Compare the best MT4 forex brokers

By:

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he… read more.

Updated: Sep 9, 2022

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This guide helps you choose the best MT4 forex broker. We explain what the MT4 platform is, what to look out for when choosing what’s best for you, and how to compare the top forex brokers available. 

What are the best MT4 forex brokers?

Below, we’ve ranked and rated some of the best MT4 forex brokers available. However, if you’re not ready to choose just yet, skip past this and keep reading to learn more before making your choice.

Most Popular

1

Min. Deposit

$ 10

Promotion

User Score

10

Up to $240 bonus!

Deposit with ACA, Wire, Pay with my bank

Invest for dividends and get payout on stocks on Ex-Dividend day

Start Trading more info

Payment Methods:

Bank Transfer, Wire Transfer

Full Regulations:

CySEC, FCA

Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

2

Min. Deposit

$ 100

Promotion

User Score

10

Trade out-of-hours on over 70+ US stocks

Get exposure to a wide range of popular UK, US and international stocks

Enjoy flexible access to more than 17,000 global markets, with reliable execution

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal

Full Regulations:

ASIC, FCA, FINMA, is a licensed bank (IG Bank in Switzerland)

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

3

Min. Deposit

$ 0

Promotion

User Score

9.5

$0 commission and $0 Options contract fees

Upgraded research with advanced charts

Smart Menus for faster trades

Start Trading more info

Payment Methods:

Full Regulations:

What is an MT4 forex broker?

An MT4 broker is essentially a normal forex broker that operates on the popular MetaTrader 4 software system. MetaTrader has been around for decades and provide white-label solutions to brokers wishing to launch their brands on top of its framework.

Brokers using MT4 often have excellent extra features to help you trade successfully. These can include customised technical indicators, multiple currency pair options, expert advisory services, copy trading social options, and other tools commonly used.

What is MT4? 

Also known as MetaTrader 4, it is the underlying technology that powers some of best forex brokers on the market. Now, a predecessor to the newer MetaTrader 5 platform, it’s one of the most versatile and popular forex trading platforms available. In fact, most forex brokers that exist operate using the MT4 software.

MT4 offers a broad range of options which has made it one of the most popular trading platforms among retail forex traders. It is highly customisable to individual traders requirements while also offering automated and algorithmic trading features. 

How do MT4 FX brokers work?

Most brokers act as a ‘middleman’ between a trader and the exchange. Although, typically there are two ways in which they work; dealing desk trading and no dealing desk trading. Both types allow traders the ability to participate in the forex market, although differ slightly in their models. Below, we’ve briefly explained each. 

• Dealing desk trading. This is when a broker acts as a dealer and takes the opposing side of a trade. Brokers working in this way usually have bigger spreads and are able to control prices.  
• No dealing-desk trading. Using this type of broker gives traders direct access to the interbank market (where banks trade currencies with each other). This is the preferred method for most brokers and traders. Forex brokers using this model act as a ‘middleman’ to facilitate trades.

The best MT4 forex brokers for beginners and experienced traders

While all MT4 brokers are generally aimed towards advanced traders (given their wealth of trading tools that only expert-traders know how to use), newer brokers generally cater well to beginners. Customisable interfaces allow brokers to utilise the software in numerous ways, with some even offering a ‘lite’ version to beginners and ‘full’ suite versions to advanced users.

The top MT4 broker for beginners

We’ve selected this MT4 broker for beginners specifically because it has low fees, low commission and an easy-to-use interface. They also offer copy trading and forex signals, which are an excellent way to start trading by learning from professionals.

Most Popular

1

Min. Deposit

$ 10

Promotion

User Score

10

55+ currency pairs available

Trade on a trusted platform

24/7 support via live chats, email or phone call

Start Trading more info

Payment Methods:

Bitcoin, Credit Card, Debit Card, Visa

Full Regulations:

LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.

The top MT4 broker for experienced traders

If you’re an experienced user, you’ll be more interested in things like how much leverage you can use, and what levels of rules and automation are available. For you, we’ve selected a broker that meets those criteria, offering advanced functionality, diverse charting tools, and sophisticated robot options.

Most Popular

1

Min. Deposit

$ 100

Promotion

User Score

9.0

Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more

Unlimited risk-free Demo Account

0 commissions & attractive spreads

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, PayPal, skrill

Full Regulations:

ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Plus500 is a CFD service and does not offer cryptocurrency purchases but only allows CFD trading.

What should I look for in a MT4 forex broker

Ultimately, it’s all about the amount of useful features you have at your disposal. If you’re a beginner, you probably don’t need all of these. Once an expert though, you’ll be wanting to use an array of features. The most important ones are listed below:

Intuitive analytics

In-depth analytics allow you observe and assess in detail, which is vital to forex trading. Assess charts properly with 9 period (0.000000009) price quotes, allowing you to act quicker than those with less period points. Top MT4 brokers will offer 30 in-built technical indicators, as well as the ability to design and create you own; allowing for thousands of potential indicators, connected directly to the market.

Forex trading signals

Forex signals are vital to beginner traders especially. Trading signals are provided by expert traders and automated options, which save you time and effort. You literally have the ability to set your risk profile, and then automate trades based on those signals. Alternatively, you can be alerted to a trade which a pro-trader has signalled, allowing you to copy it immediately.

Copy trading

An advanced version of forex signals, copy trading features have become hugely popular in the last few years. If your chosen forex broker using MT4 allows the feature, you can assess pro-trading accounts performance, and hit a button which copies their trades. Depending on the broker, this will also be fully flexible allowing you, for example, to ‘allocate 10% of my portfolio to copy 100% of their trades’.

Access to Markets

An in-built market allows you to buy and trade all kinds of useful things with users. You can buy robot traders, custom technical indicators, alert systems, and much more from other pro traders. Many of these assets are also free to use become some traders give them out for free to gain exposure to their skillset.

Alerts & news

Setting a custom alert is a welcome and necessary feature for MT4 forex traders. You may wish to get by the second news on a particular currency’s economy, or have an alert for when a president makes announcements. Events & news feature heavily because that’s what moves currencies in the forex market, so watch one for a good notification system that suits you, maybe that’s email or push-notifications.

Low Fees

Some brokers charge fees or commissions for every trade placed and for traders using MT4 frequently, these can soon add up to a substantial amount. That’s why it’s key to find a broker who not only charges low fees, but also has low commission rates. However, for day traders and scalpers, a broker with low spreads will be a better option. 

Choice of currencies

The majority of forex brokers will offer major and minor currency pairs and if you want to trade the exotics, it’s a good idea to check before registering. Brokers who offer the MT4 platform, sometimes also offer other financial instruments to trade, such as bonds, indices, and cryptocurrencies. 

Learning materials

Not a deal breaker as educational materials can be found elsewhere. Regardless, its nice to have a choice of educational and instructional material can be helpful, especially for newer traders. Although MetaTrader4 is a straightforward platform to use, having instructional content to help you get started can make learning easier. Some brokers also offer free educational documents and videos including trading strategies and content. 

Quick answers to key questions

Do I have to download any software in order to trade?

Yes, if you want the full capabilities of MT4, then you’ll have to download it from your broker’s website. Once downloaded, you’ll gain access to all of the platform’s functionality. If you decide you don’t want to download it, there is a web browser option available too, although it’s limited in what it offers. 

Can I trade from my mobile device?

Yes, most brokers offer a MT4 app that you can download to your mobile phone or tablet. For day traders and scalpers, the MT4 app is especially helpful as you can keep track of your open trades conveniently. All the brokers we have listed on this page offer a MT4 mobile app. Although, you should be aware that apps often do not come with the full suite of options; desktop is best if you need access to it all.

Can I trade other markets with a MT4 broker?

Usually you can. The top rated brokers often offer other markets like indices, commodities, and crypto making it easy to spread your money around different assets. 

Is MT4 a free platform?

Yes, you do not need to pay to use MT4. Most brokers usually offer the option to open a demo or simulation account for a short period of time so that you can get used to the MetaTrader 4 platform before committing funds. When you open a live account, MT4 will still be available for free.

Should I use an MT4 broker to trade forex?

Yes, but you don’t have to. Using a broker that offers MT4 could be a good idea because it’s one of the most popular platforms around. Due to its popularity and easily customisable functions, there are a lot of indicators and other tools freely available making it a great choice to trade forex. It also means that other users are familiar with it and can help you out.  

Still undecided?

If you’re still undecided on whether to use a MT4 broker, consider the pros and cons below.

Should I trade forex now?

This is entirely up to you. If you feel that you are ready to trade, then yes, it could be a good idea to start now by signing up to one of our highly rated brokers. The first thing you’ll need to do is open an account, maybe starting with the demo version until you’re comfortable.

Where can I learn more about forex trading?

There are two key ways to learn more; the first being to follow forex news and be aware of the currencies you’re aiming to trade.

The second way, is to take a crash-course and progressively read up on all the relevant terminology you need to learn. We’ve rated some of the best forex trading courses for you, and also provide a whole host of guides ourselves – some are linked below.