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Chris Cammack
Partner Manager and Financial Writer

Chris Cammack is the Partner Manager and a financial writer at FxScouts. Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience.

Learn more about Chris Cammack

                

Exness

Best for: traders who want high leverage and MT4 automation capabilities

4.32
Forex and CFD trading is high risk and most traders lose money

Min. Spread

0.1 pips

Regulation

JSE, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA

Min. Deposit

USD 3

Platforms

Exness Terminal, MT4, MT5

Max Leverage

Unlimited:1

Why Exness Stands Out

  • Unlimited Leverage in some jurisdictions

    Exness has a unique offer among top-tier brokers, great for aggressive strategies if used responsibly

  • Instant Withdrawals 24/7

    Funds reach mobile wallets in seconds with no manual approval

  • Cent Account with Real-Time Execution

    MT4 micro account suited for beginner risk management and strategy testing

  • Free VPS Hosting Available

    Perfect for running MT4 Expert Advisors around the clock

Why Exness Falls Short

  • Unlimited Leverage Requires Conditions

    Traders must first trade 5 lots and close 10 orders to enable

  • No In-built Copy Trading on MT4

    Requires separate app for social trading access

Exness | Best for: traders who want high leverage and MT4 automation capabilities

Final Verdict: Is Exness right for you?

Highlights

  • You want fast withdrawals and leverage flexibility
  • You need to test MT4 EAs in live micro conditions

Drawbacks

  • You want instant access to high leverage 
  • You want all-in-one copy trading built into MT4
Visit Broker
Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC. 0 of traders lose money with this provider.

HFM

Best for: Beginners and intermediate traders seeking MT4 stability and promotions

4.43
72.90% of retail CFD accounts lose money with this provider

Min. Spread

0.0 pips

Regulation

CMA, FSA-Seychelles, FSC, FCA, FSCA

Min. Deposit

USD 0

Platforms

HFM Trading App, MT4, MT5

Max Leverage

2000:1

Why HFM Stands Out

  • Dedicated Support 

    HFM offers fast deposits and withdrawals with same-day processing

  • Diverse MT4 Account Types

    Includes Cent, Premium, and Zero Spread MT4 accounts tailored to different trader needs

  • Bonus Offers for Eligible Clients

    Welcome, deposit, and loyalty bonuses help boost small initial capital

  • Free MT4 Educational Material & Webinars

    Includes MT4 usage training for beginners

Why HFM Falls Short

  • High Spreads on Standard Account

    Non-Zero accounts may have higher average spreads than competitors

  • Limited Tools for Advanced Traders

    Professional traders may find MT4 features basic compared to MT5

HFM | Best for: Beginners and intermediate traders seeking MT4 stability and promotions

Final Verdict: Is HFM right for you?

Highlights

  • You are new to Forex and want low entry barriers
  • You want a large selection of account types to choose from

Drawbacks

  • You need deep liquidity with ultra-low spreads
  • You rely on advanced indicators or platforms beyond MT4
Visit Broker
Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, and the DFSA.

Pepperstone

Best For: Advanced MT4 traders using EAs and fast execution

4.71
80% of retail CFD accounts lose money with this provider

Min. Spread

0 pips

Regulation

CMA, BaFin, SCB, DFSA, ASIC, CySEC, FCA

Min. Deposit

USD 0

Platforms

Pepperstone Platform, TradingView, MT4, cTrader, MT5

Max Leverage

200:1

Why Pepperstone Stands Out

  • Institutional-Grade MT4 Environment

    Designed for algo traders, Pepperstone’s MT4 uses Equinix LD5 servers in London for ultra-low latency.

  • Smart Trader Tools Plugin Suite

    Includes 28 expert plugins like mini terminal, sentiment trader, stealth orders, and alarm manager—rare even among MT4 brokers.

  • Advanced Order Types on MT4

    Brings OCO, partial close, and risk-to-reward tools directly into the interface, no coding needed.

  • ECN-Style Execution on MT4

    Razor account gives 0.0 pip spreads + £2.29 commission per lot on the same MT4, with no dealing desk.

  • MT4 VPS Auto-Trading Environment

    Built-in VPS integration for 24/5 EA operation—free if trading volume is met.

Why Pepperstone Falls Short

  • No Custom MT4 Interface

    The platform is enhanced through add-ons, but the core layout remains default.

  • Demo Expires After 30 Days Unless Renewed

    May disrupt strategy testing if not reactivated.

Pepperstone | Best For: Advanced MT4 traders using EAs and fast execution

Final Verdict: Is Pepperstone right for you?

Highlights

  • You’re an algo trader or EA user needing fast execution
  • You want premium MT4 tools without switching platforms

Drawbacks

  • You prefer a proprietary MT4 UI or simplified mobile experience
  • You need long-term demo stability
Visit Broker
Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Islamic account available. Pepperstone, MT4, MT5, cTrader & TradingView platforms supported. Pepperstone is regulated by the FCA, ASIC, SCB, DFSA and CMA.

AvaTrade

Best For: Beginners and part-time traders looking for MT4 with fixed spreads and easy-to-use tools

4.59
76% of retail CFD accounts lose money with this provider

Min. Spread

0.9 pips

Regulation

ISA, FRSA, CBI, FSA-Japan, ASIC, CySEC, FSCA

Min. Deposit

USD 100

Platforms

AvaOptions, Avatrade Social, MT4, MT5

Max Leverage

400:1

Why AvaTrade Stands Out

  • Fixed Spreads on MT4

    Offers fixed spreads on MT4 accounts, helping traders avoid widening spreads during news events.

  • Extensive Regulation

    Globally regulated across multiple jurisdictions, including ASIC in Australia and FSCA in South Africa.

  • MT4 with Social & Copy Trading

    Fully integrates MT4 with DupliTrade and ZuluTrade—rare among MT4 brokers.

  • Beginner-Friendly Onboarding

    Education tools, and video tutorials make AvaTrade suitable for MT4 newcomers.

Why AvaTrade Falls Short

  • No Raw Spread Account

    Does not offer ECN or raw spread pricing; costs can be higher for high-frequency traders.

  • MT4 Tools Are Limited

    No Smart Trader tools or advanced plugins offered with MT4 compared to brokers like Pepperstone.

AvaTrade | Best For: Beginners and part-time traders looking for MT4 with fixed spreads and easy-to-use tools

Final Verdict: Is AvaTrade right for you?

Highlights

  • You’re a beginner who wants stable MT4 pricing
  • You prefer integrated copy trading on MetaTrader

Drawbacks

  • You’re a scalper or algo trader needing raw spreads
  • You want premium MT4 plugins or automation tools
Visit Broker
Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by CBI, ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

IG

Best for: Multi-asset traders using the MT4 platform

4.69
68% of retail CFD accounts lose money with this provider

Min. Spread

0.6 pips

Regulation

BMA, CFTC, FINMA, FMA, BaFin, DFSA, FSA-Japan, MAS, ASIC, FSCA, FCA

Min. Deposit

USD 0

Platforms

TradingView, L2 Dealer, MT4

Max Leverage

200:1

Why IG Stands Out

  • Access to a wide range of CFD markets on MT4

    From Forex to indices, commodities, and cryptocurrencies

  • Competitive trading costs

    Raw-like spreads starting from 0.6 pips and zero commissions on Forex trades

  • Free add-ons and indicators

    Including Trade Terminal, Stealth Orders, Correlation Matrix, and a dozen indicators

  • Free Autochartist for clients

    This powerful automated technical analysis tool scans the markets for opportunities you might have missed

Why IG Falls Short

  • Deposit fees

    The deposit fees for credit card and PayPal are higher compared to other brokers

IG | Best for: Multi-asset traders using the MT4 platform

Final Verdict: Is IG right for you?

Highlights

  • You want access to well-written and comprehensive educational materials
  • You want a highly regulated broker with professional-grade MT4 tools and zero Forex commissions

Drawbacks

  • You are looking for ultra-low spreads for scalping
Visit Broker
Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. IG, MT4, TradingView and L2 Dealer platforms supported. IG Group is regulated by FCA, ASIC, and the BMA. 69% 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.

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Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack
Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education. With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users. He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.

Alison Heyerdahl

Head of Content

Alison Heyerdahl
Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), an experienced trader, and a financial writer with extensive hands-on experience in the Forex trading industry. She specialises in Forex trading, broker analysis, and market research, with a focus on helping traders navigate the complex world of online trading safely and confidently. Alison has tested and reviewed more than 100 Forex brokers, assessing everything from regulatory status and trading conditions to platform features and customer support. Her goal is to provide honest, detailed, and practical insights that traders can rely on when choosing a broker. She’s also produced more than 300 educational videos for the FxScouts YouTube channel, where she explains trading concepts in a clear, accessible way. As the co-host of the “Let’s Talk Forex” podcast, Alison shares expert commentary on broker reliability, trading strategies, and market developments—always with a focus on transparency and trader protection.

Stefan de Clerk

Financial Writer

Stefan de Clerk
Stefan is a financial writer and Forex trading enthusiast with over a decade of experience creating in-depth content on finance and technology. His deep interest in geopolitical events, big data, and market sentiment fuels his passion for analyzing how global factors shape financial markets. With a background in marketing and financial research, Stefan believes that Forex trading offers the best insight into the pulse of the world economy. Committed to delivering well-researched, unbiased, and objective information, he helps traders navigate the markets with clarity and confidence.

                

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