Best MetaTrader 4 Brokers in 2024 • Benzinga

If you’ve traded online in the contracts for difference (CFD) or foreign exchange market, then you would probably already be somewhat familiar with electronic trading platforms. If you’re relatively new to currency trading, then you should know that one of the most widely used and versatile among these platforms is the MetaTrader 4 platform developed by MetaQuotes. 

Based on the MetaQuotes Trading platform that was released in 2000, MetaTrader 4 has become the most popular trading platform for the online forex trading community because of its excellent automating abilities. 

In this article, Benzinga reviews and rates the best brokers that support the MetaTrader 4 platform, so if you are looking for a top MetaTrader 4 broker to enhance and facilitate your online trading activities, keep reading.

Quick Look: Best MT4 Brokers

• Best Overall and for U.S.-Based Traders: FOREX.com
• Best for Multi-Asset Traders: AvaTrade
• Best for High-Leverage Traders: RoboForex
• Best for Algo Traders Using MetaTrader: FxPro
• Best for MT4 Traders in Canada: IFC Markets
• Best for Futures Traders: Tickmill

The brokers selected for this article make up a list of some of the top brokers in the MetaTrader forex broker community for various reasons. After reading further, you can better decide which broker would best fit your trading needs.  

1. Best Overall and for U.S.-Based Traders: FOREX.com

FOREX.com has been providing traders with solid forex executions since 2001 and lets you choose from more than 80 forex currency pair selections to trade. Depending on the account type selected, spreads at this broker can run as low as 0.0 pips, although some accounts charge commissions. For example, the broker’s RAW account involves a fixed price of $7 per $100,000 traded, but its Spread Only account involves no per-trade commissions. 

Forex trades in major currency pairs can be leveraged 50:1 when trading via MetaTrader 4 and MetaTrader 5 and via the broker’s proprietary Web Trader platform. In addition to having access to a wide variety of Expert Advisor (EA) software including automated trading system programs for MetaTrader 4, FOREX.com also offers algorithmic trading for qualifying traders. 

This broker also offers access to a wide variety of automation and signals EAs, and you may qualify for free EA hosting. Another potentially helpful advantage FOREX.com offers its traders is the option to enter orders and receive confirmations live over the phone. 

• Minimum deposit: $100
• Tradable instruments: FOREX.com lets you trade over 80 currency pairs, 15 major global indices and more than 5,500 global shares with extended trading and CFDs on major cryptocurrencies. For commodity traders, the broker also offers trading in commodities like gold, silver, natural gas and oil. You can even invest in physical investment-grade gold, silver, platinum and palladium through FOREX.com’s parent company’s subsidiary StoneX Bullion.

2. Best for Multi-Asset Traders: AvaTrade

Founded in 2006, AvaTrade provides brokerage services worldwide in several markets including forex, stocks, cryptocurrencies, commodities and indices. In addition to supporting MetaTrader 4 and 5, AvaTrade offers four proprietary platforms as follows: 

AvaTrade gives you access to trade in 63 different currency pairs. Dealing spreads for major currency pairs start at 0.9 pips for EUR/USD and 1.3 pips for GBP/USD, although they widen according to the currency pair’s liquidity in the forex market. Exotic and illiquid currencies generally have wider dealing spreads and lower maximum leverage ratios.

In addition to offering a wide range of tradable instruments, AvaTrade has excellent educational resources for traders from beginner to advanced levels. Specialized tutorials on AvaTrader’s website let MetaTrader 4 and 5 users learn about trading signals, EA software for automated trading, how to build a trading bot and how to download free apps for your MetaTrader platform. 

• Minimum deposit: $100, €100, £100 or AUD 100
• Tradable instruments:  AvaTrade gives you access to trade more than 1,250 instruments, which include:
• Forex: Trade 63 major, minor and exotic currency pairs with up to 400:1 leverage. 
• Bonds and Treasury CFDs: Trade U.S., European and Asian government bonds with up to 20:1 leverage.  
• Precious metals CFDs: Trade gold, silver, platinum, palladium and copper with up to 400:1 leverage. 
• Commodity CFDs: Soft commodities such as sugar, corn, wheat, coffee, cotton, soybeans and cocoa can be traded with up to 400:1 leverage. You can also trade energy products including crude oil, Brent oil, natural gas, gasoline and heating oil.
• Exchange-traded funds (ETFs) CFDs: Trade top ETFs including VanEck Market Vectors TR Gold Miners (GDX), Energy Select Sector SPDR (NYSEARCA: XLE) and the MSCI Emerging Markets Index Fund (NYSEARCA: EEM).
• Cryptocurrency CFDs: You can trade most major cryptocurrency pairs via CFDs so you don’t have to deliver or take delivery of any digital currency. Some of the coins you can trade CFDs on include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Ripple (XRP) using up to 20:1 leverage.

3. Best for MetaTrader Suit with Add Ons: Pepperstone

Pepperstone is user-friendly and offers advanced trading tools like algorithmic trading, Autochartist, and API trading. Their efficient and responsive customer support, along with extensive educational resources, helps you enhance your trading skills. You’ll also enjoy low fees and competitive spreads on popular forex pairs.

Pepperstone’s dual offering of MetaTrader and cTrader is ideal for algorithmic and copy traders. The wide array of third-party tools and plugins further enhances its already impressive suite of platforms.

• Minimum deposit: $0
• Tradable instruments:
• Forex: Trade in the world’s most liquid market with our range of majors, minors, and exotics. Benefit from low commissions and competitive spreads, alongside high-quality execution and low latency. We offer flexible leverage up to 1:200 and reliable trading infrastructure.
• Commodities: Trade a variety of commodities including coffee, cocoa, cotton, orange juice, and sugar, as well as precious metals like gold, silver, platinum, and palladium at low prices with no commission. Precious metals can diversify your trading strategy and serve as safe-haven assets during market turmoil. Our energy trading instruments, including WTI and Brent crude oil and natural gas, feature minimum trade sizes from 10c per pip, flexible leverage up to 1:100, and no commission.
• Indices: Trade on the movement of 14 major stock markets worldwide without a dealing desk and commission-free. Our index CFDs come with no hidden markups, low latency, and no re-quotes. Diversify your strategies and explore opportunities across global equity markets with leverage up to 1:200.
• Currency indices: Trade direct changes in currency values against a basket of other currencies. We offer the USDX, a globally recognized benchmark for the US dollar, measuring it against six major currencies. Trade with leverage up to 1:200.
• Shares: Buy and sell CFDs of over 60 top-listed US companies. The US share market, with a market cap exceeding $30 trillion, provides numerous trading opportunities with some of the world’s biggest companies. Share CFD trading gives you access to various industries and markets, enabling potential profits from different events and price movements. Access leverage up to 1:20.

4. Best for High-Leverage Traders: RoboForex

Traders who use high leverage on their transactions might like to check out RoboForex, which offers up to 2,000:1 leverage depending on your jurisdiction. In addition to its support for the MetaTrader 4 and 5 trading platforms, RoboForex also offers its proprietary R MobileTrader, a full-featured mobile app for all your devices; the R StocksTrader, a mobile app that provides access to trade over 12,000 instruments; and the R WebTrader, an easy-to-use web-based platform specifically designed for trading in MetaTrader 4 accounts. 

You can trade hundreds of assets and derivatives in eight classes with this broker, including stocks, indices, futures, ETFs, soft commodities, energies, metals and forex currency pairs. Leverage ratios vary, with 100:1 leverage on indices, energies and futures; 20:1 on ETFs, soft commodities and stocks; 1,000:1 on metals; and 2,000:1 on currency pairs. 

Minimum spreads for forex seem very competitive. The dealing spread for EUR/USD is 0.1 pip on average, while a less liquid pair like GBP/NZD (British pounds vs. New Zealand dollar) has a dealing spread of 1.6 pips. A commission of 20 units per million units of currency traded also applies ($20/million dollars). 

RoboForex supports MetaTrader 4 and offers all the useful standard features of that platform including three types of order execution and 50 ready-to-use indicators for technical analysis. For algorithmic trading, you can create your own trading bots in the MQL4 programming language. 

• Minimum deposit: $10, €10  
• Tradable instruments: The number of tradable instruments at RoboForex depends on the type of account you choose as follows:
• Pro: Gives you access to trade 36 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 1.3 pips and 2,000:1 maximum leverage for this account type. 
• Prime: Suitable for forex and other markets, the Prime account gives you access to trade 28 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 0 pips and 300:1 maximum leverage for this account type. 
• ECN: Preferred by seasoned traders, the ECN account combines high-speed order execution with competitive trading conditions and gives you access to trade 36 forex pairs, metals, CFDs on U.S. stocks, oil futures and indices. The minimum deposit for this account is $10 or €10, and the broker offers floating dealing spreads from 0 pips and a maximum leverage of 500:1  for this account type. 
• R StocksTrader: This account type is for trading through the R StocksTrader mobile app and web platform. The account gives you access to buy and sell over 12,000 tradeable assets, including CFDs on stocks, oil, metals and futures, real stocks, indices and currencies. The minimum deposit for this account is $100, and dealing spreads begin at 0.01 USD with a maximum leverage of 500:1. 
• ProCent: This account type is for testing strategies and transitioning from a demo account to live account trading. The minimum deposit for this account is $10, and you can only trade 36 currency pairs and metals with this account option. Dealing spreads begin at 1.3 pips, and you can use a leverage ratio of up to 2,000:1 with this account type. 

5. Best for Algo Traders Using MetaTrader: FxPro

FxPro offers traders access to the forex and contracts for difference (CFD) market using MT4 and MT5 (along with other platforms). When you use FxPro, you can trade in forex, metals, indices, shares and cryptocurrencies. There are 8 base currencies, no commissions, tight spreads, no account or transaction fees and only an inactivity fee that kicks in if you don’t use the account for 6 months.

Customer support comes to you 24/5 with a multilingual staff, and you can begin building your portfolio with fast execution.

• Minimum deposit: $100
• Tradable instruments: FxPro supports 24/5 CFD trading across six asset classes with over 2,100 tradable instruments, giving you access to a wide spectrum of financial markets. This includes 70+ currency pairs, featuring majors like EUR/USD, GBP/USD, and USD/JPY, as well as minors like AUD/CAD, EUR/AUD, and GBP/AUD. Additionally, FxPro offers share dealing, allowing you to trade or hold positions on 2,000+ stocks listed on exchanges such as Nasdaq, Nikkei 225, and DAX 30.

6. Best for MT4 Traders in Canada: IFC Markets

IFC Markets has been an online forex broker since 2006 and has won numerous awards for its excellent online brokerage services. With over 210,000 clients in more than 80 countries worldwide, IFC Markets is the best forex broker for Canadian-based forex traders. 

Floating spreads on forex pairs start at just 0.4 pips, while fixed spreads start at 1.8 pips.  In addition to 40 forex currency pairs, you can trade up to 650 instruments, including index, stock and cryptocurrency CFDs and precious metals. Leverage ratios for IFC Markets run from 1:1 to 400:1, although the broker recommends using a leverage ratio of 100:1 for forex traders. 

IFC Markets offers excellent educational resources for traders at all levels through the IFCM Trading Academy. IFC’s top experts provide daily updates and analysis in addition to providing books, videos and tutorials. 

IFC offers regular forex trading accounts, as well as Islamic accounts and Percentage Allocation Money Management (PAMM) accounts. These accounts allow forex traders to allocate a percentage of their funds to be managed by professional money managers. PAMM accounts require a hefty initial deposit of $50,000 – $100,000, €100,000 or 5 million JPY. 

• Minimum deposit: No minimum deposit is required for NetTradeX Beginner and MetaTrader 4 and 5 Micro accounts. For a Standard NetTradeX account, the minimum deposit is $1,000; for a Standard account for MetaTrader 4 and 5 the minimum deposit is $1,000 for USD accounts, €1000 for Euro accounts and ¥100 000 for Japanese yen accounts.
• Tradable instruments: Over 650 CFD and forex instruments are available, including CFDs on world indices, precious metals, stocks and commodities without expiration dates, as well as commodity futures, ETFs, cryptocurrency and crypto futures. Another group of instruments designed to be traded on IFC’s NetTradeX terminal consists of synthetic instruments, which are personalized CFDs with the technical name of Personal Composite Instruments (PCI).

7. Best for Futures Traders: Tickmill

If you trade in the commodities markets and want to use futures contracts, then you really should check out Tickmill. Founded in 2014, U.K.-based Tickmill Group currently has over 550,000 registered accounts and has oversight by 5 regulators, including the FCA, CySEC, FSB, Labuan FSA and FSA. 

In addition to trading futures via the Tickmill platform, you can trade CFDs on forex, stock indices, commodities and bonds via the MetaTrader 4 platform. MetaTrader 4 is available in 39 languages and provides advanced technical analysis with over 50 indicators, as well as support for algorithmic trading. 

Tickmill lets you trade 62 major, minor and exotic currency pairs with variable dealing spreads depending on the currency pair and liquidity. Minimum dealing spreads in forex pairs start at 0.1 pips for EUR/USD. The maximum leverage for major currency pairs is 30:1, 20:1 for minor pairs and 10:1 for exotic pairs. 

• Minimum deposit: The broker requires a $100 minimum deposit for all account types. VIP accounts are available with a balance of $50,000 in the account. 
• Tradable instruments: 62 currency pairs, 500 stocks and ETFs, 20 stock indices, 11 commodities, 4 international bonds and 9 cryptocurrencies can be traded on the MetaTrader platforms. Through Tickmill’s proprietary CQG platform, you can trade futures contracts from major exchanges such as CME, CBOT, NYMEX, COMEX and EUREX. You can also trade options on Micro E-mini S&P 500 and Micro E-mini Nasdaq 100 stock index futures. 

MetaTrader 4 (MT4) is an electronic trading platform designed primarily for forex and CFD trading. Developed by MetaQuotes Software Corp., the free software boasts advanced technical analysis tools, customizable interfaces and automated trading via EAs developed using the MQL4 programming language that allows for strategy testing and implementation based on predefined rules. 

Key additional features of MT4 include advanced charting with numerous indicators, various order types and one-click trading from charts. In addition to desktop client and web options, MT4 also supports mobile device integration, secure client-server communications and seamless connection with most online forex brokers. 

MT4’s large user base contributes to comprehensive community support, which includes social trading and readily accessible tutorials, guides and other resources. Overall, MetaTrader 4 has proven itself as a versatile, powerful and reliable toolset tailored to meet the diverse needs of online retail traders.

When picking an MT4 broker, you will want to look into some important factors to ensure you have a good trading experience and avoid major issues. In general, you will want to check out three main factors for any broker you are considering trading through: (1) if they’re regulated and licensed, (2) what kind of fees they charge and (3) the variety of investments they offer. Doing research in these three areas will improve your chances of success in finding an MT4 broker that meets your needs and keeps your funds safe. 

Benefits of Using MT4

Trading via MT4 has significant benefits. 

Technical Indicators

MT4 stands out as an exceptional platform for technical analysts because of its abundant collection of integrated indicators and graphical tools. These helpful functions empower traders to dissect underlying trends, detect recurring patterns and glean valuable market insights that could potentially influence their trading decisions.

EAs and Robots

A major advantage of using MT4 lies in its support for algorithmic trading via EAs programmed using its proprietary MQL4 language that can streamline laborious trading processes, freeing you to focus on other things. 

Customizable Trading Screens

Another feature of MT4 is that the software lets you configure its visual layouts according to your personal preferences. You can also view charts with a wide range of timeframes including tick, 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day and 1 week.

MT4 Demo Accounts

Novices seeking to practice their trading skills or more experienced traders looking to try out a new strategy can use MT4 demo accounts to trade in a real-time environment without taking a financial risk. 

Designed for Active Traders

In addition to its desktop and web interfaces, MT4 offers mobile device compatibility for Android and iOS devices, which is ideal for active traders who like to watch the markets or trade on the go.

Other Features

You can use MT4 to keep on top of market happenings thanks to handy alerts, watchlists and news feeds right inside the platform. These features let you react swiftly to events affecting your positions. MT4 also boasts a substantial trader community that offers social trading and EA sharing. 

Account Types Available for MT4 Trading Platform

Depending on the broker you select, various account types that cater to different trading preferences can use the MT4 platform. Descriptions of three of these account types appear below.

• STP accounts: Straight Through Processing (STP) accounts have a pass-through mechanism whereby orders are sent directly to liquidity pools bypassing dealer intervention. This structure promotes greater fairness, error reduction and efficiency, as well as improving price discovery and execution speed.
• ECN account: ECN accounts generally use cutting-edge technology to link traders with a select range of market-making counterparties virtually instantaneously. This promotes greater competition, tighter dealing prices and faster deal executions.
• DMA account: Direct Market Access (DMA) accounts give traders unrestricted access to the Interbank and exchange-traded financial markets. This sort of account typically appeals to more advanced traders because it offers faster market access, lower transaction costs and greater trade execution control. 

While MT4 is not strictly required for forex trading, it is an excellent platform offering numerous benefits that will enhance your overall trading experience. Renowned for its many features, MT4 will empower you to create sophisticated strategies, perform detailed technical analyses and leave or execute market orders easily. 

MT4’s support for algorithmic trading via EAs is nothing less than legendary. Despite alternative platform options existing for online forex trading, most seasoned online retail traders regard MT4 as a valuable and virtually indispensable trading companion.

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both leading online trading platforms created by MetaQuotes Software Corporation. Although comparable in many ways, the older MT4 platform offers a more mature infrastructure and an extensive range of EA add-ons written in MQL4 by third parties, although its focus is mainly on currency and CFD trading.

In contrast, the newer MT5 incorporates multiple asset classes, including equities. It also offers a different but enhanced programming language (MQL5 instead of MQL4), as well as boosted technical indicators, extended timeframes, deeper market insights and hedging capability. U.S. traders can use this updated platform with popular brokers like FOREX.com. 

Choosing between MT4 or MT5 essentially hinges on your individual priorities as a trader, taking into account desired assets, whether your preferred EA is written in MQL4 or 5, local limitations, and your proficiency level and preferences. In any case, each platform is popular and worth checking out.

Selecting the best MT4 broker requires evaluation of various criteria, including regulation, customer service, trading costs and available assets. 

When an online broker has reputable regulatory oversight, it should provide greater confidence in dealing with it, while attentive customer care will often help improve your trading experience. Competitive pricing, including tight dealing spreads and zero or modest commissions, can also contribute significantly to your overall profitability, especially if you trade actively. Having access to a wide array of tradable assets will facilitate using more diverse trading strategies.  

By reviewing the rigorous comparison and analysis provided above, you can confidently choose among the featured MT4 brokers that are leaders in their respective domains to find a reputable online trading partner you can rely on. 

Frequently Asked Questions