15 Best MT4 Forex Brokers

 

Traders all over the world will agree that there are many factors to being successful in Forex trading, with the trading platform being one of the foundational factors. As MetaTrader 4 (MT4) is one of the most commonly used platforms, we take a look at the 15 Best MT4 Forex Brokers. 

Some people may say that MetaTrader 4 is outdated as it was developed in 2005, but to this day, it is still the preferred Forex trading platform. 

MetaTrader 4’s popularity is most likely due to the fact that its interface is one of the most user-friendly to service novice and expert traders alike.

It is available as a desktop and mobile solution but the inherent security limitations within the software does not allow for a web-based version.

The platform is made up of 3 main parts: trading signals, market options and mobile trading app. 

Trading signals are tip-offs from expert traders to give people an opportunity to follow their lead and advice. 

Market option provides technical indicators and the mobile app allows trading via your mobile phone. 

MT4 has had great longevity for a number of reasons. Firstly, it is the first platform to have a built-in language for scripting – MQL4. 

Using this script, Forex traders can create their own expert advisors which are used for automated and algorithmic trading.

Secondly, the charting capabilities of MT4 are advanced. 

The charts support multiple time frames and allows for the overlay of a number of technical indicators in order for traders to better analyse data.

Finally, MT4 is praised for its 128-bit encryption security measures which allows traders to enjoy a secure and safe trading environment.

MT4 is also highly customizable in terms of languages and visual themes.

This article contains a comprehensive list of some of the best and most popular MT4 brokers in the Forex world. 

 

Alpari

Opening its doors in 1998 and completing an entire relaunch in 2014, Alpari is a Mauritian-based Forex broker that is regulated by the Republic of Mauritius as well as the FSC (Financial Services Commission).

Alpari offers a great trading platform and you will be able to access them via desktop, web or on your mobile phone.

You will have the opportunity to access hundreds of markets in Metals, Indices, Cryptocurrencies, Stocks and Forex, which has allowed Alpari to achieve annual turnover north of $1.3 trillion per year. 

They are not the cheapest in terms of trading fees, however, they are an impressive broker with a solid reputation. 

Combining Alpari’s great educational resources with the testing grounds of the demo account is sure to result in a sure-win strategy for you, whether you are day trading or using a longer-term Forex strategy.

 

Features

• Maximum leverage of 1000:1
• 60+ Currency pairs available for trading
• Low minimum deposit
• Well-regulated entity
• Alpari Investment Academy membership
• Research tools include trade signals, live news and economic calendars

 

Pros and Cons

✔️Pros	❌Cons
Social Trading and Demo Account	More content required for educational resources
Copy Trading	Resource tools are limited
Great product offering	High transaction fees
Support in multiple languages	Withdrawal fees
Low minimum deposit

 

FXTM 

FXTM was established in 2012 and has enjoyed the reception of many accolades since its inception. 

FXTM is regulated and licensed to provide brokerage services in Belize, Cyprus, Mauritius, South Africa and Cyprus.

With their base of operations in Cyprus, FXTM has extended their reach by establishing offices in Thailand, South Korea, Poland, Italy, India, Spain, France, Nigeria, Turkey, Germany, Malaysia and China.

You will find a great range of derivatives and financial products that also come with tight spreads and the ability to trade across any currency pair.

 

Features

• Multi-terminal access on desktop platform
• Great range of trading tools
• Hedging available
• Educational and research tools are great
• Low fees for stock index CFDs
• Low spreads
• Great research feeds from third-party sources

 

Pros and Cons

✔️Pros	❌Cons
Low minimum deposit	Penalties for inactivity
Good customer support	Withdrawal fees
Quick and easy account creation	CFD fees are high
Regulated well	Few products offered
Low Forex fees

 

FP Markets

Australian-based Forex broker, FP Markets, opened its doors in 2005 and provides traders with services for Forex and CFDs.

FP Markets offer a great selection of products that you can choose from including Gold, CFDs, Stocks, Silver, Cryptocurrencies and plenty of Currency Pairs. 

They are known for having really fast processing speeds and competitive Forex fees so they are definitely worth looking into. 

You can access all their products through the popular MetaTrader 4 and 5 platforms.

 

Features

• Maximum leverage of 1:500 on currency trading
• Direct Market Access (DMA)
• Demo account facility
• Plenty of currency pairs
• Autochartist included in offered research tools

 

Pros and Cons

✔️Pros	❌Cons
Quick account setup	Few products offered
Trading fees are low	CFD fees are high
Trades are processed quickly	Minimum deposit is high
Good platforms offered

 

XM

Established in 2017, XM has grown exponentially to now offering its customers more than 1,000 tradeable instruments made up of a selection of CFDs and more than 50 tradeable Currency Pairs.

XM has made use of available platforms to empower more than 70 000 traders to fulfil their Forex aspirations.

They are regulated by the International Financial Services Commission also known as the IFSC which is a top regulatory body in Belize. 

XM is also an award-winning broker which is a good thing to look at, especially from a credibility perspective.

If a broker has consistent awards for customer service then you will rest assured that you are dealing with a Forex broker that cares about its clients. 

XM is the winner of the Best Forex Service Provider for 2020 awarded by City of Wealth Management Awards and Best Customer Service Global 2019 from Capital Finance International Magazine. 

While some people may say awards aren’t everything, we beg to differ especially if those awards are given by trusted entities such as the two we selected above. 

 

Features

• Great tools with Mobile, Desktop and Web platforms
• Allows scalping
• Negative balance protection
• Minimum deposit is low
• Allows hedging
• Education resources include livestream and worldwide seminars
• Research tools are comprehensive

 

Pros and Cons

✔️Pros	❌Cons
Withdrawal fees are low	Inactivity attracts penalties
Quick account registration	Forex fees seem average
Withdrawals are free
Research and educational tools are good

 

GO Markets 

GO Markets is an Australian-based broker who arrived on the Forex scene in 2006 offering a great selection of instruments to traders in the form of Commodities, Shares, Indices, Cryptocurrencies and Forex.

What we particularly like about GO Markets is that you can trade through one trading account making it easy to trade across multiple financial instruments. 

GO Markets have done well to establish its global footprint by opening offices in Taipei, London, Melbourne and Hong Kong.

 

Features

• Allows hedging and scalping
• STP offered
• Negative balance protection
• Well-designed platforms
• GO Markets Academy Membership
• Research tools include Autochartist and Trading Central

 

Pros and Cons

✔️Pros	❌Cons
Quickly executes trades	Few account types offered
Great platforms	Limitations for quite a few regions (35 to be exact)
Research and educational tools are good	Few products offered
Well regulated

 

AvaTrade 

AvaTrade was established in 2006 and has worked diligently to justify its client base of more than 200 000 customers who use AvaTrade’s online platforms to put through more than 2 000 000 trades per month.

Users have noted that they prefer the mobile platform above the desktop platform but agree that both are well designed.

AvaTrade’s explicit focus on equipping its customers with the best knowledge and tools are evidenced in the fantastic quality of its training and educational material.

You will find that creating an account is a painless process and client tech support are more than capable of resolving your queries.

 

Features

• Better security through segregated accounts
• Good spreads
• Multilingual website support
• Live webinars and technical analysis
• Economic indicators and Autochartist

 

Pros and Cons

✔️Pros	❌Cons
Quick user registration	Few research tools
Educational tools are good	Phone support needs improvement
Free withdrawals	Inactivity attracts penalties
Trading fees are low	Few instruments offered

 

HFM (HotForex) 

HFM offers traders exceptional research and educational material.

Their Forex platforms are user-friendly and well-designed and are available via desktop, web and mobile.

Creating a demo account takes a little longer, however when you decide to trade for real there is no need to re-create a live trading account, as you would need to do with most other brokers. 

Their customer support is top-notch and we found their service very friendly and professional when attending to one of our queries.

 

Features

• Commission-free trading
• Great spreads
• Multilingual customer support
• Autochartist and Trader’s Board included in trading tools
• Regulated by ASIC, CySEC, FCA
• Negative Balance Protection
• Additional Civil Liability Insurance

 

Pros and Cons

✔️Pros	❌Cons
Many accounts from which to choose	Few base currencies
Great customer support	Limited instruments offered
Plenty of tradeable currency pairs
Low spreads

 

IG

Established in 1974, IG places an explicit focus on the customer, having built an excellent reputation for customer service.

You will find that opening an account is easy enough but will require some patience as IG has a lengthy verification process.

Customer tech support is capable of swiftly and effectively resolving user queries.

 

Features

• Great trading platform
• Good market analysis
• Fantastic educational tools
• Great track record with wonderful accolades
• Useful charting tools

 

Pros and Cons

✔️Pros	❌Cons
Great platforms	Limited products offered
Good educational tools	Phone support is often slow to resolve queries
Trading fees are low

 

FXCM  

FXCM was established in 1999 and decided from the onset that their intention was to equip new traders as quickly and effectively as they could.

Being the popular choice amongst novice traders, FXCM offers platforms that are accessible via web, mobile and desktop, and offer MetaTrader 4 and 5, Trading Station and NinjaTrader. 

If you want that extra leg up that training and educational material provides then this broker will appeal to you. Their aim is to shorten your learning curve as much as possible. 

User account creation is fast enough but only confirmed once FXCM completes their lengthy verification process.

The customer support team provides excellent service with short response times.

 

Features

• A rich history and well established
• Well regulated
• Great choice of trading platforms
• Good education tools which also include live events
• Social Trading

 

Pros and Cons

✔️Pros	❌Cons
Good resource tools	Few products offered
Easy account creation	Platforms need improvement
Low Forex fees

 

Pepperstone  

Established in 2010, Pepperstone has quickly become a favourite amongst traders across all experience levels.

They are regulated by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Educational and training material is available in ample supply and is accessible via mobile, desktop and web platforms.

Creating an account at Pepperstone is easy and instantaneous as is the experience of resolving issues with customer tech support.

We like Pepperstone for its competitive pricing model and its impressive reputation. 

While some reviewers believe they should offer better research, we found the experience of their analysis team and the regular insights provided were solid and comprehensive. 

We especially enjoy their weekly technical analysis videos as well as other informative information and advice. 

 

Features

• MetaTrader 4 training course
• Good trading platforms
• Impressive global footprint
• Well-established and well regulated
• Multilingual support teams
• Competitive pricing model
• Negative balance protection 

 

Pros and Cons

✔️Pros	❌Cons
Low Forex fees	Few products offered
Great customer support	Research content is average at best
Free deposits and withdrawals	High bank withdrawal fees outside EU and Australia
No fees for deposit	Only Forex, CFDs and Cryptocurrencies
Low equity index CFD fees
Quick account opening

 

FxPro 

Established in 2006 and armed with a client-focused approach, FxPro has grown to establish its global presence in more than 170 countries.

Training and educational resources are adequate and organised well on the available platforms.

User account creation is a fully digital process and takes no time at all.

Tech support can assist 24 hours a day, 5 days a week and can resolve queries via live chat, email and telephone.

What stands out for us is FxPro offer some of the fastest trade execution speeds on the market – less than 11.06 milliseconds. 

They are also regulated by the FCA, CySEC, and FSCA in South Africa, and are the recipients of over 70 global awards adding to their reputation and credibility.  

 

Features

• Trades are executed quickly
• Technical indicators and analysis tools 
• Trading directly off the chart
• Automated trading 
• Limit orders 
• Live analytics 
• Holding company is a strong financial position

 

Pros and Cons

✔️Pros	❌Cons
Good variety of instruments	No investor protection
Segregated accounts for increased security	Limitations for certain regions
Highly regulated
Low commissions / some zero commissions
Great history with many awards
Excellent customer services

 

ThinkMarkets 

Based in London since 2010, ThinkMarkets is a Forex brokerage company that services more than 10 000 clients worldwide.

Most noteworthy of the already great platform features is the addition of Trade Interceptor.

ThinkMarkets offers a vast library of research tools and content for beginners, intermediate and advanced Forex traders but you will have to sign up to access them.  

User account creation is a quick, digital process and customer support is fantastic.

  

Features

• Raw spreads from 0 pips
• Up to 25 trades commission-free 
• Segregation of client funds
• Up to 500:1 leverage
• Highly regulated
• Research tools are vast
• No stop loss and take profit limits which is ideal for scalpers & Expert Advisors

 

Pros and Cons

✔️Pros	❌Cons
Low minimum deposit	No fixed spread accounts
Advanced trading programs	No web-based platform
Commission-free account options
VPS service
Islamic accounts

 

OctaFx

OctaFx was established in 2011 and has established its presence in the Forex world by being able to service traders of all experience levels.

You will have access to a great Forex trading experience on well-designed platforms which you can access on the web or via your mobile.

With OctaFx you will be able to easily create a user account fully digital and, once completed, will give you access to great resources such as their customer support team who provide fantastic assistance.

 

Features

• More than 30+ Forex pairs to trade with 
• Forex and CFDs provided 
• Good trading tools with advanced technology 
• Choice for trading model
• Numerous options for payment

 

Pros and Cons

✔️Pros	❌Cons
Many trading accounts	Few choices for withdrawals
Research tools are good	Inactivity attracts penalties
Unlimited demo account	No VPS
Regulated by CySEC
Extensive selection of instruments

 

XTB

XTB was established in 2002 and has worked hard to earn its trustworthy market reputation garnering over 140,000 customers from around the globe.

XTB is regulated by the world’s biggest authorities including the FCA, KNF, CySEC, and IFSC. 

Creating an account with XTB is easy and free and will give you access to fantastic training and research resources.

Customer tech support is more than capable but you may have to wait a bit for an email response.

 

Features

• Leverage up to 1:500
• Great, user-friendly platform
• MT4 Strategy Tester to backtest your strategies 
• Fully customizable trading platform 
• Expert advisers 
• Trading calculator, performance stats and sentiment 

 

Pros and Cons

✔️Pros	❌Cons
Forex fees are low	Email support could be faster
Flexibility to tailor trading solutions	Mostly Forex and CFDs
Negative balance protection	No banking license
Many instruments to choose from
Great customer service
Listed on the Warsaw stock exchange
Low Minimum deposit

 

Tickmill

With offices in London and Seychelles, Tickmill arrived on the Forex scene in 2014 with a keen mission of providing its customers with the lowest cost trading experience.

Tickmill offers great research resources as well as a fantastic range of trading instruments.

Customer support is capable and timeous in resolving queries.

 

Features

• Variety of trading accounts 
• Autochartist, Trading calculators, Economic calendar 
• Copy Trading 
• Good range of instruments
• Tickmill VPS 
• One-click trading

 

Pros and Cons

✔️Pros	❌Cons
Great customer support	Only Forex and CFDs
Good product selection	News Feed is basic
Easy user registration	Few account base currencies
Lowest Forex commission on the market
Many withdrawal and deposit options
Free deposit and withdrawals
Competitive pricing in a professional trading environment

 

Conclusion

The MetaTrader 4 platform is a great one for beginner and advanced traders alike, yet not all brokers provide an equal experience. This list of the 20 Best MT4 Forex brokers should get you started on the road to choosing the right one for you. 

Good luck with your trading!

 

Disclaimer

Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.

The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.