MetaTrader 4 (MT4) remains one of the most popular third-party programs for forex traders, thanks to its advanced features and excellent back-testing capabilities. Due to this, many forex brokers now offer seamless integration with MT4, allowing traders to open and close positions directly through the application.

This guide will review a selection of the best MT4 brokers available to FX traders, highlighting their fees, features, and asset selections, before presenting an in-depth walkthrough of how to place a forex trade with one of these platforms – without paying any commissions.

The Best MT4 Brokers List

Many of the best forex brokers allow traders to link their accounts to MT4 and conduct trading activities through the platform. Below are ten brokers that offer this functionality – each of which will be reviewed in the following section.

  1. Capital.comOverall Best MT4 Broker for 2022
  2. LibertexTop MT4 Trading Platform with Zero Spreads
  3. AvaTradePopular MT4 Forex Broker with Added MT5 Support
  4. Skilling – Popular MT4 Broker with Low Spreads
  5. Pepperstone – Best MT4 Broker with a Dedicated ECN Account
  6. Forex.com – Leading MT4 Trading Platform for Automated Trading
  7. Oanda  – One of the Best MT4 US Forex Brokers for Advanced Investors
  8. IC Markets – Great MT4 App with Raw Pricing and Fast Execution
  9. FxPro – Best MT4 Broker for Micro Lot Trading
  10. FP Markets – Excellent MT4 Trading Platform with Copy Trading Features

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

Best MetaTrader 4 Brokers Reviewed

The process to invest in stocks is very similar to trading currencies because traders must choose a suitable broker and create an investment account. As touched on in the intro, many brokers now offer MT4 for Mac, Windows, or mobile, streamlining the trading process for beginners and advanced investors alike.

With that in mind, the MetaTrader 4 brokers list below presents a selection of top-rated platforms, specifically focusing on their fees, asset selection, and trading tools.

1. Capital.com – Overall Best MT4 Broker for 2022

Capital.com logoLeading the way when it comes to MetaTrader 4 brokers is Capital.com. This low margin rate broker is one of the world’s most popular trading platforms, mainly focusing on CFDs. Regarding safety, the FCA, ASIC, and CySEC provide oversight, ensuring a solid level of investor protection.

Capital.com is considered the best broker for MetaTrader 4 due to its vast asset selection and low trading fees. Users can trade over 130 FX pairs with Capital.com, including several exotics which aren’t offered by other platforms. Moreover, there are no commissions to open an FX trade, as all fees are built into the spread.

Capital.com review

This spread is relatively tight, sitting at around 0.6 pips for EUR/USD during peak trading. Capital.com also offers leverage facilities based on each user’s jurisdiction, with up to 30:1 provided in specific locations. This provider even offers one of the best investment apps on the market, featuring an AI-powered trading service that helps improve each user’s trading results.

The minimum deposit at this MT4 forex broker is just $20, which can be facilitated via credit/debit card, bank transfer, PayPal, or Apple Pay. There are no deposit fees to contend with, and Capital.com also charges no withdrawal or inactivity fees.

Capital.com MT4

Finally, Capital.com offers full integration with MT4 for Windows or Mac, only requiring that users create an account before downloading. The application will come with over 85 pre-installed MT4 indicators and ‘1-click trading’ functionality. Users can even download the MT4 trading platform onto their smartphone, allowing them to trade seamlessly on the go.

Number of Currency Pairs 138
Other Asset Classes Offered Stocks, ETFs, commodities, indices, crypto
Pricing Structure 0% Commission + Variable spread
Spread for EUR/USD Average of 0.6 pips
Platforms Offered Web-based platform + mobile app + MT4
Accepts US Traders? No
Max Leverage 30:1
Broker Type CFD

What We Like:

  • No commissions when placing FX trades
  • Wide selection of FX pairs to trade
  • Vast library of educational content
  • Supports PayPal and Apple Pay deposits
  • Low spreads on highly-liquid pairs

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

2. Libertex – Top MT4 Trading Platform with Zero Spreads

Libertex logoAnother popular MetaTrader 4 broker to consider is Libertex. Libertex has roughly 25 years of industry experience and serves over 2.2 million traders worldwide, making it one of the most well-established platforms on our list. Regulation is provided by CySEC, a top-tier entity, with Libertex also picking up numerous industry awards in recent years.

Libertex is among the best MT4 brokers regarding fees, as users will not have to pay any spreads when placing a trade. Instead, Libertex charges a small commission when a transaction is opened or closed, which varies depending on the asset. This commission is based on each $1,000 invested in an asset and is multiplied further if leverage is used – making this one of the best low spread forex brokers to partner with.

Libertex review

Users can trade over 50 FX pairs with this MT4 forex broker through the web platform, mobile app, or the MT4/MT4 service. Libertex’s minimum deposit is €100 ($105), with credit/debit card, bank transfer, and e-wallet funding accepted. Finally, Libertex also offers an MT4 demo account, allowing beginners to test the waters before live trading. Did you know that Libertex is also one of the best MT5 brokers in 2022 as well?

Number of Currency Pairs 50+
Other Asset Classes Offered Stocks. ETFs, commodities, indices, crypto, options
Pricing Structure Zero spreads + Variable commission
Spread for EUR/USD 0.0 pips
Platforms Offered Web-trader platform + mobile app + MT4 + MT5
Accepts US Traders? No
Max Leverage 30:1
Broker Type CFD

What We Like:

  • Innovative ‘zero spread’ structure
  • Full integration with MT4 and MT5
  • Over 2.2 million users

Your capital is at risk. 70.8% of retail investor accounts lose money when trading CFDs with this provider.

3. AvaTrade – Popular MT4 Forex Broker with Added MT5 Support

AvaTrade logoOur pick for the best MT5 broker with added support for MT5 is AvaTrade. AvaTrade is a well-known CFD broker, offering over 50 FX pairs to trade. The platform has been in operation for over 15 years and is regulated by several leading bodies; most notably, the Central Bank of Ireland.

Like most MetaTrader 4 brokers that focus on CFDs, AvaTrade incorporates its trading fees into the bid/ask spread and charges no commissions. Spreads can be as low as 0.9 pips for EUR/USD, with functionality for up to 30:1 in leverage. AvaTrade also makes it simple for users to fund their accounts, with no deposit fees levied and support for bank transfers, credit/debit cards, and several e-wallets.

AvaTrade MT4

AvaTrade offers a free MT4 download for all users, although it does not support MT4 for Mac. Once downloaded, users can begin trading immediately, requiring a minimum deposit of only $100. Finally, AvaTrade also offers the MT5 trading application, which will appeal to users who wish to trade other asset classes.

Number of Currency Pairs 55
Other Asset Classes Offered Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure 0% Commission + Spread
Spread for EUR/USD Average of 0.9 pips
Platforms Offered Web-based platform + mobile app + MT4 + MT5
Accepts US Traders? Yes
Max Leverage 30:1
Broker Type CFD (Market maker)

What We Like:

  • Heavily regulated broker
  • Offers options trading
  • Free deposits and withdrawals

4. Skilling – Popular MT4 Broker with Low Spreads

Skilling logoSkilling is a MetaTrader 4 broker popular due to its low spread offering. Due to this, many consider Skilling to be one of the best algorithmic trading platforms, as more than 70 FX pairs can be traded through the low-fee ‘Premium’ account. Although this account charges low spreads, it does set a commission on each trade.

Skilling MT4

Alternatively, users can opt for the ‘Standard’ account, with spreads averaging around 1.2 pips for EUR/USD. Skilling also offers full integration with MT4, allowing users to employ ‘Expert Advisors’ to automate the trading process. Finally, Skilling even provides ultra-fast execution speeds, averaging just 0.05 seconds per position.

Number of Currency Pairs 73
Other Asset Classes Offered Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure 0% Commission + Spread
Spread for EUR/USD Average of 1.2 pips (from 0.1 pips for Premium account)
Platforms Offered Web trader + cTrader app + MT4
Accepts US Traders? No
Max Leverage 30:1
Broker Type STP

What We Like:

  • Supports micro lot trading
  • Premium account offers spreads from 0.1 pip
  • Regulated by CySEC

5. Pepperstone – Best MT4 Broker with a Dedicated ECN Account

Pepperstone logoTraders looking for the best MT4 broker with an ECN account may wish to consider Pepperstone. The Pepperstone ‘Razor’ account offers spreads as low as 0.0 pips for EUR/USD. However, since a commission is levied on each position, traders looking for the most cost-effective option may wish to use the ‘Standard’ account, which incorporates all fees into the spread.

Pepperstone MT4

Users can trade over 60 FX pairs using Pepperstone, with an MT4 download available through the broker’s website. Pepperstone also provides 28 forex indicators on MT4, along with several Expert Advisors (EAs), making it one of the best automated trading platforms on the market. Finally, with regulation from the FCA, ASIC, and BaFin, Pepperstone can be considered one of the most reputable options on our list.

Number of Currency Pairs 60+
Other Asset Classes Offered Stocks, commodities, indices, crypto
Pricing Structure Variable spread on Standard account; commission on Razor account
Spread for EUR/USD Average of 0.75 pips on Standard account; as low as 0.0 pips on Razor account
Platforms Offered Web trader + mobile app + cTrader app + MT4 + MT5
Accepts US Traders? No
Max Leverage 30:1 (500:1 for professional traders)
Broker Type STP and ECN

What We Like:

  • ECN account available
  • Integrates with MT4, MT5, and cTrader
  • Up to 500:1 leverage for professional traders

6. Forex.com – Leading MT4 Trading Platform for Automated Trading

forex.com review US-based investors looking to use the MetaTrader 4 app may wish to partner with Forex.com. Forex.com has a stellar reputation within the FX industry, boasting over 90 pairs to trade. Users can choose from a selection of account types, although the ‘STP Pro’ account provides access to deep liquidity – meaning spreads can be as low as 0.1 pip for highly-traded pairs.

Forex.com MT4

Forex.com is also one of the best Islamic brokers to partner with, offering a dedicated ‘swap-free’ account type. Like the other options on this list, Forex.com offers seamless integration with MT4, with an added Reuters newsfeed and various research resources. Finally, Forex.com even offers a free MT4 demo account, which is excellent for beginners who are trading for the first time.

Number of Currency Pairs 91
Other Asset Classes Offered Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure 0% Commission + Spread (commission on STP Pro account)
Spread for EUR/USD Average of 1 pip (as low as 0.1 pips for STP Pro)
Platforms Offered Web trader + mobile app + MT4

 

Accepts US Traders? Yes
Max Leverage 50:1
Broker Type Offers DMA and STP accounts

What We Like:

  • Over 90 currency pairs to trade
  • Offers a ‘swap-free’ Islamic account
  • Parent company listed on the NASDAQ

7. Oanda – One of the Best MT4 US Forex Brokers for Advanced Investors

Oanda logoOanda is one of the best MT4 brokers for US-based traders and is regulated within the country by the CFTC and the NFA. Users can trade 69 currency pairs on Oanda, with all fees built into the spread. Notably, Oanda provides full support for micro lot trading and offers up to 50:1 leverage on the platform’s tradable currency pairs.

Oanda MT4

Oanda has no minimum deposit threshold and supports nine base currencies. There are no deposit or withdrawal fees to contend with, and Oanda also accepts funding via PayPal, Neteller, and Skrill. Finally, Oanda offers integration with MT4 for Mac, Windows, and smartphone devices – along with ‘depth of market’ pricing, ensuring the tightest spreads possible.

Number of Currency Pairs 69
Other Asset Classes Offered Commodities, bonds, cryptos
Pricing Structure 0% Commission + Variable spread
Spread for EUR/USD Average of 0.9 pips
Platforms Offered Web-trader platform + mobile app + MT4 + MT5
Accepts US Traders? Yes
Max Leverage 50:1
Broker Type Standard

What We Like:

  • Accepts US-based clients
  • Heavily regulated platform
  • Extensive research and analysis resources

8. IC Markets – Great MT4 App with Raw Pricing and Fast Execution

IC Markets logoAnother option for the best MT4 broker is IC Markets due to the fact that it is a low-spread forex broker. IC Markets is policed by ASIC and offers spreads from as little as 0.0 pips on the ‘Raw’ account. Over 60 currency pairs are available to trade through IC Markets, with micro lot trading and fast execution providing a seamless user experience.

IC Markets MT4

Deposits are free to make with IC Markets, although the minimum deposit threshold is slightly higher, set at $200. By using the MetaTrader 4 app in conjunction with IC Markets, professional traders can receive leverage of up to 500:1. Finally, IC Markets also ensures no minimum order distance, which is excellent for scalpers who thrive on small price movements.

Number of Currency Pairs 60+
Other Asset Classes Offered Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure 0% Commission + Spread (commission on Raw account)
Spread for EUR/USD From 0.0 pips on the Raw account
Platforms Offered Web-based platform + mobile app + MT4 + MT5 + CTrader
Accepts US Traders? No
Max Leverage Up to 500:1 for professional traders
Broker Type CFD (ECN account offered)

What We Like:

  • Raw spread account offered
  • Accepts PayPal, Skrill, and Neteller deposits
  • Super-fast execution speeds

9. FxPro – Best MT4 Broker for Micro Lot Trading

FxPro logoTraders looking to robot copy on MT4 may wish to consider FxPro, as this platform offers 70 FX pairs to trade, with full support for micro lot trading. FxPro has been in operation and is regulated by the FCA, ensuring high credibility. The minimum deposit threshold is $100 with FxPro, and users can choose from an array of account types – including ones that integrate with MT4 and MT5.

FxPro MT4

Deposits can be made for free via bank transfer, credit/debit card, and e-wallet (e.g. PayPal). Withdrawals are also free to make, although a fee will be charged after six months of inactivity. Finally, FxPro also supports MetaTrader 4 for Mac and Windows, offering a Virtual Private Server with no downtime.

Number of Currency Pairs 70
Other Asset Classes Offered Stocks, commodities, indices, crypto,
Pricing Structure 0% Commission + Variable spread
Spread for EUR/USD Average of 1.70 pips
Platforms Offered Web-trader platform + mobile app + MT4 + MT5 + cTrader
Accepts US Traders? No
Max Leverage 30:1
Broker Type CFD (NDD and ECN accounts offered)

What We Like:

  • Negative Balance Protection (NBP) feature
  • Offers micro lot trading
  • No Dealing Desk (NDD) execution

10. FP Markets – Excellent MT4 Trading Platform with Copy Trading Features

FP Markets logoRounding off our list of MT4 brokers is FP Markets. FP Markets is the best MT4 broker for copy trading, as the platform allows users to automatically copy the trades placed by other FP Markets traders. Notably, this feature integrates with MT4 and MT5, allowing users to tailor their risk level accordingly.

FP Markets MT4

FP Markets’ ECN account will appeal to frequent traders as it offers ultra-low latency, designed to reduce (or remove) slippage. Spreads on this account can be as low as 0.0 pips, although a commission will be charged. Finally, FP Markets even allows users to buy cryptocurrency (and other asset classes), making it easy to create a diversified portfolio.

Number of Currency Pairs 60+
Other Asset Classes Offered Stocks, indices, commodities, crypto
Pricing Structure 0% Commission + Spread (Commissions on ECN account)
Spread for EUR/USD As low as 0.0 pips on ECN
Platforms Offered Web-based platform + mobile app + MT4 + MT5 + CTrader
Accepts US Traders? No
Max Leverage 30:1 (500:1 for professional traders)
Broker Type DMA and ECN

What We Like:

  • Regulated by ASIC and CySEC
  • Spreads as low as 0.0 pips on ECN account
  • No non-trading fees charged

Best MT4 Forex Brokers Compared

The section above has reviewed ten of the best MT4 brokers on the market, touching on all the factors that must be considered before making a trading decision. To help streamline the decision-making process even further, the table below compares all of the platforms on our MetaTrader 4 brokers list – making it quick and easy to find the best option:

Trading Platform Number of Currency Pairs Other Asset Classes Pricing Structure Spread for EUR/USD Platforms Offered Accepts US Traders? Max Leverage Broker Type
Capital.com 138 Stocks. ETFs, commodities, indices, crypto 0% Commission + Variable spread Average of 0.6 pips Web-trader platform + mobile app + MT4 No 30:1 CFD
Libertex 50+ Stocks. ETFs, commodities, indices, crypto, options Zero spreads + Variable commission 0.0 pips Web-trader platform + mobile app + MT4 + MT5 No 30:1 CFD
AvaTrade 55 Stocks. ETFs, commodities, indices, crypto, bonds 0% Commission + Variable spread Average of 0.9 pips Web-trader platform + mobile app + MT4 + MT5 Yes 30:1 CFD (Market maker)
Skilling 73 Stocks. ETFs, commodities, indices, crypto, bonds 0% Commission + Variable spread Average of 1.2 pips (from 0.1 pips for Premium account) Web trader + cTrader app + MT4 No 30:1 STP
Pepperstone 60+ Stocks, commodities, indices, crypto Variable spread on Standard account; commission on Razor account Average of 0.75 pips on Standard account; as low as 0.0 pips on Razor account Web trader + mobile app + cTrader + MT4 + MT5 No 30:1 (500:1 for professional clients) STP and ECN
Forex.com 91 Stocks. ETFs, commodities, indices, crypto, bonds 0% Commission + Spread (commission on STP Pro account) Average of 1 pip (as low as 0.1 pips for STP Pro) Web trader + mobile app + MT4 Yes 50:1 Offers DMA and STP accounts
Oanda 60 Commodities, bonds, cryptos 0% Commission + Variable spread Average of 0.9 pips Web-based platform + mobile app + MT4 + MT5 Yes 50:1 Standard
IC Markets 60+ Stocks, indices, commodities, crypto, bonds 0% Commission + Spread (commission on Raw account) From 0.0 pips on the Raw account Web-based platform + mobile app + MT4 + MT5 + cTrader No 30:1 (500:1 for professional traders) CFD (ECN account offered)
FxPro 70 Stocks, indices, commodities, crypto 0% Commission + Variable spread Average of 0.70 pips Web-based platform + mobile app + MT4 + MT5 + cTrader No 30:1 CFD (NDD and ECN accounts offered)
FP Markets 60+ Stocks, indices, commodities, crypto 0% Commission + Spread (Commissions on ECN account) As low as 0.0 pips on ECN Web-based platform + mobile app + MT4 + MT5 + cTrader No 30:1 (500:1 for professional traders) DMA and ECN

What is MetaTrader 4?

MetaTrader 4, commonly shortened to MT4, is an electronic trading platform designed by MetaQuotes Software. The platform was initially released in 2005 and has become the ‘gold standard’ within the forex trading industry for trade execution and analysis. MT4 can link to a user’s brokerage account, allowing trades to be placed seamlessly using the funds in the trading balance.

Much of MetaTrader 4’s appeal comes from its customisability. Users can trade on various timeframes and employ an array of MT4 indicators, making technical analysis simple. Backtesting is also easy on MT4, and the platform even provides several execution types.

MetaTrader 4

MetaTrader 4 also offers similar functionality to the best trading robots through what’s known as ‘Expert Advisors’. This feature allows users to robot copy on MT4 and employ various trading strategies – which is helpful for beginners and advanced investors alike.

What Can You Trade on MT4?

MetaTrader 4 is undoubtedly a popular platform, driven by its massive appeal to forex traders. However, many people are unaware that MT4 also supports a selection of alternative asset classes – although each broker determines this. These asset classes are:

  • Forex
  • Stocks
  • Indices
  • Commodities

It’s important to note that MT4 was designed mainly for FX trading, so using it to trade other asset classes tends to be inefficient. To combat this, MetaQuotes Software also developed MetaTrader 5 (MT5), which is better suited to trading stocks, indices, and commodities. 

Why Use MT4? Best MetaTrader 4 Features

Now that we’ve covered the best trading platforms that integrate with MT4, let’s take a look at some of the most popular features that MetaTrader 4 offers: 

Multiple Timeframes

One of MT4’s best features is that it offers an array of timeframes to trade on. These timeframes stretch from one minute to one month, ensuring compatibility with all trading strategies.

Support for Smartphones and Tablets

Although MT4 is available on Windows and Mac, it can also be downloaded to users’ smartphones. The smartphone app synchronizes with the computer-based app, meaning users can monitor and place trades whilst on the go.

MT4 trading app

Technical Indicators

There is an abundance of forex indicators on MT4, which can help traders estimate future price movements. These indicators are split into ‘trend indicators’ and ‘oscillators’ and can be dragged and dropped onto the price chart. Furthermore, indicators can also be used for backtesting to improve trading strategies. 

Expert Advisors

Expert Advisors are essentially trading robots that have been developed in MetaQuotes Language 4 (MQL4), the programming language for MT4. These Expert Advisors are used to automate the analysis and trading processes and can be purchased through the MT4 marketplace.

Financial News & Alerts

Finally, MT4 also has a financial news and alerts feature, which provides up-to-date information on the latest goings-on within the market. The alerts feature is handy, as it will notify each trader when a specific price point has been met.

How to Trade with an MT4 Broker

Before rounding off this guide on the best MT4 brokers, let’s look at the investment process. Trading using MT4 is slightly different from trading on a web-based platform or mobile app – although it is still relatively simple to accomplish.

With that in mind, the six steps below provide a walkthrough of how to trade on MT4 using our recommended provider, Capital.com – without paying any commissions.

Step 1 – Create a Capital.com Account & Complete Verification

First thing’s first – head to Capital.com’s homepage and click ‘Trade Now’. Enter a valid email address and then choose a password for the account.

Capital.com sign up

Once the account is created, you’ll also have to complete the verification process. To do so, click ‘Complete Registration’ on the trading dashboard and work through the KYC checks. Following this, upload proof of ID (e.g. passport) and proof of address (e.g. utility bill).

Step 2 – Open an MT4 Account through Capital.com

Click ‘Add Live Account’ on your ‘My Accounts’ page and choose MT4. You can then select the base currency for the account and opt to name it if you wish. Following this, click the ‘Login Details’ button on the account’s page and take note of the login number and server name – as this will be required shortly.

Step 3 – Make a Deposit

Click ‘Deposit’ on your trading account section and decide how much you’d like to fund your account with – Capital.com’s minimum deposit requirement is just $20. In terms of payment methods, Capital.com accepts the following:

  • Credit card
  • Debit card
  • Bank transfer
  • PayPal
  • Apple Pay

Step 4 – Download MT4

Head to the MetaTrader 4 website and scroll down to the ‘Download’ section. Choose which version of MT4 you’re interested in (e.g. Windows, Mac OS, Android, etc.) and follow the instructions to download the application.

Download MT4Step 5 – Log In to MT4

Once downloaded, open the MT4 trading platform and click ‘Login’ from the ‘File’ menu at the top of the screen. A box will appear, much like the one below. In this box, enter the login number and server name that you noted during Step 2, along with the password for your Capital.com trading account.

MT4 login

Step 6 – Begin Trading

Once logged in, you’re ready to begin trading. You can choose which symbol you’re interested in from the ‘Market Watch’ list, after which the live chart will appear on the screen. When you’re ready to trade, double-click on the asset’s name, enter your position size in the box that appears and click ‘Buy or ‘Sell, depending on your sentiment.

MT4 Forex trading

Best MT4 Brokers – Conclusion

In conclusion, this guide has taken an in-depth look at a selection of the best MT4 brokers on the market, highlighting their fees, features, and asset selection. By reviewing the information presented in this guide, users can find a platform that suits their needs and begin trading with MT4 immediately.

Our pick for the best broker for MetaTrader 4 is Capital.com. With over 130 FX pairs to trade, Capital.com ensures that there’s always a trading opportunity for beginners and advanced investors alike. What’s more, Capital.com offers seamless integration with MT4 and commission-free trading – all with a minimum deposit of only $20.

Capital.com logo

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

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