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 12 brokers that offer this functionality – each of which will be reviewed in the following section.

  1. Axi – Award-winning MT4 broker offering copy trading.
  2. XTB – Popular alternative station to MT4.
  3. Vantage – Access over 3,200 professional signals with MT4.
  4. PepperstoneBest MT4 broker with a dedicated ECN account.
  5. AvaTradePopular MT4 forex broker with added MT5 support.
  6. Trade NationLeading multi-asset platform with low spread.
  7. Forex.com – Leading MT4 trading platform for automated trading.
  8. Oanda  – One of the best MT4 US forex brokers for advanced investors.
  9. IC Markets – Great MT4 app with raw pricing and fast execution.
  10. FxPro – Best MT4 broker for micro lot trading.
  11. FP Markets – Excellent MT4 trading platform with copy trading features.

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. Axi – Award-Winning MT4 Broker Offering Copy Trading

Axi isn’t just another broker offering the MT4 platform — it has won several awards for providing an outstanding service on this platform. By using MT4, Axi has won awards for the best forex broker, best CFD provider and best EMEA region broker.

Before going live, traders can sample Axi’s MT4 platform by opting for the demo account. It’s valid for 30 days and offers practice trading of up to $50,000. Traders can access forex, stocks, indices, precious metals and commodity markets. The demo account enables traders to test out their advanced tools to incorporate into their trading strategies.

Axi has made the MT4 app compatible for PC, Mac, iPhone and Android. Also available with Axi is MT4 web trader. The platform provides live pricing and to view market data with live charting options, as well as automated news updates to follow the latest trading trends.

One of the things that separates Axi from most brokers is the in-depth MT4 video tutorials. They’re free and cover key topics such as how to install MetaTrader 4, managing open trades and types of orders. Traders using MT4 on Axi can also connect it to their CopyTrading app, enabling them to copy the trades of professionals.

Number of Currency Pairs 70+
Other Asset Classes Offered Stocks, commodities, precious metals, indices
Pricing Structure Spreads
Spread for EUR/USD 0.1 pips
Platforms Offered xStation 5 and xStation mobile
Accepts US Traders? No
Max Leverage 1:30
Broker Type CFD

What We Like:

  • Connect to CopyTrading app
  • Fast execution platform offering access to various markets
  • Offers $50,000 demo account

Your capital is at risk. 81.6% of retail investor accounts lose money when trading CFDs with this provider.

Traders looking for convenience while optimizing their charts with advanced tools will find the two platforms XTB offers to be ideal. XTB enables traders to choose between xStation 5 and xStation mobile. Traders can opt for the web trade platform, mobile app or desktop app.

This platform enables fast executions and some of the lowest forex spreads in the business. A popular pair such as EUR/USD carries an average spread of 0.1 pips. On top of that, XTB platforms enable traders to use leverage up to 1:30.

“Starting from 9th November 2020, XTB clients will no longer be able to open new accounts and sub accounts on the MT4 platform. Trading accounts opened before this date remain fully operational and supported.” But the Station 5 platform on XTB offers great features and is the ideal MetaTrader4 alternative.

The platform enables access to 2100 global markets in cryptocurrencies, stocks, indices, commodities and ETFs.

Number of Currency Pairs 48
Other Asset Classes Offered Stocks, commodities, ETFs, indices, crypto
Pricing Structure Spreads
Spread for EUR/USD 1 pip
Platforms Offered MT4 for PC, Mac, iPhone and Android
Accepts US Traders? No
Max Leverage 1:30
Broker Type CFD

What We Like:

  • Web, mobile app, desktop platforms
  • Fast execution platform and a great MT4 alternative
  • More than 2100 global markets

Your capital is at risk. 77% of retail CFD accounts lose money.

3. Vantage – Access over 3,200 Professional Signals with MT4

Vantage logo Launched in 2009, Vantage is a popular CFD trading platform for Forex pairs, cryptos, commodities, shares and indices. With the Raw ECN account, investors can access the popular EUR/USD pair at low spreads, starting at 0.2 pips. Moreover, the STP account on Vantage offers commission-free trading on CFDs.

Vantage makes its trading platform available with MT4 trader – which offers high-speed trading on FX pairs. Allowing investors to gain an edge in the global markets, the MT4 brokerage gives investors access to over thousands of charting & customization options with Vantage. On this popular trading platform, MT4 is made available on the web, desktop, as well as Vantage app – which can be accessed on iOS and Android.

MT4 on Vantage

For traders lacking the time to open manual trades, MT4 offers an automated trading feature in the form of a forex robot – known as Expert Advisors. By designing a state-of-the-art optic network which connects with the platform’s global servers, Vantage leverages MT4 to execute trades accurately and securely with 99.99% uptime.

Offering over 3,200 trading signals, MT4 on Vantage allows investors to leverage the best possible strategies to open FX trades.

Number of Currency Pairs 44
Other Asset Classes Offered CFDs on Stocks, commodities, indices, crypto
Pricing Structure 0% commission + high spreads on STP account/ Low commissions + low spread on ECN account
Spread for EUR/USD 1.1 pips on STP account/0.2 pips on ECN account
Platforms Offered Web trader + mobile app  + MT4 + MT5
Accepts US Traders? No
Max Leverage 100:1 (500:1 for traders with higher equity)
Broker Type STP and ECN

What We Like:

  • ECN and STP accounts are available
  • Integrates with MT4, MT5
  • Up to 100:1 leverage for retail traders
  • Forex robots for automatic trading with MT4

4. 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 CFDs in: stocks, commodities, indices, crypto, ETFs
Pricing Structure Variable spread on Standard account; commission on Razor account
Spread for EUR/USD Average of 0.77 pips on Standard account; as low as 0.0 pips on Razor account
Platforms Offered Web trader + mobile app + cTrader app + MT4 + MT5 + TradingView
Accepts US Traders? No
Max Leverage 30:1 (500:1 for professional traders)
Broker Type STP and ECN

What We Like:

74-89% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade logo Our 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 as well as the best forex VPS. 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

Trading CFDs and FX Options entail risk and could result in the loss of your capital.

trade nation logo

Trade Nation is one of the leading multi-asset CFD platforms where you can trade forex, indices and commodities. Forex spreads start at 0.0 pips on EUR/USD and you can trade on MT4, whether it be manually or via Expert Advisors.

You can also trade via the TN Trader platform, which is web-based. This means you don’t need to install the platform as you would with MT4. Instead, log in on any device via a web browser and you can start trading. Another option is to use the copy trading feature via the TN TradeCopier mobile app. This lets you find successful traders and copy their trades.

TradeNation broker

Trade Nation is regulated in multiple jurisdictions, including the UK, Australia and South Africa, and it uses negative balance protection. This means your funds are safe, and if something happens, your account can never go below zero. Open an account with any amount you want to try the platform, and if you like it, deposit more.

Number of Currency Pairs 28
Other Asset Classes Offered Forex, indices, commodities
Pricing Structure Spread-only
Spread for EUR/USD From 0.0 pips
Platforms Offered MT4, TN Trader (web-based), TN TradeCopier (mobile app)
Accepts US Traders? No
Max Leverage 500:1
Broker Type CFD

What We Like:

  • Regulated broker
  • Multiple CFD assets to choose from
  • Low spreads

86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

7. 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

8. 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

9. 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
  • One of the best Neteller forex brokers
  • Super-fast execution speeds

10. 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

11. 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
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)
XTB 48 Stocks, commodities, ETFs, indices, crypto Spread 1 pip MT4 for PC, Mac, iPhone and Android No 30:1 CFD
Trade Nation 28 Forex, commodities, indices Spread-only Average of 0.75 pips on Standard account; as low as 0.0 pips on Razor account MT4, TN Trader, TN TradeCopier No Up to 500:1 CFD
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.

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 Axi – click below to learn more.

Your capital is at risk. 81.6% of retail investor accounts lose money when trading CFDs with this provider.

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