MT4 Forex Brokers - List of MetaTrader 4 Brokers for Forex Trading

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Go to broker’s website Trading.com USA Overview

If you're too busy to read the entire article and want a quick answer, the best MT4 Forex broker is Trading.com USA. Why? Here are its key advantages:

Is legit in your country (Identified as United States )
Has a good user satisfaction score 8.8 out of 10
User-friendly and customizable interface
Wide range of analytical tools

Go to broker’s website Trading.com USA Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Best MT4 Forex brokers:

Trading.com USA - MT5, WebTrader, Trading.com App
ZForex - MT5
Plus500 - WebTrader, Mobile application
OANDA - MetaTrader4
FOREX.com - FOREX.com, MT4, MT5

MetaTrader 4 (MT4) remains a favorite among Forex traders due to its sophisticated trading tools, custom indicators, and effective back-testing capabilities. Many brokers now offer MT4 compatibility, enabling traders to open and manage positions directly on this reliable platform. Below, we’ll go through some of the best brokers for MT4, highlighting their features, minimum deposits, and standout services.

Best MT4 Forex brokers

For your convenience, we have highlighted the most useful features supported by MT4 brokers. These include versions of MT4 and MT5, demo accounts, trading with bots (Forex advisors), and scalping.

Best MT4 Forex brokers
	OANDA	FOREX.com	IG Markets	XPro Markets	iBroker	Tier1FX
MT4
MT5
WebTrader
Min. deposit, $		100	1	250	1	100
Demo
Copy trading
Scalping
Trading bots
Open an account	Go to broker Your capital is at risk.	Study review	Study review	Study review	Study review	Study review

9.4/10

Go to broker

Your capital is at risk.

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Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit starting at $1

•Broad selection of the most popular currency pairs

•Regulated by several reputable financial authorities

•Website is inconvenient to use and poorly optimized

•No cent account options for low-risk trading strategies

9.2/10

STUDY REVIEW

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Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).

Pros/Cons

•Average order execution speed is 0.04 ms

•Reliability is supported by oversight from multiple regulators, with client funds held in segregated accounts

•Attractive trading conditions include tight spreads on over 80 currency and metal pairs

•High fixed commission for fund withdrawals

•Initial deposit starts at $1,000, which may be restrictive

•Few deposit and withdrawal methods, and actual terms often differ from those advertised

•Customer support can be difficult to reach due to high demand

9.1/10

STUDY REVIEW

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IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.

Pros/Cons

•Fully regulated activities with participation in investor compensation schemes

•No minimum deposit required for accounts opened through the international division

•Leverage is available for currency trading

•Fee rebates offered to both new clients and active traders with high volumes

•Floating spreads from 0.6 pips for retail Forex accounts

•Deposits and withdrawals are not supported via e-wallets, electronic payment systems, or cryptocurrencies

•Trading conditions vary by country, requiring users to locate the broker’s website specific to their region

8.9/10

STUDY REVIEW

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XPro Markets offers trading over 45 currency pairs with leverage up to 1:400. It also provides for trading stocks of the world’s major companies, global stock indices, cryptocurrencies, precious metals, and commodities. Five account types and a convenient trading platform are available. Additionally, the company offers its proprietary platform designed for active trading and quality technical analysis.

Pros/Cons

•6 asset classes, all with leverage;

•Negative balance protection;

•24/7 multilingual support;

•Leverage up to 1:400 for Forex and up to 1:200 for metals, indices, and commodities;

•Functional user account;

•Partnership and bonus programs.

•High trading and additional maintenance fees;

•Minimum deposit is $250;

•No ECN accounts for professionals and no cent accounts for novice traders.

8.7/10

STUDY REVIEW

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iBroker is a company based in Spain, and established in 2002. It provides online trading services, allowing its clients to trade various financial instruments, including Forex, stocks, options, and futures. The broker offers access to both derivative instruments in the form of CFDs and underlying assets (through partner platforms). iBroker is regulated by the Spanish financial supervisory body CNMV (Comisión Nacional del Mercado de Valores), and its clients' funds are protected by the FOGAIN (Fondo General de Garantía de Inversiones) fund. Its services are available not only to residents of Spain but also to traders from other countries. In the U.S., it is possible only through partners. iBroker is integrated with brokers such as AMP Global, Dorman Trading, StoneX, Aarna, and others.

Pros/Cons

•Compliance with the requirements and rules of the Spanish regulatory authority CNMV.

•Access to a wide range of financial instruments, including through accounts and partner brokers’ platforms.

•Investment protection up to €100,000 through the FOGAIN compensation fund.

•Trading is possible from any desktop or mobile device.

•Support for convenient, and secure methods of fund deposit and withdrawal.

•Educational materials for both beginners and experienced traders.

•Integration with nine brokers, including those based in the United States.

•Lack of popular investment solutions among Forex traders, such as copy trading, PAMM, and MAM accounts.

•No access to MetaTrader and cTrader trading platforms.

•The company does not provide 24-hour support.

8.6/10

STUDY REVIEW

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Tier1FX offers access to the markets of currency pairs, metals, and commodities. The broker's pool also includes CFDs on indices and cryptocurrencies. The minimum deposit is $1,000, with a maximum leverage of 1:200. The account's base currency can be EUR, USD, or GBP. The minimum spread is 0.2 pips, and the trading commission depends on the traded asset, for example, $2.75 per lot for currency pairs. Only bank transfers are accepted for deposit and withdrawal, with a fixed withdrawal fee of $20. Available platforms include MT4, JForex, and Fortex 6. Traders can use any trading strategy with no restrictions, and there are joint accounts (e.g., MAM), segregated funds, and a referral program. However, there are no educational programs available.

Pros/Cons

•A single live account with universal conditions is suitable for both beginners and experienced traders.

•Spreads are lower than the market average, with trading commissions competitive with leading competitors.

•Transparent cooperation with all commissions known in advance, and no additional hidden charges.

•There are no restrictions on traders, allowing scalping, algorithmic trading, and the use of advisors.

•The broker offers moderate leverage, enabling increased profit potential without excessive risk.

•Broker provides the choice of three trading platforms, each with desktop and mobile versions.

•Multiple options for passive income for investment-focused clients.

•The minimum deposit requirement is $1,000.

•Complete absence of any educational programs.

•Not available for residents of Iran, North Korea, Japan, and some other countries.

How to choose the best MT4 Forex broker?

Selecting the ideal MetaTrader broker is crucial for long-term trading success. Although the brokers in our reviews are reliable and offer top market features, it's still essential to consider specific factors when making your choice. Here’s a quick guide to help you pick the best MetaTrader broker for your needs:

Regulatory compliance. Make sure the broker is regulated by a recognized financial authority. This adds a layer of security and ensures your funds are protected.
Trading costs. Review the fee structure, including spreads, commissions, and any extra charges. Competitive fees can greatly affect your profitability.
Platform features and add-ons. Look at the tools and features offered on the MetaTrader platform. Some brokers enhance the standard platform with additional tools that can improve the trading experience.
Customer support. Strong customer service is crucial, especially during key trading moments. Ensure the broker provides effective support through multiple channels.
Account types and leverage. Check the types of accounts and leverage options available. A range of choices can cater to different trading styles and levels of risk.
Deposit and withdrawal methods. Confirm that the broker offers a variety of deposit and withdrawal options. Multiple methods, including e-wallets and bank transfers, add flexibility.
Educational resources. Access to good educational materials can help build your trading skills. Some brokers offer webinars and tutorials that are helpful for learning.
Trading instruments. Make sure the broker provides access to a variety of trading instruments like Forex pairs, commodities, indices, and cryptocurrencies for portfolio diversification.
Reviews and reputation. Look into the broker’s reputation by reading reviews and feedback from other traders. A broker with a strong track record and positive feedback is more reliable.

Finally, always test a broker through a demo account before committing. A demo lets you try out a broker’s tools and features for free, helping you decide if it’s the right fit for your trading style. If you find it works well, consider opening a live account with that broker.

Can you trade on MT4 without a broker?

It is possible to use MT4 without a broker for practice purposes through demo accounts. However, trading on MetaTrader 4 (MT4) without a broker is not feasible for live trading. Here’s why having a broker is essential for trading on the MT4 platform.

Order execution. While MT4 enables you to set up trades, it does not process these orders directly. When a trade is placed, MT4 sends it to a broker for execution. Without a broker, your orders will remain pending and will not be fulfilled.
Access to live markets. A broker provides real-time access to live market data and facilitates order execution. MT4 itself functions only as a trading platform and does not connect to live markets on its own. Without a broker, MT4 is limited to being a practice tool for demo trading.
Demo accounts only. Without broker integration, MT4 only allows you to create demo accounts. While these are excellent for learning and testing strategies with virtual funds, they do not provide access to live trading or actual market conditions.
Lack of real-time data. Trading platforms that claim broker-free functionality often lack real-time data, making it difficult to perform accurate trading analysis and implement effective strategies.
Security. Brokers play a crucial role in ensuring trading security by providing advanced encryption, secure servers, and multi-factor authentication to protect funds and personal information.

MT4 acts as an interface connecting traders to the market, but it cannot execute trades or provide live market access on its own. To fully utilize MT4, you’ll need a broker.

MT4 vs. MT5: Which should you choose?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular trading platforms developed by MetaQuotes Software, each suited for different trading styles and needs. Choosing between them depends on your goals and the type of trading you plan to do.

Key differences between MT4 and MT5

1. Market coverage

MT4 is primarily designed for Forex trading and offers access to currency pairs and some other instruments.
MT5 goes beyond Forex, providing access to stocks, commodities, indices, and cryptocurrencies, making it a better choice for multi-asset traders.

2. Timeframes and technical indicators

MT4 offers nine timeframes and a solid set of technical indicators, suitable for most standard trading strategies.
MT5 provides 21 timeframes and a larger number of built-in indicators, giving traders enhanced flexibility and deeper analysis.

3. Order types and execution

MT4 supports four types of pending orders and has a simple, effective order execution process.
MT5 offers six types of pending orders, including stop-limit orders, and advanced execution options like partial order fills.

4. Programming language

MT4 uses MQL4, which works well for creating custom indicators and automated strategies with basic coding.
MT5 uses MQL5, supporting object-oriented programming for more complex, efficient algorithmic trading solutions.

5. Additional features

MT5 includes an economic calendar, Depth of Market (DOM), and supports both netting and hedging, offering a more comprehensive trading experience.

Choosing the right MT4 broker takes more than just comparing fees or spreads

Choosing the right MetaTrader broker takes more than just comparing fees or spreads. Pay attention to the technical setup of their trading servers. Brokers with a solid server infrastructure will reduce the chances of delays or slippage, which is crucial when trading in volatile markets. If you're considering automated trading or quick-entry strategies like scalping, a broker with low-latency connections can make all the difference. Look for those who work with top-tier tech providers to support fast and precise order execution.

Don’t forget to evaluate their transparency and customer service. Go beyond the ratings and dive into trader experiences that detail withdrawal processes, dispute handling, and hidden charges. Test their customer support yourself — use live chat, email, or even phone to see how well and how quickly they respond. Choose brokers who not only solve problems effectively but also offer educational tools and resources suited to where you are in your trading journey. This shows they're invested in your long-term success, not just getting you to trade.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.

Find out more about the unique broker assessment methodology developed by Traders Union specialists.

Conclusion

Selecting the right MetaTrader 4 Forex broker is crucial for maximizing your trading performance and achieving long-term success. By thoroughly comparing brokers' commissions, trading conditions, and unique features, traders can identify platforms that best align with their objectives and strategies. For instance, some brokers may offer tighter spreads or innovative tools that cater to more advanced traders, while others provide educational resources for beginners. Ultimately, your choice of MT4 broker should empower your trading journey—not hinder it—reminding us that the right partnership can be just as valuable as the right trading strategy.

FAQs

What types of trading accounts are commonly available with MT4 Forex brokers?

MT4 Forex brokers often provide a range of account types, including demo accounts for practice and live accounts that cater to different trader needs. These may include standard, micro, and sometimes swap-free accounts, allowing for varying minimum deposits, leverage levels, and risk profiles.

How do MT4 Forex brokers support automated trading strategies?

Most MT4 Forex brokers support the use of trading bots and Expert Advisors (EAs), allowing traders to automate their strategies. The platform's compatibility with custom indicators and automation tools means traders can deploy algorithmic systems directly, provided their broker enables these features.

Are educational resources typically offered by MT4 Forex brokers?

Many MT4 Forex brokers include educational resources such as webinars, tutorials, and guides to help traders improve their skills and understanding of the trading platform. Access to these materials can be especially beneficial for beginners or those looking to refine their strategies.

What role does customer support play in the trading experience with MT4 Forex brokers?

Customer support is essential for addressing technical issues, order execution concerns, and general account management. Effective support available through multiple channels, such as live chat, email, or phone, helps ensure a smooth trading experience, especially during critical market periods.

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Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading.

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Scalping

Scalping in trading is a strategy where traders aim to make quick, small profits by executing numerous short-term trades within seconds or minutes, capitalizing on minor price fluctuations.

Copy trading

Copy trading is an investing tactic where traders replicate the trading strategies of more experienced traders, automatically mirroring their trades in their own accounts to potentially achieve similar results.

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Day trading

Day trading involves buying and selling financial assets within the same trading day, with the goal of profiting from short-term price fluctuations, and positions are typically not held overnight.

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