Best MetaTrader 4 (MT4) Brokers

Best MetaTrader 4 (MT4) Brokers in 2024

MetaTrader 4 (MT4) remains one of the most popular platforms for forex and CFD trading, known for its user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs). In 2024, numerous brokers continue to offer MT4, each with distinct advantages. Here, we outline the top MT4 brokers to help you choose the best one for your trading needs.

 

IC Markets 

IC Markets stands out as the best overall broker for MetaTrader 4 due to its exceptional combination of competitive pricing, execution speed, and support for advanced trading strategies. Traders benefit from extremely tight spreads starting from 0.0 pips, which makes it highly appealing for high-frequency traders and scalpers who rely on minimal costs per trade. Its ECN (Electronic Communication Network) accounts ensure fast, reliable trade execution, which is crucial for those using automated trading systems such as Expert Advisors (EAs).

 

One of the key strengths of IC Markets is its offering of a broad array of assets. Traders can access forex pairs, commodities like gold and oil, indices, and even cryptocurrencies, providing ample opportunities for portfolio diversification. Furthermore, IC Markets offers deep liquidity across its trading instruments, ensuring minimal slippage even during periods of high market volatility. This makes it a favored platform for professional traders who require precision and speed in execution.

 

The broker’s pricing model is highly competitive, with a low commission structure—$3 per lot—making it one of the most cost-effective choices in the industry. Combined with leverage options up to 1:500, IC Markets allows traders to control large positions with relatively small capital, offering the flexibility to manage risk and capitalize on market movements. With a minimum deposit of $200, it remains accessible to both beginners and professionals alike, providing an optimal trading environment for all levels of experience.

 

Pepperstone 

Pepperstone is a highly respected broker, particularly favored by advanced traders using MetaTrader 4 (MT4). Its robust support for algorithmic trading, including Expert Advisors (EAs), makes it a preferred platform for those looking to automate their strategies. With low-latency execution and access to multiple account types, Pepperstone caters to a wide range of trading styles, from scalping to long-term trading. The broker's Razor Account offers ultra-tight spreads starting from 0.0 pips, making it ideal for traders focused on minimizing transaction costs.

 

In addition to its powerful MetaTrader 4 integration, Pepperstone also supports third-party platforms such as cTrader and TradingView. This versatility allows traders to choose their preferred interface, whether they prioritize algorithmic trading or advanced charting features. Pepperstone's infrastructure ensures rapid trade execution, which is crucial for those using automated systems or engaging in high-frequency trading strategies.

 

Pepperstone's pricing is also highly competitive, with a commission of $3.50 per lot on the Razor Account, and leverage up to 1:500. This allows traders to control larger positions while managing risk more effectively. With a minimum deposit of just $200, Pepperstone is accessible to both experienced and intermediate traders, making it a highly flexible option for those looking for a comprehensive MT4 trading environment. Its excellent customer service and educational resources further enhance its reputation, providing support for traders of all experience levels.

 

Tickmill 

Tickmill is an excellent choice for traders seeking low-cost trading options on MetaTrader 4 (MT4). Its standout feature is the commission-free trading available on Classic accounts, making it highly appealing for beginners and traders focused on minimizing expenses. For more experienced traders, Tickmill offers Pro and VIP accounts, which come with some of the lowest commissions in the industry, ensuring that even high-volume traders can keep their costs down. With its Pro Account, spreads start from 0.0 pips, which provides competitive pricing, especially for forex traders.

 

In addition to its low costs, Tickmill is known for its fast execution speeds, which are crucial for day traders and scalpers who rely on precision and timely trades. This speed is supported by its reliable and robust infrastructure, ensuring that trades are executed with minimal delay. Another significant advantage of Tickmill is its strong regulatory framework. It is regulated by multiple reputable bodies, including the UK’s Financial Conduct Authority (FCA), which adds an extra layer of security for traders.

Tickmill offers leverage of up to 1:500, providing flexibility for traders looking to control larger positions with a smaller capital outlay. With a minimum deposit of just $100, Tickmill is accessible to a wide range of traders, from beginners to professionals. This combination of low costs, fast execution, and strong regulation makes Tickmill an attractive broker for those using MT4, especially for cost-conscious traders who also need a reliable trading platform.

 

FP Markets 

FP Markets is an excellent broker choice for scalpers and algorithmic traders who prefer the MetaTrader 4 (MT4) platform. The broker stands out due to its ECN (Electronic Communication Network) pricing model, which enables tight spreads and lightning-fast trade execution. This is a significant advantage for traders using scalping strategies or those relying on Expert Advisors (EAs) for automated trading. With spreads starting from as low as 0.1 pips on its Raw ECN account, FP Markets provides some of the most competitive pricing in the industry.

 

In addition to its cost advantages, FP Markets is highly regarded for the advanced charting tools and custom MT4 plugins it offers. These tools allow traders to customize their trading interface and optimize their strategies, making it an ideal platform for both manual and automated trading. The availability of over 60 forex pairs, alongside other assets like commodities and indices, gives traders a wide range of options for diversifying their portfolios.

 

FP Markets also offers leverage of up to 1:500, allowing traders to take on larger positions while managing their risk. With a commission of just $3 per lot per side on its Raw ECN account, traders benefit from a cost-effective trading environment. Additionally, the broker’s low minimum deposit of $100 makes it accessible for both beginners and seasoned traders, further enhancing its reputation as a versatile and trader-friendly platform. The combination of tight spreads, advanced tools, and flexibility in trading conditions positions FP Markets as a top choice for MT4 users.

 

FOREX.com 

FOREX.com is widely recognized for its comprehensive research and educational resources, making it an excellent choice for beginner to intermediate traders who are still gaining experience in the market. The broker offers a complete MetaTrader suite, including both MT4 and MT5, along with additional tools such as Trading Central and FX Blue. These tools help traders with market analysis, sentiment insights, and strategy refinement, allowing them to make more informed trading decisions.

FOREX.com provides access to a wide range of instruments, including forex pairs, commodities, indices, and even cryptocurrencies. This makes it an attractive option for traders looking to diversify their portfolios. With competitive spreads starting from 0.8 pips, FOREX.com offers relatively low-cost trading, especially on its standard accounts, which have no commission fees. This structure is particularly beneficial for beginner traders, as it simplifies the cost structure without adding additional trading fees.

The broker also offers leverage of up to 1:200, giving traders the flexibility to manage larger positions with smaller capital. Combined with a low minimum deposit of just $100, FOREX.com is accessible to traders at various experience levels. Its strong educational content, including webinars, tutorials, and market analysis, further enhances its appeal, providing valuable learning resources for those who want to improve their trading skills while using a reliable MT4 platform. This makes FOREX.com a solid choice for traders who value both education and a robust trading environment.

 

FXGlory

FxGlory is known for offering high leverage and a simple trading experience, making it a suitable option for both beginner and intermediate traders looking to trade on MetaTrader 4 (MT4). The broker provides leverage as high as 1:3000, one of the most generous in the industry, allowing traders to manage larger positions with a small amount of capital. This high leverage can be particularly appealing for traders with a higher risk appetite or those looking to maximize their position sizes.

In addition to its high leverage, FxGlory offers access to a wide range of instruments, including forex pairs, commodities, indices, and cryptocurrencies. This variety provides ample opportunities for traders to diversify their portfolios. The broker’s MT4 platform is equipped with essential features like technical indicators, charting tools, and automated trading via Expert Advisors (EAs), making it a versatile option for traders with different styles.

One of FxGlory's advantages is its low minimum deposit requirement, starting at just $1, making it accessible for beginners who want to enter the market without a large capital outlay. While the broker offers competitive spreads, starting from 0.7 pips, it does not charge any commissions, which simplifies the cost structure for new traders. However, spreads can be wider compared to some other brokers during periods of low liquidity.

FxGlory also provides additional services such as bonuses, which can increase trading capital, making it attractive to those looking for added value. Though its educational resources are more limited compared to some larger brokers, FxGlory offers basic materials suitable for beginners who are just starting to learn about forex trading.

With these features, FxGlory is a solid choice for traders who prioritize high leverage and simple account management while using a reliable MT4 platform.

 

AvaTrade

AvaTrade is a well-established broker that offers a comprehensive MetaTrader 4 (MT4) experience, making it an appealing option for traders at various skill levels. With its strong regulatory framework across multiple jurisdictions, including Europe, Australia, and Japan, AvaTrade ensures a secure and reliable trading environment. This makes it particularly attractive for those who prioritize safety and transparency in their trading activities.

AvaTrade’s MT4 platform provides access to a broad range of financial instruments, including forex pairs, commodities, indices, cryptocurrencies, and stocks. The platform is equipped with advanced trading tools, automated trading capabilities through Expert Advisors (EAs), and a user-friendly interface, allowing traders to easily customize their trading strategies. AvaTrade also supports algorithmic trading, providing traders with the flexibility to automate and optimize their trades based on pre-defined conditions.

One of the key features of AvaTrade is its commission-free trading structure, where traders only need to consider the spreads, starting from 0.9 pips for major currency pairs. This simplifies cost management, making it easier for beginner and intermediate traders to calculate their trading costs. Additionally, AvaTrade offers leverage of up to 1:400, giving traders the opportunity to control larger positions while managing risk effectively.

AvaTrade also excels in providing educational resources and customer support. The broker offers webinars, tutorials, and market analysis, which can be particularly beneficial for new traders looking to improve their skills. Its educational content is designed to help traders of all levels better understand the market and make informed trading decisions.

 

XM

XM is a globally recognized broker that offers MetaTrader 4 (MT4), making it a strong contender for both beginner and advanced traders. Regulated in multiple jurisdictions, including by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), XM ensures a high level of security and trust for its clients. This solid regulatory background makes it a great option for traders who prioritize safety and transparency in their trading activities.

XM provides a robust MT4 platform that supports over 1,000 trading instruments, including forex pairs, commodities, indices, and stocks. It offers fast execution speeds with no re-quotes or rejections, making it a reliable platform for traders who need timely trade execution. In addition to the standard MT4 tools, traders can also benefit from one-click trading, Expert Advisors (EAs) for automated strategies, and advanced charting features, making it suitable for both manual and automated trading strategies.

One of XM’s standout features is its flexible account types, including Micro, Standard, and XM Zero accounts. Traders can choose the account that best suits their needs, whether they are beginners starting with small amounts or professionals looking for tighter spreads and lower costs. XM offers competitive spreads starting from 0.6 pips, and the XM Zero account offers spreads as low as 0.0 pips with a commission of $3.50 per lot, making it highly attractive for active traders.

XM also offers leverage of up to 1:888, giving traders flexibility in controlling larger positions with smaller capital, although this may vary depending on the regulatory jurisdiction. With a low minimum deposit of just $5, XM is accessible to a wide range of traders, from those just starting out to more experienced market participants.

In addition to its trading features, XM provides extensive educational resources, including webinars, video tutorials, and in-depth market analysis. These resources are valuable for traders at all experience levels, helping them to improve their trading skills and stay updated on market trends.

 

FXPro

FxPro is a top-tier MetaTrader 4 (MT4) broker, highly regarded for its trading conditions and broad range of available assets. With a presence in over 170 countries and regulation from multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), FxPro is a secure and reliable choice for both beginner and professional traders.

FxPro offers a fully integrated MT4 platform that supports forex, commodities, indices, futures, shares, and cryptocurrencies. Traders can benefit from tight spreads, starting from as low as 0.6 pips on major currency pairs, making FxPro a cost-effective broker. The platform also supports automated trading with Expert Advisors (EAs), allowing users to create and deploy algorithmic trading strategies. Additionally, the MT4 platform at FxPro provides advanced charting tools and multiple order execution options, giving traders flexibility in how they manage their trades.

A key feature of FxPro is its fast execution speeds, with no dealing desk intervention, ensuring that trades are executed quickly and reliably. The broker also offers various execution models, including instant and market execution, depending on the account type and trader preference. FxPro’s pricing is transparent, with low commissions on its ECN accounts, while other account types offer commission-free trading, with costs built into the spreads.

FxPro offers leverage of up to 1:500, providing flexibility for traders looking to manage larger positions with a smaller capital outlay. With a minimum deposit of $100, FxPro is accessible to a wide range of traders. The broker also offers educational resources, including webinars, tutorials, and market analysis, which are particularly useful for novice traders looking to build their knowledge and skills.

 

Octa

Octa is a well-regarded broker offering a solid MetaTrader 4 (MT4) trading experience, making it a popular choice for both beginner and advanced traders. Regulated by the Cyprus Securities and Exchange Commission (CySEC), OctaFX is known for providing a secure and transparent trading environment, catering to traders across the globe.

OctaFX offers a wide variety of trading instruments, including forex pairs, indices, commodities, and cryptocurrencies, which gives traders plenty of opportunities to diversify their portfolios. The broker’s MT4 platform is equipped with advanced features such as customizable charting tools, technical indicators, and support for Expert Advisors (EAs), making it highly suitable for those employing both manual and automated trading strategies.

One of OctaFX's key strengths is its low-cost trading structure. The broker provides spreads starting from 0.6 pips on major currency pairs and does not charge any commissions on its standard accounts, which is particularly appealing for traders looking to minimize their trading costs. Additionally, OctaFX offers leverage up to 1:500, allowing traders to control larger positions with smaller capital.

OctaFX is also known for its fast execution speeds, ensuring minimal slippage and timely execution of trades, which is vital for high-frequency traders and scalpers. Another notable feature is the low minimum deposit requirement, starting at just $25, making it accessible to beginner traders who are just starting out in the forex market.

In addition to its trading features, OctaFX offers educational resources such as webinars, tutorials, and market analysis, which are beneficial for traders looking to enhance their knowledge and skills. This combination of low costs, excellent execution, and educational support makes OctaFX a top choice for MT4 traders.

 

What MT4 Broker Should I choose?

Choosing the best MetaTrader 4 (MT4) broker depends on your trading preferences and goals. Whether you're an algorithmic trader utilizing Expert Advisors (EAs), a scalper needing tight spreads and fast execution, or simply looking for low-cost trading options, there are several excellent MT4 brokers to suit your needs. The top 10 MT4 brokers mentioned above, including IC Markets, Pepperstone, Tickmill, FP Markets, and FOREX.com, all offer reliable platforms with competitive pricing, various account types, and strong regulatory frameworks. IC Markets and Tickmill cater to traders looking for low costs and fast execution, while Pepperstone and FP Markets excel with advanced tools and support for algorithmic trading. FOREX.com stands out for its rich educational content, making it a strong choice for traders still learning the ropes. By selecting the right MT4 broker, you can enhance your trading experience and better align with your trading strategies and objectives.