Best Forex Brokers that use MetaTrader 4 (MT4) in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best MT4 brokers based on our analysis:
- 1
IC Markets - Best Forex broker with MT4 - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4
Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 5
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 6
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 7
- 8
ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 9
- 10
FXOpen - Wide range of trading assets. Low spreads and commissions. Support for various trading platforms.
MetaTrader 4 (MT4) is a platform that offers traders extensive capabilities for market analysis, trading strategy automation, and executing trades in the international currency market.
Best MetaTrader 4 Brokers List
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
3. AvaTrade
AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.
Pros and Cons of AvaTrade
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
5. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
6. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
7. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
8. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5 and TradingView platforms.
However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.
Pros and Cons of ActivTrades
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional Support Team.
Cons
- Lack of diversity in trading accounts.
9. OANDA
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of Oanda
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
10. FXOpen
FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.
FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.
Pros and Cons of FXOpen
Pros
- Wide range of trading assets.
- Low spreads and commissions.
- Support for various trading platforms.
Cons
- Lack of educational materials.
How the List of the Best MT4 Brokers Was Compiled
The list of the top Forex brokers with MT4 was compiled based on the following criteria:
- The ranking of brokers was performed considering our Forex broker list, which considers multiple factors, including reliability, trading conditions, and customer service.
- The brokers included in the list have been tested and rated according to our methodology, which includes an analysis of their financial stability, trading offerings, and customer service quality.
- An important factor is the availability of the MetaTrader 4 platform with the broker, known for its advanced features and extensive trading capabilities.
These criteria ensure that the brokers in our list not only offer access to the advanced trading platform MetaTrader 4 but are also reliable and preferred options for traders seeking effective Forex trading.
FAQ
What is the best broker for MetaTrader 4?
The best Forex brokers that use MetaTrader 4 are known for their reliability, low spreads, fast execution, and excellent customer service. Some of the top brokers for MT4 include:
- IC Markets: Known for its competitive spreads and high execution speed.
- Pepperstone: Offers low commissions, reliable execution, and strong customer support.
- RoboForex: Provides various account types and good trading conditions.
- Admirals (formerly Admiral Markets): Offers a wide range of instruments and high liquidity.
Is MT4 good for Forex?
Yes, MetaTrader 4 is excellent for Forex trading. The platform is widely used by traders globally due to its simplicity, reliability, and extensive features. MT4 offers:
- A comprehensive set of technical indicators and analytical tools.
- Support for algorithmic trading through the built-in MQL4 programming language.
- Compatibility with expert advisors (EAs) and custom indicators.
- User-friendly interface and customizable features.
Do professionals use MT4?
Yes, many professional traders continue to use MetaTrader 4 due to its reliability, ease of use, and extensive capabilities for technical analysis and algorithmic trading. Despite the introduction of MetaTrader 5 (MT5), MT4 remains popular among professionals because of its proven functionality and widespread broker support.
Which MetaTrader is Best for Forex Trading?
Choosing between MetaTrader 4 and MetaTrader 5 depends on your trading preferences and needs:
MetaTrader 4: Suitable for traders who prefer simplicity and stability. It is widely used and supported by many brokers, making it an ideal choice for beginners.
MetaTrader 5: Suitable for more advanced traders who need advanced features such as additional order types, market depth, and improved analysis tools. MT5 brokers support more financial instruments and provide more opportunities for algorithmic trading.
Do I need a broker for MT4?
Yes, you need a broker to trade on the MetaTrader 4 platform. A broker provides access to financial markets, allowing you to execute trades based on current market quotes. The broker also ensures order execution, provides leverage, and offers other essential services for successful trading.
How to choose a Forex broker with MT4?
When choosing a Forex broker with MetaTrader 4, it is important to consider several factors. First, make sure that the broker is regulated by reliable financial authorities, which guarantees the safety of your funds. Second, pay attention to the trading conditions, including spreads, commissions, and available leverage. It is also important to have a demo account to test the platform and the level of customer support. Consider the available trading instruments (currency pairs, CFDs, and other assets) and make sure that the broker offers fast and stable order execution on MT4.
Can I withdraw money from MT4 without a broker?
No, you cannot withdraw money directly from the MetaTrader 4 platform without a broker. The MT4 platform is used for trading and analysis, but all financial transactions, including deposits and withdrawals, are managed through your broker's account management system. To withdraw funds, you need to log into your account on your broker's website and follow their withdrawal process.
Why do people still use MT4?
People still use MetaTrader 4 for several reasons:
- Reliability: MT4 has been a stable and reliable platform for many years.
- Simplicity: The platform is easy to use, making it suitable for both beginners and experienced traders.
- Wide Broker Support: Many brokers continue to offer MetaTrader 4, ensuring broad access for traders.
- Extensive Resources: There is a vast array of indicators, expert advisors (EAs), and custom scripts available for MT4.
- Community Support: A large user base and numerous online resources provide strong community support.
What is the minimum deposit for MT4?
The minimum deposit for trading on the MetaTrader 4 platform depends on the specific broker's terms. Some brokers allow you to start trading with very low deposits, such as:
- IC Markets: Minimum deposit $200.
- RoboForex: Minimum deposit $10.
- Pepperstone: Minimum deposit $1.
- AvaTrade: Minimum deposit $100.
It is important to check the minimum deposit requirements with your chosen broker, as they can vary depending on the account type and trading conditions.
