11 Best MT4 Brokers – Compare Metatrader 4 Platforms in 2023

MetaTrader 4 (MT4) remains one of the most popular third-party programs for forex traders, thanks to its advanced features and excellent back-testing capabilities. Due to this, many forex brokers now offer seamless integration with MT4, allowing traders to open and close positions directly through the application.

This guide will review a selection of the best MT4 brokers available to FX traders, highlighting their fees, features, and asset selections, before presenting an in-depth walkthrough of how to place a forex trade with one of these platforms – without paying any commissions.

Best MetaTrader 4 Brokers Reviewed

The process to invest in stocks is very similar to trading currencies because traders must choose a suitable broker and create an investment account. As touched on in the intro, many brokers now offer MT4 for Mac, Windows, or mobile, streamlining the trading process for beginners and advanced investors alike.

With that in mind, the MetaTrader 4 brokers list below presents a selection of top-rated platforms, specifically focusing on their fees, asset selection, and trading tools.

1. Axi – Award-Winning MT4 Broker Offering Copy Trading

Axi isn’t just another broker offering the MT4 platform — it has won several awards for providing an outstanding service on this platform. By using MT4, Axi has won awards for the best forex broker, best CFD provider and best EMEA region broker.

Before going live, traders can sample Axi’s MT4 platform by opting for the demo account. It’s valid for 30 days and offers practice trading of up to $50,000. Traders can access forex, stocks, indices, precious metals and commodity markets. The demo account enables traders to test out their advanced tools to incorporate into their trading strategies.

Axi has made the MT4 app compatible for PC, Mac, iPhone and Android. Also available with Axi is MT4 web trader. The platform provides live pricing and to view market data with live charting options, as well as automated news updates to follow the latest trading trends.

One of the things that separates Axi from most brokers is the in-depth MT4 video tutorials. They’re free and cover key topics such as how to install MetaTrader 4, managing open trades and types of orders. Traders using MT4 on Axi can also connect it to their CopyTrading app, enabling them to copy the trades of professionals.

What We Like:

Your capital is at risk. 81.6% of retail investor accounts lose money when trading CFDs with this provider.

2. XTB – Popular Alternative Station to MT4

Traders looking for convenience while optimizing their charts with advanced tools will find the two platforms XTB offers to be ideal. XTB enables traders to choose between xStation 5 and xStation mobile. Traders can opt for the web trade platform, mobile app or desktop app.

This platform enables fast executions and some of the lowest forex spreads in the business. A popular pair such as EUR/USD carries an average spread of 0.1 pips. On top of that, XTB platforms enable traders to use leverage up to 1:30.

“Starting from 9th November 2020, XTB clients will no longer be able to open new accounts and sub accounts on the MT4 platform. Trading accounts opened before this date remain fully operational and supported.” But the Station 5 platform on XTB offers great features and is the ideal MetaTrader4 alternative.

The platform enables access to 2100 global markets in cryptocurrencies, stocks, indices, commodities and ETFs.

What We Like:

Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider.

3. Vantage – Access over 3,200 Professional Signals with MT4

Launched in 2009, Vantage is a popular CFD trading platform for Forex pairs, cryptos, commodities, shares and indices. With the Raw ECN account, investors can access the popular EUR/USD pair at low spreads, starting at 0.2 pips. Moreover, the STP account on Vantage offers commission-free trading on CFDs.

Vantage makes its trading platform available with MT4 trader – which offers high-speed trading on FX pairs. Allowing investors to gain an edge in the global markets, the MT4 brokerage gives investors access to over thousands of charting & customization options with Vantage. On this popular trading platform, MT4 is made available on the web, desktop, as well as Vantage app – which can be accessed on iOS and Android.

For traders lacking the time to open manual trades, MT4 offers an automated trading feature in the form of a forex robot – known as Expert Advisors. By designing a state-of-the-art optic network which connects with the platform’s global servers, Vantage leverages MT4 to execute trades accurately and securely with 99.99% uptime.

Offering over 3,200 trading signals, MT4 on Vantage allows investors to leverage the best possible strategies to open FX trades.

What We Like:

4. Pepperstone – Best MT4 Broker with a Dedicated ECN Account

Traders looking for the best MT4 broker with an ECN account may wish to consider Pepperstone. The Pepperstone ‘Razor’ account offers spreads as low as 0.0 pips for EUR/USD. However, since a commission is levied on each position, traders looking for the most cost-effective option may wish to use the ‘Standard’ account, which incorporates all fees into the spread.

Users can trade over 60 FX pairs using Pepperstone, with an MT4 download available through the broker’s website. Pepperstone also provides 28 forex indicators on MT4, along with several Expert Advisors (EAs), making it one of the best automated trading platforms on the market. Finally, with regulation from the FCA, ASIC, and BaFin, Pepperstone can be considered one of the most reputable options on our list.

What We Like:

74-89% of retail investor accounts lose money when trading CFDs with this provider.

5. AvaTrade – Popular MT4 Forex Broker with Added MT5 Support

Our pick for the best MT5 broker with added support for MT5 is AvaTrade. AvaTrade is a well-known CFD broker, offering over 50 FX pairs to trade as well as the best forex VPS. The platform has been in operation for over 15 years and is regulated by several leading bodies; most notably, the Central Bank of Ireland.

Like most MetaTrader 4 brokers that focus on CFDs, AvaTrade incorporates its trading fees into the bid/ask spread and charges no commissions. Spreads can be as low as 0.9 pips for EUR/USD, with functionality for up to 30:1 in leverage. AvaTrade also makes it simple for users to fund their accounts, with no deposit fees levied and support for bank transfers, credit/debit cards, and several e-wallets.

AvaTrade offers a free MT4 download for all users, although it does not support MT4 for Mac. Once downloaded, users can begin trading immediately, requiring a minimum deposit of only $100. Finally, AvaTrade also offers the MT5 trading application, which will appeal to users who wish to trade other asset classes.

What We Like:

6. Skilling – Popular MT4 Broker with Low Spreads

Skilling is a MetaTrader 4 broker popular due to its low spread offering. Due to this, many consider Skilling to be one of the best algorithmic trading platforms, as more than 70 FX pairs can be traded through the low-fee ‘Premium’ account. Although this account charges low spreads, it does set a commission on each trade.

Alternatively, users can opt for the ‘Standard’ account, with spreads averaging around 1.2 pips for EUR/USD. Skilling also offers full integration with MT4, allowing users to employ ‘Expert Advisors’ to automate the trading process. Finally, Skilling even provides ultra-fast execution speeds, averaging just 0.05 seconds per position.

What We Like:

7. Forex.com – Leading MT4 Trading Platform for Automated Trading

US-based investors looking to use the MetaTrader 4 app may wish to partner with Forex.com. Forex.com has a stellar reputation within the FX industry, boasting over 90 pairs to trade. Users can choose from a selection of account types, although the ‘STP Pro’ account provides access to deep liquidity – meaning spreads can be as low as 0.1 pip for highly-traded pairs.

Forex.com is also one of the best Islamic brokers to partner with, offering a dedicated ‘swap-free’ account type. Like the other options on this list, Forex.com offers seamless integration with MT4, with an added Reuters newsfeed and various research resources. Finally, Forex.com even offers a free MT4 demo account, which is excellent for beginners who are trading for the first time.

What We Like:

8. Oanda – One of the Best MT4 US Forex Brokers for Advanced Investors

Oanda is one of the best MT4 brokers for US-based traders and is regulated within the country by the CFTC and the NFA. Users can trade 69 currency pairs on Oanda, with all fees built into the spread. Notably, Oanda provides full support for micro lot trading and offers up to 50:1 leverage on the platform’s tradable currency pairs.

Oanda has no minimum deposit threshold and supports nine base currencies. There are no deposit or withdrawal fees to contend with, and Oanda also accepts funding via PayPal, Neteller, and Skrill. Finally, Oanda offers integration with MT4 for Mac, Windows, and smartphone devices – along with ‘depth of market’ pricing, ensuring the tightest spreads possible.

What We Like:

9. IC Markets – Great MT4 App with Raw Pricing and Fast Execution

Another option for the best MT4 broker is IC Markets due to the fact that it is a low-spread forex broker. IC Markets is policed by ASIC and offers spreads from as little as 0.0 pips on the ‘Raw’ account. Over 60 currency pairs are available to trade through IC Markets, with micro lot trading and fast execution providing a seamless user experience.

Deposits are free to make with IC Markets, although the minimum deposit threshold is slightly higher, set at $200. By using the MetaTrader 4 app in conjunction with IC Markets, professional traders can receive leverage of up to 500:1. Finally, IC Markets also ensures no minimum order distance, which is excellent for scalpers who thrive on small price movements.

What We Like:

10. FxPro – Best MT4 Broker for Micro Lot Trading

Traders looking to robot copy on MT4 may wish to consider FxPro, as this platform offers 70 FX pairs to trade, with full support for micro lot trading. FxPro has been in operation and is regulated by the FCA, ensuring high credibility. The minimum deposit threshold is $100 with FxPro, and users can choose from an array of account types – including ones that integrate with MT4 and MT5.

Deposits can be made for free via bank transfer, credit/debit card, and e-wallet (e.g. PayPal). Withdrawals are also free to make, although a fee will be charged after six months of inactivity. Finally, FxPro also supports MetaTrader 4 for Mac and Windows, offering a Virtual Private Server with no downtime.

What We Like:

11. FP Markets – Excellent MT4 Trading Platform with Copy Trading Features

Rounding off our list of MT4 brokers is FP Markets. FP Markets is the best MT4 broker for copy trading, as the platform allows users to automatically copy the trades placed by other FP Markets traders. Notably, this feature integrates with MT4 and MT5, allowing users to tailor their risk level accordingly.

FP Markets’ ECN account will appeal to frequent traders as it offers ultra-low latency, designed to reduce (or remove) slippage. Spreads on this account can be as low as 0.0 pips, although a commission will be charged. Finally, FP Markets even allows users to buy cryptocurrency (and other asset classes), making it easy to create a diversified portfolio.

What We Like:

Best MT4 Forex Brokers Compared

The section above has reviewed ten of the best MT4 brokers on the market, touching on all the factors that must be considered before making a trading decision. To help streamline the decision-making process even further, the table below compares all of the platforms on our MetaTrader 4 brokers list – making it quick and easy to find the best option:

What is MetaTrader 4?

MetaTrader 4, commonly shortened to MT4, is an electronic trading platform designed by MetaQuotes Software. The platform was initially released in 2005 and has become the ‘gold standard’ within the forex trading industry for trade execution and analysis. MT4 can link to a user’s brokerage account, allowing trades to be placed seamlessly using the funds in the trading balance.

Much of MetaTrader 4’s appeal comes from its customisability. Users can trade on various timeframes and employ an array of MT4 indicators, making technical analysis simple. Backtesting is also easy on MT4, and the platform even provides several execution types.

MetaTrader 4 also offers similar functionality to the best trading robots through what’s known as ‘Expert Advisors’. This feature allows users to robot copy on MT4 and employ various trading strategies – which is helpful for beginners and advanced investors alike.

What Can You Trade on MT4?

MetaTrader 4 is undoubtedly a popular platform, driven by its massive appeal to forex traders. However, many people are unaware that MT4 also supports a selection of alternative asset classes – although each broker determines this. These asset classes are:

• Forex
• Stocks
• Indices
• Commodities

It’s important to note that MT4 was designed mainly for FX trading, so using it to trade other asset classes tends to be inefficient. To combat this, MetaQuotes Software also developed MetaTrader 5 (MT5), which is better suited to trading stocks, indices, and commodities. 

Why Use MT4? Best MetaTrader 4 Features

Now that we’ve covered the best trading platforms that integrate with MT4, let’s take a look at some of the most popular features that MetaTrader 4 offers: 

Multiple Timeframes

One of MT4’s best features is that it offers an array of timeframes to trade on. These timeframes stretch from one minute to one month, ensuring compatibility with all trading strategies.

Support for Smartphones and Tablets

Although MT4 is available on Windows and Mac, it can also be downloaded to users’ smartphones. The smartphone app synchronizes with the computer-based app, meaning users can monitor and place trades whilst on the go.

Technical Indicators

There is an abundance of forex indicators on MT4, which can help traders estimate future price movements. These indicators are split into ‘trend indicators’ and ‘oscillators’ and can be dragged and dropped onto the price chart. Furthermore, indicators can also be used for backtesting to improve trading strategies. 

Expert Advisors

Expert Advisors are essentially trading robots that have been developed in MetaQuotes Language 4 (MQL4), the programming language for MT4. These Expert Advisors are used to automate the analysis and trading processes and can be purchased through the MT4 marketplace.

Financial News & Alerts

Finally, MT4 also has a financial news and alerts feature, which provides up-to-date information on the latest goings-on within the market. The alerts feature is handy, as it will notify each trader when a specific price point has been met.

Best MT4 Brokers – Conclusion

In conclusion, this guide has taken an in-depth look at a selection of the best MT4 brokers on the market, highlighting their fees, features, and asset selection. By reviewing the information presented in this guide, users can find a platform that suits their needs and begin trading with MT4 immediately.

Our pick for the best broker for MetaTrader 4 is Axi – click below to learn more.

Your capital is at risk. 81.6% of retail investor accounts lose money when trading CFDs with this provider.

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