The 5 Best MT4 Forex Brokers (UPDATED 2023)

Investors have been trading for a long time, no matter what the state of the world economy. Trading has expanded its reach to thousands of financial markets with different types of assets. With this came an enormous opportunity for investors. Not only can they trade with the assets of their choice, but they also can expect higher chances of success with newer assets and stocks.

However, dealing with a wide variety of assets is something that investors are not comfortable with. Moreover, the markets corresponding to those assets have certain operating hours that make the tracking of their price movements next to impossible for an ordinary investor. Although professional brokers have made it easy to some extent, their credibility is still a matter of concern among those who cannot afford to take high risks. But the arrival of online forex brokers provided investors with the alternative they were looking for.

Online forex brokers facilitate trading through innovative platforms while allowing traders to set their trading preferences. Though some brokers choose to rely on their trading platforms, most use third-party software such as MetaTrader 4 (MT4). Because of its advanced trading capabilities, MT4 is trusted by traders for trading forex and contracts for differences (CFDs) for more than a decade.

What Is MetaTrader 4?

MetaQuotes Software Corp. launched the MT4 trading platform in 2005 for online use across all devices. The platform supports multiple assets, including forex, CFDs, stocks, indices, and commodities. Traders prefer to trade with MT4 for its ease of use and extensive features designed to enhance trading experiences. That is why most brokers started to offer MT4 alongside their proprietary platforms.

MT4 integrates many other tools essential to successful trading. Analytical tools, automated trading, trade signals, expert advisors, and copy trading are just to name a few. It is also considered to be a secure trading platform.

Trading platforms allow traders to choose assets, place orders and execute trades. Therefore, it becomes an essential factor when selecting a particular online forex broker. So, we present here the five best forex brokers for MT4 that you should consider for trading forex and CFDs.

Features and Functionalities of MetaTrader 4

As mentioned above, the industry-standard MT4 is programmed to make trading convenient and transparent. However, users must always research or seek proper guidance before deciding to use the platform. Here are the most notable features of MT4 that can help in the process:

1. Intuitive Interface

It has a well-designed interface that is suitable for beginner and professional traders. Plus, they can operate it via their computers or smartphones anywhere, anytime.

2. Multilingual

Forex brokers MetaTrader 4 is available in all major languages, making it the right choice for traders worldwide to use it without any language barriers.

3. Charting

The market analysis has been made simple with its advanced and personalized charting feature. The ability to analyze real-time price dynamics gives traders a chance to identify the most profitable assets. It also integrates technical indicators that help monitor movements in the financial markets.

4. Expert Advisors

It is one of the best features of MT4 and for automated trading. Programmed using the MetaQuotes Language 4 (MQL4), expert advisors or trading robots execute trades automatically. Since it is customizable, traders can use it to strategize trade.

5. Multiple Execution Modes

According to our mt4 forex broker reviews, the platform offers three execution modes – market execution, instant execution, min deposit, and request execution. All this ensures that trades are executed at a faster speed.

6. Data Security

MetaTrader 4 has the highest security standards with 128-bit encryption and RSA digital signatures.

Why Use MetaTrader 4?

The major reason why one should use MT4 lies in the fact that it executes automated trading with higher accuracy. Above all, the platform is compatible with leading operating systems and offers reliable data protection measures.

Pros and Cons

Pros Cons
      Free and user friendly       Not a good option for high volume trading
      Plenty of innovative trading tools and features
      Trades multiple assets  
      Built-in technical indicators and graphical objects  
      Automated trading through expert advisors  
      Highly customizable  
      Back-testing capability  
      Runs on advanced programming language MQL4  
      Optimized for web-based and mobile trading  

Advantages of MetaTrader 4

With forex MT4, traders can access trading features from any device in just a few clicks. Well, this is not the only thing that they get when using the platform. There are numerous benefits offered by MT4 that put it in high demand both among the brokers and traders.

1. Automated Trading

Automated trading takes all your worries about finding the perfect time to place the order. Its sophisticated trading robots are programmed to meet the individual needs of the trader. Ultimately, they execute the trade automatically while sticking to the trading preferences set by the trader.

2. Copy Trading

Traders can copy deals from within the platform using the signals market.

3. Back-testing

For those who are hesitant about trading with MT4 or unsure about expert advisors’ performance, its back-testing feature could be of great help. It provides historical data about the performance of expert advisors. Also, it allows the optimizing of automated trading strategies.

4. Real-Time Market Analysis

MT4 has a dedicated Market Watch section that features real-time bid/ask price quotes for foreign currencies and other instruments. Information like spreads, liquidity, and real-time market behavior can be accessed under its Market Depth window.

5. Multiple Trading Orders

To help create trading strategies, MT4 supports all types of orders with one-click trading, such as two market orders (forex stop loss and take profit levels) and four pending orders (buy limit, buy stop, sell limit, and sell stop).

6. Risk Management Tools

Using its risk management tools, which include two stop-loss orders, a take profit order, a trailing stop function, and quick trading functions, traders can minimize the high risk of loss.

Tips for Using Forex MetaTrader 4

Though MT4 is a relatively convenient platform to trade forex and CFDs, there are some key points that one must keep in mind to make most of it, such as:

  • Using interactive price charts to analyze and trade the financial markets.
  • Leveraging the hedging function, if offered by the broker.
  • Implementation of the best trading strategies.
  • Customizing trading preferences using technical indicators and analytical tools.
  • Activating the back-testing feature to get an idea of its historical performance.
  • Identifying market trends, predicting price movements, and placing orders directly from the charts.
  • Setting a time frame from one minute to one month for a better market understanding.

How to Select MT4 Forex Brokers

Searching for suitable MetaTrader 4 forex brokers is tedious and confusing for several reasons. So, we suggest exploring their trading history and learning about their reputation in the market beforehand.

Best Forex Broker Metatrader 4

Unmatched execution speed, proven security, and support for multiple assets have made online forex brokers MT4 a favorite one. Several brokers now offer it either as an option or as the only choice seeing its growing popularity.

1. XTB

XTB is one of the largest online stock exchange-listed forex and CFDs brokers founded in 2002. It provides access to over 1,500 global markets with its award-winning forex trading solutions and functional trading apps. Ultra-fast execution, max leverage, and cashback on trades are its unique features.

Tradable Instruments: The forex broker allows trading with 48 currency pairs and over 1,500 instruments, including forex, CFDs, indices, stocks, commodities, exchange-traded funds (ETFs), and cryptocurrencies. It also offers the option of micro lot trading.

Account Types: Traders can choose to trade from its two account types – Standard and Pro. The former offers wider spreads and charges no commission, while the latter comes with tighter spreads and charges a commission. Novice traders can create a demo account.

Minimum Deposit: There are no minimum deposit requirements from XTB for opening accounts.

Trading Platforms: XTB’s award-winning, user-friendly, proprietary xStation five trading platform is designed to execute orders at superior speeds. Its Web Trade Platform and the mobile trading app give access to over 1,500 CFDs markets and advanced trading tools.

MT4: The broker offers MT4 as an alternative to its proprietary platform. It features a wide variety of inbuilt analytical tools and technical indicators. Also included are strategy tester and expert advisors.

Spreads and Commissions: XTB makes money by offering competitive spreads and commission fees. Additionally, extra charges apply to overnight funding and account inactivity. The forex broker charges no deposit and withdrawal fees.

Regulation: XTB is regulated by top-tier regulatory bodies, including the Belize International Financial Services Commission (IFSC), UK Financial Conduct Authority (FCA), Komisja Nadzoru Finansowego (KNF), and the Cyprus Securities and Exchange Commission (CySEC).

Maximum Leverage: The max leverage applicable to all accounts is 1:500.

Research and Education: The broker has made its quality research and educational resources available to all. These include charting tools, news feeds, trading ideas, market sentiment, Heatmap, stocks and ETF scanners, informative articles, webinars, and trading platform tutorial videos.

Customer Service: Multilingual, responsive customer support is available 24/5 via live chat, email, and phone.

2. Swissquote

Swissquote is a leading online forex and CFDs broker established in 1996. Swissquote is known for its transparent pricing, fair-trading conditions, and strong investor protection.

Tradable Instruments: The broker offers a broad range of over 130 instruments accessible from a single trading platform. It includes forex, CFDs, stocks, indices, bonds, options, precious metals, and cryptocurrencies. It also offers the most extensive collection of major, minor, and emerging currency pairs.

Account Types: Swissquote provides various options to open accounts with different min deposit requirements – Standard ($1,000), Premium ($10,000), Prime ($50,000), and Professional (trading volume based). There is a demo account available as well.

Minimum Deposit: $1,000 is the min deposit requirement, but it increases with other accounts. Also, traders are covered under the depositor protection scheme to protect their funds in the event of bankruptcy proceedings.

Trading Platforms: Traders can choose from highly secure and high-performing platforms accessible via desktop or the web or mobile apps. Its intuitive eTrading platform is suitable for beginners and experienced traders. Alternatively, it offers the option of MT4 and MT5.

MT4: With the MT4 platform, traders gain direct access to the financial markets and the instruments. It hosts a range of premium technical analysis tools and plug-ins, such as Autochartist, MetaTrader Master Edition, and Trading Central.

Spreads and Commissions: Traders can benefit from Swissquote’s competitive spreads, low margins, and flexible transactions. While there are no commission fees, hidden fees, an account inactivity fee will be deducted monthly.

Regulation: Swissquote is authorized to offer forex trading services in compliance with regulatory standards set by the Swiss Financial Market Supervisory Authority (FINMA) and FCA.

Maximum Leverage: The max leverage applicable to all accounts, except the Professional account, is 1:100.

Research and Education: Its research section provides technical analysis through interactive charts, trading ideas, news feeds, and fix forex trading API. The education segment features e-books, webinars, tutorials, and educational videos.

Customer Service: Customer support can be requested from live chat, email, or the phone anytime between Sunday to Friday.

3. Tickmill

Tickmill is the international online forex and CFDs broker founded in 2014. The broker provides innovative trading products and services, such as social trading via Myfxbook. Other remarkable features include automated trading, scalping, and hedging.

Tradable Instruments: Tickmill group provides adequate trading opportunities with over 62 major, minor, and exotic currency pairs, along with forex, CFDs, indices, bonds, oils, and precious metals. Regrettably, there is no option for trading with cryptocurrencies.

Account Types: The broker primarily offers three account types plus a demo account – Pro, Classic, and VIP, each designed to meet the needs of different kinds of traders and trading styles. They differ in terms of minimum deposit and minimum account balance requirements as well as commissions.

Minimum Deposit: Pro and Classic account holders can start trading straight away by min deposit of $100. The VIP account does not have any min deposit but requires $50,000 in the account to trade.

Trading Platforms: Tickmill comes with the only efficient MT4 trading platform that can also be used as a web trader.

MT4: Traders get a seamless trading experience with the widely used MT4 platform. The platform features numerous advanced analytical and charting tools, sophisticated order management tools, and expert advisors, giving them a trading edge.

Spreads and Commissions: Tickmill offers variable spreads and competitive commissions fees. It means the Pro and VIP accounts have lower spreads with commissions, while the Classic account provides a bit higher spread with zero commission. Significantly, no fees are charged on deposits, withdrawals, or account inactivity.

Regulation: Tickmill is internationally regulated by FCA, FSA, CySEC, and the Financial Sector Conduct Authority (FSCA).

Maximum Leverage: At Tickmill, the max leverage offered for all account types is 1:500.

Research and Education: Tickmill’s excellent research tools comprise Autochartist, Myfxbook copy trading, economic calendar, and forex calculators. On the education front, traders can gain market insights with e-books, tutorial videos, webinars, infographics, and articles.

Customer Service: Though available 24/5 via live chat, email, and phone, customer care representatives at Tickmill are swift and professionals in providing relevant solutions.

4. Pepperstone

Pepperstone is one of the largest online forex and CFDs brokers founded in 2010. The broker is recognized for its outstanding forex trading services, cutting-edge technology, competitive pricing, social copy trading, and excellent trading conditions.

Tradable Instruments: The forex broker specializes in providing access to over 180 instruments across a great selection of asset classes, including forex, CFDs, indices, stocks, commodities, and cryptocurrencies. With the freedom of trading more than 60 currency pairs, traders can make the most out of every possible market opportunity.

Account Types: Pepperstone offers two account types – Razor and Standard designed, keeping in mind different trading styles and experience levels of traders. These accounts share common trading features but have various slabs for spreads and commissions fees. And yes, it has a demo account as well.

Minimum Deposit: The min deposit required to begin trading with Pepperstone is zero. 

Trading Platforms: Pepperstone has not developed its trading platform, so traders are left with the choice of trading with MT4, MT5, and cTrader. These widely accepted third-party automated trading software are known for lightning-fast order execution.

MT4: For the ones who want to excel in trading with precise trading tools, MT4 is the best option. Furthermore, real-time price dynamics and charts, technical indicators, order management tools, analytics tools, and expert advisors can enhance their trading experience.

Spreads and Commissions: The broker offers tighter spreads, low commissions, and overnight swap fees across all instruments to help traders achieve their trading goals. Spreads are highly variable depending on the account, and the commission is zero for the Standard account. Deposits and withdrawals are free of charge.

Regulation: Being regulated by the Australian Securities and Investments Commission (ASIC), FCA, and the Dubai Financial Services Authority (DFSA) compels Pepperstone to keep trader funds into segregate tier 1 bank accounts.

Maximum Leverage: Traders can trade with the max leverage of up to 1:500.

Research and Education: Its extensive market research and educational offerings ensure that traders never run short of helpful information. They can hone their trading skills by taking full advantage of features like Autochartist, trading ideas, news feeds, charts, economic calendars, webinars, blogs, and tutorial videos.

Customer Service: Pepperstone has done a commendable job with its 24/5 active customer service. Traders can seek help via live chat, email, or phone.

5. IG

IG is a renowned online forex and CFDs broker that was established in 1974. It has earned high respect in the advanced trader community for its top-notch trading technology, competitive rates, and commitment to providing profitable trading conditions.

Tradable Instruments: It is worth mentioning that IG offers an ever-expanding collection of more than 17,000 tradable in six asset classes, including forex, CFDs, shares, indices, commodities, and cryptocurrencies.

Account Types: IG provides the option of opening an account based on the assets to be traded. Apart from the Standard and Professional account, one can try the demo account.

Minimum Deposit: Traders need to pay a minimum deposit if they are making payments through bank transfers. But the credit or debit cards or PayPal transactions require it to be $300.

Trading Platforms: The absence of a proprietary trading platform causes traders to rely on its web-based platform, several third-party platforms, and mobile apps to carry out trade. The specialist algorithmic trading platforms include MetaTrader 4 and ProRealTime.

MT4: The leading MT4 platform gives instant access to a range of plug-ins and technical indicators. It also comes packed with powerful trading tools, such as algorithmic trading, micro-lots, and customizable charts.

Spreads and Commissions: IG charges variable spreads and commissions on every trade. Though it does not charge any fees on deposits and withdrawals, overnight funding and account inactivity might incur some charges.

Regulation: The broker is authorized and regulated by FCA, Germany’s Federal Financial Supervisory Authority (BaFin), and the Bermuda Monetary Authority.

Maximum Leverage: The max leverage offered with Standard and Professional accounts is 1:30 and 1:200, respectively.

Research and Education: Its free research and educational resources are designed to take trading to the next level. Learn about the latest market events with news feeds, expert analysis, and an economic calendar. Or choose from its wide variety of online trading courses, infographics, webinars, and instructional videos. Find more about the IG education resources from our review page.

Customer Service: For any questions about IG’s products or services, traders can get in touch with its first-class customer service 24/5 through live chat, email, or the phone.


Undoubtedly, the MT4 trading platform is the most preferred choice among traders, and there are reasons for that. Be it convenience, reliability, or security. The platform is at the forefront of online trading. Moreover, the best forex broker for MetaTrader 4 offers traders a wealth of choices. They can choose to trade with the desired instrument, customize trading features, and set trading preferences to get the deal done. We know how challenging it could be to select MT4 brokers, which is why we firmly believe that this well-researched list of top 5 MT4 brokers will put an end to your hunt.

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