20 Best MetaTrader 4 Forex Brokers Reviewed (2021)

 

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Some people may say that MetaTrader 4 is outdated as it was developed in 2005, but to this day, it is still the preferred Forex trading platform.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

If MetaTrader 4 is an option that you are looking towards, then you will need a broker who is well equipped to offer the MT4 platform in an innovative way. 

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

This list is not meant to be a ranking but rather a comprehensive list of good MetaTrader 4 brokers in the marketplace.

 

Alpari

Opening their 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 offer 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 have 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 have grown exponentially to now offer its customers more than 1,000 tradeable instruments made up of a selection of CFDs and more than 50 tradeable Currency Pairs.

XM have made use of available platforms to empower more than 70 000 traders to fulfill 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 be 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. 

In addition, they invest quite a bit in technology and servers, so you will experience fast execution of trades which is always a plus.

GO Markets have done well to establish their 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 at resolving and of 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

 

HotForex 

Integrity and trust are synonymous with the HotForex name who have made a stellar effort to ensure that customers always feel safe when trading in their environment.

HotForex 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 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.

Their trading platforms offer a great experience which we believe are bolstered with exceptional research and training material.

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. They aim is to shorten your learning curve as much as possible. 

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

Customer support team provides excellent service with short response times.

Features

  • 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 platform.

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

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

While some reviewers believe they should offer better research, we found the experience of their analysis team and 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 their 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 vis 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 are a Forex brokerage company who service 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 have established their 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 have worked hard to earn their 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 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 market
Many withdrawal and deposit options 
Free deposit and withdrawals 
Competitive pricing in professional trading environment 

 

Swissquote

Swissquote offers the same quality and safety that is synonymous with their country of origin, Switzerland. 

They are a subsidiary of the Swissquote group, a leading provider of online financial and trading services, located in a top-rated financial centre of the EU that is known for providing strict investor protection. 

They also have full bank status and are highly regulated.

You can expect to be met with a pleasurable trading experience with great platforms and good research and educational tools, although they are very pricey.

If it is quality you are after and price is not a differentiating factor, then Swissquote is an excellent choice. 

You can expect to have an effortless experience when creating your user account and it is completely digital.

Their customer support is available through many channels and they give excellent service.

Features

  • Well regulated
  • Strong global presence
  • Good spreads
  • Good range of instruments
  • Functionality for autonomous investment
  • Availability of electronic asset manager: “Robo-Advisor”

Pros and Cons

Pros Cons
No penalties for inactivity Expensive trading fees
Exposure to markets Some useful tools are premium
Research tools are great
Excellent pedigree 

 

InstaForex

InstaForex was established in 2007 and are well known for being able to appeal to the needs of Forex traders with any experience level.

They are considered one of the best brokers in Europe with attractive bonuses and great marketing.

InstaForex are certainly very experienced with top notch technology and resources, however they could definitely put more investment in updating the MT4 trading platform functionality.

User account creation is straightforward and customer support is able to keep you up and running at all hours of the day.

Features

  • Floating spreads 
  • Good global presence (Excess of 7 million users)
  • VPS Hosting
  • Social Trading / Copy trading platform
  • Allows hedging and scalping
  • Demo account

Pros and Cons

Pros Cons
Easy account creation No US clients
No min deposit  3rd party plugins on MT4 are limited 
Great product selection Only provide MT4 for trading
Client funds in segregated accounts 
CySEC regulated 
Great resources for beginners and experienced Forex traders 

 

Forex.com

Established in 2001, Forex.com has made great strides in achieving a product offering that is able to cater for traders of any experience level.

Fundamental data has some limitations but the educational and research tool will prove to benefit traders.

User account creation is completely digital but may take some time to verify.

Customer support is best via telephone and their team does give an overall pleasant experience.

Features

  • Variety of Currency Pairs 
  • Unique trading platform / Advanced Trading for seasoned traders 
  • Advanced charting 
  • Large selection of technical indicators and drawing tools
  • MT4 Mobile trading
  • Good spreads

 

Pros and Cons

Pros Cons
Low Forex fees Platform needs development
Useful research tool Limited products offered
Easy user registration High Stock CFD fees 
Well regulated  No VPS 
Good variety of technical research 
Well established holding company

 

ETX Capital

Established in 1965, ETX Capital (ETX) is one of the longest players in the Forex game and has convinced the Forex community that they are definitely a broker to be considered.

Because of their strong reputation, FCA regulation and Customer Service award for 2020, ETX is a good solid broker. 

Where they stand out is by offering a unique service where traders can phone in orders with dealers for no extra cost. 

ETX provides an average trading platform which lacks the trading tools and research that other Forex leaders have. 

However, according to our research their New ETX MT4 remastered trading app is well worth considering for serious traders. 

Creating an account is an easy process and customer support are great at resolving user queries quickly and effectively. 

Features

  • NEW MT4 remastered trading app including these features: 
  • Easily deposit funds 
  • Intuitive way to place pending orders
  • Save order templates
  • Interactive order lines
  • Multi-screen support
  • Undock your charts 
  • Monitor markets
  • Trader Pro platform offers 6000 markets to trade 

 

Pros Cons
Excellent customer service 
Many transactions offered Fees for certain withdrawals
Quick user registration Improvement needed for research tools
Commission free Forex trading
Good reputation and history 
Beginners will like trading features 
Great spreads 

 

City Index

Established in 1985, City Index has had a decorated run as Forex Broker.

Based in London, they are a global spread betting, Forex and CFD provider with a solid history and are trusted to deliver a good reliable trading experience. 

City Index is part of GAIN Capital a New York listed investment company and is regulated by the top-tier Financial Conduct Authority (FCA), ASIC the Australian Securities and Investments Commission and MAS the Monetary Authority of Singapore. 

Once you complete the effortless user registration, you will have access to amazing training and educational materials.

Customer tech support is available via telephone and are great at resolving queries.

Features

  • More than 12,000 markets to choose from 
  • Great trading platforms
  • Good market analysis
  • Capable research tools
  • Multiple tradable instruments
  • Demo account
Pros Cons
Low Forex fees Desktop platform needs development
Quick user registration High fees for Stock CFDs 
Good research resources Inactivity fee 
No fees for withdrawals
No deposit fee 
Highly regulated 

 

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 MetaTrader 4 brokers should get you started on the road to choosing the right one for you.