Best MT4 Brokers 2019 : Meta Trader 4 Brokers Updated List

Last Updated: 04. October 2019
Best MT4 Brokers 2019 : Meta Trader 4 Brokers Updated List
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Today, Meta Trader 4 (MT4) trading platform has morphed into a widely accepted trading platform in the global Forex industry. When it comes to Online Forex trading, we all must agree that a broker is only as good as the trading platform on which they operate. And initially, different brokers had to develop proprietary trading platforms for their clients.

This highly adaptive and universally accepted trading platform has over time promoted a level of uniformity across the board. Brokers do not have to spend time and resources coming up with unique trading platforms. Traders on the other hand don’t need to worry about understanding the different trading platforms advocated by the different brokers. In this article, we look at some of the most reputable Forex brokerages that operate on the all-popular MT4 . But first, we look at the secrets behind their huge success and market dominance.

Note: When searching for an MT4 broker, learn to look beyond their fees and commissions. Look at the sophistication of their MT4 trading platforms. This involves vetting the usability of the tools and indicators contained here and checking if they are compatible with your trading style.

What makes MetaTrader 4 brokerages so special?

i. Supports expert advisors:

The multi-trillion-dollar forex industry is technologically advanced, highly volatile, and fast-paced. This makes it hard to make it as an investor that still relies on outdated manual trade execution and analysis. MT4 brokers and their clients can, however, compete favorably against this market by taking advantage of the numerous trade automation tools on the network or simply integrate their own.

ii. A native scripting language allows you to customize tools and indicators

Another key factor that makes the MT4 brokers appealing in the eyes of their traders is the fact that the platform boasts of a native scripting language MQL4. This makes it possible for expert traders and programmers to develop own automated tools, and deploy them within the platform.

iii. Has some of the most elaborate charting features

Forex brokers using the MT4 trading platform also boast of having some of the most advanced charting options. Not only can their clients access multiple timeframes on a single chart, but the platform also has numerous indicators that can be overlaid on the charts for more accurate analysis of the market movements.

iv. It is a work-in-progress

In addition to the highly adaptive and customizable nature of the platform, traders and investors are also drawn to MT4 forex brokers because of its work-in-progress approach to the highly dynamic forex industry. This is evidenced by the fact that since its establishment. Its developers have been bent on coming up with new tweaks and system improvements that improve both its functionality and user-friendliness.

What are the pros and cons of registering with an MT4 Broker?


  • The intuitive MT4 trading platform is available freely and easy to install and interact with
  • There is an unlimited number of guides to help you understand your way around the platform
  • It is highly versatile and available on Smartphones, Tablets, PCs, and laptops running on Windows, Mac, and Linux systems
  • The platform embraces the highly secure 128-bit encryption protocol to secure your accounts and funds
  • The uniformity of trade operations makes changing brokers as seamless as possible
  • The brokers give you access to a myriad of technical trading tools, indicators, and chart options


  • Most brokerages don’t provide customized timeframes for the charts
  • It may be easy to use but not suitable for high-volume and high-frequency trade operations
  • Most critical trading features by these brokers require add-ons on the MT4 platform

Criteria used to identify best MT4 Brokers:

  • Support for both web and Mobile MT4 platforms
  • Minimum initial deposit
  • Support for expert advisors
  • Minimum lot size
  • Support for different forms of trade like scalping
  • Registration and regulation
  • Number and nature of technical analysis tools
  • Maximum leverage
  • Reputation and consumer experience

Best Meta Trader Brokers for 2019

1. Paxforex – Best for U.S Forex traders

Paxforex tops the long list of highly reputable brokerage firms that rely on the MT4 trading platform. Pax Forex clients can, therefore, download the MT4 tool on the company’s website for free upon completing their registration and verifying their membership.

The platform is loaded with numerous advanced technical analysis and trading tools. Most of these tools are aimed at helping clients analyze and gain a better understanding of the market before entering into trade positions. But this and the fact it is open to U.S residents aren’t the only reasons why Pax Forex leads the list of the best MT4 brokers. We also are interested in the broker’s longstanding reputation of trust and reliability in the forex industry.


  • Maintains a relatively low minimum deposit
  • Has a live chat feature for instant communication
  • Supports more than just forex trades with its reach extending to CFDs and spot metals


  • Pax Forex is a market maker
2. IG Markets – Best for the widest range of tradable products

IG is an established and a highly regulated MT4 broker. It maintains an active presence in virtually all the world’s major financial districts. It, for instance, is regulated in both Europe and the United States where it offers a wide list of tradable financial instruments that include Forex, spot metals, futures and commodity CFDs. It is one of the few publicly traded brokerage companies that also has the backing of its own bank for liquidity.

The brokerage has its vision set at offering an all-round trading experience to its clients. They do so by providing them with an advanced series of trading and analysis tools on the MT4 trading platform. We believe that the brokerage has also been leveraging its large size and even larger client base to provide competitive and highly affordable fees and commissions. The broker, for instance, has the spreads for major forex pairs starting from 0.6 pips against the industry average of 0.75 pips.


  • Maintains a relatively easy and fast deposit and withdrawal options
  • Maintains one of the largest collection of tradable products – up to 15,000
  • Their products and trading strategies suit both beginner and experienced traders
  • Long-standing reputation of trust, reliability and customer support


  • Their large product portfolio isn’t available to all in the different countries
  • The spreads go up when trading little amounts
3. Forex.Com – Best for high leverage trades

Forex.com, yet another household name in the Forex industry also makes it to our list of the most reputable MT4 brokerages. Started in 2001, Forex.com was one of the first companies to embrace the MT4 trading platform. It is a multinational company with deep roots in the United States where it is regulated by both the NFA and CFTC.

Forex.com traders can download the MT4 trading platform on the broker’s website for free. They can download both the desktop as well as the android and iOS app version of the MT4 trading platform. This then gives you access to over 30 types of CFDs and over 45 forex trading pairs.


  • Highly regulated broker with a global presence
  • Has the backing of a publicly listed company for liquidity and reputation
  • Treats traders to ultra-tight spreads
  • Presents you with free forex charts through eSignal
  • Forex.com is a market maker
  • One may consider their minimum initial deposit of $250 relatively high
4. FXCM –Best for automated trading and analysis tools

FXCM brokerage firm is a subsidiary of the NYSE listed and publicly traded Jefferies Financial Group (JFG). It is a highly regulated broker in several leading online trade jurisdiction including the United States, Canada, Australia, and the E.U. It is one of the oldest forex industry players and effectively one of the earliest forex brokers to embrace the MT4 trading platform.

Since then, the broker has over time come up with some of the most advanced trading and analysis tools and indicators that they then give out freely to their clients. The relatively advanced trade automation tools, a significant number of algorithmic traders, and the robust charting tools make it most appealing to high-volume traders. It is important to note that FXCM is an international broker regulated by such major online trade regulators as Australia’s ASIC and both the NFA and FTC in the U.S.


  • Presents its clients with an MT4 trader that’s loaded with trade automation and algorithmic tools and indicators
  • Their dedicated technical support team will help you develop individualized auto traders
  • Supports both the PC and mobile MT4 trading platform apps


  • Limited financial trading products available
  • High minimum opening balance and trading costs make it unappealing to beginner traders

5. OANDA – Best for ultra-low spreads and affordable trading costs

OANDA is a pioneer broker in the global forex industry and has, therefore, played a critical role in the popularization of the MT4 trading platform by introducing it to their large client base. Similarly, the forex and CFDs broker has also received industry-wide recognition for championing technological developments in the forex industry. S0me of these incude coming up with advanced trading and analysis tools and indicators that have over time been integrated into the freely available MT4 platform.

Away from the MT4, OANDA has made a name in the industry for its low trading costs. This is evidenced by the fact that it was the first forex trader to offer retail FX traders with spreads under 1 pip. It has also established an unmatched global reach by availing their different online trading services to residents of over 196 countries and territories around the world.


  • Built on a solid reputation of reliability and affordability
  • Highly regulated by virtually every major financial regulatory agency in the world including NFA and CFTC in the U.S
  • There is no minimum deposit nor minimum lot size for OANDA traders
  • Supports scalping, EAs and is mobile friendly


  • The MT4 broker offers a limited number of financial trading instruments
  • OANDA uses a market maker for the execution of trades
6. AvaTrade – Best for social trading

Having been in operation for slightly over a decade, AvaTrade may be considered a relatively new entrant into the global financial products market. But this hasn’t stopped it from quickly morphing into one of the most popular and reputable MT4 brokers in the global finance industry. And this was made possible by its relatively expanded basket of tradable products that include over 44 forex pairs, spot CFDs, and Cryptocoins.

The broker currently maintains physical offices in over 11 countries. It also has an extensive online reach across the world through the highly versatile the desktop and mobile version of the MT4. It is also highly regulated by both the major and emerging finance regulation agencies like Japan, South Africa, Australia and in the E.U. Not to mention they are a strong advocate of social copy trading for virtually all their trading options.


  • Treats clients to low trading costs in the form of ultra-low spreads
  • Supports a wide range of financial trading instruments
  • Avatrade maintain some the highest bonuses and most frequent promotions
  • The broker’s deposit and withdrawal processes are both easy and speedy


  • The broker has a limited scope and reach of forex research content and news
7. Pepperstone – Best for fast order execution speeds

Pepperstone has only been actively involved in the global financial markets trade for less than a decade. And during this time it was able to position itself as an online finance trade powerhouse in Australia and beyond.

The MT4 broker can to a large extent attribute this to its competitively priced trading accounts and the adoption of such innovative trading solutions as social trading and copy trading. It has also leveraged modern technology to reach a huge international market in addition to being regulated by U.K’s FCA and Australia’s ASIC.


  • Offers the full MT4 (desktop and mobile) to its large client base operating different types of accounts
  • Boasts of some of the fastest order execution speeds
  • Offers such additional services as social copy trading


  • Offers a limited range of financial trading instruments
  • The MT4 trader compensates for commission-free trades with hiked spreads
8. FXPro – Best for transparent trading costs

FX Pro stands out not just because it has been granted regulatory licenses by virtually all leading and emerging financial hub regulators – form Dubai to Bahamas, U.K, and Cyprus – but also because it maintains a huge global presence in over 170 countries. But these, plus the fact that FX Pro supports the full MT4 trading platform (both the desktop and mobile apps), aren’t the only reasons FX Pro makes it to this list.

We were particularly drawn in by the level of transparency embraced by the MT4 broker when it comes to trading costs. These are broken into fees, spreads, and commissions. Additionally, you have the option to choose between fixed and variable spreads when registering for a trading account here. Variable spreads traders then have to choose between market and instant trade execution strategies after understanding the impact either of these trades has on their trading costs. Even more interesting is the fact that the broker publishes a true record of the positive and negative slippages reported every quarter.


  • The most transparent MT4 broker you will come across
  • Presents you with competitive pricing models on different trade execution methods
  • Treats you to a relatively expansive range of financial trading instruments


  • Brace for a complicated signup process
  • Limited access to research and analysis tools and indicators on the platform

What to look for when choosing an MT4 broker

i) Number of tradable markets available

You will want to register with an MT4 broker that presents you with as much tradable financial instruments as possible. Some of the most common instruments that you should consider taking into account include the number of forex pairs available, crypto pairs, Spot Metals, and CFDs. The higher the number of tradable instruments, the greater the ability to diversify your investments.

ii) Trading costs

A few key factors determine how much you make as a financial markets trader. These include the effectiveness of your trading strategy and the fees and charges your trades are exposed to. Avoid brokerage firms with high or complicated and unclear trading fees and charges.

iii) Trade execution strategy

Are you dealing with an ECN broker or a market maker? A market maker here refers to a broker who bets against you in virtually every position you take and is common with low-volume trading accounts. ECN brokers deal with high-volume traders by matching them up with other high-volume traders and banks who wish to trade against you.

Final word

The highly successful brokerage firms across the world and the universally accepted MT4 trading platform are interdependent on one another. Any of these MT4 brokers can, therefore, be a great pick if you are looking to venture into Forex trade.  But, beyond the fact that they are hosted on the MT4 platform, you will also need to consider such factors as their registration and reputation, the different types of trading accounts that they support, as well as the number of tradable financial products and currency pairs availed by the broker. And if you are in the U.S you must also check if your preferred MT4 broker is licensed to operate in the country.


What is MetaTrader 4?

The MetaTrader 4 – MT4 – is a trading software developed by MetaQuotes Software company, and then licensed to brokers who can have their clients use it as their native trading platform. And it is freely available in both the desktop and Android/iOS apps.


What is the difference between MT4 and MT5 trading platforms?

MT4 is the predecessor of the MT5 trading platform and it is lesser complicated to understand and use. But they can be said to draw their biggest difference from the fact that MT4 was specially designed to cater exclusively for the retail forex market while MT5 is a little more comprehensive, taking under its wings additional tradable tools like CFDs, stocks, commodities, and futures.


How do I open a MetaTrader 4 account?

You can download the MT4 trading software from either the MetaQuotes Software website, or on your preferred broker site. But note that you cannot use the MT4 platform independent of the broker to execute trades. You will first need to create a trading account with your preferred trader. You then head over to the MT4 platform, open a new trading account under the profile section and use the broker login details to start trading.


Does the MT4 trading platform support social/copy trading?

Yes, the MT4 forex signals allow slightly inexperienced or relatively busy traders with no enough time to analyze markets and monitor markets copy trades from professionals. And all that is needed is the MT4 forex signal and that copies your preferred expert trader’s settings directly into your MT4 trading account.


How do you download the MT4 trader?

The MT4 trading software and its associated mobile and tablet apps can be downloaded for free on different reputable sites. You can either download them directly from the official MetaTrader 4 website run by MetaQuotes, highly reputable and authorized software vending websites, or from your preferred broker’s website.


Do all MT4 brokers support the android/iOS trading apps?

Yes, the MT4 trading tool is available in both the desktop and mobile app versions. You, therefore, are indifferent whether you use the mobile or desktop app to log into your trading account – though the desktop version tends to offer more trade and analysis tools and indicators.


How much do I need to deposit into my MT4 trading account?

The MT4 is a trading platform and not a brokerage firm. Your initial and subsequent minimum deposit amounts are therefore influenced by your preferred forex broker and not the MT4 platform.


Must I use the MT4 trader or are there alternatives?

The MT4 trading platform takes pride in being one of the most advanced trading tools, but it isn’t the only option available. Most MT4 brokerage firms have either come up with proprietary trading platforms or embraced equally popular trading tools that they use alongside the all-popular MT4.



All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, commodities, forex, indices, bonds, and cryptocurrency investments. She holds a Masters degree in Economics with years of experience as a banker-cum-investment analyst. She is currently the chief editor, learnbonds.com where she specializes in spotting investment opportunities in the emerging financial technology scene and coming up with practical strategies for their exploitation. She also helps her clients identify and take advantage of investment opportunities in the disruptive Fintech world.