10 best MetaTrader 4 Brokers in comparison

The problem with MetaTrader 4’s understated elegance and simplicity is that it has become ubiquitous. It is the Microsoft Word of forex trading platforms.

As a result, it is a truly mammoth task to pin down who’s the best MT4 broker. However, we are more than a match for the challenge. Using the same criteria you would use, we have managed to find not one ‘best’ broker, but 10!

For this reason, we have body-swerved ranking them. In reality, any of these 10 forex brokers could have bagged the top spot.

Who’s best for MT4?

There’s very little separating the brokers we are showcasing. However, while there may not be much between these ten, they are far and away the sector’s best. We would defy anyone to rank them in order and get any consensus. What we can definitively say is that there’s a gulf between the brokers we spotlight and the rest of the herd.

The brokers we have chosen are, in our opinion, the standouts leading from the front. Please read on to get our lowdown on the top dogs for MT4.

10 best MetaTrader 4 Brokers:

  1. BDSwiss – The Toberlone of forex brokers
  2. RoboForex – Intriguing account lineup
  3. Tickmill – Well regulated in multiple jurisdictions
  4. XM – Very strong on education and learning
  5. BlackBull Markets – Big Kiwi forex player
  6. IC Markets – Joined-up forex thinking
  7. Vantage FX – Fine-tuned for MT4
  8. Admiral Markets – Staying the course
  9. FXCM – Reliability and longevity
  10. FxPro – Self-proclaimed No.1

2. BDSwiss

According to this Switzerland-based broker, they have optimized MT4 with their advanced technology. This tinkering enabled them to build a user-friendly forex trading platform to support traders of all experience levels.

MT4 devotees have the choice of three account types, Classic, VIP, and Raw.

The Classic commands a minimum deposit of $100 and charges zero commission on forex pairs. But the spreads start from 1.5 pips.

The VIP accounts need a minimum deposit of $3,000, charges zero commission, and spreads from 1.1 pips.

The only way to access 0.0 spreads is by opening a Raw account. This requires a minimum deposit of $5,000 and charges a fixed $5 commission on pairs.

Benefits of BDSwiss:

  • MT4 accounts
  • Trade up to 50 currency pairs
  • Spreads from 0.0 pips with the Raw account
  • Lots starting from 0.01
  • Flexible leverage with 1:500 maximum
  • Mobile, desktop, and web apps
  • Average monthly trading of $84 billion
  • Local offices in more than ten countries

2. RoboForex

You are spoiled for choice here with four different forex account types that run MT4.

Aimed at advanced traders, the Prime account offers trading on 28 currency pairs, with spreads from 0.0 pips and leverage of 1:300.

The ECN account is designed for pro traders looking for 0.0 pips and leverage of up to 1:500. Neither the ECN nor Prime accounts have deposit bonuses but are eligible for loyalty bonuses.

The other two account types are Pro-Cent and Pro-Standard, both of which are suitable for forex beginners and offer floating spreads from 1.3 pips on 36 currency pairs. They are both eligible for deposit and loyalty bonuses. But the big attraction is the very high 1:2000 leverage.

Benefits of RoboForex:

  • MT4 accounts
  • One-click trading
  • Leverage of up to 1:2000
  • Integration with MetaTrader Market
  • Balance protection
  • Zero commission on deposits and withdrawals
  • Multiple payment methods
  • Bonus and cashback schemes

3. Tickmill

So enamored with MetaTrader 4 are Tickmill, it is their only option apart from WebTrader.

Combined with their fast order execution technology and spreads from 0.0 pips, Tickmill is convinced they are onto a winner with their branded MT4 offering.

If you are new to Tickmill, you can apply for a $30 welcome account, so you don’t even need to put up any money, and you get to withdraw the profits. Sweet.

Otherwise, there are three regular accounts – Pro, Classic, and VIP, which offer leverage of up to 1:500. Choosing between them may be easier than you think as the VIP account expects a minimum balance of $50,000 while the other two have zero minimum balance requirements.

Benefits of Tickmill:

  • MT4 friendly
  • Regulated in multiple jurisdictions
  • One-click trading
  • Excellent educational resources
  • Ongoing promotions
  • Negative balance protection
  • Multilingual customer support
  • Leverage of up to 1:500

4. XM

Whether you are an old hand with MT4 or just starting, XM.com makes for a good, dependable MetaTrader-friendly forex broker.

XM has all the bases covered with MT4. You can download it for:

  • PCs and Macs
  • Multi-terminal
  • WebTrader
  • Android and iOS smartphones and tablets.

No matter your preferences, you will have a device that can access MT4 and the forex markets.

What we particularly love about XM.com is their education and training resources, from how to install MT4 and all about forex trading. Many brokers offer learning materials, but what XM has put together is quite exceptional.

Their forex account types are well-thought-out, too, with zero commission and a $5 minimum deposit on all but one.

Benefits of XM:

  • Lots of MT4 options
  • Leverage of up to 1:888
  • Trade over 55 currency pairs
  • Spreads from 0.6 pips
  • Exceptional forex training resources
  • Video tutorial guides to MT4
  • Welcome and trading bonuses
  • Regular promotions

5. BlackBull Markets

The guys from Auckland, New Zealand are significant players in the forex market. Like so much about New Zealand, they too punch above their weight.

If you want a forex broker that’s geared up for MT4 and is secure, reliable, and offers good trading conditions, then BlackBull Markets will always be in the top ten. They made it here on merit, for sure.

For retail clients, there are two accounts, ECN Standard and ECN Prime. Beginners would be well advised to select the ECN Standard account. It needs only a $200 minimum deposit and charges zero commission. Spreads start from 0.8 pips.

The more experienced forex trader with a larger pot will probably prefer the ECN Prime account to get spreads from 0.1 pips.

Benefits of BlackBull Markets:

  • MT accounts
  • Leverage of up to 1:500
  • Social trading
  • Award-winning customer service
  • Global footprint
  • Registered in New Zealand, the UK, and Seychelles
  • Islamic and institutional accounts
  • Rebate scheme for active traders

6. IC Markets

Another unabashed MT4 broker that’s well above average is IC Markets. It has rolled out MT4 in all its various guises to ensure traders can use the platform across all their digital devices.

Most of the others do too, but IC Markets is a top tenner on account of its joined-up thinking about forex trading and MT4 integration.

To keep things straightforward, there are just two MT4 forex account types; Standard and Raw Spread. Standard comes with zero commission and spreads from 1.0, while Raw Spread nets you spreads from 0.0 pips and $3.50 per lot per side commission.

Both can be opened with a $200 minimum deposit and can access leverage of up to 1:500.

Benefits of IC Markets:

  • 360 MT4 coverage
  • Leverage of up to 1:500
  • Lightning-fast order execution
  • Trade over 65 currency pairs
  • Spreads from 0.0 pips
  • Deep liquidity
  • 24/7 customer support
  • Data centers in London and New York

7. Vantage FX

On their website, Vantage FX reveals that their version of MT4 has been fine-tuned in conjunction with the developers. This tweaking enables MT4 users to squeeze the maximum benefit out of Vantage FX’s fiber-optic network.

At the very least, it’s a good marketing line. However, Vantage FX does go on record to say their network gives extra stability when running forex robots.

There are MT4 accounts to select: Standard, Raw, and Pro.

Standard is custom-built for novices, allowing trading on 44 currency pairs and STP order execution. The minimum deposit is $200, and there’s no commission payable.

Raw is ECN-based and requires a $500 deposit, while the Pro requires a minimum $20,000 deposit. Both have spreads from 0.0 pips.

Benefits of Vantage FX:

  • Optimized for MT4
  • Leverage of up to 1:500
  • Spreads from 0.0 pips
  • $200 minimum deposit
  • Zero deposit fees
  • Social trading
  • Long track record
  • Multi-award winning regulated broker

8. Admiral Markets

If it weren’t for its military rank, Admiral Markets would be considered the forex market’s elder statesman. With 19 years of experience underneath its belt, Admiral Markets was an early adopter of MT4.

Not only do they have the standard MT4 variants available, but they are also offering up the MT4 Supreme Edition. This update is exclusive to Admiral Markets’ customers and available for both live and demo accounts.

It is essentially MT4 on steroids with a bunch of brand new and upgraded features to whet your forex trading appetite.

They offer two MT4 accounts, Trade.MT4 and Zero.MT4. Both can be opened with just $100 in ten base currencies.

Benefits of Admiral Markets:

  • MT4 plus their exclusive Supreme Edition
  • Award-winning regulated broker
  • Trade over 40 currency pairs
  • Forex training videos
  • Extensive learning resources
  • Leverage of up to 1:30
  • Well regulated in multiple jurisdictions
  • Negative balance protection

9. FXCM

Another long in the tooth forex broker is FXCM. Founded way back in 1999, FXCM’s longevity is a testament to its work ethic and customer service. You do not survive in the highly competitive forex sector by resting on your proverbial laurels.

If FXCM has proved anything, it is that continually pushing forward ensures you make progress. And no one can deny that’s not the case with FXCM.

They, too, were on board with MT4 early on and are well versed in supporting it and traders.

If you are still in browsing mode at this stage, FXCM insists on you handing over personal details to access their account sign up page. And the same applies even if you wish to try out a demo account.

Benefits of FXCM:

  • Long history with MT4
  • Leverage of up to 1:30
  • A minimum deposit of £300
  • Free live trading signals
  • Active traders eligible for discounted charges
  • Spread betting
  • Social copy-trading
  • Good customer services which now supports WhatsApp

10. FxPro

Modestly hailing itself as the world’s Number One forex broker, FxPro is patently not shy about blowing its trumpet. Fortunately, unlike so many others, FxPro does have some claim to the title, not least of which is their embracing of MetaTrader 4.

You can download this beloved forex trading platform directly from FxPro and link it with one of their three MT4 designed accounts.

For reasons best known to themselves, FxPro has done an excellent job hiding its accounts comparison page. We only stumbled across it by chance; you can access it here.

Essentially, there are two main account types on MT4; FxPro MT4 Instant and FxPro MT4. In reality, there’s little between them, apart from execution type. The Instant account uses instant execution while its buddy uses market execution.

A third option is the FxPro EDGE platform.

Benefits of FxPro:

  • MT4 dedicated accounts
  • Multi-award winner
  • 24/5 multilingual customer support
  • Leverage up to 1:500
  • Fast order execution
  • Trusted by clients in over 170 countries
  • Free education resources
  • Daily news analysis

Is MetaTrader 4 any good?

MetaTrader is the benchmark of forex trading platforms. It is an industry staple that sports some great analytical tools and is almost universally among forex brokers. MT4 is a great way to learn the ropes if you are a first-time forex trader as it integrates well with demo accounts and social trading apps like CopyFX etc.

Which is better, MetaTrader 4 or 5?

They are both pretty good. But there are crucial differences. MT4 was purpose-built for forex, while MT5 can be used for forex and a range of other assets, including futures and stocks.

The choice depends on the needs of the individual trader. If you are only interested in forex trading or new to trading, MT4 is all you will need. It’s straightforward and intuitive.

Who developed MetaTrader 4?

MetaTrader 4 was developed by MetaQuotes Software Corporation and released in 2005 as a simple and easy-to-use online forex trading platform. Its target audience was – and still is – retail clients. It offers fast execution and a suite of trading tools. The vast majority of forex brokers have adopted it to enable customers to access an award-winning platform, view real-time prices and charts, place orders, and self-manage their accounts.

MetaTrader 5 came along in 2010 as an all-in-one multi-asset trading platform. The shorthand for the software often used now is MT4 and MT5.

Which broker should I use for MT4?

The problem with this question is that almost every forex broker offers MetaTrader 4. There are a very few exceptions who have decided to develop their platform in-house. Finding the best broker for MT4 is a Herculean task. However, we have helped. Our guide recommends the 10 best MT4 brokers around. They are a good mix that will appeal to both beginners and seasoned forex traders. They go the proverbial above and beyond.

Can I start trading forex with $10?

Yes, $10 is relatively standard as a minimum deposit. However, some forex brokers will be looking for minimum deposits of $100 or $200. Depending on the type of account, your trading volume, and the spreads you want, it can be substantially more. However, if you are unfamiliar with forex, always take advantage of the training courses and demo accounts offered by brokers. The learning resources are variable in quality. Demo accounts, though, are an excellent way to familiarize yourself with the platform and practice trading with virtual money in a risk-free environment.

Final Verdict

The problem with being an MT4 fan is the over-choice. MetaTrader 4 is everywhere you look when scoping out forex trading platforms.

This is quite a compliment to the software and testimony to its popularity not just with brokers but with forex traders. A big part of the MT4 appeal is the ease of use and speed. It’s a no-nonsense, straightforward way to trade forex.

There are excellent analytical tools built-in, and it provides everything you need to laser-focus your forex trading. MT4’s mass appeal is, therefore, in its lack of superfluous whistles and bells. Nothing is cluttering up the task at hand.

It is against this backdrop that we took on the job of winnowing down the many thousands of MT4-adopting forex brokers to a field of just ten. This is a far more manageable number to contend with than trying to figure it out using a search engine, for sure.

You can be sure that all of our showcased brokers are a cut above the herd. They are good all-rounders that have appeal for both forex novices and traders with years of hard-won experience.

We haven’t ranked them for a good reason. When you have drilled down to this level, it’s all becoming somewhat granular. Separating the brokers comes down very much to personal preference, bias, and prejudice. So we wisely decided to delegate that part to you. Be assured, however, that all ten of our picks could easily occupy the Number 1 spot.