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13 Best MetaTrader 4 (MT4) Brokers for 2026

By
Jitan Solanki
Reviewed By
Ola Alder
Updated: Apr 5, 2026
Advertising DisclosureWe prioritize rigorous, unbiased testing through our independent review process. While our ratings are objective, we receive compensation that may influence list placement. Learn how we make money

MetaTrader 4 remains one of the most widely used trading platforms, known for its simplicity, reliability, and automated trading support. But the MT4 experience can vary depending on the broker you use. To identify the best forex brokers with MetaTrader 4, we focused on brokers that not only support MT4 but also provide favorable trading conditions and competitive prices.

We confirmed that each broker in this list provides free, easy access to MT4 and favored those who extend MT4’s functionality with additional plugins and third-party tools like Trading Central, AutoChartist, and custom indicator packages, as well as support for Expert Advisors (EAs) for algorithmic trading.

We also reviewed each broker’s regulatory framework and client protection measures, evaluated their overall offering, recorded live spreads, measured execution speed, and assessed the range of trading assets available on MT4.

List of Top MT4 Forex Brokers

Best Brokers for US Traders

MT4 plugins from Signal Centre and Autochartist. 18 extra MT4 add-ons. 86 spot forex pairs. Raw spread accounts.

MT4 upgrade with 28 extra indicators. 68 forex pairs and 10 cryptocurrencies. Minimum deposit $0. High-quality research and education.

Best Brokers for International Traders

MT4 Traders Toolbox. MT4 Autochartist integration. 10,000+ tradable instruments. Competitive fees. Direct Market Access trading.

540+ crypto assets. 5,000+ tradable instruments. Commission-free trading. 24/7 crypto markets. MT4 with FIX API access.

Average execution speed under 12 ms. 84% of client orders filled at requested price or better. VPS hosting for low-latency. Raw+, Elite MT4, and cTrader accounts.

MT4, MT5, and TradingView platforms. Free and paid-for custom indicators and Expert Advisors. 400+ tradable instruments. Execution speed under 9ms.

Leverage up to 1:2000. 12,000+ tradable instruments. MT4, MT5, and R StocksTrader platforms. Free VPS hosting.

Pro Trader Tools plugin for MT4/MT5. 1,400+ CFDs and real stocks. Advanced research tools. AI trading signals from Acuity.

Fast, digital account setup. Low minimum deposit from $50. Standard, Premium, VIP, and Tailor Made accounts.

900+ share CFDs. Competitive spreads on equities. Fractional shares. Trading Central stock market research.

Advanced Trading Tool Kit. Acuity-powered trading signals. VPS hosting. MT4, MT5, TradingView, and Tickmill Trader platforms. Social and copy trading.

Low minimum deposit. Copy trading. Trading Central market research. IronFX Academy. Commission-free trading.

Trading Central signals and research. VPS hosting. MT4 Multi Terminal and Strategy Tester. Copy trading. 1,400+ instruments.

How Did FXEmpire Choose the Best Brokers for MT4?

  • We made sure each broker offers free access to the MetaTrader 4 trading platform.
  • We tested how easy it is to access MT4 and how fast you can start trading.
  • We reviewed the broker’s regulations and licensing to operate.
  • We analyzed whether the brokers offer additional plugins for MT4, such as integrated content from Trading Central and AutoChartist, an extra indicator package, and access to social trading options.
  • We checked whether the broker allows users to run Expert Advisors via MT4 to enable algorithmic trading.
  • We ensured the brokers offered favorable trading conditions for traders, including access to a wide range of markets, competitive trading fees, responsive customer service, helpful trading tools, and fast execution.

Our team of experts has identified each broker’s strengths and weaknesses using FXEmpire’s comprehensive methodology.

Now let’s dive into the selected brokers.

Best Overall

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    10180
  • Fees
    Low

FP Markets was founded in 2005 in Australia and operates globally, holding licences from several regulators. It has grown into a major broker in the forex and CFD markets. It’s our best MT4 broker for international traders, offering raw pricing, fast MT4 execution from the Equinix NY4 server, zero trade restrictions, and access to its MT4 Traders Toolbox and Autochartist plugin.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, metals. Shares, commodities, indices, cryptocurrencies, ETFs, bonds
  • VPS: Yes
  • MT4 Add-ons: MT4 Traders Toolbox, Autochartist plugin

I discovered a strong selection of additional MT4 tools available through the broker’s MT4/MT5 Traders Toolbox. These include an alarm manager, a correlation trader, a market manager, and a stealth order indicator. I found the Correlation Trader particularly useful because it quickly identifies which markets are correlated, helping avoid overexposure.

FP Markets also integrates Autochartist within MT4. This third-party tool scans markets in real time and highlights potential trading opportunities across forex,

metals, indices, commodities, and cryptocurrencies. It can be useful for beginners to find trade ideas and for advanced traders to speed up research.
Our live testing revealed that FP Markets offers very competitive trading fees. We have tested the Standard account and found that its spreads are low or in line with the industry average across all assets we tested. The 0.8-pip DAX 40 spread and the $16 Bitcoin spread were especially tight.

Pros
  • Useful MT4 add-ons and plugins
  • Wide selection of tradable instruments
  • Competitive spreads
  • Reasearch from Autochartist and Trading Central
Cons
  • One of its offshore entities is unregulated

Best for Crypto Trading

Depending on the company, 70% of retail investor accounts lose money when trading CFDs with Capital.com Group. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $20
  • Tradable Instruments
    6313
  • Fees
    Medium

Capital.com was founded in 2016 and is headquartered in Cyprus. The broker has become a strong choice for crypto-focused MT4 traders thanks to its extensive cryptocurrency offering and advanced trading tools.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, shares, commodities, indices, cryptocurrencies, ETFs, knock-out options
  • Crypto Assets: 543
  • VPS: No
  • MT4 Add-ons: FIX API access for advanced trading

Capital.com’s selection of over 543 crypto assets is the largest I have ever seen from a regulated CFD broker. The broker also boasts a vast selection of 147 forex pairs, which is also one of the largest ranges in the industry.

Capital.com lets you trade crypto 24/7, providing pre-built category lists of the most traded, most volatile, top risers, and top fallers. This is a useful feature to quickly grasp what’s happening in the crypto market.

For fast timeframe crypto traders, MT4’s one-click trading and Depth of Market (DoM) functionality make it easier to react quickly to market volatility and execute trades instantly. MetaTrader 4 platform can also be enhanced through Capital.com’s FIX API integration, which provides access to raw spreads directly from an exchange’s order book, including BTC/USD and ETH/USD, and helps to achieve very fast execution speeds.

Pros
  • 540+ crypto CFDs
  • One-click trading
  • FIX API solutions
  • Great collection of education
Cons
  • No copy trading

Best Order Execution

73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money. (EU, UK)
  • Min Deposit
    $100
  • Tradable Instruments
    1995
  • Fees
    High

FxPro was established in 2006 and is headquartered in London. The broker has built a strong reputation for its exceptionally fast order execution. With an average execution speed of under 12 milliseconds and a high percentage of orders filled at the requested price or better, FxPro is a strong choice for traders who prioritise execution quality.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, metals, energies, indices, cryptocurrencies, futures
  • VPS: Yes
  • MT4 Add-ons: Trading Central plugin

Our research team found that around 84% of client orders are executed at the requested price or better, highlighting FxPro’s focus on efficient trade execution. As a no-dealing desk (NDD) broker, it provides true market execution with zero requotes. Alongside MT4’s features like one-click trading and customisable charts, it’s a great package for fast timeframes and automated trading.

For traders looking to maximise speed and stability, FxPro offers Virtual Private Server (VPS) hosting, which helps reduce latency and maintain a stable connection to trading servers. With an average execution speed of 12 milliseconds, FxPro is well-suited to fast-timeframe and algorithmic traders.

Pros
  • True no-dealing desk broker
  • Fast execution speeds
  • 2,100+ tradable instruments
  • No minimum deposit on Standard acccount
Cons
  • High inactivity fee

Best for Auto Trading

Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
  • Min Deposit
    $1000
  • Tradable Instruments
    642
  • Fees
    High

Swissquote is a Swiss banking group founded in 2000 and listed on the SIX Swiss Exchange. As a regulated bank, it stands out for its strong reputation for transparency and security. With global offices in major financial centres, Swissquote is particularly attractive for traders looking to build automated strategies in a well-regulated trading environment.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, indices, cryptocurrencies, and bonds
  • VPS: No
  • MT4 Add-ons: No

Swissquote provides access to more than 400 tradable instruments, including spot forex, forex options, indices, stocks, commodities, and bonds, through MetaTrader 4, MetaTrader 5, TradingView, and its proprietary CFXD platform. MT4 and MT5 support automated trading through Expert Advisors (EAs), and the platforms include built-in editors and strategy-testing tools, enabling traders to design, develop, and optimise their own trading algorithms.

During my testing, I found the Swissquote MT4 platform also offers 2,000 free custom indicators and 700 paid ones. There are also ready-made Expert Advisors (free and paid) that traders can implement instantly. This will work well with the broker’s ultra-fast execution speed of 9 milliseconds. You can also access MT4 Signals, which automatically copies trades of other traders in your own account.

 

Pros
  • Multiple platforms
  • Expert Advisors available
  • Fast execution speed
  • Strategy backtester
Cons
  • High minimum deposit
  • Above-average spreads

Best for High Leverage

Forex trading involves risks.
  • Min Deposit
    $10
  • Tradable Instruments
    12056
  • Fees
    Medium

RoboForex was founded in 2009 and is headquartered in Belize. The broker stands out for offering some of the highest leverage in the industry – up to 1:2000. Traders can access around 110 CFDs via the MetaTrader 4 platform and boost their performance with free VPS hosting.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, and indices
  • VPS: Yes
  • MT4 Add-ons: No

The broker offers some of the highest leverage in the industry—up to 1:2000 on currency pairs and metals, 1:100 on energies and indices, and 1:20 on share CFDs. Traders should note, however, that this comes with a strict margin policy: both the margin call and stop-out are set at 100%.

In my live tests, RoboForex’s pricing came out mixed. Share CFDs were the most competitive with very low spreads, indices were low to average, currency pairs and gold were around the industry benchmark, while crude oil spreads were higher than average.

When it comes to platforms, RoboForex doesn’t disappoint. Its flagship R StocksTrader platform offers a smooth, intuitive trading experience with responsive charts and streamlined order execution. For those who prefer more traditional setups, the broker also supports MetaTrader 4 and MetaTrader 5.

Finally, traders looking for speed will appreciate that RoboForex provides free VPS hosting for low-latency trading, making it a strong option for algo traders and scalpers.

Pros
  • 1:2000 maximum retail leverage
  • Swap-free trading on forex and metals
  • Insightful market research
  • Free VPS
Cons
  • No cryptocurrencies

Best for Professional Traders

4.0
Online Forex/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading Online Forex/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. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of Exinity Capital East Africa Ltd based on the legal requirements in his/her country of residence.
  • Min Deposit
    $30
  • Tradable Instruments
    602
  • Fees
    High

FXTM was founded in 2011 and stands out in the professional trader category thanks to its combination of advanced trading tools, multiple account types, and strong in-house research. It offers 1,460 CFDs and real stocks that can be traded on MT4, MT5, and FXTM’s own mobile app.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, ETFs, indices, cryptocurrencies
  • VPS: Yes
  • MT4 Add-ons: Pro Trader Tools plugin and 6 additional MT4 plugins

I found that FXTM’s Pro Trader Tools plugin for MT4 is a great feature for professional traders. These tools expand the platform’s basic functionality, provide more control over trade execution and analysis, and support automated trading and Expert Advisors, allowing traders to run complex strategies efficiently.

FXTM also provides a range of advanced account types, including commission-based options with tight spreads, which are better suited to high-volume or professional traders. The broker’s strong research tools, including in-house market analysis, trading signals, and third-party insights from providers such as Acuity and Trading Central, are excellent resources for fundamental traders.

Pros
  • Multiple account types
  • Pro Trading Tools plugin for MT4
  • AI-powered signals from Acuity
  • Robust market research
Cons
  • High spreads

Best for Account Offering

FX and CFDs trading involves a high risk of loss
  • Min Deposit
    $50
  • Tradable Instruments
    167
  • Fees
    High

Errante was founded in 2019 and is headquartered in Seychelles. The broker stands out in this category thanks to its simple, efficient account-opening process, which is fully digital and designed to get traders up and running quickly. With multiple account options, a low minimum deposit, and private indemnity insurance, Errante is a convenient choice for both beginners and experienced traders seeking a smooth onboarding process and secure trading experience.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, indices, cryptocurrencies
  • VPS: Yes
  • MT4 Add-ons: No

After going through the steps to open a live account, our team found the process quick and hassle-free, with accounts typically ready for trading almost immediately after registration. The broker offers three commission-free account types called Standard, Premium and VIP, as well as a commission-based Tailor Made account. The Standard account has a low minimum deposit of $50 but has the highest spreads.

There are no additional MT4 plugins or add-ons beyond the basic platform features, but Errante provides access to other platforms like MetaTrader 5, cTrader, and TradingView. While the range of 160 tradable instruments is low and trading costs are mixed compared to competitors, the ease of registration, variety of payment options, and quick onboarding process make it a strong option for traders who value convenience when getting started.

Pros
  • Low minimum deposit
  • Multiple account types
  • VPS hosting
  • Comprehensive educational content
Cons
  • High spreads on some instruments

Best for Share CFD Trading

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.
  • Min Deposit
    $0
  • Tradable Instruments
    1108
  • Fees
    High

ActivTrades is a well-established global broker headquartered in London. It stands out as a solid choice for traders seeking stock market exposure thanks to its extensive range of share CFDs and competitive pricing on equities.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, ETFs, indices, bonds
  • Share CFDs: 910
  • VPS: No
  • MT4 Add-ons: Trading Central

The broker provides access to over 900 global share CFDs covering the USA, UK, and Europe. These can be traded using fractional shares, meaning you can buy or sell in units less than one share, such as a third or a fourth of a share, which is a useful option for small accounts. Furthermore, any long share CFD positions will receive dividend payouts.

I also found the spreads for share CFDs very competitive, well below the industry average. In addition to zero-commission trading, ActivTrades offers an appealing solution for cost-conscious stock traders.

ActivTrades also offers the full suite of Trading Central tools free of charge. After opening a live account and depositing funds, you can download the Trading Central MT4 plugin. I found the Technical Views indicator particularly useful for share CFD trading, as it scans thousands of stocks for candlestick and chart patterns to trade on.

 

Pros
  • Large selection of share CFDs
  • Competitive spreads on share CFDs
  • Fast order execution
  • MT4 plugins
Cons
  • No copy trading

Best Trading Tools

Trading Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Contracts for Difference (CFDs), you should carefully consider your trading objectives, level of experience and risk appetite. It is possible for you to sustain losses that exceed your invested capital and therefore you should not deposit money that you cannot afford to lose. Please ensure you fully understand the risks and take appropriate care to manage your risk.
  • Min Deposit
    $100
  • Tradable Instruments
    649
  • Fees
    Medium

Tickmill was founded in 2014 and is headquartered in Cyprus. By offering a comprehensive suite of trading tools, third-party integrations, in-house analytics, and multiple platforms, the broker offers a well-rounded environment for traders looking to improve analysis and execution.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, ETFs, indices, cryptocurrencies
  • VPS: Yes
  • MT4 Add-ons: Advanced Trading Tool Kit from Figaro

I was impressed with Tickmill’s Advanced Trading Tool Kit for MT4. It includes tools such as a trade terminal, a mini terminal, a correlation matrix, and a sentiment trader, all designed to enhance MT4’s core functionality. These tools allow for better trade execution, deeper market analysis, and improved risk management, making them particularly useful for more experienced traders.

My favorite tool is the sentiment trader, as it allows you to quickly see how other traders are positioned in the market, helping to identify overbought and oversold market conditions. Tickmill also integrates Acuity-powered trading signals and provides access to VPS hosting for low-latency execution, along with copy trading and extensive research content.

 

Pros
  • Advanced Trading Tool Kit for MetaTrader
  • Acuity-powered trading signals
  • Wide range of platforms and tools
  • VPS hosting
Cons
  • High forex spreads

Best for Beginners

Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $50
  • Tradable Instruments
    311
  • Fees
    Medium

IronFX was founded in 2010 and is headquartered in Cyprus. The broker stands out as a strong option for beginners thanks to its low minimum deposit, commission-free trading, copy trading service, and outstanding market research and educational resources.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: Forex, commodities, shares, indices, cryptocurrencies, futures
  • VPS: Yes
  • MT4 Add-ons: MT4 Advanced Trader, Multi-Terminal, Trade Copier

I was impressed by the diversity and depth of the IronFX Academy, which offers a wide variety of informative educational resources in both written and video formats. There are numerous eBooks, hundreds of webinars, and a regularly updated podcast. The content is carefully crafted to support traders at every level of experience, particularly beginners.

While the MT4 desktop platform is not designed for beginners, the web version and mobile app are easy to use and navigate. However, the MT4 Advanced Trader tools are only available on the desktop platform, so it is worthwhile reviewing the broker’s platform tutorials.

IronFX’s TradeCopier service runs through MT4 accounts, linking signal providers with followers, and is available directly through the client portal. The leaderboard is clear, informative, and easy to navigate, allowing users to evaluate different trading strategies at a glance. Following the trades of other successful traders can be a useful educational tool for beginners.

Pros
  • $50 minimum deposit
  • Copy trading via TradeCopier
  • Free VPS hosting
  • Comprehensive IronFX Academy
Cons
  • MT4 desktop has a steep learning curve

Best for Advanced MT4 Tools

Forex and CFD trading involves significant risk to your invested capital.
  • Min Deposit
    $5
  • Tradable Instruments
    1372
  • Fees
    High
  • Trading Central research and signals
Pros
  • Trading Central research and signals
  • VPS available
  • Copy trading service
  • Live webinars
Cons
  • Wide spreads on the Standard account

Best Overall in the US

Forex trading involves risk. Losses can exceed deposits.
  • Min Deposit
    $1
  • Tradable Instruments
    82
  • Fees
    Low

tastfxy (formerly IG US) is part of the IG Group, a financial services company founded in 1974. It stands out as a top overall broker for U.S. traders, offering access to leveraged forex trading, multiple account types, and a wide range of MT4 add-ons and plugins. The broker also boasts a strong selection of trading software, including the proprietary tastyfx Web Platform, MT5, TradingView, and ProRealTime.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: 86 forex pairs
  • VPS: Yes
  • MT4 Add-ons: 18 additional indicators, Signal Centre, Autochartist plugin

These include a Renko indicator, a pivot point indicator, stealth orders, a correlation matrix, a sentiment trader, and many more. I was mostly impressed with the mini terminal add-on. This offers an adapted MT4 deal ticket with a wide range of configurations. It allows you to create entries, stops, and limits directly on the chart using smart lines. The ticket also has a built-in profit and loss calculator that can switch between pips and cash.

tastyfx also offers two excellent MT4 plugins. The Signal Centre plugin is an Expert Advisor that provides trade ideas based on research from human analysts and AI. The Autochartist plugin is a real-time pattern-recognition tool that monitors markets for you. While installing these plugins requires a few technical steps, the extra MT4 tools tastyfx provides are great for beginner and advanced traders.

In fact, tastyfx provides something for everyone. New Zero+ accounts offer raw spreads starting at 0.0 pips and low commissions. The Prime account offers interest on idle cash. News is provided by Thomson Reuters, and you can trade from MT5, TradingView, ProRealTime, and tastyfx’s proprietary web platform.

 

Pros
  • Helpful MT4 add-ons and plugins
  • Wide range of trading platforms
  • 3 account types
  • Minimum deposit $1
Cons
  • Limited advanced educational materials

Best MT4 in the US

OANDA corporation is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.
  • Min Deposit
    $0
  • Tradable Instruments
    69
  • Fees
    Medium

OANDA was founded in 1996 and has built a strong reputation among institutional, corporate, and retail traders. It’s our top MT4 provider in the US, due to its API access, fast order execution, and 28 new indicators and apps in its premium upgrade package.

Key MT4 Features

  • MT4 Availability: Desktop, web, mobile
  • Trading Assets: 68 forex pairs, 8 cryptocurrencies
  • VPS: Yes
  • MT4 Add-ons: MT4 Premium Upgrade with 28 additional indicators and tools

I found the MT4 Premium upgrade particularly useful for live trading. The additional indicators and advanced order types expand the standard MT4 functionality, while the alert manager helps traders track important price levels and market events. These tools can automate parts of the trading process and provide more flexibility when managing positions.

The standout feature is the ability to place OCO (one-cancels-the-other) orders via MT4, which many platforms don’t offer. This enables you to place two trades on the same market, one long and one short. When one trade triggers, the other automatically cancels. This is a great feature for breakout traders.

As an active trader myself, I found the Elite Trader Program interesting. This can reduce trading costs by 34% by providing cash rebates of up to $5 to $17 per million traded. You can also be invited to VIP events, such as special sporting events and dinners across the US, to get a more social experience.

 

Pros
  • $0 minimum deposit
  • Cash rebates
  • Forex and crypto trading
  • Fast order execution
Cons
  • Free VPS only on Elite Trader Program

How to Choose an MT4 Forex Broker?

Below are some of the key points to consider when choosing the best MT4 forex broker to trade with.

How to Find a Safe Broker?

Choosing a regulated broker is important as your broker holds your funds and executes your trades. Without proper oversight, your funds could be at risk, and your trades may not be executed fairly.

Brokers that choose to be regulated and overseen by the laws of a government financial body provide a higher level of safety and security than those that do not. However, not all financial regulators are equal.

In our reviews, we break down financial regulators into three tier levels:

  • Tier 1 regulators are well-known authorities such as the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and many others.
  • Tier 2 regulators are lesser-known authorities but are still considered to be of a high standard. Examples include the Dubai Financial Services Authority (DFSA), the Financial Markets Authority of New Zealand (FMA), and many others.
  • Tier 3 regulators are generally from more offshore-based countries. Examples include the Vanuatu Financial Services Commission (VFSC), the Securities Commission of the Bahamas (SCB), and many others.

Many brokers have entities that are regulated by tier 1 to tier 3 regulators, but may also have entities that are not regulated at all, such as entities registered in St. Vincent and the Grenadines.

Discover Best FCA-regulated forex brokers and Best ASIC-regulated forex brokers.

Before opening a trading account, it’s essential to verify the entity you’re dealing with and understand the protections provided by its regulator. For instance, trading with an FCA-regulated broker offers the benefit of the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 in case of broker insolvency.

Tier 1 regulators, such as the FCA, often mandate key safeguards for retail clients, including negative balance protection and the requirement to segregate client funds from company funds. In contrast, Tier 2, Tier 3, and unregulated brokers are not obligated to provide these protections. While some may voluntarily offer similar safeguards, others might not, leaving clients more exposed to risks.

Read more about Best regulated forex brokers.

What Fees Should You Consider?

Nowadays, traders have a huge selection of different account types offered by different brokers. Each account type is likely to come with different types of trading fees and non-trading fees. Below are a few that you should be aware of.

Trading fees are those that are charged for opening, closing, and holding a trade. These include:

  • Spreads. This is the difference between the buy price and sell price. Ideally, this needs to be as low as possible. See our guide for the best forex brokers with lowest spreads.
  • Commission. This is the cost of opening and closing a trade and should also be as low as possible.
  • Swaps. This is a fee to hold any leveraged positions overnight. This is usually based on a combination of interest rates and a broker markup. Discover Best low swaps forex brokers.

Some brokers offer accounts with spreads starting from 0 pips but charge a commission for opening and closing trades. Others provide commission-free accounts with marked-up spreads, typically starting at 1.5 pips.

In our reviews, we consider the following benchmarks:

  • EUR/USD (Commission-Free Accounts): A low spread is below 1 pip, while a high spread exceeds 3 pips.
  • Cross-Currency Pairs (e.g., GBP/JPY): A low spread is below 3 pips, and a high spread is above 5 pips.
  • Commission-Based Accounts (EUR/USD): A spread around 0.1 pips is standard. Commission charges above $5 per 100,000 units traded are high, while charges below $3 are low.

Non-trading fees, such as account management charges, are rare among retail brokers. However, some may impose inactivity fees if your account remains unused for an extended period.

It’s also important to check deposit and withdrawal fees. While many brokers offer free transactions, others may charge for one or both, depending on the payment method. Always review fee structures carefully before committing to a broker.

What is the Best Account Type for MT4?

Brokers typically offer a range of account types that are based on the execution model. These include:

  • STP accounts. Straight Through Processing accounts are those in which client orders are routed directly to the broker’s liquidity provider.
  • ECN accounts. Electronic Communications Network accounts are those in which client orders are matched up to prices from a variety of liquidity sources in an anonymous network.
  • DMA accounts. Direct Market Access accounts are those in which clients trade directly with the interbank market participants.

Explore our guides of Best ECN forex brokers and Best STP forex brokers.

Some brokers structure their account types based on the minimum deposit required. For example, a Standard Account might have a $100 minimum deposit, while a Premium Account could require $5,000.

Typically, accounts with higher balances offer better trading conditions, such as lower spreads and commissions, along with additional tools and services. It’s worth exploring the different account types a broker offers to identify features that can support and enhance your trading strategy.

For beginners, a demo trading account is an excellent starting point. It allows you to trade in a risk-free virtual environment, helping you develop and refine your skills before committing real funds.

See our picks of Best forex demo accounts.

How Much Leverage Should You Use?

One reason trading has grown in popularity is the ability to trade with small amounts of capital thanks to leverage. Forex, CFD, and Spread Betting accounts are all leveraged accounts.

Leverage allows traders to use borrowed funds to increase their position size, enabling them to control larger trades with a smaller deposit. Essentially, the broker lends the additional capital, and traders pay an overnight fee (known as the swap fee) for any open positions, acting as an interest payment.

The amount of leverage available depends on the broker’s regulatory framework and the client’s categorization:

Retail vs. Professional Clients

Brokers regulated by Tier 1 and some Tier 2 authorities require clients to complete a trading application. Based on their responses, clients are classified as either retail or professional.

  • Retail Accounts: Offer lower leverage (maximum 30:1 for forex) but provide more protection, including negative balance protection.
  • Professional Accounts: Provide higher leverage (up to 200:1 for forex) but without mandatory protections like negative balance protection—though some top brokers voluntarily extend this safeguard to professional traders.

For example, a retail trader with a Tier 1 regulated broker can control a $30,000 forex position with just $1,000 in their account. Margin rates are typically lower for forex than for other asset classes, like stocks, which carry higher risk due to overnight market closures.

Adverts offering extremely high leverage, such as 1:500 or 1:1000, are usually from offshore or unregulated brokers, which operate under much looser regulatory requirements.

While leverage enhances trading opportunities, risk management and safety should always be top priorities when trading in financial markets.

Explore Best forex brokers with high leverage.

Where is the MT4 Platform Available?

The MetaTrader 4 (MT4) trading platform is versatile and can be accessed in several ways:

  • Desktop Version (Windows): Downloadable directly for Windows systems.
  • Desktop Version (Mac): Requires a service or plugin to run Windows applications on a Mac.
  • Web Version (MT4 Web Trader): Accessible online without installation.
  • Mobile App: Available for Android devices.

When choosing how to access MT4, it’s essential to check whether your broker supports your preferred method. Many Mac users opt for the Web Trader version, but some brokers provide detailed instructions on using third-party plugins to run the desktop version on Mac.

Discover Best Mac trading forex brokers.

For traders using algorithmic strategies, the desktop version is a must, as the Web Trader doesn’t support algorithmic trading. However, the Web Trader is an excellent option for viewing charts, indicators, timeframes, and markets, and for executing trades.

It’s also worth checking if your broker offers a proprietary mobile trading app in addition to the MT4 mobile app. Having multiple trading platform options ensures minimal downtime and reduces the impact of potential platform issues.

Check out our guide on Best mobile trading apps.

What to Look for in an MT4 Offering?

The stand-alone version of MetaTrader 4 (MT4) is consistent across the industry, but brokers often enhance it with add-ons and customizations or integrate it with third-party providers. These additional tools and software can significantly enhance your trading experience, so it’s worth considering brokers that offer these extras.

Although MT4 remains the leading platform for forex traders, note that the MT4 mobile app is no longer available for iOS devices. If you’re focused on algorithmic trading, prioritize brokers that provide access to an MT4 VPS service, as this feature isn’t available on the web version.

Check out Best brokers with VPS hosting.

For beginner traders, brokers offering tutorials and videos on how to use MT4 can be especially helpful. While plenty of resources are available online, having curated materials from your broker simplifies the learning process, helping you start trading confidently and take full advantage of MT4’s features.

Explore our picks for Best forex brokers for beginners.

Meet Our Experts

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later, Dan gained insight into the forex industry during his time as a Series 3 licensed futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FXEmpire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FXEmpire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.
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