Best MT4 Brokers Compared in 2021

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.

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.

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.

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.

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.

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.

Three key features make FXTM one of the most reputable MT4 brokers currently available. First is its support for the conventional, highly advanced, and easy to use MT4 trading platform. Secondly, the online brokerage is highly regulated and has taken virtually every precaution to keep their client data and deposits safe. It holds operating licenses issued by FCA in the UK, CySEC in Cyprus, and FSCA in South Africa. The broker also maintains segregated bank accounts for their client’s funds and encrypts their personal data.

Additionally, FXTM maintains different types of trading accounts for their different clients. These include the standard account for retail investors, the ECN account, Shares account, Islamic trading account, and institutional accounts for institutional investors.

These accounts enjoy instant order execution speeds and attractive leverages – of up to 1:2000. The trading fees are variable but highly competitive, and the minimum initial deposit for the retail trader (standard account) is $10.

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.

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.

Established in 2003, FX Open is a highly regulated and reputable MetaTrader broker specializing in forex and CFDs. The brokerage is registered and licensed by UK’s FCA and Australia’s ASIC.

One of its key selling points is the easy and straightforward account opening process and low minimum deposit requirement of $1. In addition to this, retail traders have access to leverages of up to 1:500. You can also choose to open either the STP or ECN accounts that require an initial deposit of $300. The micro account, for retail traders, doesn’t charge trade commissions and maintains variable but highly competitive spreads.

FX Open accounts are primarily hosted on MetaTrader’s MT4 and MT5 platforms, but you are free to use Zulutrade and Myfxbook trading platforms that support social/copy trading.