Best MetaTrader 4 Brokers in 2024: Top 10 MT4 Forex Brokers Compared

Best MetaTrader 4 Brokers

Having the right trading platform is crucial when trading currency pairs. The MetaTrader 4, simply known as MT4, is widely regarded as the preferred choice for Forex traders and remains one of the most popular platforms available.

However, not all brokers offering MT4 are created equal – our top pick for today is IG FX Broker, a famous brand that offers users dozens of currency pairs to trade, tight spreads, and ultra-fast execution.

Want to find out more about the top-rated MetaTrader 4 Forex brokers? Keep reading!

Best MetaTrader 4 Brokers

🥇Best overall IG FX Broker
🤑 350+ Forex pairs CMC Markets
💲 Ultra-fast execution Exness
💰 Tight & stable spreads OANDA
📈 Best range of markets FP Markets
💸 Low fees OctaFX
📋 Excellent analytical tools Tickmill
📝 Top pick for auto trading Swissquote
🏧 Fast payouts FlowBank
🤓 Beginner-friendly broker IronFX

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Want to know what else these sites have in store for you? Keep reading for our individual reviews of the best MetaTrader 4 brokers.

1. IG Forex Broker – Best MetaTrader 4 Broker Overall

IG Trading


  • 80+ currency pairs covered
  • Ultra-fast execution
  • Licensed by reputable regulators
  • Various account types available
  • Strong and comprehensive analytical tools


  • No chat support feature on the IG platform
  • Design could be better

Established in 2019, IG US is a brokerage that boasts a wealth of experience in the industry and caters to more than 300,000 clients across the globe. With regulation from the NFA and CFTC, IG has gained trust and recognition for its unwavering financial stability and commitment to transparency.

Offering a proprietary trading platform accessible via web or mobile devices, IG is known for its robust features that include sentiment data derived from a large client base. Access to MetaTrader 4 broker is also available through IG US for traders seeking advanced tools.

IG Forex Broker is an appealing choice due to its competitive trading costs. With spreads as narrow as 0.8 pips in EUR/USD and 1 pip in GBP/USD, they surpass industry standards by offering 82 spot Forex instruments.

These instruments include major, minor, exotic, and emerging market currency pairs. IG is highly recommended for US traders looking to enter the spot Forex market.

2. CMC Markets – Best MetaTrader 4 Forex Broker for Market Variety

CMC Markets Trading


  • Listed on the London Stock Exchange
  • Tight spreads on most pairs
  • Expert analyst-driven industry-leading research
  • 350+ currency pairs covered
  • Mobile-friendly FX broker


  • Could use more technical analysis tools
  • Customer support is a bit slow

CMC Markets, a broker listed on the London Stock Exchange, is supervised by esteemed financial regulators such as the UK Financial Conduct Authority (FCA), ASIC, and regulatory bodies in Germany, Canada, Singapore, and Dubai.

Experience seamless trading by downloading the MT4 platform. Benefit from top-tier liquidity facilitated through servers based in London. With MT4 at your fingertips, you can employ various trading strategies, scalping and hedging included. Professionals can take advantage of cash rebates offered through their MT4 trades.

CMC Markets distinguishes itself with its exceptional research tools. Users can access top-notch research, news, and live webinars from a highly regarded global analyst team.

Additionally, CMC Markets MetaTrader 4 broker runs OPTO Market Intelligence, featuring thematic research by 25 external authors who utilize podcasts, a magazine, a newsletter, and a theme screener for their insights.

3. Exness – Fastest Execution of all MetaTrader 4 FX Brokers

Exness Trading


  • Ultra-fast execution
  • No overnight swap fees for cryptocurrencies
  • Dozens of currency pairs covered
  • Tight spreads
  • Instant payouts


  • Design is not the best
  • Customer support is slow at times

Established in 2008, Exness provides a distinctive opportunity for trading cryptocurrencies with leverage. The broker operates under the regulatory oversight of the Financial Services Authority (FSA) in Seychelles and the BVI Financial Services Commission.

Offering various account options, Exness facilitates leveraged trading across various markets such as cryptocurrencies, Forex, indices, stocks, and commodities. With an extensive selection of 35 cryptocurrencies available for trade, including widely recognized coins, Exness also enables trading against multiple fiat currencies.

Exness stands out by allowing cryptocurrency deposits and eliminating swap fees, which proves to be a cost-efficient option for overnight positions. The spreads for cryptocurrency trading may be higher compared to other brokers.

Exness grants users access to cryptocurrency trading through the MetaTrader broker 4 platform on Windows and the Web. Mac users also have alternative solutions available to them.

4. OANDA – Best MT4 Trading Platform for Tight Spreads

OANDA Trading


  • Stringent regulation ensures reliability
  • Higher leverage available
  • Excellent Negative Balance Protection available
  • Covers various assets


  • Higher minimum deposit
  • Could use more currency pairs

Having been founded in 1996, OANDA Corporation has built a solid name for itself by catering to institutional, corporate, and retail clients. This broker is fully authorized and regulated in Canada, the UK, Australia, and Japan.

It’s a proud National Futures Association member registered with the Commodity Futures Trading Commission in the US. US traders have access to four different trading platforms through OANDA.

These include MetaTrader 4 broker and their customizable web and desktop platform, OANDA Trade. They offer a dedicated trading app for added convenience. OANDA clients can also enjoy an MT4 premium upgrade with extra features to enhance their trading experience.

US traders can trade 70 currency pairs and ten cryptocurrencies with Paxos’s itBit exchange pricing.

Two account types are available: The Standard Account with no minimum balance requirement and the Advanced Trader Loyalty Program Account, which necessitates a minimum balance of $10,000 and offers unlimited free wire transfers.

5. FP Markets – Best MetaTrader 4 Broker for Range of Markets

FP Markets Trading


  • MT4 Advanced Trade Apps
  • Varied account types, low fees
  • Real-time trade ideas with Autochartist in MT4
  • Custom-built MetaTrader 4 MAC through the broker app


  • Execution speed could be better
  • Design is not ideal

Founded in Australia in 2005, FP Markets has established itself as a leading player in the Forex

and CFD market.

The broker operates under the supervision and regulation of the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

However, FP Markets maintains an unregulated entity in St. Vincent and the Grenadines. FP Markets presents a selection of trading platforms, such as MT4, that are compatible with different devices.

They offer a mobile trading app that’s developed in-house. For MAC users, there’s a specially designed application to access MetaTrader broker 4 and take advantage of algo-trading capabilities.

The broker provides extra tools like MT4 Advanced Trade Assistance Apps and seamless integration with third-party tools like Autochartist. This integration lets traders stay updated on real-time trading opportunities across various asset classes.

Furthermore, FP Markets offers competitive live spreads on their commission-free standard account, including a EURUSD spread of 1.15 pips during the London open hours.

6. OctaFX – Lowest Fees of all MetaTrader 4 Brokers Online

OctaFX Trading


  • Free deposits and withdrawals
  • Access the AutoChartist plugin on MT4
  • Commission-free and swap fee-free trading with low spreads
  • Covers over 300 assets


  • Mobile experience is not the best
  • Customer support could be better

OctaFX, established in 2011, operates using two corporate entities: Octa Markets Inc., which is registered offshore with the Financial Services Authority (FSA) of St. Vincent and the Grenadines, and Octa Markets Cyprus Ltd., which is regulated by the top-tier Cyprus Securities and Exchange Commission (CySEC).

OctaFX provides traders with the MetaTrader 4 platform, but this option is only available through Octa Markets Inc. The platform is compatible with Windows and web browsers; however, there is no dedicated solution for Apple MAC users

What we enjoyed the most here is that it is one of the lowest spread Forex brokers out there.

In addition to this, experienced traders can take advantage of high-leverage levels and use the AutoChartist MetaTrader plugin for advanced analysis.

7. Tickmill – Best MT4 Forex Broker for Technical Analysis

Tickmill Trading


  • Various analytical tools
  • Hundreds of markets covered
  • Also features other platforms like MT4, MT5, CQG, TradingView


  • Limited customer support hours
  • Some payouts take longer

Tickmill, a well-established brokerage firm founded in 2014, is highly regarded for its credibility. It holds authorization and licenses from reputable regulatory authorities such as FCA, CySEC, FSA of Malaysia, and FSA of Seychelles.

The company provides asset classes through various platforms, including MT4, MT5, CQG, and TradingView. Moreover, Tickmill’s platforms are versatile and compatible with different devices.

Tickmill’s Pro Account offers traders attractive trading fees, featuring spreads that start from 0 pips along with a low commission of $2 per side for every $100,000 traded. The Classic Account offers spreads starting at 1.6 pips without any commission charges.

Tickmill offers a range of supplementary tools to enhance trading experiences, such as the AutoChartist plugin for MT4, Signal Centre for trading ideas, VPS services, futures and options trading facilities, and an extensive education section.

8. Swissquote – Best MT4 Brokerage for Auto Trading

Swissquote Trading


  • Excellent auto-trading features
  • Swiss bank publicly traded
  • Regulated by FINMA, FCA, DFSA, MAS, and more
  • Friendly design


  • Higher minimum deposit
  • Mobile experience is not the best

Swissquote Group Holding SA, founded in 2000, is a renowned Swiss bank recognized for its commitment to transparency and security within the brokerage sector.

It allows clients to enter more than 400 markets via various platforms such as MetaTrader 4, MetaTrader 5, and their exclusive Advanced Trader platform. These platforms facilitate automated trading and grant users access to supplementary plugins for enhanced functionalities.

The trading fees associated with the standard account at Swissquote are comparatively higher. For instance, the Forex spreads for EUR/USD during the London open typically average around 1.5 pips, above the industry average of 1.0 pip.

Although lower spreads can be found on different accounts, they usually require a higher minimum deposit.

9. FlowBank – Best MetaTrader 4 Forex Broker with Fast Payouts

Flowbank Trading


  • MT4 rebate program
  • Access 4,500+ instruments on MT4
  • Swiss deposit insurance for extra protection
  • No minimum deposit to get started on MT4


  • Limited educational and research tools
  • Mobile experience is not the best

FlowBank, a prominent Swiss financial establishment under the supervision of FINMA, was founded in 2020. It provides clients with an extensive range of financial products via its Forex brokers MT4 and proprietary platforms.

These offerings include stocks, options, ETFs, bonds, CFDs, futures, funds, currencies, cryptocurrencies, commodity CFDs, and indices.

The spreads for currency pairs were higher than the industry average, with an average EUR/USD spread of 1.6 pips during the London Open. However, spreads for stocks and indices were more competitive.

FlowBank’s MetaTrader 4 Broker platform provides standard algorithmic trading, charting, and technical analysis features. Users can also earn monthly cash rebates for trading on Forex, indices, and commodities using MT4 with FlowBank.

10. IronFX – Best MetaTrader 4 Trading Platform for Beginners

IronFX Trading


  • Diverse account options
  • Commission-free trading
  • IronFX School for Beginners


  • Not the best design
  • Could use a better mobile experience

IronFX, a broker founded in 2010, has gained recognition for its user-friendly attributes. It is regulated by CySEC and the FCA. IronFX offers beginners seven distinct account options, including fixed-spread and commission-free accounts.

IronFX offers a complimentary demo trading feature to facilitate practice sessions. The Forex pairs offered by the broker have spreads typical for the industry. On the other hand, indices and commodities have slightly higher spreads.

For instance, the spread for EUR/USD during the London Open was 0.9 pips. This broker supports the MetaTrader 4 broker platform on Windows and Android devices and through MT4 Web Trader for web-based trading. Mac users may need external programs or can opt to use either the IronFX mobile app or web trader instead.

Our Ranking Methodology for the Best MT 4 Brokers

Our approach to evaluating the financial industry has constantly adapted to match its evolving nature. Presently, we utilize a thorough assessment procedure divided into nine fundamental areas. These meticulous evaluations assure our readers of choosing the most suitable broker for their requirements.

The nine core categories we use to rate brokers include:

  • Trust: We examine the broker’s reputation, regulatory adherence, and overall trustworthiness, ensuring traders can rely on them confidently.
  • Fees: We scrutinize the cost structure, covering spreads, commissions, and other potential fees, aiding traders in making informed financial decisions.
  • Platforms and Tools: We assess the quality and functionality of trading platforms and tools, emphasizing usability and effectiveness to enhance the trading experience.
  • Tradable Instruments: We explore a variety of tradable instruments, including Forex pairs, stocks, commodities, and cryptocurrencies, to provide traders with diverse investment options.
  • Customer Service: Testing the broker’s customer service, we gauge their responsiveness and efficiency in effectively addressing queries and concerns to support traders.
  • Deposit and Withdrawals: We review the ease and speed of depositing and withdrawing funds, considering available payment methods and processing times for a hassle-free experience.
  • Account Types: We analyze the spectrum of account types, considering features, leverage, and minimum deposit requirements to cater to different trader needs.
  • Research: We evaluate research tools, focusing on market insights, technical analysis, and research reports to assist traders in making well-informed decisions.
  • Education: We scrutinize the broker’s educational materials, including tutorials, webinars, and resources, supporting traders in enhancing their skills and knowledge.

We used similar criteria when ranking the best TradingView Forex brokers online.

Best MetaTrader 4 Brokers – Everything You Should Know

What Is an MT4 Broker?

A broker that provides the trading software MetaTrader 4 (MT4) can be categorized as an MT4 broker – for example, our top pick, IG FX Broker. The suite of trading platforms developed by MetaQuotes Software Corp., which includes MetaTrader 4 and MetaTrader 5 (MT5), is designed for use on mobile, web, and desktop computers.

To offer MT4 to clients, a Forex broker simply requires a valid license from the developer. However, some Forex brokers offering MT4 may need more regulation in their countries. Therefore, select reliable MT4 brokers exclusively.

Is MetaTrader 4 a Broker?

No. A widely used software for trading Forex is MetaTrader 4, a third-party platform that links traders to brokers. It’s highly sought after in the Forex trading community. However, other alternatives are available, such as cTrader, which also enjoys popularity among traders.

Aside from utilizing MetaTrader, certain brokers have developed their exclusive trading platforms. After evaluating more than 60 Forex brokers, we have discovered that the top-performing ones also provide their clients with custom-built proprietary platforms.

Do I Need a Broker for MetaTrader 4?

You must establish a live trading account with a reputable broker to execute actual trades on the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. When logging in to the software downloaded directly from the developer, you can select a broker’s server name from the dropdown menu.

By doing so, you can open an account with your preferred broker and gain access to real-time rates within either MT4 or MT5. MetaTrader 4 broker allows traders to utilize a complimentary demo account.

This allows them to perform technical analysis on past rates without needing a Forex broker. However, this demo account does not grant access to live trading functionalities or current market rates.

How Do I Set Up a Broker on MetaTrader 4?

After selecting a Forex broker, all you have to do is open and finance a brokerage account. Then, you can download the MetaTrader 4 software directly from your chosen broker to begin trading Forex and CFDs.

It’s worth noting that many brokers also provide demo accounts, which allow you to practice trading using virtual funds before diving into live trading with actual money.

Note: To minimize the risk of encountering a fraudulent MetaTrader 4 broker, opting for reputable brokers who hold valid licenses and adhere to regulations is crucial.

In recent times, scam brokers have become increasingly adept at deceiving individuals. For a deeper understanding of prevalent Forex scams, we recommend consulting my comprehensive guide on the subject.

Which MT4 Platform Should You Use?

The MetaTrader 4 trading platform offers various possibilities for utilization.

  • A downloadable desktop version for Windows users
  • A desktop variant available for Mac users (requires a service or plugin for Windows application compatibility)
  • An online web version named MetaTrader 4 Web Trader
  • A mobile trading app designed for Android users

When accessing your MT4 trading platform, it’s crucial to decide how you prefer to do so and check if your chosen broker provides that option. For Mac users, the Web Trader is a popular choice, but some brokers offer detailed instructions on utilizing free third-party plugins to run the desktop version on your Mac.

If you are interested in algorithmic trading strategies, you must use the desktop version. While the Web Trader offers convenient access to charts, indicators, timeframes, and various markets for trading purposes, it lacks algorithmic capabilities.

It might be beneficial to verify if your selected broker offers its exclusive mobile trading application in addition to the MT4 mobile trading app, as a precautionary measure.

Opting for a broker that provides multiple trading platforms and proprietary applications will guarantee uninterrupted trading and minimize potential disruptions caused by issues with one platform.

What to Look For in MT4 Offering?

The stand-alone version of MetaTrader 4 broker is consistent throughout the industry and various brokers.

However, some brokers may offer additional features and customizations to the platform or establish connections with third-party providers. Supplementary tools and access to more software can enhance your trading experience.

Although MT4 remains popular among Forex traders, the mobile app has been removed from iOS devices. If you prioritize algorithmic trading, seek out a broker offering access to an MT4 VPS service since it won’t be accessible through the web platform.

To assist novice traders, look for instructional materials and videos on using MT4. Although there’s a wealth of information accessible on the Internet, it becomes simpler to locate accurate information if your broker already offers it.

This can facilitate an optimal start and enable you to learn about all the advantages of trading through an MT4 broker.

What Is the Best Account Type for the MT4 Trading Platform?

When using the MetaTrader 4 platform, brokers can provide various accounts. The account types offered by brokers can be categorized based on the execution method they use. These options include:

  • STP Accounts: Directly route client orders to the broker’s liquidity provider.
  • ECN Accounts: Match client orders with anonymous liquidity sources in a network.
  • DMA Accounts: Enable clients to trade directly with interbank market participants.

Some brokers determine their account types based on the minimum deposit required. For instance, a Standard Account might require a minimum deposit of $100, while a Premium Account may need at least $5,000.

Brokers tend to provide lower spreads and commissions and more trading tools and services to clients with higher account balances. It’s advisable to thoroughly examine the various account types a broker offers to discover additional tools and services that could benefit your trading activities.

One excellent account option to begin with is a demo trading account. These accounts are perfect for newcomers because they allow you to trade in a simulated setting and hone your abilities without risk.

What Fees Should You Be Aware of When Choosing an MT4 Forex Broker?

In today’s trading landscape, traders are presented with various account options from multiple brokers. Each account type is accompanied by its own set of trading fees and non-trading fees. Familiarizing yourself with these fees is essential.

Trading fees encompass charges for initiating, finalizing, and maintaining trades. These may include:

  • Spreads: The gap between buy and sell prices, best kept minimal.
  • Commission: The expense of initiating and concluding a trade should be minimized.
  • Swaps: Charges for holding leveraged positions, typically tied to interest rates and broker markup.

Some brokers may provide accounts with spreads starting from 0 pips but will require a commission for trade execution. Some brokers offer accounts with marked-up spreads of around 1.5 pips without additional commission charges.

In our assessment and evaluations, we deem a low spread for EURUSD to be below 1 pip when utilizing a trading account that does not involve commissions. Conversely, a high spread would be considered above 3 pips.

For cross-currency pairs like GBPJPY, we classify spreads above 5 pips as high and those below 3 pips as low. The average benchmark spread for EURUSD would be around 0.1 pips for trading accounts that operate on a commission basis.

It’s considered high if the commission charge exceeds $5 per 100,000 units of currency traded per transaction. However, if it falls below $3, it is considered low. Non-trading fees include charges for managing your account.

While most retail brokers do not impose a fee for simply having an open account, they may levy an inactivity fee if there has been no activity on your account for a certain period. Let’s inquire about this with your chosen broker.

It would also be prudent to inquire about any fees associated with deposits and withdrawals. While some brokers may not charge fees for these transactions, others may impose charges for one or both options available.

How Do You Deposit and Withdraw Money From MT4?

To make deposits and withdrawals in MetaTrader 4 broker, you’ll utilize the available methods provided by your Forex broker. The specific techniques can differ based on the broker and your country of residence.

For withdrawals, you should complete an electronic request through either the broker’s website or the client portal. You can fill out a withdrawal form given to you by your broker and submit it to them for processing.

If you have multiple trading accounts, you must specify which MT4 account the withdrawal will be made from. PayPal has emerged as a widely utilized option for depositing and withdrawing funds from active Forex trading accounts.

Several reputable Forex brokers have garnered high ratings and established trust by integrating PayPal into their services.

Additionally, PayPal boasts a vast international reach, accepting numerous global currencies. To gain further insight into utilizing PayPal in the realm of Forex trading, refer to our comprehensive guide on the top-rated PayPal Forex brokers available.

Does MetaTrader Support Backtesting?

Backtesting plays a vital role in evaluating the effectiveness of automated trading systems by analyzing their performance using historical data. With the best Forex brokers MT4 and MT5, traders can assess how an EA would have performed over a specific timeframe for a chosen instrument, such as a currency pair.

When an EA is developed and tested on historical data for the first time, it’s called testing on out-of-sample data. This means the EA has not previously utilized these historical prices, so the results are independent of hindsight.

Best MetaTrader 4 Brokers: FAQs

Does MetaTrader 4 Take a Commission?

MetaTrader 4 broker does not impose any fees on traders themselves. However, your broker may levy charges for buying and selling transactions.

Is MetaTrader Safe?

Indeed, MetaTrader 4 broker is a secure platform. However, it’s crucial to remember that MetaTrader is a software package created by MetaQuotes Software, not a brokerage firm.

The safety of your Forex trading activities on Forex brokers MT4 or MT5 hinges entirely on the reliability and integrity of your chosen broker and the precautions they have implemented to protect their clients.

Does MetaTrader Support Copy Trading?

Indeed, MetaTrader 4 broker offers the functionality of Forex copy trading through its Signals feature and third-party plugins. Copy trading in MetaTrader 4 broker allows users to observe the performance of other traders and replicate their trades precisely within their accounts.

How Do I Verify if My Forex Broker Is Regulated?

To ascertain whether your Forex broker is regulated, you can visit their website or reach out to their customer support. Doing so lets you confirm if they are registered with a reputable regulator like FCA or ASIC.

Regulatory bodies impose specific rules and guidelines on regulated brokers to safeguard traders and promote fair trading practices.

Ready to Get Started at the Best MetaTrader 4 Forex Brokers?

When choosing MT4 Brokers USA, traders should consider the broker’s reliability, the range of tradable assets provided, pricing options, customer service, and any additional features to enhance the default MetaTrader experience.

Overall, IG Forex Broker has established itself as a reputable frontrunner in creating Forex and multi-asset trading platforms for online Forex brokers and individual retail traders worldwide.


DISCLAIMER: The information provided in this guide is for educational purposes only. We do not offer financial advice and brokerage services nor recommend readers to buy or sell cryptocurrencies, stocks, or securities. Online trading is risky, so make sure to approach it with caution.