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13 Best MetaTrader 4 (MT4) Brokers for 2024

Looking for the top brokers that offer the MetaTrader 4? Based on our hands-on analysis, we’ve identified the 13 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Ola Alder
Updated: Mar 28, 2024

List of Top MT4 Forex Brokers

Best brokers for US traders

MT4 via desktop and mobile. Tight spreads. Cash rebates for high volume traders. Fast order execution. Industry leading research materials.

Globally regulated. Trader loyalty program to earn cash rebates. Proprietary MT4 plug-in. Top trading tools.

Best brokers for international traders

Low fees. Wide range of markets. Excellent trading tools.

Good range of cryptos. Zero overnight swap fees. Multiple account types.

Zero commission. Zero swap fees. Good spreads.

Public company listed on Swiss exchange. Multiple account types. Auto-trading via MT4 and MT5.

Up to 1:1000 leverage. ECN trading accounts. Advanced features on MetaTrader.

Competitive fees. Multiple account types.

Access to FCA-regulated signal provider. Excellent range of education materials.

4,000+ markets on MT4. 50,000+ markets on its own proprietary platform.

1,055 global share CFDs. Competitive commission. Fractional shares.

Range of account types including raw spread and swap-free.

Multiple account types. Excellent content in IronFX School.

How did FX Empire choose the best brokers for MT4?

FXEmpire's Methodology

  • We made sure each broker offered free access to the MT4 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 if the broker provides additional plugins to MT4 such as third-party applications like AutoChartist, an extra indicator package, and access to social trading options.
  • We checked if the broker allows users to operate Expert Advisors through MT4 to enable algorithmic trading capabilities.
  • We checked for other additional features to help traders such as the range of markets, account types, fees, customer service, trading tools, and more.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

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
    8977
  • Fees
    Low

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.

Pros
  • MT4 Advanced Trade Apps.
  • MetaTrader 4 MAC available through a custom-built broker application.
  • Access Autochartist for real-time trade ideas in MT4.
  • Great selection of account types, low fees.
Cons
  • MT4 swap fee for gold higher than industry average.

Best for Cryptocurrency Trading

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
  • Min Deposit
    $0
  • Tradable Instruments
    233
  • Fees
    Medium

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.

Pros
  • Good range of cryptos are available.
  • Trade cryptos against wide range of fiat currencies.
  • Zero overnight swap fees on cryptos.
Cons
  • No MAC solution to use MT4 desktop version.

Best Low Spreads

4.3
Forex margin trading involves substantial risks.
  • Min Deposit
    $25
  • Tradable Instruments
    230
  • Fees
    Low

Founded in 2011, OCTA 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.

Pros
  • Zero commissions and zero swap fees, low spread.
  • Free deposit and withdrawals.
  • AutoChartist plugin for MT4.
Cons
  • No iOS trading app yet.
  • MT4 not available with Cyprus-based entity.

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
    506
  • Fees
    Medium

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.

Pros
  • Publicly traded Swiss bank.
  • Regulated by FINMA, FCA, DFSA, MAS, and others.
  • Trading, investment, credit, and robo-advisory solutions.
  • MT4 and MT5 algo-trading capabilities.
Cons
  • High minimum deposit for the lowest spreads.

Best for Professional Traders

4.3
82% of retail CFD accounts lose money
  • Min Deposit
    $500
  • Tradable Instruments
    266
  • Fees
    Medium

FXTM was founded in 2011 and is regulated by the UK FCA, CySEC, FSCA, and the FSC Mauritius. Over 250 markets can be traded from the MT4 and MT5 trading platforms on desktop, web, and mobile. MT4 also includes advanced functions such as copy trading and automated trading.

The Advantage account offers spreads from 0.0 pips with a competitive commission of $2.50 per lot per side, beating the industry average of $3.50. The Advantage Plus account offers commission-free trading. In our live test, I found the spread for EUR/USD averaged 2.0 pips, higher than the 1.08 pip industry average.

The FXTM Invest copy trading portal offers strategy manager rankings and a strategy manager news feed. Each strategy manager has detailed performance metrics to help identify the best to follow. Opening an Advantage account allows traders to become strategy managers and earn a share of followers’ profits, up to 30%.

Pros
  • FXTM Invest copy trading portal.
  • Competitive commissions.
  • Advanced features on MT4 and MT5.
  • Insightful market research.
Cons
  • Inactivity fee.

Best for Account Offering

FX and CFDs trading involves a high risk of loss
  • Min Deposit
    $50
  • Tradable Instruments
    134
  • Fees
    Medium

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.

Pros
  • Competitive spreads.
  • Four account types for different trading needs.
  • MAM/PAMM available.
  • Offers copy trading.
Cons
  • Only cTrader available for iOS devices.

Best for Trading Tools

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 Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    747
  • Fees
    Low

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.

Pros
  • Great range of platforms MT4, MT5, CQG, TradingView.
  • Excellent additional trading tools.
  • Competitive trading fees.
Cons
  • Customer support only during office hours.

Best for Tradable Instruments

CFDs are complex instruments and are not suitable for everyone as they can rapidly trigger losses that exceed your deposits. You should consider whether you understand how CFDs work.
  • Min Deposit
    $0
  • Tradable Instruments
    72962
  • Fees
    Low

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.

Pros
  • MT4 rebate program.
  • Access 4,500+ instruments on MT4.
  • Swiss deposit insurance for extra protection.
  • No minimum deposit to get started on MT4.
Cons
  • Education and research tools are limited.

Best for Share CFD Trading

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% 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.
  • Min Deposit
    $0
  • Tradable Instruments
    1253
  • Fees
    Medium

ActivTrades was founded in 2001 and is regulated by the UK FCA, CMVN, CSSF, SCB and CVM. One of its standout features is the additional private indemnity insurance with Lloyds of London from $10,000 to $1,000,000.

Users can trade from MT4, MT5, TradingView, and the proprietary ActivTrader platform. The list of global share CFDs available at ActivTrades covers the U.S., Europe, UK, Asia, South America, and others. Another standout feature is that you can trade fractional shares. This means you could purchase 1/10th of a share which is useful if the value of one share is very high and you have a small account.

I found the spread for EUR/USD at ActivTrades averaged 0.95 pips, beating the 1.0 pip industry average for a commission-free account. The spread on Apple share CFDs averaged 0.04 points during the New York open which is also competitive.

A commission of $0.02 per share for US share CFDs is in line with the industry average. A $1 minimum commission applies which is better than some other brokers who may charge a $10 minimum. European share CFDs incur a 0.05% commission of the total transaction value which is also very competitive.

Pros
  • Enhanced indemnity insurance up to $1,000,000
  • 1,055 global share CFDs.
  • Trade in fractional shares.
  • Competitive commissions.
Cons
  • Limited research tools.

Best for Customer Support

Your capital is at risk.
  • Min Deposit
    $10
  • Tradable Instruments
    263
  • Fees
    Medium

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.

Pros
  • Multilingual customer support 24/7.
  • Competitive fees.
  • Trade from MT4 and MT5.
  • Various account types for MT4.
Cons
  • Need to download own software to run MT4 Windows on MAC.
  • Weak research materials.

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
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

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.

Pros
  • Multiple account types are available.
  • Commission-free trading accounts available.
  • Comprehensive IronFX School for beginners.
Cons
  • Have to download a third-party Windows program to run MT4 on Mac.

Best Overall in the US

74% of retail CFD accounts lose money
  • Min Deposit
    $100
  • Tradable Instruments
    82
  • Fees
    Low

IG US launched in 2019, providing traders with access to the spot forex market with leverage and tight spreads. The brokerage giant has almost 50 years of experience and over 300,000 clients across five continents. IG US earned a strong trust ranking from FXEmpire in light of being regulated by the NFA and CFTC, its lengthy operating history, financial stability, and transparency.

IG US offers its proprietary platform which is available on web and mobile. We rated both versions as among the best in the industry, with powerful features like sentiment data from its large client base. Traders looking for advanced features like automated trading and Depth of Market (DOM) also have access to MetaTrader 4.

Low trading costs make this an attractive broker. Via the Standard Account, traders can benefit from spreads as tight as 0.8 pips in EUR/USD and 1 pip in GBP/USD. In addition, high-volume traders who qualify as Premium clients can earn substantial cash rebates.

IG US offers 82 spot forex instruments, including major, minor, Australasian, Scandinavian, exotic, and emerging market currency pairs, which we rate as above average for the industry. If you are a US trader looking to try out the spot forex market, we recommend IG US as a strong choice.

Pros
  • High trust rating
  • Industry leading research
  • Premium account rebates
  • Robust platform offering
Cons
  • Lacks chat support

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
    77
  • Fees
    Medium

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.

Pros
  • Highly regulated.
  • Earn cash rebates from the loyalty account.
  • Trade forex using leverage.
Cons
  • High minimum deposit for loyalty account.

How to choose the best 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 categories including tier 1, tier 2, and tier 3:

  • 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.

It is always worthwhile checking the entity you are opening a trading account with and the protections available from its regulator. For example, opening an account with an FCA-regulated broker means traders are eligible for the Financial Services Compensation Scheme (FSCS) which covers up to £85,000 in case of broker insolvency.

Many of the tier 1 regulators also enforce a negative balance protection policy on a broker’s retail trading clients, while also enforcing that client funds should be held separately from company funds. Many tier 2, tier 3, and unregulated brokers are not obliged to offer this – some still will offer this but some may not.

Read more about Best regulated forex brokers.

What fees should you be aware of?

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 will offer accounts that have spread from 0 pips but charge a commission to open and close a trade. Other brokers will offer accounts in which they markup the spread so you can trade from 1.5 pips but will not charge any commissions.

In our rating reviews, we consider a low spread for EURUSD to be less than 1 pip and a high spread above 3 pips when using a commission-free trading account. For cross-currency pairs such as GBPJPY, we consider a high spread to be above 5 pips and a low spread to be below 3 pips.

For commission-based trading accounts, the benchmark spread for EURUSD should average around 0.1 pips. A commission charge of more than $5 per 100,000 units of currency traded, per transaction is considered to be high, whereas below $3 is considered to be low.

Non-trading fees include fees for account management. Most retail brokers do not charge a fee just to have an account open but they may charge an inactivity fee if there hasn’t been any activity on your account for a while. It’s worthwhile checking with your chosen broker.

It is also worthwhile checking the fees for deposits and withdrawals. Some brokers may not charge any fees to deposit or withdraw funds but other brokers may charge for one or both options.

What is the best account type for MT4 trading platform?

There is a range of account types that brokers may offer when trading from the MetaTrader 4 platform.

Some brokers will base their account types on the type of execution available. 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.

Other brokers will base their account types on the minimum deposit. For example, a Standard Account could have a minimum deposit of $100 whereas a Premium Account could have a minimum deposit of $5,000.

Generally speaking, most brokers will offer lower spreads and commissions and more trading tools and services to those with a higher account balance. It’s worthwhile exploring all of the different account types offered by a broker to see what other additional tools and services are available that could help with your trading.

A great account type to get started with is a demo trading account. These are ideal for beginners as they allow you to trade in a virtual environment and practice your skills risk-free.

See our picks of Best forex demo accounts.

What is the best leverage when choosing an MT4 forex broker?

One reason trading has grown in popularity is that it is now possible to trade using very small sums of capital due to the effect of leverage. Forex, CFD and Spread Betting accounts are leveraged accounts. What does this mean?

Leverage is the process of using borrowed funds to increase the size of your cash position. This means you can trade bigger positions using a small deposit. Effectively, your broker is lending you the rest of the capital and there is an overnight fee (known as the swap fee) for any open positions which acts as a form of ‘interest payment.’

The amount of leverage offered by a broker depends on who the broker is regulated by and your categorization as a client.

Tier 1 regulators and some tier 2 regulators ensure that brokerage clients fill in a trading application form. Depending on the answers given, individuals will be categorized as retail or professional.

  • Retail trading accounts generally offer more protection than professional trading accounts including a negative balance protection policy and lower leverage (maximum 30:1 on forex).
  • Professional trading accounts generally offer high leverage (sometimes up to 200:1 on forex) but without the regulatory need to offer a negative balance protection policy (although some top brokers will still offer this to professional traders as well).

For example, retail traders with a tier 1 regulated broker can open a $30,000 position size on a currency pair with only $1,000 in cash in the account. The margin rates are lower for other asset classes such as stocks as they present more risk due to the market closing overnight (unlike the forex market which is open 24/5).

You may see adverts for 1:500 or 1:1000 leverage. However, these will mainly be from offshore brokers who have much lower regulatory requirements or unregulated brokers.

When trading the financial markets, risk management and safety should always come first.

Explore Best forex brokers with high leverage.

Which MT4 platform should you use?

The MetaTrader 4 trading platform can be used in several different ways:

  • A desktop version that can be downloaded on Windows.
  • A desktop version that can be downloaded on Mac (but using a service or plugin to use Windows applications on a Mac).
  • An online web version called MetaTrader 4 Web Trader.
  • A mobile trading app for Android users.

It is important to decide how you would like to access your MT4 trading platform and then find out if your chosen broker offers it. Many Mac users will use the Web Trader but some brokers do offer detailed instructions on how to use free, third-party plugins to run the desktop version on your Mac.

Discover Best Mac trading forex brokers.

For those interested in algorithmic trading strategies, you will need to use a desktop version. The Web Trader allows you to easily view charts, indicators, timeframes, and different markets, as well as to trade, but does not offer algorithmic capabilities.

It may be worthwhile checking if your chosen broker has its own proprietary mobile trading app on top of the MT4 mobile trading app as well, just in case one goes down. Trading with a broker with multiple types of trading platforms and proprietary apps will ensure zero downtime on your trading and have less of an impact if one platform has any issues.

Check out our guide on Best mobile trading apps.

What to look for in MT4 offering?

The stand-alone version of MetaTrader 4 is the same across the industry and across different brokers. However, some brokers will offer additional add-ons and customizations to the platform or connect with third-party providers. This is something to look out for because extra tools and access to more software can help boost your trading experience.

While MT4 is the go-to platform for forex traders, the mobile app has been removed from iOS devices. If you are focused on algorithmic trading then look for a broker that provides access to an MT4 VPS service as this won’t be available from the web platform.

For beginner traders, look out for tutorials and videos on how to use MT4. While there is a lot of information available online, it’s easier to find the right information if your broker already has it available. This can help you to get started in the best possible way and learn all the benefits trading with an MT4 broker provides.

Our Methodology

FX Empire pioneered broker reviews in the financial industry. The methodology we use to evaluate brokers has grown in depth and checkpoints as the industry has changed over time as well. Our reviews now test for more than 250 data points covering nine core categories.

Such detailed evaluations allow us to provide our readers with a much higher level of confidence in choosing the right broker. The data we have gathered is through opening live trading accounts and speaking to real customer support agents (where available) to battle test the complete user experience when opening an account and trading with a broker.

The nine core categories that we use to rate a broker include:

  • Trust
  • Fees
  • Platforms and tools
  • Tradable instruments
  • Customer service
  • Deposit and withdrawals
  • Account types
  • Research
  • Education

The more than 250 data checkpoints over each of these categories are also measured side by side against other brokers. This helps us to determine just how competitive a broker’s offering is in relation to the industry average.

For this guide, we ensured that each broker offers free access to the MT4 trading platform, along with assessing the ease and speed of accessing and starting trading on MT4. Additionally, we analyzed whether the brokers enhance their MT4 offering with additional plugins, including third-party applications like AutoChartist, extra indicator packages, and social trading options. We also verified if the brokers support the use of Expert Advisors on MT4, enabling users to engage in algorithmic trading.

Meet Our Writers

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 licenced 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.

No, MetaTrader 4 is not a broker. It is a trading platform designed by a company called MetaQuotes. A broker may offer the use of the MetaTrader 4 platform to its clients.
Yes, you do need a broker to trade from MetaTrader 4. MetaTrader 4 is a trading platform used by many brokers around the world, so you will need to find a broker that offers MetaTrader 4 and open an account with it. Once you have opened an account, you can download and install the MetaTrader 4 platform and begin trading.
MT5 is an upgraded, faster version of the MT4 platform providing even more features such as depth of market. MT4 is popular among forex traders while MT5 is popular to trade other markets like stocks.
The MetaTrader platform itself is generally considered safe and secure. It uses advanced encryption technology to protect user data and transactions, and it is regularly updated to address any security vulnerabilities that may arise. However, it's important to note that the safety of your trading experience on MetaTrader also depends on the broker you choose.
MetaTrader is free to download and use. However, you may incur costs associated with using the platform, such as spreads, commissions, or other fees charged by your broker for executing trades. Additionally, you may choose to purchase or rent custom indicators, expert advisors, or other add-ons from third-party developers, which can also incur additional costs.
MetaTrader 4 does not take a commission from the individual trader. However, your broker may charge a commission to buy and sell.
As MetaTrader is simply a charting and trading platform, you cannot deposit and withdraw funds from it. Instead, your broker will offer an account management area to do this.
Yes, MetaTrader does support copy trading through its Signals feature but also through third-party plugins. Copy trading in MetaTrader is where you can view the performance of other traders and have their exact same trades copied into your own account.
Yes, MetaTrader does support automated trading systems and is one of the most popular platforms for algorithmic traders.
An Expert Advisor (EA) is a software program that is designed to automate trading strategies on the MetaTrader platform. It is a type of trading robot that can analyze market conditions, identify trading opportunities, and execute trades automatically without the need for human intervention.
While some brokers offer the basic features of the MetaTrader platform, there are others that also provide additional features and plugins to aid in your trading such as a mini-terminal or an advanced trade management module.
A regulated broker means that they are governed by a financial body and will need to adhere to its rules and regulations around holding client funds, executing trades fairly and dealing with customer complaints. An offshore broker may mean they have a much lower level of rules governing their business if any at all.
For beginners who want to trade with MT4, we recommend trading with IronFX due to its good selection of accounts, wide range of educational materials, and copy trading offering. The best forex broker for beginners will be a tier 1 regulated broker that provides a high level of safety and security, low fees, and a range of different trading platforms and tools to use.
For professionals who want to trade with MT4, we recommend trading with FXTM thanks to advanced features of MetaTrader and lower trading costs through the Advantage account type.
To determine if your forex broker is regulated, you can check their website or contact their customer support to see if they are registered with a reputable regulator, such as FCA or ASIC. Regulated brokers must comply with specific rules and guidelines set by these regulators, which are designed to protect traders and ensure fair trading practices.

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 FX Empire

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 FX Empire

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.