Best MetaTrader 4 (MT4) Brokers of 2023

FP Markets was founded in 2005, in Australia and has become a leader in the Forex and CFD market. The broker has entities authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) but does have an entity based in St. Vincents and the Grenadines which is unregulated.

From our research, we found the broker provides access to MT4 across multiple devices and a feature-packed proprietary mobile trading app. The broker also provides access to a custom-built application to use MetaTrader 4 via MAC, allowing MAC users to access algo-trading capabilities.

We explored FP Markets’ additional offerings and found that it offers its clients MT4 Advanced Trade Assistance Apps. These are extra tools and indicators that can be downloaded into MT4 and includes an alarm manager, correlation matrix, market manager, stealth orders, a mini terminal, and sentiment trader indicator.

We also found that users can access Autochartist from the MT4 platform. This is a third-party tool that integrates with MT4 and provides actionable trading opportunities in real time across forex, metals, indices, commodities, and cryptos.

From our examination of the broker’s wide variety of trading accounts in the full FP Markets review we conducted, we found the live spreads on the commission-free standard account were very competitive and better than the industry average. The live spread for EURUSD during the London open was 1.15 pips.

Exness was founded in 2008 and has a unique offering for trading cryptocurrency using leverage. The broker has entities authorized and regulated by the Financial Services Authority (FSA) of Seychelles and the BVI Financial Services Commission with a wide range of account types to choose from to trade on leveraged cryptocurrencies, as well as forex, indices, stocks, and commodities.

From our testing, we found that Exness provides access to 35 cryptocurrencies which include well-known coins such as Bitcoin and Ethereum as well altcoins. An interesting feature we found was that you can trade some coins against a range of fiat currencies including the USD, EUR, AUD, JPY, THB, ZAR, and KRW.

You can also deposit funds into an Exness trading account using cryptocurrencies such as Bitcoin, USD Coin, and Tether. Another unique feature we found in our testing is that you can trade cryptocurrencies with zero swap fees – this means there is no overnight fee to hold a position over to the next day.

The average spread for BTC/USD on a commission-free trading standard account is 216.40 pips which is higher than some other brokers. On the commission-free pro account, the spread averages 135.20 pips which is closer to the industry average.

You can trade cryptos with Exness from the MetaTrader 4 platform for Windows and Web. MAC users will need to find their own solution to run MT4 Windows on their computer, use the MT4 Web Trader, the Exness Trader App, or Exness Web Terminal. The MT4 platform comes with all the standard features but no additional plugins.

Founded in 2011, OctaFX has two corporate entities. Octa Markets Inc. is registered offshore with the St. Vincent and the Grenadines Financial Services Authority (FSA). Octa Markets Cyprus Ltd. is regulated by the top-tier Cyprus Securities and Exchange Commission (CySEC).

From our analysis, you can trade on 35 currency pairs, 150 shares, 10 indices, 3 energies, and 30 cryptocurrencies. With Octa Markets Incorporated, we analyzed the live spreads on its standard account and found them to be very competitive for currencies and better than the industry average.

The live spread for EUR/USD during the London open was 1.1 pips. The standard account also charges zero commission and zero swap fees, making the overall trading fees paid very low.

From our examination, MetaTrader 4 is only offered by Octa Markets Incorporated. With this entity, the MT4 platform can only be downloaded onto Windows or used via a browser through MT4 Web Trader. There is no custom solution for Apple MAC users who will need to download another program to run Windows programs on their MAC.

Advanced traders can take advantage of high leverage levels and advanced analysis using the AutoChartist MetaTrader plugin.

Swissquote Group Holding SA is a Swiss bank leading the way in transparency and safety for brokers. Founded in 2000, the public bank is listed on the SIX Swiss Exchange and employs more than 1,000 people with offices and operating licenses from around the world in Gland, Zurich, London, Luxembourg, Malta, Dubai, Singapore, and elsewhere.

With Swissquote users can trade 400+ markets across spot forex, forex options, indices, stocks, commodities, and bonds from the MetaTrader 4 and MetaTrader 5 trading platforms, as well as its own web-based Advanced Trader platform.

You can use the Swissquote MT4 and MT5 platforms for automated trading capabilities. It includes access to a built-in editor to develop and test your strategies and the ability to download free Expert Advisors (which are essentially automated trading robots) or paid ones to run an algo trading system.

From our examination, you can also access additional plugins for more advanced trading features on top of the standard MT4 platform. The Swissquote MT4 Master Edition provides access to 15 more new indicators and 12 advanced tools such as stealth orders, a correlation matrix, and a mini-terminal for portfolio management.

We tested the trading fees of Swissquote using the standard account. We found that forex spreads were higher than the industry average of 1.0 pip. During the London open, we found the EUR/USD spread to be averaging 1.5 pips. Tighter spreads are available on some of the other account types but these require much higher minimum deposits.

The MultiBank Group was founded in 2005 and has become a go-to broker for traders seeking professional products. Regulated across five continents the broker provides traders with several trading platforms including MetaTrader 4, MetaTrader 5, and cTrader across four different types of trading accounts.

MT4 can be downloaded via Windows or used via WebTrader. This means traders can access 80+ technical indicators directly from MT4 as well as different order types such as market orders, one-click trading, and limit orders.

Professional traders can also access additional trading tools such as free VPS hosting and access to MAM (Multi-Asset Management) and PAMM (Percent Allocation Management Module) accounts. These types of accounts allow investment managers to trade multiple client accounts from the MetaTrader 4 platform.

MultiBank also offers a FIX API (Financial Information eXchange Protocol) solution for high-volume, institutional clients who want direct market access and lightning-fast execution speed.

Errante was founded in 2019 and offers a great range of account types for all types of traders. Licensed by CySEC and the FSA of Seychelles, users have the ability to trade on forex, indices, commodities, cryptocurrencies, and shares from both the MetaTrader 4 and MetaTrader 5 trading platforms. MT4 can be used via Windows, Mac, Web Trader, or Android mobile apps.

The MT4 platform offered by Errante is the standard version which comes with 30 built-in indicators, 24 analytical tools, the ability to view 9 different timeframes, and 1-click trading options. Users can also use Errante’s MT4 platform for algorithmic trading.

Errante offers a range of different account types which include:

• Standard. Minimum deposit $50. Spreads from 1.5 pips. Zero commission.
• Premium. Minimum deposit $1,000. Spreads from 1 pip. Zero commission. Daily market summary.
• VIP. Minimum deposit $5,000. Spreads from 0.8 pips. Zero commission. 0% fees on deposits and withdrawals. Free VPS.
• Tailor Made. Minimum deposit $15,000. Spreads from 0 pips. Commission-based.

Errante’s fees were found to be competitive as its Standard Account spreads averaged 1.5 pips with zero commission. The Standard, VIP, and Premium account offers maximum leverage of up to 1:500 and the accounts can be funded in USD or EUR.

Tickmill was founded in 2014 but has gained an impressive reputation for its product offering. Authorized and licensed by the FCA, CySEC, FSA of Malaysia, and the FSA of Seychelles, users can trade a wide range of asset classes from platforms including MT4, MT5, CQG, and TradingView.

The Tickmill MT4 platform can be used on Windows, Mac, Web, and Android devices. iOS users can trade from the Tickmill Mobile App which offers a decent range of account management and live trading features as well as live chat support from the app.

From our testing, trading fees for Tickmill were competitive as the Pro Account offers spreads from 0 pips and a low commission of just $2 per side, per $100,000 traded. The Classic Account offers spreads from 1.6 pips with zero commission. There is also a VIP Account and a Futures Account for professionals.

Users can also access the AutoChartist plugin for MT4 which provides real-time, actionable trading ideas directly from MT4. There is also a large range of extra tools such as access to the Signal Centre for trading ideas, a VPS, futures, and options trading, and a comprehensive education section.

OANDA Corporation was founded in 1996 and has grown an impressive reputation among institutional, corporate, and retail clients. The broker is authorised and regulated in Canada, the UK, Australia, and Japan and is also a member of the National Futures Association and registered with the Commodity Futures Trading Commission in the United States.

We found that US traders are offered four different platforms to trade from. This includes MetaTrader 4, the fully customizable OANDA Trade web and desktop platform and trading app. OANDA clients can also access an MT4 premium upgrade which adds 28 more indicators including additional order types, alert managers, and other automated trading capabilities.

US traders can trade on 70 currency pairs as well as 10 cryptocurrencies with pricing from Paxos’s itBit exchange. There are two types of trading accounts available to US traders which include the Standard Account (minimum balance $0) and the Advanced Trader Loyalty Program Account (minimum balance $10,000 and unlimited free wire transfers).

Both account types of either spread-only pricing or core pricing and commissions. During our live test, we checked the trading fees from its commission-free account on EUR/USD and found it to average 1.3 pips during the London open which is higher than the industry average of 1.0 pips.

We discovered that the Loyalty Programme account allows you to earn cash rebates or commission markdowns from $5 to $15 per million when minimum volume trading requirements have been met which is a good feature for active traders.

FlowBank was founded in 2020 and has quickly risen to become a major Swiss financial institution providing access to trading, investing, and banking solutions that are authorized and regulated by Switzerland’s main financial body FINMA (Swiss Financial Market Supervisory Authority).

Users can trade on 4,500+ instruments from FlowBank’s MT4 platform and 50,000+ instruments from its own proprietary platform. The instruments cover all asset classes including:

• 41,627 options from CBOE, CME, COMEX, EUREX, ICE, IM, NYMEX
• 12,771 stocks and ETFs
• 12,771 bonds
• 4,650 stock and ETF CFDs (MT4)
• 2,110 OTF funds
• 1,026 futures
• 54 currency pairs (MT4)
• 49 cryptos (MT4)
• 34 commodity CFDs (MT4)
• 29 indices CFDs (MT4)

From our full test of Flowbank’s products and services, we found that the spreads on most currency pairs were higher than the industry average. The live spread on EUR/USD during the London open was 1.6 pips. The spreads on stocks and indices were much better than the industry average.

We checked Flowbank’s MetaTrader 4 offering and found that it allows for all the standard features such as algorithmic trading capabilities, full charting, and technical analysis. We also discovered that you can earn monthly cash rebates from using MT4 with Flowbank and earn 3 CHF for every 1 million CHF traded on forex, indices, and commodities.

JustMarkets was founded in 2012 and has become well-known for its quality of customer support. Authorized and regulated by CySEC and the FSA of Seychelles, users can trade on a wide range of markets covering forex, commodities, indices, cryptocurrencies, and stocks from the MT4 and MT5 platforms.

The JustMarkets MT4 platform is available for download on Windows and for Web Trader and Android apps. MAC users will need to find their own solution to run MT4 Windows or use the MT4 Web Trader.

From our live testing on the commission-free Pro account, we found the average spread for EURUSD during the London open was 0.8 pips which was much better than the industry average. You can access even tighter spreads with the Raw Spread account but with a commission of 3 units of the base currency per side, per lot.

We also conducted a live test of the broker’s customer support which scored nearly full marks in our rating review. From contacting JustMarkets customer support through online chat the agent was knowledgeable and helpful.

You can access customer support 24 hours a day, 7 days a week in 14 languages which include English, French, Spanish, Turkish, Arabic, Malaysian, and many others.

IronFX was founded in 2010 and has a great offering for beginners. The broker has entities authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA). Providing negative balance protection, the broker prevents beginner traders from losing more than their account balance.

Beginners can trade from the MetaTrader 4 platform from seven different account types suitable for beginners which include fixed spread and commission-free trading accounts. Beginners can also access a free demo trading to practice in a virtual environment risk-free.

We tested the live spreads during the London open and found them to be in line with the industry average for forex pairs but higher than the industry average for indices and commodities. The live EUR/USD spread at the time of testing was 0.9 pips.

From our analysis, IronFX offers the MT4 platform for Windows, and Android mobile devices and via MT4 Web Trader for browser-based trading. Mac users will need to download external programs to run the MT4 windows application or use the IronFX mobile trading app or web trader software.

The IronFX School provides access to webinars, podcasts, trading videos, seminars, and a wide range of research and educational tools, as well as access to the IronFX AutoTrade platform to copy the trades of successful traders.

CMC Markets is a publicly traded broker on the London Stock Exchange and is regulated by many of the world’s top financial regulators including the UK Financial Conduct Authority (FCA), ASIC, and those from Germany, Canada, Singapore, and Dubai.

You can download the MT4 platform and trade with top-tier liquidity through London-based servers. There are no restrictions on trading strategies with MT4 with the broker allowing scalping and hedging strategies. Professionals can also access cash rebates from their MT4 trading.

Through the CMC Markets MT4 platform, users can trade with competitive spreads. Our live testing showed an average spread for EUR/USD during the London session of 0.7 pips with zero commission which is better than the industry average.

CMC Markets really stands out when it comes to research tools. You can access industry-leading research, news, and live webinars from its well-respected team of global analysts. It also operates OPTO Market Intelligence which has 25 external authors providing thematic research using podcasts, a magazine, a newsletter, and a theme screener.

Traders can also access the CMC Markets Next Generation web trading platform and mobile app packed with additional trading tools such as chart patterns and price action pattern scanners for automated technical analysis research.