Home » Top 10 MT4 Forex Brokers for 2024: Comprehensive Roundup
Top 10 MT4 Forex Brokers for 2024: Comprehensive Roundup
MetaTrader 4 is one of the most popular trading platforms, used by millions of traders as their primary software. One of the main reasons for its popularity is its intuitive interface and easy navigation. For those who want a more sophisticated version, MetaTrader 5 is the upgraded version with more sophisticated features.
The great thing about MetaTrader 4 is that it’s suitable for all trading abilities, including beginner and experts. I find the technical analysis features more than satisfactory, including algorithmic trading, expert advisors, and a customizable trading system.
MetaTrader 4 is one of the most accessible platforms in the forex industry. The platform is available on Windows, Max, Linux, and as a mobile app on iOS and Android. However, it’s important to choose a broker that not only offers MetaTrader 4, but also has other suitable features. It’s true that finding the best MT4 brokers can be complicated as there is no one-size-fits-all answer. That’s why I have compiled an in-depth review of the best MT4 forex brokers to help make the situation easier to handle. Let’s begin:
IC Markets offers the tightest spreads and fastest execution speeds among MT4 brokers.
Pepperstone excels in excellent customer service and educational resources.
FOREX.com provides comprehensive research tools and strong regulatory oversight.
Swissquote offers Swiss bank security but comes with higher trading costs.
Consider factors like regulation, fees, available markets, and additional features when choosing an MT4 broker.
Comparison Table
Broker
Best Known For
Minimum Deposit
Spreads From
Regulation
IC Markets
Ultra-Tight Spreads
$200
0.0 pips
ASIC, FSA, CySEC
FP Markets
Advanced Trading Tools
$100
0.0 pips
ASIC, CySEC
Pepperstone
Customer Service
$200
0.0 pips
FCA, ASIC, CySEC
CMC Markets
Wide Range of Markets
$0
0.7 pips
FCA
FOREX.com
Research and Education
$100
1.0 pips
CFTC, FCA, ASIC
FxPro
No-Dealing Desk Execution
$100
0.0 pips
FCA, CySEC, FSCA, SCB
OANDA US
Flexibility and Transparency
$0
1.0 pips
CFTC, NFA
Exness
High Leverage Options
$1
0.0 pips
FCA, CySEC, FSCA
OCTA (formerly OctaFX)
Copy Trading
$25
0.4 pips
CySEC
FXOpen
Cryptocurrency Trading & ECN
$100
0.0 pips
FCA, ASIC
Criteria Breakdown Summary
To start my review of the best MetaTrader 4 brokers, I put together a set of criteria to measure each one. My criteria included regulatory compliance, trading costs, execution speed and quality, available markets, and customer support. I also looked at other additional features such as VPS hosting, and social trading. From there, I rated each MT4 broker out of five in each area.
IC Markets
Best Known for Ultra-Tight Spreads
IC Markets is a popular MetaTrader broker and I was very impressed with its competitive pricing and fast execution speeds. This broker offers raw spreads that start from 0.0 pips, so it’s an ideal choice for high-volume traders and scalpers.
IC Markets also has strong regulatory standing for peace of mind, with overweight from ASIC, FSA, and CySEC. Moreover, this broker also offers the cTrader platform in addition to MT4 for advanced traders.
IC Markets is a MetaTrader forex broker with strong regulatory oversight.Source: IC Markets
Features
IC Markets has a range of features that suit many trading ability levels. Their prices are competitive and I found their VPN hosting service extremely useful. This is a free feature for accounts trading over 15 standard lots per month. Moreover, the site integrates with various copy trading platforms and gives social trading opportunities, including ZuluTrade and Myfxbook.
Overall, IC Markets is a MetaTrader broker for both beginner and advanced traders, with many useful features.
Pros
Extremely tight spreads and low commissions
Fast execution with no requotes
Wide range of tradable instruments including forex, CFDs, and cryptocurrencies
Regulated by multiple tier-1 authorities
Cons
Limited educational resources compared to some competitors
No proprietary mobile trading app (relies on MT4 mobile)
Higher minimum deposit ($200) compared to some other brokers
Criteria Evaluation
Regulation: 4/5
Trading Costs: 5/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 5/5
Community Reviews and Expert Recommendations
Many users rate IC Markets very highly, particularly for their competitive pricing and execution speeds. Experienced traders mention the ECN model and its suitability for high-frequency trading. However, users have mixed opinions on the customer support available, with slow responses the main issue.
“I have had no issues with IC Markets, having used them for 5 years. Best trading platform for forex and also fast withdrawals.” – Haroon Latif via Trustpilot
“I’ve been using IC Markets for a while, and my experience has been outstanding. The platform is fast, reliable, and offers tight spreads, making it ideal for both novice and experienced traders. Their execution speed is excellent, and I’ve never faced any issues with order execution. Additionally, they provide a wide range of assets, including forex, indices, and commodities, which gives plenty of opportunities for diverse trading strategies.” – Julay Fernandes via Trustpilot
Industry experts believe IC Markets is a suitable choice for all trading abilities and particularly highlight its strong regulatory oversight.
IC Markets offers competitive pricing with spreads from 0.0 pips and a commission of $3.50 per lot round turn on their Raw Spread account. Standard accounts have no commission but slightly wider spreads. The minimum deposit is $200.
FP Markets
Best Known for Advanced Trading Tools
FP Markets is another well-regarded MT4 forex broker that has a range of advanced trading tools and competitive pricing. Alongside an MT4 account, this broker also offers access to their IRESS platform. Overall, I believe FP Markets is a good choice for advanced, high-volume traders, thanks to the advanced features available. This includes Direct Market Access to specific trading instruments, a VPS option, and EAs (Expert Advisors).
For peace of mind, FP Markets is regulated by both ASIC and CySEC. However, it’s important to note that this broker does not accept US clients due to regulatory restrictions.
FP Markets is a high-quality MT4 broker with a range of advanced features. Source: FP Markets
Features
The main standout feature of FP Markets is its tradable instruments along with its MT4 account. This broker offers many forex and CFD offerings, along with several advanced trading tools. I found the Trader Toolbox very useful, especially the technical analysis insights. In addition, copy trading is available via Myfxbook.
This broker also has a strong commitment to education, with a comprehensive learning center and many webinars. However, high-volume traders also benefit from the tiered loyalty program, which offers rebates and other features.
Pros
Competitive spreads and low commissions
Advanced trading platforms (MT4 and IRESS) cater to different trader needs
Extensive range of CFDs including stocks, indices, and commodities
Strong educational resources and trading tools
Cons
IRESS platform has a steeper learning curve for beginners
Limited cryptocurrency CFD offerings compared to some competitors
Higher minimum deposit for IRESS accounts
Criteria Evaluation
Regulation: 4/5
Trading Costs: 5/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
Many users recommend FP Markets and give positive reviews. Most particularly enjoy the competitive prices and the advanced trading tools, along with quality customer support. Experienced traders in particular mention the IRESS platform in addition to MetaTrader 4, and direct market access. However, some users do mention occasional problems with withdrawals, although this isn’t a common occurrence.
“I love FP Markets because of their transparency in the system and they have a very nice helpline team. I would like to mention Mr. Mikhael, the best man who has a lot of patience to solve clients’ problems.” – Ali via Trustpilot
“I wanted to take a moment to express my appreciation for the excellent service and support provided by FP Markets. Your platform has been incredibly user-friendly and reliable, and I have been particularly impressed with the responsiveness and helpfulness of your support team.” – Rayhana via Trustpilot
Industry experts recommend FP Markets for both beginner and expert traders. They also highlight the strong educational focus of this broker.
FP Markets offers a Raw ECN account with spreads from 0.0 pips and a $3.00 commission per lot round turn. Standard accounts have no commission but slightly wider spreads. Minimum deposit starts at $100 for MT4 accounts.
Pepperstone
Best Known for Customer Service
Pepperstone is a highly regulated, popular MT4 broker, with a large range of features. I was very impressed with Pepperstone’s educational offerings, along with their excellent customer service. In addition, this broker has competitive pricing, a range of tradable instruments, and offers both the MT4 and cTrader platforms.
Additionally, ASIC, CySEC, and FCA regulate Pepperstone. However, it does not accept US clients due to regulatory restrictions.
Pepperstone offers excellent educational resources for all trading abilities. Source: Pepperstone
Features
Of all the brokers with MetaTrader 4, Pepperstone stands out. The Smart Trader Tools suite offers many additional features that add real value to the MT4 experience. This includes analytical capabilities and advanced risk management tools. Moreover, Pepperstone offers social trading, integrating with DupliTrade and Myfxbook.
I found Pepperstone to be very user-friendly overall and it offers several account types, including an Islamic swap-free account. Overall, I believe this is one of the best brokers with MetaTrader 4.
Pros
Excellent customer support with 24/7 availability
Competitive spreads and fast execution speeds
Comprehensive educational resources including webinars and video tutorials
Strong regulatory standing with multiple tier-1 licenses
Cons
Limited range of tradable assets compared to some competitors
Higher minimum deposit for certain account types
No proprietary mobile app (relies on MT4/cTrader mobile)
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 5/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
Pepperstone enjoys extremely positive reviews from users and industry experts. Many users particularly praise their customer support, along with the large range of educational resources. In addition, many users mention their fast execution speeds and competitive pricing. However, some users feel the range of tradable assets could be improved.
“Prompt response to queries, speedy execution of trades, and stable platform all point to a great discount broker. Two thumbs up to Pepperstone.” – JY via Trustpilot
“Trustworthy broker. Very low spreads and fair swap fees (many other brokers charge unfair overnight swaps, while not crediting for positive ones). But most importantly, there is never an issue with withdrawals. They don’t hold onto your money trying to make withdrawals hard, an issue I had with other brokers.” – MM via Trustpilot
Industry experts recommend Pepperstone to beginner traders due to the range of educational resources. However, many also rate it for advanced traders due to competitive pricing and fast execution.
Pepperstone offers a Razor account with spreads from 0.0 pips and a $3.50 commission per lot round turn. Standard accounts have no commission but slightly wider spreads. The minimum deposit is $200 for most account types.
CMC Markets
Best Known for Wide Range of Markets
The next MT4 broker I reviewed was CMC Markets.This particular broker is a high-quality option due to its large range of tradable instruments. Many forex brokers focus on their currency pairs, however CMC Markets has a large selection of CFDs too. This range allowed me to diversify my portfolio. Moreover, their Next Generation platform is offered in addition to MetaTrader 4, offering a flexible and extensive trading experience.
As one of the best MT4 Forex brokers, CMC Markets offers a large range of tradable instruments. Source: CMC Markets
Features
As one of the best brokers that use MT4, CMC Markets is a great choice for beginner and advanced users. The range of features included in MT4 is extensive, but their Next Generation platform is also a promising addition. I found the features included with this platform very useful, including the pattern recognition scanner and client sentiment tool. These helped me gain valuable insights for analytical purposes.
CMC Markets’ mobile app is a strong option too, offering almost the same level of functionality as the desktop platform. Finally, CMC Markets offers both CFD and spread betting accounts for UK and Ireland residents.
Pros
Extensive range of tradable instruments
Advanced proprietary platform with unique features
Strong regulatory oversight and financial stability
Comprehensive educational resources and market analysis
Cons
Higher spreads on some instruments compared to ECN brokers
Complex fee structure can be confusing for beginners
Limited support for automated trading on the Next Generation platform
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 5/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
CMC Markets has many positive reviews from users. The most commonly mentioned aspect is the extensive range of tradable instruments and features. Beginner traders mention that the educational resources are very helpful, and experienced traders enjoy the advanced charting features. However, some users mention that the platform can be a little overwhelming at first, due to the large number of features.
“I started with a demo account which was very intuitive to use, and CMC has loads of useful advice to help novices like me! I have now progressed to a live account, and I’m very happy with the platform. I can highly recommend CMC, in fact I recommended a friend who is now practicing on his own demo account.” – Matt Polley via Trustpilot
“Easy to use platform, great spreads and more than sufficient number of tools to help with the analysis of the markets. Many instruments to trade.” – Andrew via Trustpilot
Industry experts recommend CMC Markets for traders who want to go beyond forex trading.
Pricing
CMC Markets offers variable spreads starting from 0.7 pips for major forex pairs. There are no commissions on forex trades, but CFD trades may incur commissions depending on the instrument. For CMC Markets, there’s no minimum deposit required.
FOREX.com
Best Known for Research and Education
After reviewing FOREX.com, I rate it as an ideal choice for beginner and intermediate traders. The educational resources and research tools are excellent and I especially appreciated their trading guides. FOREX.com offers both the MetaTrader 4 platform and their proprietary Advanced Trading Platform. It is a highly regulated broker for extra peace of mind and offers direct market access for specific account types.
While this broker’s prices aren’t the lowest on the market, I believe they are fair considering the range of features and educational tools.
FOREX.com offers excellent educational and research tools for forex traders, which is why it’s among our list of the best MetaTrader 4 brokers. Source: Forex.com
Features
I believe FOREX.com is one of the best MetaTrader 4 brokers on the market due to their research suite. This is full of daily market updates, analysis reports, and webinars. Even intermediate or experienced traders will find this useful.
In addition, TradingView charts and AutoChartist helps this broker stand out, providing quality technical analysis capabilities. I also rate the Market Scanner feature, which allowed me to identify potential trading opportunities.
Pros
Excellent research and educational resources
Strong regulatory oversight in multiple jurisdictions
Advanced charting capabilities with TradingView integration
Offers both MT4 and a feature-rich proprietary platform
Cons
Higher spreads compared to some ECN brokers
Limited range of tradable instruments outside of forex and major CFDs
No social/copy trading features
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 5/5
Community Reviews and Expert Recommendations
Overall, FOREX.com receives positive reviews from users thanks to its research tools and educational resources. Many traders also enjoy the trading guides and market analysis features. Many experienced traders mention the advanced charting capabilities and many order types. However, some users mention that beginners may find the platform overwhelming at first, and will need to move slowly.
“At first I had doubts with this broker but, however, I tried it. The broker is easy to deposit and withdraw without experiencing hassles. Their support agents and account manager always help you resolve your problems.” –Morake Gabriel via Trustpilot
“I had an issue with my demo account and customer support was right on it and resolved my issue immediately. Looking forward to using this Platform.” – Jesse Jackson
Industry experts recommend FOREX.com for intermediate or advanced traders, particularly those who enjoy market analysis.
FOREX.com offers variable spreads from 1.0 pips for major forex pairs on their standard account. Commission-based DMA accounts are available for more active traders. The minimum deposit is $100 for standard accounts.
FxPro
Best Known for No-Dealing Desk Execution
FxPro is another popular choice in the trading community, specifically for its No-Dealing Desk model (NDD). This reduces conflicts of interest between traders and brokers, aiming for a smoother experience. Overall, this tends to cause faster and more reliable trade execution. FxPro also has competitive pricing, and I appreciated their transparency and execution quality in particular.
FxPro has strong regulation, with oversight from CySEC, FCA, SCB, and FSCA. It offers MetaTrader 4 and 5, along with cTrader and its proprietary platform, FxPro Edge. Extra peace of mind also comes from negative balance protection, and more than 70 currency pairs are available. However, FxPro does not accept Us clients due to regulatory restrictions.
As one of the best MT4 forex brokers, FxPro has a No-Dealing Desk (NDD) model. Source: FXPro
Features
FxPro has many features for all ability levels. One of the main stand-outs is VPS hosting, which is ideal for algorithmic traders. In addition, the FxPro Tools suite offers many additional extras, such as an economic calendar, trading signals, and calculators. In addition to MetaTrader 4 and its associated features, FxPro also offers a very high quality proprietary platform, called FxPro Edge.
I particularly enjoyed their educational resources, with video tutorials and webinars on offer. As a result, this is one of the best MT4 forex brokers for both beginner and advanced traders.
Pros
No-Dealing Desk execution model ensures transparency
Multiple platform options to suit different trading styles
Competitive spreads and no requotes
Strong regulatory oversight from multiple authorities
Cons
Limited range of tradable instruments compared to some competitors
Higher minimum deposit for certain account types
No social/copy trading features
Criteria Evaluation
Regulation: 4/5
Trading Costs: 4/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
Users generally rate FxPro very highly. This broker receives positive reviews about its execution quality and variety of platforms in particular. Beginner traders mention the educational resources and how easy they are to follow, while advanced traders appreciate the additional features. However, some users report occasional issues with processing times for withdrawals.
“Fast execution, decent spreads. Had some trouble figuring out their analysis tools at first but now I got the hang of it. Would recommend for sure.” – Serafim Andreou via Trustpilot
“This is a platform that understands that people’s needs vary; with trading platforms and conditions, funding and withdrawals and multiple market tools to choose from.” – Jan Cerny via Trustpilot
Industry experts praise FxPro’s range of features and platforms. They particularly recommend this broker for traders who want to focus on execution quality.
More information is available in our FxPro review.
Pricing
FxPro offers variable spreads from 0.6 pips for major forex pairs. They also have a commission-based Raw Spread account with spreads from 0.0 pips. The minimum deposit is $100 for standard accounts.
Oanda US
Best Known for Flexibility and Transparency
Oanda US is a well-established broker that has a good reputation in the trading world. It is known for its transparent pricing and flexible trading conditions. I found the no-commission trading model very pleasing and there is an extensive range of trading instruments, including forex pairs. This broker offers both MetaTrader 4 and its own proprietary platform, along with competitive spreads.
Despite the US’s stringent regulatory environment, OANDA remains a go-to for many traders due to its robust platform support, including MT4. API access is available for advanced traders. This broker also supports algorithmic and day trading.
Features
I liked OANDA US for its flexibility. It allowed me to change my strategy to my needs. This broker also has countless features, from advanced charting tools to API integration. I would recommend this MT4 forex broker for both beginner and advanced traders.
There are also currency conversion tools along with market news integration for staying up-to-date. Additionally, there is no minimum deposit requirement, so it’s ideal for all trading strategies.
Pros
Transparent pricing model with no commissions on most forex trades
Fast execution with minimal slippage
Regulated by top-tier US authorities (CFTC and NFA)
Extensive support for both manual and automated trading strategies
Cons
Limited range of tradable instruments (focused mainly on forex and CFDs)
No direct social trading feature (reliant on third-party integrations)
Lacks some of the more comprehensive educational tools available at other brokers
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 3/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
Overall, OANDA US receives consistent praise from users. Most mention its reliability and transparency, along with its flexible approach to trading. Many users also enjoy the no-commission model and the different account types. However, some users mention that the range of tradable instruments could be expanded.
“While Opening a New Live Account with OANDA, I had a few issues with depositing, sending files, trading on trading view but Danylo Titskyi helped me out with every problem I had very quickly through email. Very pleasant person to talk to and very helpful.” – Alan Zolnierzak via Trustpilot
“I had a demo account for about a year and then when I was ready started live trading. Waiting for MT5 to be added seems to be a delay however, I get the occasional call from Oanda to see how I am getting on, like a check in which I appreciate. Recommended broker.”Darren via Trustpilot
Industry experts particularly recommend OANDA US for US based traders who want a no-commission approach.
OANDA US offers competitive spreads with no commission on standard accounts. Spreads start from 1.0 pips for major forex pairs, with no minimum deposit requirement. Traders can access more advanced order types and tighter spreads via MT4, with options for VPS hosting for algorithmic trading.
Exness
Best Known for High Leverage Options
Another very popular broker is Exness, particularly amongst experienced traders who enjoy high leverage options. To that aim, Exness has some of the highest leverage ratios around (up to 1:2000), along with fast execution speeds, and competitive pricing.
This broker offers MetaTrader 4 and 5, along with its proprietary Exness Trader app for on-the-go trading. It has strong regulation from FCA, FSCA, and CySEC, and supports scalping and hedging, along with social trading.
However, it’s important to note that Exness does refuse US clients due to regulatory restrictions.
As a broker with MT4, Exness offers some of the market’s highest leverage ratios. Source: Exness
Features
High leverage ratios are the main feature of Exness, but this broker with MT4 access is about more than that. The platform lineup allows a flexible approach, while MetaTrader 4 also brings its own features. I particularly enjoyed the social trading platform, which allowed me to copy the strategies of successful traders. Additionally, Exness offers a library of educational resources, not only for beginners but more experienced traders too.
Pros
High leverage options for experienced traders
Fast execution speeds and competitive pricing
User-friendly proprietary mobile app
Social trading capabilities
Cons
High leverage can be risky for inexperienced traders
Limited range of tradable instruments compared to some competitors
Regulatory restrictions in some jurisdictions
Criteria Evaluation
Regulation: 4/5
Trading Costs: 5/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
While Exness is generally received very positively, it does have mixed reviews from its users. Many mention they enjoy the high leverage options, along with competitive pricing and fast execution. In particular, experienced traders rate the different account types available. However, some users rate slow response times from customer support, especially for more complicated problems.
“The best broker since I traded with them, nothing is hidden, all is very perfect but they need to add some more commodities and stock.” – Saqib via Trustpilot
“Exness is a good platform, currently I trade on demo account with disciplined money management. Everything is clear. Drawing and analysis tools are clear. After a period of learning and training, I will deposit into the platform and move on to work on the real account, taking into account good money management.” – Yassine via Trustpilot
Industry experts recommend Exness for experienced traders in particular. However they express concerns about the risk involved with high leverage ratios.
Exness offers variable spreads starting from 0.1 pips on their Standard account. They also have a Raw Spread account with spreads from 0.0 pips and a $3.50 commission per lot round turn. The minimum deposit varies by account type, starting from $1.
OCTA (formerly OctaFX)
Best Known for Copy Trading
OCTA was previously known as OctaFX and they have become very popular over the last few years, particularly in copy trading. The platform is very user-friendly and I found it simple to follow. It’s a particularly good choice for beginners.
It’s important to note that OCTA doesn’t have the largest range of tradable assets as they focus mostly on competitive trading. However, their competitive pricing helps them stand out. OCTA offers several platforms, including MetaTrader 4 & 5, and their proprietary OctaTrader platform. They are also regulated by CySEC for peace of mind.
OCTA is a popular copy trading MT4 broker. Source: OCTA
Features
OCTA’s main feature is their copy trading tools. The platform is very intuitive and it’s easy to learn about copy trading for the first time. In addition, the OctaTrader platform is a great alternative to MetaTrader 4 or 5, and is ideal for fast trades.
I found OCTA’s educational resources to be less than some other comparable brokers, however they still add value. These are particularly useful for beginners, rather than traders who already have some knowledge. Overall, I recommend OCTA as one of the best MT4 brokers for copy trading enthusiasts.
Pros
User-friendly copy trading platform
Competitive spreads and low minimum deposit
Multiple platform options including proprietary OctaTrader
Good educational resources for beginners
Cons
Limited regulatory oversight compared to some competitors
Smaller range of tradable instruments
Less comprehensive research tools compared to larger brokers
Criteria Evaluation
Regulation: 3/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 3/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
OCTA receives generally positive feedback from users, many of whom rate its copy trading platform in particular. Users also mention their competitive pricing, easy of use, and the low minimum deposit requirement. However, experienced traders state that the range of tradable instruments could be increased.
“I’m new to Octafx and wanted to share my experience with my recent withdrawal (It’s a very small amount though). I was happy to see the funds credited to my account within seconds. This quick turnaround has certainly impressed me, and I hope larger withdrawals are processed just as swiftly. And we can trust you guys. However, I did notice that the chat support response time could be improved, as I had to wait a bit longer than expected to connect with someone.” – Prasanna via Trustpilot
“I’ve been using Octafx for 5 years now and never faced any issues in trading, deposit or withdrawals. Best broker to work with.” – Jag Prabha Rajesh via Trustpilot
Industry experts recommend OCTA for beginner traders in particular, and for anyone who wants to learn about copy trading.
Pricing
OCTA offers variable spreads from 0.4 pips on their MT4 account. They also have a cTrader account with raw spreads from 0.0 pips and a $6 commission per lot round turn. The minimum deposit is as low as $25 for some account types.
FXOpen
Best Known for Cryptocurrency Trading and ECN Accounts
My final choice of the best MT4 brokers is FXOpen. This broker has a great reputation in the trading market and offers competitive spreads and fast execution. A strong focus on cryptocurrency trading is what makes this broker stand out. I therefore recommend it for traders who enjoy MetaTrader 4 and digital currency trading, and forex.
ASIC and FCA and other notable authorities regulate FXOpen. It provides ECN accounts with raw spreads from 0.0 pips. This broker also supports automated and manual trading, along with hedging and scalping strategies.
When it comes to the best MT4 Forex brokers, FXOpen is an excellent choice for both beginners and advanced traders.Source: FXOpen
Features
FXOpen has a large range of features available for different trading abilities. While this broker focuses heavily on cryptocurrency trading directly in MT4, it also offers VPS hosting and PAMM accounts. As a result, FXOpen is a great choice for beginners and advanced traders. Multiple base currencies are available, along with several account types, including an Islamic swap-free account.
In addition, platforms integrate with Autochartist to provide access to automated technical analysis, along with trading signals.
Pros
Low-cost ECN accounts with raw spreads and low commissions
Strong support for cryptocurrency trading in addition to forex and CFDs
Regulated by reputable authorities like FCA and ASIC
Comprehensive support for automated trading, including scalping and algorithmic strategies
Cons
Somewhat limited range of traditional CFDs compared to other brokers
Not the most beginner-friendly due to a focus on advanced trading tools
Higher minimum deposits for ECN accounts compared to standard retail accounts
Criteria Evaluation
Regulation: 4/5
Trading Costs: 4/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 4/5
Additional Features: 4/5
Community Reviews and Expert Recommendations
Overall, FXOpen receives positive feedback from its users. Many traders particularly enjoy the competitive costs and focus on cryptocurrency trading and forex. However, some users mention that the advanced trading tools may be complicated for complete beginners.
“I’ve been trading with FxOpen for more than ten years. It is the best forex dealer I know. I never encountered any issue with FxOpen.” – Lim Eng Beng via Trustpilot
“I like how the broker has promoted itself with a welcome bonus to new trading clients, and the T&C’s regarding it. The spread is not bad but can do better with a bit lower spreads and add more asset portfolios like indices and crypto. Other than that, this is an excellent broker.” – Kenneth Moeletsi Vilankulu via Trustpilot
Industry experts recommend FXOpen for advanced traders in particular, including those looking for an ECN trading solution with low costs.
FXOpen offers ECN accounts with spreads starting from 0.0 pips and commissions as low as $3.50 per lot. Their STP accounts have no commissions but slightly wider spreads. The minimum deposit for ECN accounts is $100, making it accessible to retail and institutional traders.
Notable Mentions
I’ve reviewed ten of the best MT4 brokers, but there are some that also deserve a notable mention.
ActivTrades
ActivTrades is an attractive option for both beginner and advanced traders. It particularly stands out because of its quality proprietary platforms and competitive spreads. However, this broker does refuse US clients due to regulatory restrictions.
JustMarkets
JustMarkets offers a very user-friendly trading experience, along with low minimum deposits. This is a good broker for beginner traders in particular, thanks to the large range of educational resources.
IronFX
IronFX is another broker that deserves a notable mention. This broker offers different account types to suit specific styles. In particular, they’re known for their competitive trading conditions, along with quality customer support.
TastyFX
TastyFX is one of the newest brokers in the forex market and one that is gaining popularity. This broker offers a unique forex trading approach and has a focus on options strategies in particular.
Frequently Asked Questions
What should I look for in an MT4 forex broker?
Choosing an MT4 forex broker is a personal decision and it’s important to weigh up many factors. These include regulatory compliance, trading costs, markets, customer support, additional features, and execution speed. It’s also important to assess personal trading goals.
Our MetaTrader 4 review provides more information to aid in decision-making.
How important is regulation when choosing a forex broker?
When choosing a forex broker, it’s vital to understand regulation. When a broker is regulated by a top-tier regulator, it adds extra protection and ensures the broker adheres to strict guidelines. Top-tier regulated brokers are often considered more trustworthy. However, the level of protection can vary depending on the body itself and the trader’s country of residence.
What’s the difference between ECN and standard forex accounts?
ECN accounts are also known as Electronic Communication Network accounts. These offer raw interbank spreads and an attached commission. They are often faster in execution and are favored by high-volume, experienced traders.
Standard forex accounts often have wider spreads but don’t have attached commissions. These accounts are often ideal for beginners or smaller-volume traders.
How much capital do I need to start forex trading?
The amount of capital required to start forex trading varies on the account type and chosen broker. Some brokers have accounts with low minimum deposits, often between $5-$100. However, others ask for more than $1000 deposit. For that reason, careful research is key.
Is MetaTrader 4 still relevant for forex trading in 2024?
MetaTrader 4 is still a very popular and relevant forex trading platform in 2024. Many newer platforms have arrived on the market, but MT4 is a core choice. This is mainly due to its stability, ease-of-use, custom indicators, and expert advisors.
Final Thoughts
The range of MT4 brokers is wide and varied. It’s important to remember that there is no one-size-fits-all answer to choosing the right broker for personal needs.
I’ve reviewed ten MetaTrader 4 brokers and they all have their own unique features, along with their pros and cons. Some have a particular focus, such as cryptocurrency or copy trading, while others have competitive pricing and a range of tradable instruments. The first step in deciding is to assess your personal trading style and goals. Then, look for a broker that aligns with both of these areas.
It’s also important to consider the level of regulatory oversight, as this varies between brokers. Brokers with top-tier regulation provide added protection and peace of mind.
Lastly, remember that trading is a continuous learning process. There’s always room to grow and improve.
