Top 10 of the Best MT4 Forex Brokers for 2020

Filippo Last Updated: October 2020 21 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 top 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.

Table of contents

Top 10 Best MT4 Forex Brokers Listing for 2020

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

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79.3% 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.

80
Rated: Excellent
security 96
cost 72
trading 69
education 82

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC, DFSA, Offshore Minimum Deposit:
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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.

84
Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
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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.

74
Rated: Excellent
security 95
cost 72
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.com 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.

76
Rated: Excellent
security 96
cost 75
trading 55
education 81

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.

76
Rated: Excellent
security 96
cost 51
trading 63
education 100

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSB, CYSEC, Offshore Minimum Deposit:
Open an account
79% 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.

80
Rated: Excellent
security 93
cost 74
trading 75
education 63

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, 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 $200 are also available. This, combined with a top value spread starting at 0 pips makes FXTM another top broker choice.

74
Rated: Excellent
security 96
cost 58
trading 54
education 100

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.

77
Rated: Excellent
security 95
cost 62
trading 70
education 71

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC 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 96
cost 55
trading 59
education 83

Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $250
Open an account
72.90% 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.

81
Rated: Excellent
security 96
cost 84
trading 58
education 100

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

Best MT4 Forex Brokers List – Our Comparison

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money

Broker Min. deposit* Negative Balance Protection** Leverage up to***
Pepperstone $200 Yes 500:1
IC Markets $0 Yes 500:1
FBS $1 Yes 3000:1
XM $5 Yes 500:1
FxPro $100 Yes 500:1
AvaTrade $100 Yes 400:1
FXTM $10 Yes 1000:1
FP Markets $100 Yes 500:1
XTB $0 Yes 200:1
HotForex $5 Yes 1000:1

*The minimum deposit may be different depending on the broker’s entity you register in
**The negative balance protection may not be available outside the EU and UK
***For European and UK residents, the maximum leverage on Forex Major pairs is reduced to 30:1

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.

MT4 Trading Platform Overview

As a trader, if you don’t already know it, you will quickly become familiar with MT4 as one of the most commonly used, and trusted trading platforms in the industry. There is a good chance that you will choose an MT4 broker since the platform is one of the most widely available when it comes to online trading brokers.

This popularity extends not only thanks to the longstanding reputation on the trading platform in the sector, but also thanks to the fact it is seen as one of the most efficient, and versatile platforms around. This is one of the key reasons why metatrader 4 brokers are always a top choice. Here we will conduct a Metatrader 4 review, and take a closer look at the best broker for Metatrader 4 that you can choose going forward.

The history of MetaTrader 4

MetaTrader 4 has been around the industry for a long time. It was developed in 2002, and launched to the market in 2005 by the Russian developer, Metaquotes. Broker review pages have been carrying positive feedback for the trading platform since the very beginning.

The key purposes behind the trading platform were to give particularly retail traders, better access to international markets, as well as to facilitate margin trading which had become increasingly popular.

The platform has been a big hit since 2005, though the developer has not stopped evolving. This led to the release of MT5 in 2010 which acts as a kind of enhanced version with some additional functions and trading capabilities, but still remaining true to the core of the platform. To this day though, many brokers that use MT4 and MT5 still note that many traders prefer to trade with MT4. We will take a closer look at why that is the case in the following sections.

Characteristics

Here is a closer look at the characteristics and performance which you can expect when trading with any of the brokers that use MT4.

Requirements

One of the most popular points when talking about MT4 among traders is the fact that it is very light and easy to run. This means the requirements are minimal, and it can be run on almost any machine. This also applies to running the platform on your mobile phone, though this method is not quite as efficient as the desktop platform.

Charting tools and customization

Another strong point for the MT4 platform which also helps boost the Metatrader 4 brokers who offer the platform, is the sheer depth of capability when it comes to charting tools and the ability to customize indicators.

The platform offers more than 80 charting tools which can be invaluable for technical analysis as a trader. This includes a vast range of drawing tools, indicators, and more including the ability to view 9 time frames as low as 1 minute. This can be particularly positive for scalpers.

There is also a variety of order types available through MT4, and you can set up your own layout. Overall, it makes for a highly customizable experience.

Additional features

As well as the additional features you will have available from your MT4 broker, the platform itself also caters for a range of extras. This includes customer service and support on specific trading platform issues that is available in many languages.

Added to that, you have the full support of a dedicated MT4 community which goes beyond only brokers that use MT4. The MQL forum is full of traders and community members who use the trading platform and are available to support each other. Part of this includes an EAs market where you can identify and use EAs which have been provided by the community. This is an area we will look at in more depth in the following sections.

MQL4 Robots

Another major attraction for some traders is the fact that MetaTrader 4 does support algorithmic trading. Their trading robots are coded in the MQL4 language (Metaquotes language). This has also taken on huge popularity throughout the industry in the years the platform has been available, and there is a dedicated section within the platform community to download or try out these strategies.

All of the best MT4 broker choices will most often support the use of these robots for algo trading.

Safety

No Metatrader 4 review would be complete without mentioning safety. Metatrader is an extremely safe platform. It is very well trusted within the industry and has an excellent record.

In fact, in order to become an MT4 broker, the brokers need to pay a very high license fee in order to offer the platform to their traders. This can also help in identifying a trustworthy broker, with this money being continually reinvested into improving the platform and keeping it up to date.

They also encrypt every communication across the network with 128-bit keys. This is the top-tier when it comes to encryption technology, and is technically impossible for any third party to decrypt. This makes transactions through MT4 some of the most secure in the industry.

MetaTrader 4 vs MT5 and other platforms

Of course you will want to compare MT4 to both MT5 and other major platforms which are available when making your choice. Here is a quick rundown of what to expect.

MT4 vs MT5

MT5 also comes from Metaquotes software and you will find that many a best broker for metatrader 4 will also offer MT5. This can be seen by some as a more improved version of MT4 in that it offers more pending order types, more advanced charting tools, and typically more markets.

Many also see MT5 as something of an MT4 extension in that it holds much of the same capability and function beyond offering extra specific markets which can’t be traded through MT4 such as real stocks and others.

If you are into forex trading though, most traders tend to stick with MT4, as MT5 really adds no additional value here. It is also true that a lot of the extra EAs and plugins offered by the MT4 community are not compatible with MT5 for the most part.

MT4 vs cTrader

Some of those featured on our top forex MT4 brokers list will also offer cTrader. This is another very light and easy to use trading platform which typically provides for very fast order execution. This makes it a top choice with scalpers, and while some consider the best MT4 ECN platform to be Metatrader 4, many also side with cTrader in this debate.

MT4 vs Other platforms

The fact is that there are literally hundreds of other platforms out there which includes many top broker proprietary trading platforms, yet despite all that, MT4 remains a top choice, and brokers that use MT4 are often sought out by traders.

Who should choose metatrader 4?

The range is wide of traders who could, and should choose Metatrader 4. Typically though, it is the perfect choice for all of those following standard margin trading, and any trader who is not following a trading strategy which requires very fast order execution for example, scalping.

Absolutely, those who wish to use trading robots and other strategies in their automated trading, are also best off with MT4 as their top choice.

Everything about Algo trading with MT4

As we mentioned earlier, algo trading forms a huge part of the reason why many traders may choose MT4. Here we will take a closer look at exactly what the platform, and wider community has to offer in this area.

EAs

EAs, also known as expert advisors, are software programs which are specifically coded for trading and to identify certain chart patterns in trading. They are widely offered and used throughout the MT4 trader community, and are coded in the MQL4 language.

They can be coded to perform a vast range of functions. This includes actually opening and closing trades, or just to give guidance and advice  in the form of drawing trend lines and interpreting charting data for traders. There are many available for free, while some are also paid services. Altogether, they are a huge feature of MT4 and any MT4 broker, and widely used.

VPS

VPS stands for Virtual Private Server. What this basically does is give you 24/7 access to the fastest connections with the brokers servers. This not only means you can trade 24/7 regardless of the market hours, but that you also do not have to experience any delay in your trades.

When you trade through a VPS, you also do not have to run the trading platform program through your own PC power, but in fact using the VPS. This should make everything run faster, and smoother. It also allows for you to continue trading through the night even when your PC is off.

Again, the majority of Metatrader 4 brokers allow the use of VPS, and some will even provide use of their own VPS services for free to active traders.

Signal Trading

Signal trading is another very popular thing which is utilized by many MT4 traders and others. These trading signals can come either from trading robots like we have mentioned above, or from other traders.

This is basically advice on which positions to open, and at what points. These signals and signal services are allowed through MT4, and brokers, though some do confuse signal trading with copy trading, which is not always catered for.

Signal Trading vs copy trading

There are a number of differences when we compare signal training, and copy trading. Here is a closer look at the two:

Signal Trading

With signal trading, you will receive these signals from your trading robot or other signal service. It is then up to you whether or not to implement these trades, so they are more of a suggestion. Every recommended setting such as stop loss and take profit levels recommended in a trading signal, must also be manually set by you, the trader and is open to change.

Copy Trading

Copy trading works a bit differently in the sense that it is more like mirror trading. You choose a trader to copy, and you copy 100% of what that trader does. Settings are automatically adjusted, and the trades are automatically applied.

Pros and cons of EAs and signals

Like every other form of trading, whether or not you are using an MT4 broker, there are good and bad points when it comes to EAs and signals. Here are a few we have noted:

Pros

  • There is no emotion attached to the strategy which the AI follows. This can help reduce the human error factor.
  • Using these features, you can trade on a 24/7 basis.

Cons

  • It does not prevent you from losing. AI can still make mistakes in trading.
  • If you want to make your own, you will need MQL language knowledge.

How to start trading on MT4

Getting started trading with MT4 could not be easier. You simply need to find yourself a great MT4 broker of which there are many to choose from. Then you can open a demo or a live trading account with one of the brokers that use MT4.

Once you have selected to trade on the MT4 platform, they will send you the credentials you need to access the broker server on the MT4 platform. You can then proceed to download the platform, or one of the other options offered by your broker. You can typically find these in a “platform” section at  the broker.

Once you have downloaded the platform, the process is as simple as entering the information you received from your broker including the username, password, and correct server name. You can then start to trade.

MT4 pros and cons

Here are some of the key points we have found through our Metatrader 4 review:

Pros

  • The platform is extremely light and can run on almost any machine.
  • It is a hugely versatile platform offering extensive charting tools and support.
  • Automated trading is very well supported for traders who are interested.
  • The safety and reputation on MT4 are second to none.

Cons

  • It may not be the best choice for scalpers due to order execution speeds.
  • You can on MT4 only with leverage. This may put off some traders.

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