By Jeffrey Cammack Author Information Updated: June 30, 2020

Metatrader 4 (MT4) is the most popular Forex trading software and is supported by most Forex brokers. While MT5 is gradually replacing it, MT4 is still widely recognised for its trade execution speeds and comprehensive brilliance.

The launch of MT4 in 2005 changed the retail Forex industry almost overnight, it offered Forex traders an institutional-grade tool and put anyone with an internet connection on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:

In terms of execution speed, MT4 is the lowest-latency platform available, it is also hugely customisable. MQL4, MT4’s freely available scripting language, allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools. MT4 also comes complete with a cutting-edge charting suite offering market charts across multiple timeframes overlaid with indicators from MT4’s library.

MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades based on this analysis can then be made in an instant due to the platform’s execution speed. MT4 is available on mobile, tablet, in a web browser and as a downloadable application. This versatility only cements its position and the world’s leading trading platform.

As most brokers offer MT4, we encourage traders to compare Forex brokers by other metrics that relate to your needs as a trader.  This includes comparing trading conditions, regulation, education material, withdrawal terms and fees, and customer service. 

Using these metrics as a guide, our experts created a shortlist of the top MT4 brokers in 2020.

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    • Broker
      AvaTrade

      AvaTrade  - Best MT4 Broker

      REGULATED BY
      ASIC ASIC
      FSCA FSCA
      B.V.I FSC B.V.I FSC
      FSA FSA
      Trading Desk Type
      Trading Conditions
      11111
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect - an automated loss-protection tool - to its product lineup.

      AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

      Pros

      • Good for beginners
      • Well regulated
      • Low minimum deposit

      Cons

      • Dealing desk
      • Limited education
      AccountSpread FromCommissionExecutionMin. Deposit
      Islamic1.2 pipsNoneInstantUSD 100 Account Details
      Professional0.9 pipsNoneInstantUSD 100 Account Details
      Retail0.9 pipsNoneInstantUSD 100 Account Details
    • Broker
      XM

      XM  - Most Trusted Broker

      REGULATED BY
      CySEC CySEC
      ASIC ASIC
      IFSC IFSC
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 5
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

      Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

      Pros

      • Well regulated
      • Excellent education
      • Wide range of assets
      • Fast and free withdrawals

      Cons

      • Dealing desk
      AccountSpread FromCommissionExecutionMin. Deposit
      Micro1.0 pipsNoneInstantUSD 5 Account Details
      Standard1.0 pipsNoneInstantUSD 5 Account Details
      XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
      XM Zero0.6 pips$7.00InstantUSD 100 Account Details
    • Broker
      IC Markets

      IC Markets  - Best Trading Conditions

      REGULATED BY
      CySEC CySEC
      ASIC ASIC
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 200
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

      Beginner traders will find the IC Markets account structure welcoming and simple to understand and it understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

      Pros

      • Well regulated
      • Tight spreads
      • Wide range of assets
      • Great platform choice

      Cons

      • High minimum deposit
      • Limited market analysis
      AccountSpread FromCommissionExecutionMin. Deposit
      RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
      RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
      Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
    • Broker
      FxPro

      FxPro  - Most Assets Available

      REGULATED BY
      FCA FCA
      CySEC CySEC
      FSCA FSCA
      DFSA DFSA
      SCB SCB
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

      With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads - often as low as 0.6 pips - to match profitability with security.

      Pros

      • Well regulated
      • Great platform choice
      • Tight spreads

      Cons

      • Limited education
      AccountSpread FromCommissionExecutionMin. Deposit
      FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
      FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
      FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
      Islamic1.2 pipsVariableMarketUSD 100 Account Details
    • Broker
      Pepperstone

      Pepperstone  - Best Overall Broker

      REGULATED BY
      FCA FCA
      ASIC ASIC
      DFSA DFSA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 200
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone's award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

      As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find a better broker than Pepperstone.

      Pros

      • Well regulated
      • Tight spreads
      • Great platform choice
      • Wide range of assets

      Cons

      • High minimum deposit
      • Limited market analysis
      AccountSpread FromCommissionExecutionMin. Deposit
      Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
      Standard1.0 pipsNoneECNUSD 200 Account Details
      Swap-free1.0 pipsNoneECNUSD 200 Account Details
    • Broker
      Axitrader

      Axitrader  - Best Education

      REGULATED BY
      FCA FCA
      ASIC ASIC
      DFSA DFSA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 5
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While the trading platform choice is limited to MT4, Axitrader has received industry recognition for their setup including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

      Both accounts at AxiTrader require no minimum deposit, though a minimum of 200 USD is recommended, and spreads are tight, and educational and analytical support is good for beginners.

      Pros

      • Low minimum deposit
      • Wide range of assets
      • Well regulated
      • Tight spreads

      Cons

      • Poor customer service
      • Limited demo account
      AccountSpread FromCommissionExecutionMin. Deposit
      MT4 Pro Account0.1 pips$7MarketUSD 5 Account Details
      MT4 Standard Account1.0 pipsNoneMarketUSD 5 Account Details
    • REGULATED BY
      CySEC CySEC
      ASIC ASIC
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

      easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

      Pros

      • Well regulated
      • Wide range of assets
      • Innovative trading tools

      Cons

      • Limited platform choice
      • Limited account options
      AccountSpread FromCommissionExecutionMin. Deposit
      Islamic1.9 pipsNoneInstantUSD 100 Account Details
      Standard1.9 pipsNoneInstantUSD 100 Account Details
      Premium1.4 pipsNoneInstantUSD 2000 Account Details
      VIP0.9 pipsNoneInstantUSD 10000 Account Details
      Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
    • Broker
      REGULATED BY
      CySEC CySEC
      FCA FCA
      ASIC ASIC
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      With a huge range of account types, a good micro account and over 80 tradeable currency pairs, IronFX has something for everyone. A globally recognised Forex broker with award-winning education and market analysis, IronFX has also recently introduced market execution accounts with ultra-low spreads.

      For beginners who want to learn to trade on either the MT4 or MT5 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

      Pros

      • Well regulated
      • Tight spreads
      • Wide range of assets

      Cons

      • Expensive withdrawals
      AccountSpread FromCommissionExecutionMin. Deposit
      Live Fixed Spread2.2 pipsNoneInstantUSD 100 Account Details
      Live Floating Spread1.1 pipsNoneInstantUSD 100 Account Details
      Live Zero Spread0.0 pips$18InstantUSD 500 Account Details
      STP/ECN No Commission1.7 pipsNoneECN/STPUSD 500 Account Details
      STP/ECN Zero Spread0.0 pips$7.50ECN/STPUSD 500 Account Details
    • REGULATED BY
      CySEC CySEC
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      1110.50
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Trade.com is a multi-asset, market maker with MT4 support and a range of account types. Trading conditions are good, and the more expensive account types have very tight spreads. The Micro Account is excellent value and dedicated customer support is available for those with higher minimum deposits.

      Regulated by CySEC and the FSCA, Trade.com has committed to a secure system for managing client funds and protecting the brokerage from illegal activity.

      Pros

      • Well regulated
      • Wide range of assets

      Cons

      • Limited education
      • Wide spreads
      AccountSpread FromCommissionExecutionMin. Deposit
      Micro3.0 pipsNoneMarketUSD 100 Account Details
      Silver1.9 pipsNoneMarketUSD 1000 Account Details
      Gold1.5 pipsNoneMarketUSD 10000 Account Details
      Platinum1.2 pipsNoneMarketUSD 50000 Account Details
      Exclusive1.0 pipsNoneMarketUSD 100000 Account Details
    • REGULATED BY
      CySEC CySEC
      Trading Desk Type
      Trading Conditions
      11000
      Minimum Deposit
      GBP 500
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      For a minimum deposit of 500 USD, you can try the innovative CrowdTrading trading platform built by Trade360. The CrowdTrading algorithm constantly examines Trade360 client activity, spots changes in price action and highlights these changes to help traders make better decisions.

      A market-maker broker regulated by CySEC in Europe, Trade360 also lets clients try out this inventive new way to trade on a broad range of asset choices, not just Forex.

      Pros

      • Good range of accounts
      • Wide range of assets

      Cons

      • Wide spreads
      • Limited education
      • Limited market analysis
      • High minimum deposit
      AccountSpread FromCommissionExecutionMin. Deposit
      Mini4.0 pipsNoneInstantUSD 500 Account Details
      Standard3.0 pipsNoneInstantUSD 1000 Account Details
      Gold2.0 pipsNoneInstantUSD 5000 Account Details
      IslamicNot Published pipsNoneInstantUSD 10000 Account Details
      Platinum2.0 pipsNoneInstantUSD 10000 Account Details
      VIP1.6 pipsNoneInstantUSD 50000 Account Details
    • REGULATED BY
      FCA FCA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Capital Index was founded in 2014 by industry veterans to meet the needs of serious traders. It quickly started winning awards, including STP/ECN broker of the year and has grown its client base substantially over the last six years.

      Regulated by the FCA and with good, simple trading conditions across three account types, Capital Index is an ideal brokerage for experienced traders looking for a simple approach and MT4 support.

      Pros

      • Tight spreads
      • Fast and free withdrawals
      • Wide range of assets

      Cons

      • Limited platform choice
      • Limited education
      • No swap-free account option
      AccountSpread FromCommissionExecutionMin. Deposit
      Advanced Account1.4 pipsNoneSTPUSD 100 Account Details
      Copy Trading1.4 pipsNoneSTPUSD 500 Account Details
      Pro Account1.0 pipsNoneSTPUSD 5000 Account Details
    • REGULATED BY
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      110.500
      Minimum Deposit
      GBP 250
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      CM Trading is a market-maker with competitive spreads, great educational material and an interesting selection of trading tools; these include the Guardian Angel system, which provides automated feedback on your trading style, and the CopyKat copy-trading system. Maximum leverage is 200:1 outside of Europe, and support for both MetaTrader 4 and Sirix Webtrader platforms are available, allowing for some flexibility.

      Customer service is generally excellent customer accounts are kept segregated, ensuring the safety of client funds.

      Pros

      • Good for beginners
      • Great customer support
      • Copy trading accounts

      Cons

      • Expensive withdrawals
      • Local regulation only
      AccountSpread FromCommissionExecutionMin. Deposit
      Bronze1.5 pipsNoneInstantUSD 250 Account Details
      Silver1.2 pipsNoneInstantUSD 1000 Account Details
      Gold0.9 pipsNoneInstantUSD 10000 Account Details
      PremiumNot Published pipsNoneInstantUSD 25000 Account Details
    • REGULATED BY
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      11100
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Khwezi Trade is regulated by the South African FSCA and is headquartered in Cape Town, South Africa.

      Khwezi Trade offers trading in South African Rand and holds client funds in segregated accounts at Standard Bank of South Africa. An STP broker, Khwezi Trade has good trading conditions, superior customer support, full MT4 support, and a fast and free deposit and withdrawal system.

      Pros

      • ZAR Accounts
      • Fast and free withdrawals

      Cons

      • Local regulation only
      • No swap-free account option
      AccountSpread FromCommissionExecutionMin. Deposit
      BasicNormal pipsNoneSTPZAR 2000 Account Details
      StandardCompetitive pipsNoneSTPZAR 15000 Account Details
      PremierTight pipsNoneSTPZAR 30000 Account Details
      VIPInstitutional pipsNoneSTPZAR 50000 Account Details
    • REGULATED BY
      CySEC CySEC
      ASIC ASIC
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 250
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

      The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

      Pros

      • Well regulated
      • Tight spreads
      • Wide range of assets
      • Fast and free withdrawals

      Cons

      • High minimum deposit
      AccountSpread FromCommissionExecutionMin. Deposit
      Live0.9 pipsNoneInstantGBP 250 Account Details
    • REGULATED BY
      FCA FCA
      ASIC ASIC
      FSCA FSCA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 250
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      One of our highest rated brokers, IG Markets is a market-maker with only the single account for Forex trading, but spreads are tight and educational and analytical materials are excellent. A wide choice of platform (including MT4) is also available and customer service is world-class.

      With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

      Pros

      • Well regulated
      • Tight spreads
      • Great platform choice
      • Excellent education
      • Excellent market analysis

      Cons

      • High minimum deposit
      AccountSpread FromCommissionExecutionMin. Deposit
      Live Account0.6 pipsNoneInstantUSD 250 Account Details
      Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
    • REGULATED BY
      CySEC CySEC
      FCA FCA
      FSA-Seychelles FSA-Seychelles
      Trading Desk Type
      Trading Conditions
      11111
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Tickmill offers low spreads and commission, fast STP execution on the MT4 platform and has an excellent reputation in the CFD trading industry.

      Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally - and a regular winner of trade execution and trading conditions awards - Tickmill has the reputation, and the performance, traders should look for in a broker.

      Pros

      • Tight spreads
      • Well regulated
      • Fast and free withdrawals
      • Wide range of assets

      Cons

      • MT4 only
      AccountSpread FromCommissionExecutionMin. Deposit
      Classic1.6 pipsNoneMarketUSD 100 Account Details
      Pro0.0 pipsVariableMarketUSD 100 Account Details
      VIP0.0 pipsVariableMarketUSD 50000 Account Details
    • REGULATED BY
      FCA FCA
      ASIC ASIC
      MAS MAS
      Trading Desk Type
      Trading Conditions
      11111
      Minimum Deposit
      GBP 50
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Founded in 1983, City Index is a traditional market maker now owned by the NYSE listed financial group, GAIN Capital. It has tight spreads and a varied platform choice, including MT4 and AT Pro; an advanced automated trading platform allowing for full customisation with powerful back-testing.

      City Index' education section is perfect at beginners who want to get up to speed quickly and customer service is open 24/5. Overall, a good market maker and competitive with traditional brokers of its size and type.

      Pros

      • Well regulated
      • Wide range of assets
      • Excellent market analysis

      Cons

      • Slow withdrawals
      • Limited demo account
      • Limited education
      AccountSpread FromCommissionExecutionMin. Deposit
      Standard0.5 pipsNoneInstantUSD 200 Account Details
      Premium0.5 pipsNoneInstantUSD 10000 Account Details
      Professional0.5 pipsNoneInstantUSD 500000+ Account Details
    • REGULATED BY
      ASIC ASIC
      CySEC CySEC
      FCA FCA
      Trading Desk Type
      Trading Conditions
      11110
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

      Additionally, most Admiral Markets customers have free access to Trading Central - providing independent market insight and technical analysis - and the company has one of the best cryptocurrency offerings on the market.

      Pros

      • Well regulated
      • Excellent education
      • Wide range of assets

      Cons

      • Expensive withdrawals
      AccountSpread FromCommissionExecutionMin. Deposit
      Trade.MT40.5 pipsNoneMarketUSD 100 Account Details
      Trade.MT50.5 pipsNoneMarketUSD 100 Account Details
      Zero.MT40.0 pips$1.8-$3.0MarketUSD 100 Account Details
      Zero.MT50.0 pips$1.8-$3.0MarketUSD 100 Account Details
    • REGULATED BY
      CySEC CySEC
      Trading Desk Type
      Trading Conditions
      1110.50
      Minimum Deposit
      GBP 300
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Triomarkets is a respected ECN/STP broker for experienced traders or serious beginners. Offering tight spreads for larger depositors, and both raw and commission-free account types, TrioMarkets continues to maintain a devoted portfolio of clients.

      Supporting MT4, with fast and reliable trade execution, plus two different types of algorithmic trading, this CySEC-regulated broker should be considered by those clients who don’t mind the higher minimum deposit.

      Pros

      • Tight spreads

      Cons

      • High minimum deposit
      • Limited education
      • Limited market analysis
      • Expensive withdrawals
      AccountSpread FromCommissionExecutionMin. Deposit
      InstitutionalNot Published pipsNot PublishedMarket Volume Based Account Details
      Basic2.4 pipsNoneMarketUSD 500 Account Details
      Standard1.4 pipsNoneMarketUSD 5000 Account Details
      Advanced Mark-Up1.1 pipsNoneMarketUSD 10000 Account Details
      Advanced RAW0.0 pips$5.50MarketUSD 10000 Account Details
      Premium Mark-up0.8 pipsNoneMarketUSD 50000 Account Details
      Premium RAW0.0 pips$4.00MarketUSD 50000 Account Details
    • REGULATED BY
      ASIC ASIC
      CySEC CySEC
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

      Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

      Pros

      • Well regulated
      • Tight spreads
      • Good range of accounts
      • Great customer support

      Cons

      • Expensive withdrawals
      AccountSpread FromCommissionExecutionMin. Deposit
      Standard IRESSN/A pips$10 AUD min, then 0.1%STPUSD 1,000 Account Details
      Platinum IRESSN/A pips$9 AUD min, then 0.09%STPUSD 25,000 Account Details
      Premier IRESSN/A pipsNo min, then 0.08%STPUSD 50,000 Account Details
      RAW0.0 pips$3.50STPUSD 100 Account Details
      Standard1.0 pipsNoneSTPUSD 100 Account Details
    • REGULATED BY
      ASIC ASIC
      FCA FCA
      MAS MAS
      FMA FMA
      Trading Desk Type
      Trading Conditions
      11111
      Minimum Deposit
      GBP 5
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

      If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

      Pros

      • Well regulated
      • Tight spreads
      • Good for beginners
      • Excellent education
      • Excellent market analysis

      Cons

      • No swap-free account option
      AccountSpread FromCommissionExecutionMin. Deposit
      CFD Account0.7 pipsNoneInstantUSD 5 Account Details
    • REGULATED BY
      CySEC CySEC
      FCA FCA
      DFSA DFSA
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 200
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Amana Capital is a very well-regulated broker with a strong focus on new traders; beginners will find a helpful and well-structured education section and relatively tight spreads on its cheapest account - though trading conditions do improve substantially on the more expensive accounts.

      We also like that both MT4 and MT5 are supported and that traders have free access to both AutoChartist and Trade Captain - two excellent third-party analysis applications. 

      Pros

      • Well regulated
      • Tight spreads
      • Great customer support

      Cons

      • High minimum deposit
      • Limited education
      AccountSpread FromCommissionExecutionMin. Deposit
      Classic1.4 pipsNoneMarketUSD 50 Account Details
    • REGULATED BY
      ASIC ASIC
      Trading Desk Type
      Trading Conditions
      11110
      Minimum Deposit
      GBP 200
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      GO Markets was founded in 2006 and was the first Australian broker to use the MT4 platform. Though they only offer two account options, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive.

      GO Markets impresses with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

      Pros

      • Fast and free withdrawals
      • Wide range of assets
      • Excellent market analysis
      • Innovative trading tools

      Cons

      • High minimum deposit
      • No swap-free account option
      AccountSpread FromCommissionExecutionMin. Deposit
      Standard1.0 pipsNoneMarketUSD 200 Account Details
      GoPlus+0.0 pips$3.00MarketUSD 500 Account Details
    • Broker
      REGULATED BY
      CySEC CySEC
      FSC FSC
      FSA-Seychelles FSA-Seychelles
      Trading Desk Type
      Trading Conditions
      11111
      Minimum Deposit
      GBP 100
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      BDSwiss is a popular and well-regulated broker, based in Cyprus and founded in 2012. It offers a wide range of account types, including a new subscription-based Raw Spread Account, which features very tight spreads and no commission in return for a monthly payment.

      MT4 and MT5 are both supported and educational and analytical material are both excellent. More experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

      Overall, BDSwiss is a good choice for all traders and we are curious to see if the low-spread subscription model catches on.

      Pros

      • Tight spreads
      • Good for beginners
      • Wide range of assets

      Cons

      • Expensive withdrawals
      • Limited market analysis
      AccountSpread FromCommissionExecutionMin. Deposit
      Basic1.5 pipsNoneInstantUSD 100 Account Details
      RAW Spread0.0 pipsNoneInstantUSD 200 Account Details
      Black1.1 pipsNoneInstantUSD 10000 Account Details
    • Broker
      REGULATED BY
      CySEC CySEC
      FCA FCA
      IFSC IFSC
      Trading Desk Type
      Trading Conditions
      11110.5
      Minimum Deposit
      GBP 5
      Customer Support
      • Website Language: English
      • Support Language: English
      Trading Platforms

      Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

      Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

      Pros

      • Well regulated
      • Tight spreads
      • Low minimum deposit
      • Good for beginners

      Cons

      • Limited platform choice
      AccountSpread FromCommissionExecutionMin. Deposit
      Islamic0.28 pips$10.00InstantUSD 5 Account Details
      Pro0.28 pips$7.00InstantUSD 5 Account Details
      Standard0.35 pipsNoneInstantUSD 5 Account Details

    Compare All Forex Brokers

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    Open

    Should I Trade With MetaTrader 4?

    So, you’re still not sure whether this is the right platform for you? Let’s run over some of the advantages and disadvantages of the platform.

    Best MT4 Brokers

    Metatrader 4 Advantages

    It’s Free!

    Yes, a fairly obvious one here – but a critical point. The platform is completely free of charge. If it weren’t we probably would never have seen the massive explosion in retail Forex trading in the 2000s and the industry would be a very different, and more restricted, space.

    Mobile

    I don’t mean it’s available on your phone/tablet, though it certainly is that too. What I mean by mobile, in this case, is that once you download the platform to your computer, it is yours. If you switch broker, it goes with you. It can also support multiple brokers and multiple accounts from the same broker. As your trading goals and needs change, you can move freely between brokers without worrying about losing any customised changes you made to your version of the platform. And speaking of customisation, that brings us on neatly to…

    Expert Advisers

    Probably the most popular feature of this platform is its ability to support user-defined Expert Advisors (EAs). Algorithms written in the MQL4 script, EAs are user-defined trading tools that allow traders to automate their trades within set parameters. These can be purchased from the MetaTrader Market and easily installed. As MQL4 is freely downloadable there is a large community of EA creators and hundreds of EAs to choose from, many of which are free, and if that’s not enough, you can always write your own.

    Indicators

    Much like EAs, indicators are algorithms made in MQL4. Unlike EAs, indicators will not automate your trades but rather feed you real-time technical analysis – leaving you to make the trading decision manually. There are over 2000 free indicators available in the MetaTrader Code Hube, and hundreds more have been created by the community and can be purchased in the MetaTrader Market.

    Charts

    Despite its age, it is still regarded as having one of the best charting tools of any trading platform. You can simultaneously open an unlimited number of charts, customise their appearance and apply various graphical objects and indicators to them. All charts are interactive, and you can zoom and scroll through them in real time.

    Security

    It is also famous for its security – all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.

    Widespread Use

    It is almost fifteen years old and is still the industry standard. Most brokers will offer it, and it is incredibly well supported – if you have a question, someone will have answered it – if you have a problem, someone will have solved it. There are many thousands of people who know the platform inside and out, and many of them have made videos or tutorials for pretty much every aspect of it. For beginners and experienced traders alike, this is a great advantage.

    Not Resource/Bandwidth Intensive

    Because of its age, it runs smoothly on all modern computers and will be happy on even ageing systems. Many proprietary platforms run in a browser using Flash, and system resource issues can occur, slowing down or crashing the platform – this is not ideal as seconds really can count in Forex trading. None of these issues exists with MetaTrader 4, even on your ageing laptop.

    MetaTrader 4 Disadvantages

    It’s old!

    Yes, it looks like a program from 2005. If you are looking for something aesthetically pleasing this is not your platform – but if you are that concerned with how your platform appears then maybe you should re-examine your trading priorities.

    It doesn’t like Macs

    It can run on Macs but not without some effort. You must install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.

    No News-feed integration

    It lacks the integration of news and economic data.  On more modern platforms, traders can keep updated with the latest news affecting exchange rates without having to leave the platform.

    It’s not Metatrader 5

    MetaQuotes released the latest version of Metatrader (Metatrader 5 or MT5) in 2010. There are several essential differences between the two, but the significant functional change is that MT5 can support stocks, futures and commodity trading, whereas MT4 cannot. That said, MT5 is a more sophisticated platform – but if you are interested in trading these asset classes alongside Forex on a Metatrader platform, you don’t have a choice. Additionally, MT5 is finally seeing serious support from the industry, with some ditching the older sibling entirely in favour of the newer version. The jury is still out over whether this will become a trend, but it is something to keep in mind.

    Conclusion

    MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts, get focused without the distraction of fancy tools, then it remains a good candidate to satisfy 90% of all your trading needs.

    If you’re interested in learning all trading features that this platform has to offer, please check out our complete guide to MetaTrader 4.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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