MetaTrader 4 is arguably the most popular trading platform on the Forex market. MT4, as it is more commonly known, was developed by MetaQuotes to provide a feature-rich and easily navigable user interface with fast execution.
While there are a great number of Forex brokers who offer MT4 today, not all of them provide the best trading conditions. In this article, we explore the best MT4 Forex brokers which also offer a secure and competitive trading environment.
1. XM
Overview
An international MT4 broker with minimal trading costs and three simple account types, XM distinguishes itself with its educational help and excellent customer service and is one of the best MetaTrader 4 brokers.
Video tutorials for XM's MT4 platform are available to help new traders get up to speed on the most critical aspects of the MT4 platform.
Pros and Cons
|
Pros Low minimum deposit Comprehensive educational offering Streamlined account opening process |
Cons Inactivity fee charged after 90 days on live
accounts Limited product portfolio |
Features
|
Feature |
Information |
|
Regulation |
IFSC, ASIC, CySEC, FCA and DFSA |
|
Minimum deposit from |
$5 |
|
Average spread from |
0.1 pips |
|
Commissions from |
$3.5 commission per $100 000 traded |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:30 |
|
Bonuses |
$30 Trading Bonus |
|
Customer Support |
24/5 |
2. FXTM
Overview
Standard and ECN MT4 accounts are available from FXTM. With a minimum deposit of only $50 and spreads as low as 1.5 pips, FXTM provides a Micro Account on MT4 and is also one of the best MetaTrader 4 brokers.
In order to learn how to use MT4's sophisticated automation capabilities like scripts, EAs, and indicators, this is the best account for beginning traders to start off with.
Pros and Cons
|
PROS |
CONS |
|
Superb customer service |
Inactivity and withdrawal fees |
|
High maximum leverage |
Limited product portfolio |
|
Great educational tools |
|
Features
|
Feature |
Information |
|
Regulation |
CySEC, FCA, FSCA |
|
Minimum deposit from |
$100 |
|
Average spread from |
0.9 pips |
|
Commissions from |
No commission |
|
Deposit/Withdrawal Fees |
$3 |
|
Maximum Leverage |
1:500 on average |
|
Bonuses |
$300 Trading Bonus |
|
Customer Support |
24/5 |
3. Exness
Overview
The minimum deposit for Exness' Standard MT4 account is 3 USD and the average spread on the EUR/USD is 1 pip.
A superb low-risk chance for beginner traders to gain expertise in live markets, this trading account is a great starting point. MT4's Pro Account also boasts excellent trading conditions, with spreads on EUR/USD averaging 0.6 pips and no commissions.
Pros and Cons
|
PROS |
CONS |
|
Well-regulated |
|
|
Tight spreads |
|
|
Over 130 currency pairs |
|
Features
|
Feature |
Information |
|
Regulation |
CySEC, FCA |
|
Minimum deposit from |
$1 |
|
Average spread from |
1.3 pips |
|
Commissions from |
3 USD and 10 USD per 1 lot for CFDs |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:2000 |
|
Bonuses |
Standard +10% Bonus Programme |
|
Customer Support |
24/5 - multilingual |
4. HotForex
Overview
On the MT4 platform, HotForex is a well-regulated broker that provides quick STP execution on all six of its MT4 accounts.
The Micro Account's minimum deposit is just 5 USD, and spreads on the EUR/USD start at 1.2 pips. All of HotForex's MT4 account types are available as free, limitless demos for those just getting started.
Pros and Cons
|
Pros No deposit or withdrawal fees Competitive spreads |
Cons High commission charges on the Zero account |
Features
|
Feature |
Information |
|
Regulation |
CySEC, DFSA, FCA, FSA, FSCA |
|
Minimum deposit from |
$5 |
|
Average spread from |
0,0 pips |
|
Commissions from |
USD 0.03 per 1K lot. |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:1000 |
|
Bonuses |
100% Supercharged Bonus |
|
Customer Support |
24/5 |
5. Pepperstone
Overview
MT4 support, solid regulation, and two simple accounts with ECN execution are all provided by Pepperstone, a well-known broker. For scalpers and clients using MT4's expert advisors, most orders are processed in less than 30 milliseconds.
Pros and Cons
|
Pros No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits |
Cons Limited number of instruments No additional research tools |
Features
|
Feature |
Information |
|
Regulation |
FCA, ASIC |
|
Minimum deposit from |
AUD200 |
|
Average spread from |
0.4 pips |
|
Commissions from |
$3.76 commission per lot per trade |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:500 |
|
Bonuses |
None |
|
Customer Support |
24/5 |
