Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best MT4 Brokers in the US for 2024. Five companies that enjoy huge popularity in the US were selected and compared between each other.
1
FTMO - Best in the US for 2024
FTMO offers a classic set of trading instruments: from currency pairs and stock assets to cryptocurrencies. Trading platforms are MetaTrader4, MetaTrader5, and cTrader. Trading conditions during testing and on a real account are the same.
2
OANDA - Best in the US for 2024
The OANDA broker provides relatively favorable conditions to its clients. The minimum deposit for a Standard account is $0 and for a Core account it’s $40. The spread size depends on the specific trading instrument (for currency pairs - the minimum is 0 pips (percentage in points). The minimum trade volume is 0.01 lot for all types of accounts. Leverage depends on the specific trading instrument, and the maximum value is 1:200.
3
IG Markets - Best in the US for 2024
IG Markets' non-professional clients can start trading with any amount. If traders are qualified or educated in financial markets and want to get direct access to currency markets and DMA (Direct Market Access) stocks, they are required to deposit a $2,000 minimum. IG Markets offers the following leverage: for indices and Forex, it is 1:200; for commodities, it is 1:50-1:200; and for stocks and cryptocurrencies, it is 1:10. Live and demo accounts are available.
4
FOREX.com - Best in the US for 2024
Trading conditions Forex.com can be attributed to the average level of competitiveness. A high minimum deposit and a leverage of up to 1:400 curtail the possibilities of implementing several high-risk, highly profitable strategies and testing the account and platform functionality by novice traders. The spread is floating. The minimum value is 0.2 pips, while the typical value for the EUR/USD pair is 1.3 pips.
5
GAIN Capital - Best in the US for 2024
GAIN Capital unites three brokers and offers 12,000 trading instruments. A wide variety of assets is available on the platform, including: Forex, CFDs, stocks, bonds, indices, commodities, and cryptocurrencies.
The company's leverage ranges from 1:30 for the Forex market to 1:5 for stock CFDs. GAIN Capital offers clients only one type of trading account. Swap-free trading is not provided and there are no Muslim accounts within the company.
TU Expert Review for the best MT4 Brokers in the US
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best MT4 Brokers in the US is posted below.
FTMO - TU Expert Review
FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%. Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms and mobile app. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester. My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.
OANDA - TU Expert Review
The OANDA broker has substantial experience in the Forex market. The company has managed to earn a reputation as a reliable broker who provides its clients with decent trading conditions. The company has only two types of accounts, as well as the ability to open a demo account for novice traders. It does not have cent accounts. OANDA offers a wide range of trading instruments as well as three trading platforms (MetaTrader 4, WebTerminal MT4, MT5). The broker's website can hardly be called convenient and functional, which creates some inconvenience for clients.
IG Markets - TU Expert Review
IG Markets offers a wide choice of trading platforms, including the classic MetaTrader 4, the broker’s proprietary IG Trading Platform, and specialized ProRealTime and L2 Dealer platforms for professional trading. If its clients want to trade from smartphones, they can use IG, MT4, or web platforms. All versions of IG Markets platforms support watch lists and chart trading. Available order types are market, stop, limit, guaranteed stop, and trailing stop. The proprietary platforms are intended for trading numerous instruments. MT4 provides for trading Forex, indices, cryptocurrencies, and commodities. Besides the above assets, the IG Trading Platform offers stocks, options, bonds, interest rates, etc. IG Markets trading conditions can vary subject to the regulator in a particular country. For example, restrictions apply to available leverage, bonuses, partnership programs, and choice of trading instruments. When opening an account, traders are redirected to the website of the broker that services a certain region. It provides all the working details and trading rules. The Bermuda International Representative Office is more loyal to its clients, but it doesn’t work with traders from other countries.
FOREX.com - TU Expert Review
Forex.com is a good option for traders who wish to focus on independent trading and are ready to invest in traditional trading for personal and professional growth. Trading conditions will be of most interest to those whose goal is long-term cooperation and active trading. The minimum deposit is $1,000. Professionals will appreciate more than 4,500 instruments in various markets and the high speed of execution of orders using DMA technology. Special trading conditions are provided for traders with a large turnover. At the same time, cent-type accounts are not provided. The spread is floating. The combination of these factors indicates that such conditions are much less attractive for novice traders than for experienced Forex trading participants. The Forex.com website does not have a multi-language version. Informational content isn’t sufficient either. Customers will have to work hard to be able to find data on trading conditions. As for the support service, it will be very problematic to contact it without knowing English. The broker has been a partner of the Traders Union for several years. It is included in the Traders Union Forex brokers rating, therefore every active Forex.com trader can use the service of partial spread compensation.
GAIN Capital - TU Expert Review
GAIN Capital is one of the largest trading and investment companies in the world. It brings together three brokers and also provides financial advisory services. It is crucial to bear in mind that GAIN Capital is not a broker and if you want to work with this company, trading will be carried out through its subsidiaries. The brokers that are part of GAIN Capital are reliable and trusted companies. They are licensed by reputable financial regulators and have a good reputation. They work in different financial segments—Forex and the stock market. So, traders need to choose a company depending on their trading priorities. Nevertheless, GAIN Capital can offer users products for both trading and investing.
Summary
Many brokers operate in the US, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best MT4 Brokers in the US 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best MT4 Brokers in the US
| FTMO | OANDA | IG Markets | FOREX.com | GAIN Capital | |
|---|---|---|---|---|---|
|
Overall score |
7.37 |
7.77 |
8.23 |
7.92 |
7.23 |
|
Execution of orders |
8.6 |
9.05 |
8.75 |
7.85 |
2.99 |
|
Investment instruments |
4.89 |
9.68 |
10 |
9.84 |
9.92 |
|
Withdrawal speed |
7.21 |
6.86 |
8.29 |
7.71 |
8.57 |
|
Customer Support work |
8.01 |
6.77 |
6.33 |
5.68 |
5.53 |
|
Variety of instruments |
7.52 |
9.27 |
9.65 |
8.75 |
8.75 |
|
Trading platform |
7.96 |
4.97 |
6.33 |
7.68 |
7.62 |
|
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FAQ
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
Best MT4 Brokers by Countries
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.