial period lasts 21 days.
- By using AvaTrade MT4 you can engage in algorithmic trading via EAs.
- AvaTrade MetaTrader 4 clients find a latency of around 80 ms and 7 servers to choose from.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FXTM
best for professional traders
FXTM provides MT4 with low deposit requirements, a wide range of currency pairs, and an unlimited demo account.
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About FXTM
FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.
FXTM Features
The features of FXTM are listed below.
- FXTM accepts only professional clients from Europe.
- FXTM provides the MetaTrader 4 platform with all account types including Islamic, Micro, Advantage, and Advantage Plus. The global entity has a greater range of account types.
- The FXTM minimum deposit to trade with the MetaTrader 4 platform starts from $10 depending on the account type.
- MT4 traders will find FXTM spreads from 0.1 pips depending on the account type.
- FXTM clients can trade among 60+ forex currency pairs with the MT4 platform.
- An unlimited MetaTrader 4 demo account is available for all account types.
- FXTM MT4 platform is a great place to engage in algorithmic trading via EAs.
FXTM Pros and Cons
Advantages of FXTM
The advantages of FXTM are listed below.
- User-Friendly Platform
- Fast Customer Support
- Low Minimum Deposit
Disadvantages of FXTM
The disadvantages of FXTM are listed below.
- Withdrawal Fees
- Limited Product Range
- Inactivity Fees
FP Markets
best for low costs
FP Markets features MT4 with competitive spreads, zero minimum deposit, and robust support for algorithmic trading.
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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 offers the MT4 platform for their main accounts including Islamic, Raw and Standard account types.
- The FP Markets minimum deposit to trade with the MetaTrader 4 platform is $100.
- When using the MT4, FP Markets spreads can start from 0 pips with the Raw Account with a $3 per lot commission.
- 70+ forex currency pairs can be traded with the FP Markets MetaTrader 4 platform.
- An unlimited MT4 demo account is available for FP Markets clients.
- FP Markets MetaTrader 4 platform enables algorithmic trading via EAs.
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 MT4-algo trading
Admirals offers MT4 with various accounts, low deposit entry, and supports EAs for efficient algorithmic trading.
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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 offer the MT4 platform on the Islamic, Zero, and Trade accounts.
- The minimum deposit to trade with MetaTrader 4 required by Admirals is $100.
- Spreads on the MT4 platform depend on the Admirals account type chosen: they start from 0 pips with $1.80 per lot traded commission on forex on the Zero Account.
- 40+ currency pairs can be traded via the Admirals MetaTrader 4 platform.
- A 30-days Admirals MetaTrader 4 demo account is available for all clients.
- Admirals XTM MT4 platform is a great place to engage in algorithmic trading via EAs.
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
HF Markets
best for trading features
HF Markets provides MT4 with no deposit requirement, a wide selection of currency pairs, and supports EAs.
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About HF Markets
HF Markets, formerly known as HotForex, is a global multi-asset broker founded in 2010. HF Markets offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader platforms. HF Markets is regulated by multiple authorities including CySEC, FCA, DFSA, and FSCA. HF Markets serves clients worldwide and is known for competitive trading conditions and extensive educational resources. HF Markets recently rebranded to emphasize its expanded product range. The HF Markets Group CEO is George Koumantaris.
HF Markets Features
The features of HF Markets are listed below.
- HF Markets provides the MT4 platform on all its account types, which availability depends on your location: Islamic, Premium, Zero Spread, HF Copy for all clients; Micro, Auto, PAMM for SV clients.
- The minimum deposit to use the MetaTrader 4 platform depends on the account type. It starts generally from $0.
- Spreads on the MetaTrader 4 platform depend on the HF account type and start from 0 pips with a $3 commission per lot under the Zero Spread account.
- HF clients can choose from 45 currency pairs on the MT4 platform.
- An unlimited MT4 demo account is available for all HF Markets accounts.
- HF MetaTrader 4 platform allows you to engage in algorithmic trading via EAs.
- HF Markets MT4 traders find a latency of around 30 ms and 7 servers to choose from.
HF Markets Pros and Cons
Advantages of HF Markets
The advantages of HF Markets are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HF Markets
The disadvantages of HF Markets are listed below.
- Higher Trading Costs
- Limited Educational Resources
Comparison among the best MT4 forex brokers
| Best MT4 forex brokers | Demo account | Minimum deposit | Spread from (EUR/USD) | Commission | Forex pairs available |
|---|---|---|---|---|---|
| Pepperstone | 21 days | $0 | 0 pips | $3.50 per lot | 60+ |
| IC Markets | Unlimited | $0 | 0 pips | $3.5 per lot | 60+ |
| XM | Unlimited | $5 | 0 pip | $3.50 per lot | 55+ |
| FBS | 90 days | $5 | 0.7 pip | $0 | 70+ |
| FxPro | 180 days | $100 | 1 pip | $0 | 70+ |
| AvaTrade | 21 days | $100 | 0.9 pips (fixed) | $0 | 60+ |
| FXTM | Unlimited | $10 | 0.1 pips | $2 per lot | 60+ |
| FP Markets | Unlimited | $50 | 0 pips | $3 per lot | 70+ |
| Admirals | 30 days | $100 | 0 pips | $3 per lot | 80+ |
| HF Markets | Unlimited | $0 | 0 pips | $3 per lot | 45+ |
What is the best MT4 broker for demo trading?
The best MT4 broker for demo trading is IC Markets.
IC Markets offers an unlimited demo account with virtual capital up to US$5,000,000, and the MT4 platform is available in demo mode on all IC Markets accounts (Standard and Raw accounts). For more options, see best Forex demo accounts.
What is the best MT4 broker for spread betting?
The best MT4 broker for spread betting is IG.
IG has won several awards for offering the best conditions for spread betting, and the MT4 platform is available in the dedicated spread betting account. For more options, see best spread betting brokers.
What is the best MT4 broker for ECN trading?
The best MT4 broker for ECN trading is Pepperstone.
On its Razor Account, Pepperstone facilitates ECN raw spread trading with a competitive $6/lot commission, as well as offering fast trading orders execution. For more options, see best ECN brokers or best MT4 ECN brokers.
What is the best MT4 broker for trading Bitcoin and crypto?
The best MT4 broker for trading Bitcoin and cryptocurrencies is Pepperstone.
Pepperstone allows for crypto CFD trading on 13 cryptocurrencies, and three crypto-indices that track the top 10, 20 and 30 cryptocurrencies with the largest market-cap. For more options, see the best forex brokers for crypto trading.
What is the best MT4 broker for trading with Expert Advisors (EA)?
The best MT4 broker for trading with Expert Advisors is Admirals.
Admirals facilitates automated and algo trading on MT4, where it offers fast order execution, backtesting tools and a robust environment, which are all vital factors for automated trading. For more options, see the best forex brokers for automated trading.
What is the best MT4 broker for trading indices?
The best MT4 broker for trading indices is XTB.
XTB offers over 35 tradable CFD indices on its trading platform. This large number of indices trading options, paired with competitive spreads from 0.3 pips, make XTB a good choice. For more options, see the best brokers for indices trading.
What is the best MT4 broker for trading CFDs?
The best MT4 broker for CFD trading is IG.
At IG you can find over 17.000 CFDs across multiple markets that include forex, commodities, indices, crypto, stocks and ETF assets. For more options, see the best CFD brokers.
How good is the MT4 trading platform?
The MT4 trading platform is considered a good option for its robustness and flexibility, particularly in algo trading.
MT4 offers a wide range of technical indicators and supports algorithmic trading through Expert Advisors (EAs).
However, it suffers from an outdated and non-beginner-friendly interface, and its focus on CFDs limits asset trading options.
MT4’s popularity persists despite the advanced features of its successor, MT5. This is largely due to the extensive community support for MT4, especially for those utilising custom indicators and EAs.
For Forex traders, MT4’s comprehensive technical analysis tools, including over 30 built-in indicators and access to thousands of custom indicators, make it a strong choice. The MQL4 language allows for customised trading strategies and scripts, enhancing its appeal to experienced traders.
On the downside, MT4’s interface can be challenging for beginners, and it lacks advanced order types and customisable timeframes that would be useful for professional traders.
MT4 also lacks a built-in economic calendar and native depth of market display. Furthermore, as a 32-bit application, it has performance limitations on 64-bit systems, especially when running multiple EAs or processing large data volumes.
MT4 is best suited for experienced traders, particularly in Forex, who value technical analysis and automated trading capabilities.
You can read our MT4 review for a more in-depth look at the characteristics of this platform.
What are the differences between MT4 and MT5?
Following is a table with the main differences between MT4 and MT5 trading platforms.
| Characteristics | MT4 | MT5 |
|---|---|---|
| Tradable markets | forex, CFD | forex, CFD, stocks, futures, opzioni |
| Platform speed | 32 bit | 64 bit |
| Technical indicators | 30 | 38 |
| Graphic indicators | 31 | 44 |
| Algorithmic trading | Yes | Yes |
| Coding language | MQL4 | MQL5 |
| Timeframes | 9 | 21 |
| Chat with other traders | No | Yes |
| Economic calendar | No | Yes |
What are the pros and cons of MT4?
Pros:
- Highly customizable
- Automated trading support
- Large community and support
- Third-party plugins and extensions
Cons:
- The interface is not user-friendly
- Limited asset classes
- Requires time and effort to learn the MQL4 language
- Lack of modern features and interface