The best MetaTrader 4 Forex brokers, according to our research, are:
- Pepperstone
- IC Markets
- FBS
- XM
- FxPro
- AvaTrade
- FXTM
- FP Markets
- Admirals
- HF Markets
To select this list of brokers we have taken into consideration these factors:
- If the MetaTrader 4 was available for all the account types offered by the forex broker;
- The minimum deposit required by the forex broker to start trading with the MT4;
- The number of currency pairs and minimum spreads available via MT4;
- The availability to try the MT4 with a demo account.
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 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.
- 60+ currency pairs are available through the Pepperstone MT4 platform.
- An MT4 demo account is available for all Pepperstone accounts, for a period of 21 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.
- 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.
- FBS provides the MT4 platform on all its account types, whose availability depends on your location: Islamic, Standard, and Cent for all traders, while ECN, Micro, and Zero Spread are available for IFSC clients.
- The minimum deposit to use the MT4 platform depends on the account type and on your location. It starts from $1 for IFSC clients and from $10 for CySEC clients.
- Spreads on the MetaTrader 4 platform depend on the account type and start from -1 pips with a $6 commission per lot under the ECN account.
- 35+ 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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+ |
FBS | 90 days | $10 | 0.5 pip | $0 | 35+ |
XM | Unlimited | $5 | 0 pip | $3.50 per lot | 55+ |
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
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