The Best MT4 Forex Brokers

Forex Fraud Analyst Team

best mt4 forex brokers

It’s getting really busy in the field of MT4 brokers, and how do you even begin now to cut through all the noise and find those that offer something a little different? More competition is a good thing as it brings innovation, and to a trading platform that has been around longer than my favourite jacket (2003 MT4 vs 2008) that is certainly no bad thing.

Most of you will know that the MetaTrader 4 trading platform, commonly known as MT4, is one of the most popular and well-respected forex trading platforms. MT4 is, as the name suggests, the fourth iteration of the MetaTrader suite, produced by MetaQuotes Software. MT4 brokers can offer traders a wide range of trading tools and access to various useful indicators, plug-ins and other features to make trading forex and CFDs easier. What’s more, it is a platform that is so widely adopted, that switching between brokers (when required) is now significantly easier.

While you will often hear traders referring to ‘MT4 brokers’, MT4 is actually a trading system that can be used by any brokerage. MT4 Forex brokers are simply those who offer their clients access to the MT4 trading platform, so there remains a lot of differences in the features and benefits that each MT4 broker provides. Some brokers only offer MT4 trading, while others have a choice of trading platforms that include MT4. Most MT4 brokers offer a choice of MT4 for PC and Mac, the WebTrader version of the software, which can be accessed online on most devices, and of course, the MT4 mobile app.

The Best Brokers For MT4

Broker Features Min Deposit EURUSD Spread  
Number One Broker ForexTime LogoYour capital is at risk US Clients: No Regulated : Yes

– Regulated by FSCA, IFSC and FSC
– Over 1M Registered Accounts
– More than 250 Trading Instruments
– MT4, MT5 and Web Trader Platforms
– No dealing desk
– Crypto-trading only avail. for Exinity Limited.

$10ECN 0.1, Standard 1.6
Blackbull LogoYour capital is at risk US Clients: No Regulated : Yes

– Flexible leverage up to 500:1
– Multi award-winning New Zealand broker
– Institutional-grade spreads from 0.1 pips

$200From 0.1
72% of retail CFD accounts lose money. US Clients: No Regulated : Yes

– Ultra-fast execution from 0.2s
– Low spreads from 0.0 pups
– All trading strategies allowed
– No restrictions on profitability
– Top trading conditions

$100from 0.0 pips
Sign Up Your capital is at risk
Between 74-89 % of retail investor accounts lose money when trading CFDs US Clients: No Regulated : Yes
  • FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated
  • 24 Hour Support
  • Negative Balance Protection
$200NDD 0.09 / Standard 0.69
Sign Up Between 74-89 % of retail investor accounts lose money when trading CFDs
AvaTrade LogoYour capital is at risk US Clients: No Regulated : Yes

40% New Member Bonus
– MIFID, ASIC, FSA & FSCA regulated
– Free Online Trading Coach

 

$100Fixed
Sign Up Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.
Moneta Markets LogoYour capital is at risk US Clients: No Regulated : Yes $50from 0

    Best MT4 Brokers, But What Stands Out?

    There are plenty of MetaTrader 4 brokers on the market, owing to the popularity of the platform, but not all of them are created equally. The best brokers for MT4 are those with the highest standards of regulation, and an emphasis on providing quality execution. We have outlined 2 of the top MetaTrader 4 brokers for you below :

    Pepperstone – Great Execution

    Offering both MT4 and MT5 (along with Trading View, and cTrader), Pepperstone are one of the more reliable MetaTrader brokers on the market. From a broad range of regulation, an award winning history, and excellent trading execution, there are many reasons to make this broker your MT4 broker of choice.

    • A high trust score – one of the most widely regulated, with authorisation from multiple Tier 1 regulated agencies (FCA, ASIC), alongside CySEC, CMA, DFSA, and BaFin.
    • Award winning – voted best MT4 broker in Good Money Guide Awards 2023.
    • Execution speed tests – Pepperstone scoring as fast as 0.03-0.06 seconds (depending on the location) puts them firmly in the upper echelon for execution speed.
    • Demo trading possible.

    Tickmill – Fee Structure

    Putting a focus in to delivering exceptional trading conditions across all platforms has helped Tickmill stand out as one of the best MT4 brokers in recent years. With low minimum deposits starting from $100, and a list of regulators allowing a broad range of users to onboard in a trusted environment, this is a broker that has a lot to offer.

    • Serving more than 200 countries worldwide with excellent regulatory range – FCA, CySEC, DFSA, LFSA, and FSCA.
    • Industry leading spreads from 0.0 on both Pro and VIP accounts. Award winning history for commissions and fees in Forexbrokers annual survey.
    • Average execution of just 0.2s.
    • All trading strategies allowed – the flexibility to scalp, hedge, and trade according to your own strategy.

    AvaTrade – Best MT4 Demo

    AvaTrade is known worldwide for possessing a suite of trading platforms that can deliver across multiple facets. Whilst there is simplicity at first glance, under the hood there is a lot to like about AvaTrade when considering which MT4 broker is the best.

    • Free integration of ‘Guardian Angel’ MT4 risk management tool.
    • Ability to run Expert Advisors on MT4 with a 24/7 uptime via VPS.
    • Very quick and simple demo account process.

     

    MT4 Broker Benefits

    • MT4 software is easy to use and very intuitive. Even inexperienced forex traders tend to find the platform very simple and user-friendly.
    • MT4 is free to download and install. While you will incur various trading costs that vary between brokers, you will not be charged to use the MT4 platform.
    • MT4 is very popular, so plenty of brokers offer trading via the platform. So, if you switch to a new broker, as long as you pick another MT4 broker, you won’t have to learn a whole new system.
    • The MT4 suite works well on a variety of different devices. A robust and intuitive MT4 mobile app is available for both iOS and Android devices, and the software can be downloaded for PC, Mac, Windows and Linux systems.
    • MT4 brokers can offer a wide range of features for traders of all types. The system supports day trading, scalping, hedging and many other techniques.
    • The MT4 software integrates well with various third-party apps and plug-ins, allowing for extra features such as automated trading, copy trading, and various charting tools and technical indicators.

    mt4 brokers pros and cons

    MT4 Broker Disadvantages

    • While the MT4 system is very user-friendly, it does have quite a lot of options and features. Some very inexperienced traders may find that their broker’s proprietary trading platform is even more straightforward and better suited to their needs.
    • High-frequency traders may find that the order execution on MT4 is simply not fast enough for them.
    • MetaTrader software has built-in obsolescence. MT4 is still much-loved and very popular, but MT5 has already been released. Although plenty of brokers are still using the system, no new MT4 licences are being issued.

    Conclusion

    MT4 brokers are top-rated among forex traders due to the various platform features, intuitive interface and a high degree of compatibility with other systems and indicators. It is also fair to say that many traders will continue to stick with MT4 trading, even when they switch brokers, simply because they know, trust, and understand the system. Remember that each MT4 broker will offer a different set of features and offers, so be sure to look at other aspects of the broker that matter to you, such as deposit and withdrawal methods, minimum deposit required, and the types of accounts offered.