Home Best MT4 Brokers Compared in 2021
Edith Muthoni

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 that they operate. And initially, different brokers had to develop proprietary trading platforms for their clients.

Learn more about MT4 brokers on this page below.

The Top 10 MT4 Brokers in 2021

If you’re just looking for a quick look at the best MT4 brokers available today, check out the list below.

  1. Forex.com – High leverage MT4 broker
  2. FXCM – MT4 broker with automated trading
  3. AvaTrade – Offers social trading
  4. IG – Huge range of financial assets
  5. OANDA – Low spreads and trading costs
  6. FXPro – Wide range of forex pairs
  7. FXTM – Multiple account types
  8. Pepperstone – Fast order execution
  9. PaxForex – Best MT4 broker for US traders
  10. FX Open – Low minimum deposit

Best MT Brokers Compared...

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.

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 This makes it hard to make it as an investor that still relies on outdated manual trade execution and analysis.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 2024

1. 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.

Our rating

  • Highly regulated broker with a global presence
  • Has the backing of a publicly listed company for liquidity and reputation
  • Presents you with free forex charts through eSignal
  • One may consider their minimum initial deposit of $250 relatively high
  • Forex.com is a market maker

2. 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.

Our Rating

  • 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

3. 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
  • Avatrade maintain some the highest bonuses and most frequent promotions
  • Supports a wide range of financial trading instruments
  • The broker has a limited scope and reach of forex research content and news
  • Broker feartures a limited number of research and trading tools

4. 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.

Our Rating

  • 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
  • Their large product portfolio isn’t available to all in the different countries
  • The spreads go up when trading little amounts

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.

Our Rating

  • 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
  • The MT4 broker offers a limited number of financial trading instruments
  • OANDA uses a market maker for the execution of trades

6. 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.

Our Rating

  • 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

7. FXTM – Best for multiple account types

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.

Our Rating

  • The broker platform is rich in educative content and also features a demo account.
  • FXTM accounts are hosted on both MT4 and MT5 trading platforms
  • The broker provides ECN style account options with instant order execution.
  • FXTM traders benefit from both advanced trading and market analysis tools as well as leverages of up to 1:2000
  • Opening an FXTM trader account is also easy and relatively straightforward.
  • FXTM has limited product portfolio and only features forex and commodity CFDs
  • The online broker maintains a high minimum initial deposit of $500, a $3 withdrawal fee, and $5/month fees after six months of inactivity.
  • There is no guarantee you will qualify for the maximum trading leverage.

8. 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.

our rating

  • 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

9. 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.

Our Rating

  • 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

10. FX Open – Best for the low minimum initial deposit

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.

Our Rating

  • FX Open accounts are highly versatile and can be hosted on the all-popular MT4 platform’s desktop and mobile apps.
  • FX Open supports social trading and copy trading for inexperienced traders using Zulutrade and Myfxbook platforms.
  • The broker supports several account types and allows hedging and scalping strategies.
  • FX Open features a variety of trading and risk management features – including negative balance protection.
  • The online broker is highly reputable and is regulated in the UK, Australia, and South Africa.
  • FX Open is not open to US traders.
  • Maintains a limited range of tradable financial instruments as it only features forex and CFDs
  • Charges inactivity fees

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.

Glossary of Forex Terms

Depiction of percentage growth rate of funds depicting Fed Rate percentage changes | Learnbonds

A pip or percentage in point is a unit of measuring changes in currency prices.It is the standard unit of measuring the incremental changes in currency prices.. If, for instance, the EUR/USD price changes from 1.1025 to 1.1026, the 0.0001 USD reflects one pip.

CD Rate

Spread refers to the difference between the buy (offer/ask) and sell(bid) prices of a financial instrument.

A illustration of justice scale showing authosity a Custodian holds to custodial Account | Learnbonds

Leverage is debt. In forex, leverage trading it is the art of using borrowed funds to enter into bigger trades than would have been possible with your own capital. This in effect allows you to take full advantage of tiny market movements by amplifying your small gains.

Dollar sack and a stack of coins showing hedge fund performance | Hedge Fund, Learnbonds

Margin is the money needed in your account to maintain a trade with leverage.

A blue and white percentage sign with a locked padlock

Slippage refers to the difference between the price at which you expect a trade to be made and the price at which it is actually executed.

A plant groning on a stack of cash illustrating impact investing | Learnbonds

In forex trading volume is also referred to as the turnover and it refers to the number of lots traded by an individual trader or within the brokerage platforms within a given period of time. It can also be viewed as a representation of the amount of currency that changes hands between buyers and sellers.

Depictio of man thinking of money and risks illustrating a Registered Investment Advisor | Learnbonds
Ask Price

Ask price, also known as the offer price, or ask is the lowest price that the seller of a particular financial instrument is willing to accept to relinquish the ownership of the asset.

A gorup of individuals and a dollar coin showing how crowdfunding works | Real Estate Crowdfunding, Learnbonds
Bid price

Bid price refers to the highest amount of money that a buyer or market maker is willing to pay for a particular financial asset.

Money Market
FX pairs

A forex trading pair is the two currencies involved in a trade. It is the quotation of one currency’s value against the value of another currency. A currency pair is made up of the national currencies of two countries. The first part of a currency pair is known as the base currency, and the second part is known as the quote currency.

Stach of coins depicting Lifetime ISA | Learnbonds
Cross rate

The cross rate refers to the exchange rate of two different currencies when expressed in the currency of another country. For example, cross-rate may be the exchange of the United Kingdom’s sterling pound and the Japanese Yen when expressed in U.S dollars.


What is MetaTrader 4?

What is the difference between MT4 and MT5 trading platforms?

How do I open a MetaTrader 4 account?

Does the MT4 trading platform support social/copy trading?

How do you download the MT4 trader?

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

See Our Full Range Of Forex Brokers Resources – Brokers A-Z

Edith Muthoni

Edith Muthoni

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.