Since 2011, we’ve traded with and reviewed over 200 brokers worldwide. To find the best brokers with the best MT4 offering for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.
Having the right trading platform is essential when trading the world’s foreign exchange market. The MetaTrader 4 (MT4) trading platform is considered the go-to platform for forex traders and is one of the most popular platforms around.
However, while many brokers may offer MT4, not all of the brokers are equal. On top of having access to MT4, it is important that your broker offers a backup option to execute your trades while offering a high level of safety and security for your funds.
Our team of experts has been able to identify the best MT4 forex brokers which are outlined below using a 250-point checking system across nine core categories.
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.
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:
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:
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.
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:
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.
To identify the best MT4 forex brokers, we conducted a deep analysis of the brokers which have an overall rating of 4+ out of 5 in our scoring system, offer the MetaTrader 4 platform, and provide the ability to trade forex but also extra features that may be useful for individual trading styles.
This is why we have further categorized the best MT4 brokers to make them suitable for different traders’ needs – by the best overall, the best for professional traders, cryptocurrency trading, trading tools, copy trading, account offering, and customer service.
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.
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 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.
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.
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.
Below are some of the key points to consider when choosing the best MT4 forex broker to trade with.
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:
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.
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.
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:
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.
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:
Read more about STP, ECN, and DMA accounts.
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 great for beginners as it allows you to trade in a virtual environment and practice your skills risk-free.
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:
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.
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 500:1 or 1,000:1 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.
The MetaTrader 4 trading platform can be used in several different ways:
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.
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.
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 to 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.
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.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.