For this list, we have searched and tested several forex brokers offering trading on MT4 trading platform.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best MT4 forex brokers based on our trading data and experience as a trader.

What is MetaTrader 4 MT4 Trading Platform?

MetaTrader 4 or MT4 is a popular electronic trading platform used for trading forex and contract for differences (CFDs). MetaQuotes Software developed the platform and launched it in 2005.

The MT4 platform gained massive popularity among traders as it allowed them to run trading scripts and robots for trading automation. It also allows both client and server components, meaning the platform has been built for both traders and brokers.

It has become the leading fx trading platform and is offered by almost all brokers (except Japanese brokers).

MT4 clients are available on the web, desktop, and mobile devices.

MetaQuotes have also launched MetaTrader 5, which is the updated version of MT4. Despite many additional features, the new platform failed to get the attention of both traders and brokers.

MetaQuotes licenses MT4 trading platform to brokers, but the company stopped the platform from January 2018 to promote the newer MT5.

Key features of MT4 trading platform:

📈Trading InstrumentsForex and CFDs
🔜Pending Orders4 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop)
📊HedgingOnly Hedging
🔎Technical Analysis Tool30
📑Market DepthNo
🗓Economic CalendarNo
💰Order Execution Type3
📊Graphical Objects31
🖥Strategy TesterSingle-Threaded
💳Fund Transfer Between AccountsNo
💻Programming LanguageMLQ4

Best MT4 MetaTrader 4 Forex Brokers

To select the best MT4 forex brokers, we tested and reviewed several forex brokers with good regulation and standing. Find top brokers in Nigeria that trade on MT4. We opened live accounts and deposited real money with each broker, placed real trades to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service. So here is our ranking:

Best Overall MT4 Broker

We have picked IC Markets as the best overall MT4 broker.

IC Markets is a Sydney-headquartered broker holding licenses from the regulators in Australia, Cyprus, Seychelles, and the Bahamas. It is a very popular broker around the globe due to its versatile offerings.

IC Markets offers services on three trading platforms – MT4, MT5, and cTrader – MT4 being the most popular among forex and CFDs traders. It provides services with trading instruments of forex and CFDs of indices, stocks, commodities, and cryptocurrencies.

The broker also offers an array of indicators and market research tools on its MetaTrader platform.

Best MT4 Broker for Beginners

We have picked XM as the best MT4 broker for beginners.

XM is another multi-regulated broker offering trading services in many countries. It is licensed in Australia, the United Kingdom, Cyprus, the UAE, and Belize. It offers two trading platforms: MT4 and MT5.

When comes to beginner-friendly broker, XM aces with its vast educational resources. It offers in-depth guides and videos on the forex market and trading techniques. It also conducts regular webinars to educate new traders.

Best MT4 High Leverage Forex Broker

We have picked BlackBull Markets as the best MT4 high leverage broker.

BlackBull Markets was founded in 2014 and is headquartered in New Zealand. It is regulated by New Zealand’s FMA, which is one of the few reputed regulators allowing brokers to offer leverage as high as 500:1.

BlackBull offers trading services on both MT4 and MT5 platforms, two of the industry-leading platforms developed by MetaQuotes Software. It is regulated by FMA in New Zealand and FSA in Seychelles that offer a maximum leverage of 500:1 and 300:1, respectively.

Best Forex MetaTrader Broker

We have picked FxPro as the best MT4 forex trading Broker.

FxPro offers excellent services when it comes to forex trading, but also offers CFDs of indices, stocks, commodities, and cryptocurrencies. The broker was established in 2006 and is regulated in the UK, Cyprus, South Africa, and the Bahamas.

FxPro offers forex trading with 70 currency pairs, which is more than many other good forex brokers. Combining the CFDs of other asset classes, the broker offers trading with 234 instruments. FxPro offers multiple trading platforms, but forex trading is usually done on MT4.

Best MT4 Broker with Low Spread and Fees

We have picked Admiral Markets as the best MT4 broker with low spread and fees.

Admiral Markets is regulated in the UK, Cyprus, Australia, and Estonia and offers trading on MT4 and MT5 platforms. When it comes to spreads and trading fees, Admiral Markets is one of the best.

Our testing found that the average spread on the EUR/USD pair is only 0.6 pips, while the industry average is 1.6 pips. Spreads on the popular instruments of other asset classes are also much lower than the industry average. The broker also provides raw spreads with certain account types, but charges commission on those.

MT4 Forex Brokers List

Apart from the shortlisted brokers, here is a complete list of forex brokers that are well-regulated and offers trading on the MT4 platform, which we have tested and reviewed.

Forex BrokerMT4 PlatformTest DetailsBroker Review
Deposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsYesDeposit Amount: Over €4,000
Total Trade: 12 trades
Visit BlackBull Markets
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Go Markets Review
ActivTradesYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
XMYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
ICM CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
TickmillYesDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
Capital.comYesDeposit Amount: Over €3,500
Total Trade: 15 trades Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GKFXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
DarwinexYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Darwinex Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
FP MarketsYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
CMC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
CMC Markets Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades

FAQ and More on MT4 Brokers

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to MT4 forex brokers.

MT4 Forex Broker in India

Financial service providers in India are regulated by the Securities and Exchange Board of India (SEBI). But forex brokers in the country are loosely regulated, allowing many offshore brokers to operate without SEBI’s authorization.

Some of the Indian MT4 forex brokers are:

  • FBS
  • FP Markets
  • IG Markets
  • XM

MT4 Forex Trading Platform in the US

All forex brokers should be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA), besides offering MT4 as a platform.

Forex brokers in the US that offer MT4 platform are:

  • IG (US)

MT4 ECN Forex Broker

ECN brokers directly connect buyers and sellers to a bridge network, allowing them to send quotes and trade without the involvement of a third party. Though tradings on an ECN broker can get zero spread, these brokers charges commission on the execution of each trade.

Some of the MT4 ECN brokers are:

  • FXTM
  • Vantage FX

MT4 Binary Options Brokers

A binary option is a controversial financial instrument that pays a fixed amount for correct prediction on the movement of a currency pair or CFDs instrument. As the name suggests, the broker will pay only if the prediction is correct, else the trader will lose all the capital put for the trade.

Most of the regulated binary options brokers are no longer offering trading services on MT4.

MT4 Forex Brokers with High Leverage

Leverage is a key in trading forex, but only a few good regulators are now allowing brokers to offer the high leverage. Two of these regulators offering high leverage are New Zealand’s FMA and Switzerland’s FINMA.

Some of the high-leverage MT4 forex brokers are:

  • BlackBull Markets
  • Dukascopy
  • CMC Markets

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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