10 Best MT4 Forex Brokers for 2024

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Forex brokers are fintech firms or dealers that facilitate their clients’ access to trading in forex and CFDs on global forex markets. These brokers provide market access using different trading platforms, including MT4, MT5, and Ctraders. Some brokers even have their own trading platforms.

Metatrader4 (MT4) is one of the most popular trading platforms in the forex market. The platform is renowned for its user-friendly interface, advanced charting tools, and customizable features. Most forex brokers use MT4 as their trading platform. However, not all brokers are equally trusted, regulated, or offer similar quality services. With so many options to choose from, it can be difficult to determine which broker is the best fit for your needs.

In this article, We have curated and listed the top MT4 Forex brokers that offer competitive trading conditions, a wide range of trading instruments, and excellent customer support. We have also reviewed their regulations, trading fees, pros, cons, and so on. By comparing these brokers, you can better decide which brokers are best suited to your trading style and goals

A List of Top 10 Metatrader4 Forex Brokers

  • Pepperstone: Best Overall Forex broker  
  • IC Markets: Best for Low Spreads  
  • XM: Forex Brokers that Offer Deposit Bonus 
  • Exness: Fastest Withdrawal ( Withdraw funds under 1 Minute)  
  • Eightcap: Best for Smart Trading Tools 
  • FP Markets: Best for Competitive Pricing
  • BlackBull Markets: Fastest Execution Forex Broker
  • Avatrade: Best for Integrity and Innovation
  • Skilling: Tight Spreads and Zero commission Broker
  • Oanda: Best For US Traders 

Pepperstone: Best Overall Forex broker

Founded in 2010 by Owen Kerr and Joe Davenport, Pepperstone is a forex, CFD, and spread betting broker that offers online trading services to traders globally. The broker is regulated by 7 top-tier regulatory authorities, including FCA, ASIC, CySEC, BaFIN, SCB (Bahamas), CMA, and DFSA (Dubai). 

Pepperstone offers 3 of the most popular trading platforms: MT4, MT5, and cTrader. The broker provides MT4 trading platforms for free to traders of all jurisdictions. 

The broker also supports third-party charting or trading tools such as Tradingview, Duplitrade, MirrorTrader, Myfxbook, Smart Trader Tools, cTrader Automate, Autochartist, and Algorithmic trading.

Pepperstone accepts almost all trading styles, including scalping, EA trading, news trading, hedging, copy trading, and more. Pepperstone also supports passive investment programs like PAMM and MAM. The broker also offers API trading and VPS hosting.

Key Features:

  • Trading Instruments: 1250+Trading instruments including Forex, Commodities, Cryptocurrencies, Shares/Stocks CFDs, etc 
  • Maximum leverage: 1:30 for retail traders of ASIC, CySEC, FCA, and BaFin jurisdictions, 1:200 for SCB Jurisdiction, 1:400 for CMA Jurisdiction, and 1:500 for professional traders. 
  • Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement. 
  • Account Types: Two ( Standard account, Razor Account) 
  • Trading Fees: Spread starting from 1 pip for Standard Account or Commission 3.00 to 3.50 per lot for Razor Account on a Single Trip. 
  • PAMM/ MAM:  Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Our Rating

Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)9.2
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)8


  • Pepperstone is regulated in 7 reputed jurisdictions, including FCA in the UK, CySEC in Cyprus, ASIC in Australia, BaFin in Germany, DFSA in Dubai, CMA, and SCB in the Bahamas.
  • Fast order execution is ensured, with an average of 30 milliseconds.
  • Competitive spreads starting from 0.0 pips are offered.
  • Clients’ funds are segregated with tier 1 banks for added security.
  • There are no inactivity fees associated with the platform.
  • Attractive trading conditions are provided.
  • Pepperstone offers over 1200 trading instruments for diverse investment opportunities.
  • The platform facilitates fast and complete online account opening.
  • MT4 Smart Trader Tools, Autochartist, Capitalise.ai, and free VPS are among the trading tools available for users.


  • US Traders are not allowed 
  • Only CFDs are Offered 
  • No cent/Micro Account 
  • Minimum recommended deposit is $ 200
  • Support works only 24/5  
  • Limited account protection for non-U.K./E.U. clients
  • No guaranteed Stop-loss 
  • 30-day expiry for demo accounts

Pepperstone offers a variety of platforms like MT4, MT5, cTrader, and TradingView. Along with these, they provide handy tools such as Smart Trader Tools, cTrader Automate, Autochartist, algorithmic trading, API trading, and VPS hosting. For those interested in social trading, Pepperstone offers options like MetaTrader Signals, DupliTrade, and Signal Start. Learn more about Pepperstone here

IC Markets: Best for Low Spread Trading

Founded by Andrew Budzinksi in 2007, IC Markets is a Forex and CFD brokerage firm offering online trading services for retail and institutional clients. Although the company is based in Australia, it provides online trading services globally. IC Markets is regulated by top-tier regulatory authorities such as ASIC, CySEC, and FSA. The firm usually onboard EU clients under CySEC, Australian Clients under ASIC, and global clients under FSA jurisdiction. 

IC Markets offers the most popular trading platforms such as MT4, MT5, and cTrader, which are accessible on desktops, web browsers, and mobile devices. The brokerage provides access to over 2150 trading instruments, including 61 forex pairs, 25 Indices CFDs, 20 commodity CFDs, 2100+ stock CFDs, 21 cryptocurrency CFDs, and 4 Future CFDs

Key Features:

  • Trading Instruments: 2150+ including  Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
  • Regulations: ASIC, CySEC, and FSA
  • Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC, and CySEC entity the brokers offers up to 1:30 leverage.   
  •  Minimum Deposit: $200 or Equivalent
  • Account types: Standard Account and Raw Account (Metater, Ctrader) 
  • Fees:  Spread starting from 0.8  pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip. 
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4


  • A fully regulated broker operates in two tier-1 jurisdictions and one tier-4 jurisdiction.
  • It offers super-fast trade execution speed.
  • The broker provides low spreads starting from 0 pips.
  • Account opening is easy and fast.
  • Deposits and withdrawals are free.
  • The broker offers standard and raw spread account options.
  • Trading EA is allowed.
  • Traders have the ability to trade from a mobile device.
  • A demo account is available.


  • The broker requires a higher minimum deposit of $200.
  • Non-EU clients do not have investor protection.
  • The product selection is limited.
  • Weekend trading is not available.
  • US traders are not accepted.
  • The broker is not regulated by the FCA.

Pepperstone offers trading platforms such as MT4 (web, Iphone/IPAD, Android, MAC,  MT5, cTrader (cTrader, cTrader Web, cTrader iPhone/iPad, cTrader Android, cTrader Automate, cTrader Copy Trading). Additionally, it provides a number of tools including VPS, advanced mt4 tool, and research tools like IC Insight). Learn more about IC Markets here 

XM: Best for Deposit Bonus

Founded in 2009, XM is a forex and CFD broker that offers global online trading services. The broker operates through 5 entities worldwide and is regulated by top authorities such as ASIC, CySEC, FSC, DFSA, and FSCA. XM provides personal account managers for its clients and also offers an in-depth video tutorial, daily news analysis, and a trading signal program for newbie traders. Additionally, XM organizes webinars to educate its clients about trading.

XM offers over 1000 trading instruments, including Forex, Crypto CFDs, Indices CFDs, Commodity CFDs, Stock CFDs, Turbo Stock CFDs, Metal CFDs, Themetics CFDs, and Energies CFDs. The broker provides access to more than 10 trading platforms, including MT4, MT5, and XM apps. XM offers a 20% deposit bonus up to $5000 on its global entity (FSC)

Key Features:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Turbo Stocks CFDs, Metals CFDs, Energies CFDs
  • Maximum leverage: up to 1000:1 
  •  Minimum Deposit: $5 or Equivalent
  • Account Types: Micro, Standard, Ultra Low, Shares Accounts 
  • Fees: Starting from 0.6 in Ultra-low account, 1 Pips for standard account, and 1 Pips for Micro account
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.5
Trading (15%)8.4
Trading tools (10%)8.6
Customer Support (10%)9.5
Trading Education (5%)9.4


  • CySEC, ASIC, DFSA in UAE, and FSC Belize regulate XM.
  • Minimum deposit is $5
  • Over 1000 forex/CFDs are available for trading.
  • MT4 and MT5 are the available trading platforms.
  • No FCA regulations 
  • Quality research, market analysis, and access to trading tools like Autochartist.
  • Quality training for newbies and ‘ultra-low micro account’ for beginners.
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)


  • An inactivity Fee is applied. 
  • Trading of real stocks is not available to European traders.
  • Traders have no other choice apart from the MetaTrader platforms.
  • Limited tradable assets.
  • No passive investment services (social trading platform, PAMM accounts);
  • Funding with PayPal is unavailable.

XM offers MT4 and MT5 trading platforms with versions compatible with mobile, desktop, tablet, Mac, and iPhone. The broker also provides up to $5000 deposit bonus (20% of your initial deposit). Learn more about XM here.  

Eightcap: Best for Smart Trading

Founded in 2009, Eightcap is an Australia-based forex and CFD broker that offers a wide range of trading instruments, including forex, CFDs, Cryptos, share CFDs, Commodity CFDs, and more. The broker provides a variety of trading platforms such as MT4, MT5, TradingView, and Webtraders. Eightcap allows scalping, EA Trading, and copy trading, and also offers passive investment programs like PAMM and MAMM.

Eightcap offers MT4, MT5, and TradingView trading platforms. MT5 is the upgraded version of MT4. MT5 offers more trading options than MT4 which offers Forex, futures, stocks, bonds, and options markets, while MT4 primarily focuses on Forex and CFD trading.

Regulated by ASIC, CySEC, FCA, and SCB, Eightcap provides several useful trading tools and services for traders, including AI-powered Economic Calendar Capitalise.ai, FlashTrader, and ForexVPS. The company is renowned for offering prop trading solutions to many brokers.

Key Features:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.  
  •  Minimum Deposit: $100 or Equivalent
  • Account Types: Three Types of Accounts including Raw Account, Standard Account, Trading View Account 
  • Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, 1 pip spread for the Tradingview account 
  • PAMM/ MAM:  Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9
Trading (15%)8.5
Trading tools (10%)8.6
Customer Support (10%)9
Trading Education (5%)7.2


  • Top Tier regulated Broker
  • Free deposit and withdrawal
  • The maximum leverage is as high as 500:1
  • Fully Digital Account Opening
  • MT4 and MT5 trading Platforms are offered
  • TradingView is integrated
  • Stable Liquidity


  • Does not accept US Clients
  • The minimum deposit is $100, which might be a bit more for beginners
  • Limited research and educational tools
  • No investor protection scheme in its Global Entity (in fact, no brokers have)

Eightcap offers MT4, MT5, and TradingView trading platforms. Additionally, the broker provides smart trading tools such as Capitalise.ai and Flash Trader. It also offers Prop Trading Platforms. Learn more about Eightcap here.

Exness: Best for Instant Withdrawal

Exness is the best choice for those who value instant withdrawal of their profits. With Exness, you can get your money out of your account quickly and easily, without having to wait for days or even weeks. And, because Exness is a regulated broker, you can be sure that your money is safe and secure. So, if you’re looking for a forex broker that offers instant withdrawals, Exness is a perfect choice.

Exness is a forex broker with multiple regulation jurisdictions, including FCA (UK), CySEC (Cyprus), FSCA (Africa), FSC (Mauritius), FSA-S (Seychelles), BVI FSC, CBCS (Curaçao and Sint Maarten), and FSA (Seychelles). The company offers popular MT4 and MT5 trading platforms available for desktop and mobile devices as well as web traders. Trading instruments include over 115 currencies; popular cryptocurrencies including Bitcoin and Ethereum; and also precious metals, commodities, and stock indexes as CFDs.

Key Features:

  • Trading Instruments: 200+ trading instruments including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to Unlimited :1 
  •  Minimum Deposit: $1 
  • Account Types: Exness offers 5 different types of accounts including Standard, Standard Cent account, Pro,  Raw Spread, Zero accounts 
  • Fees: starting from 0.2 pips for a standard account, 0.3 pips for a standard cent account, 0.1pip for a pro account, up to 3.50 per Lot per one side for a raw spread account, 0.05/lot per side for a zero account,
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

Skilling Scores
Regulation and Security (40%)9.3
Fees and Commissions (20%)9.5
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9
Trading Education (5%)9


  • Regulated in multiple jurisdictions.
  • Offers popular MT4 and MT5 trading platforms.
  • Available for desktop and mobile devices.
  • Over 115 currency pairs are available for trading.
  • Trading Central analysis and VPS services are available.


  • The minimum deposit required is $1.
  • Not available to residents of certain countries.

Exness offers MT4, MT5, Exness Terminal, and Exness Webtrader platforms. Exness is reputed for instant fund withdrawal. They process fund withdrawals within one Minute. Learn more about Exness here.


Founded in 2009 in Belize, FBS is a Forex and CFD broker that offers online trading services globally. The broker is regulated by ASIC, CySEC, and the FSC. FBS provides over 200 trading instruments, including Forex, CFDs, metals, energies, and shares. It supports almost all trading styles, such as scalping, news trading, EA trading, and hedging. FBS is a low-spread and high-leverage Forex broker, with maximum leverage as high as 1:3000, one of the highest in the industry.

FBS offers a wide range of trading platforms, including MT4, MT5, and FBS Trader. The broker provides all versions of the MT4 trading platform. FBS is also reputed for fast order execution, with orders executed in as little as 0.01 seconds. As one of the leading Forex brokers in the world, FBS offers excellent trading conditions and services to its clients.

Key Features:

  • Trading Instruments: Forex, Stock, Indices, Crypto, Metals, Energies, Forex Exotic.
  • Maximum leverage: 1:3000
  • Minimum Deposit: $5
  • Account Types: Three ( Standard, Cent, Pro) 
  • Trading Fees: Spread starting from 1 pip for Standard Account and Cent Account
  • PAMM/ MAM: Not available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.4
Trading (15%)8
Trading tools (10%)5
Customer Support (10%)9.5
Trading Education (5%)9.5


  • Regulated by the CySEC, ASIC, FSCA South Africa, and FSC Belize.
  • The Maximum Leverage is as high as 1:3000
  • The Minimum deposit is $5 
  • Trading is on the MT4, MT5, and FBS trader platforms.
  • There is an account type to suit newbies, experienced, and pro traders.
  • Low spreads, high leverage, and fast order executions
  • Easy and fast account opening
  • Forex Guidebook, Forex Intensive, trading ideas, webinars, and other training resources are provided.


  • Tradable assets are not much, especially when compared to other top brokers.
  • Daily Market news and analysis are not regularly updated.
  • No premium trading tools to assist traders.
  • No investor protection for non-EU Clients 
  • Managed Accounts & Social Trading is unavailable 
  • Few Account Base Currencies

FBS onboards the clients of Malaysia under the FSC in Belize  (FBS Markets Inc). Learn more about FBS in Malaysia here.

Blackbull Markets:

Founded in 2024, BlackBull Markets is a New Zealand-regulated forex and CFD broker. The broker is regulated by FMA, FSPR, and FSA-S. Offering over 26,000 trading instruments including Forex, CFDs, Equities, and Commodities (energies, agriculture, metals, futures, indices), there is no minimum deposit requirement. Deposits can be as low as $1. The broker’s spreads start from as low as 0.0 pips. BlackBull Markets is renowned for its fast execution speed, with orders executed in less than 100 milliseconds.

BlackBull Markets provides a variety of trading platforms, including MT4, MT5, Ctrader, TradingView, and the BlackBull Copy Trader platform. It offers TradingView premium platforms for free. Additionally, the broker offers free VPS services, ZuluTrade, and Myfxbook access. BlackBull Markets accepts clients worldwide, excluding the US, US Territories, and OFAC Sanctions. 

Key Features:

  • Trading Instruments: 26000+ trading instruments in 80 markets  including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to 1:500 
  • Minimum Deposit: $0 for standard, $2000 for Prime, $20,000 for Institutional account
  • Account Types: Offers 3 account types including ECN standard, ECN Prime, and ECN institutional. 
  • Fees: starting from 0.8 pips for a standard account, (0.1 pips + $6) per lot for an ECN Prime Account, and (0.0 Pips +$4) for an Institutional account.
  • PAMM/ MAM:  Yes, 
  • Zulutrade: Yes 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

Total Score
Regulation and Security (40%)8.4
Fees and Commissions (20%)8
Trading (15%)8.8
Trading tools (10%)5
Customer Support (10%)9.5
Trading Education (5%)9


  • Regulated by  FMA, FSPR, FSP, FSA-S
  • Founded in New Zealand and operating globally
  • Professional and Retail Trading options 
  • No Minimum Deposit Requirement ($0) 
  • The Maximum Leverage is as  high as 1:500
  • Allow Scalping, News Trading, EA/Robot Trading 
  • Offers Multiple Trading platforms including MT4, MT5, WebTrader, TradingView
  • Supports multiple third-party copy trading platforms, such as ZuluTrade, Duplitrade, and Myfxbook.


  • BlackBull lacks additional Tier-1 regulatory licenses outside of New Zealand.
  • $2,000 minimum deposit for Prime Account
  • The Ctrader platform is not offered 
  • Withdrawal fees 
  • Limited Research Tools 
  • Not very diverse range of tradable assets


Founded in 20216 by Scandinavian entrepreneurs, Skilling is a fintech trading company that offers online forex and CFD trading. The firm provides access to 800+ trading instruments, including forex, CFDs, commodities, shares, indices, and cryptocurrencies. It offers a variety of trading platforms and tools, including MT4, MT5, cTrader, Skilling Trader, and Skilling Copy. The broker is regulated by CySEC, FSA, and FCA (recently deregistered from FCA).

Skilling offers three main types of accounts: Standard, Premium, and MT4. All trading accounts share similar features. Skilling also offers professional and corporate accounts. Skilling allows almost all trading styles, including scalping, EA trading, and news trading. The broker also offers copy trading platforms for traders and investors. It accepts clients worldwide except those from the USA, its territories, and OPAC-restricted countries. The broker also does not accept clients from the UK.

Key Features:

  • Trading Instruments: 800+  forex, CFDs, commodities, shares, indices, and cryptocurrencies
  • Maximum leverage: up to 1:1000 for non-EU retail traders,1:30 for EU retail traders.  1:200 for professional traders
  •  Minimum Deposit: $25 for the Non-EU standard account, $100 for the EU standard account, and $5000 for the premium account. 
  • Account Types: Offers 3 account types: Standard, Premium MT4 
  • Fees: starting from 0.8  pips for a standard account,
  • Social Copy Trading:  Yes, 
  • Zulutrade: No
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Our Rating

Skilling Score
Regulation and Security (40%)9
Fees and Commissions (20%)9
Trading (15%)9
Trading tools (10%)9
Customer Support (10%)8
Trading Education (5%)7


  •  Regulated by CySEC,  FSA, and FCA.
  •  The Maximum leverage is as high as 1:1000 for global entities, 1:30 for EU traders, and 1:200
  •  Fully Digital Account Opening ( Easy Sign and Verification Process)
  • Demo Accounts are Available
  • Low Trading fees starting from 0.8 pips for standard accounts, and 0.10 pips for premium accounts
  • Offers both leverage and non-leverage cryptos of trading
  • Educational resources with a new ‘Trading Study Hub’ for beginner investors to learn more about investing
  • Offers a variety of trading platforms and tools including MT4, Ctrader, Skilling Social Copy Trading, and Skilling own trading platform
  • Straightforward fees, no hidden charge
  • No deposit and withdrawal fees


  • Higher minimum deposit of $100 for Standard accounts, and $5000 for Premium accounts in the EU
  • Deregistered from FCA regulations 
  • Service is not available in many countries including Canada and the US
  • 1:2 leverage for cryptocurrencies
  • Only Forex and CFDs are offered 


Key Features:

  • Trading Instruments: CFD trading is not allowed for US clients; however, non-US clients can trade CFDs
  • Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
  • Minimum Deposit: No Minimum Deposit. 
  • Account Types: Two (Standard, Elitetrader) 
  • Trading Fees:  Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
  • PAMM/ MAM:  
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Our Rating

Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)7
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9.2
Trading Education (5%)7


  • Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
  • Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
  • Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
  • Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
  • Customer support is provided in multiple languages and via different channels.
  • Fast and user-friendly account opening
  • The TradingView platform is available, alongside several VPS services for MT4 hosting.


  • Bank withdrawals incur a fee which is transferred to the trader.
  • Premium core accounts require a minimum balance of $20,000
  • Inactivity fees are charged from dormant accounts.
  • No account protection for U.S. clients
  • No guaranteed stop-losses for U.S. or U.K. clients
  • Traders in the U.S. cannot access single-stock CFDs
  • No cent accounts, bonus program for beginner traders


Established in 2006 by Emanuel Kronitz, Negev Nosatzki, and Clal Finance Ltd., AvaTrade is a forex and CFD broker located in Dublin, Ireland. The broker offers trading in numerous markets, including currencies, commodities, stock indices, stocks, exchange-traded funds, options, cryptocurrencies, and bonds through its trading platforms and mobile application. AvaTrade is regulated by nine regulatory bodies across six continents. These regulatory bodies include ASIC, FSA in Japan, CBI in Ireland, FSCA, ADGM, ISA, KNF, and FSA in B.V.I.

AvaTrade offers various trading platforms including MT4, MT5, AvaOption, MAC trading, and Avasocial. MT4 is the most popular and widely used trading platform for forex trading. Traders can use MT4 with all its versions on AvaTrade, including desktop version, mobile, web version, and MT4 trading apps. AvaTrade also offers trading resources and education for newbie traders.

AvaTrade allows almost all trading styles, including scalping, EA trading, and news trading. The broker also offers social copy trading facilities like Avasocial, where traders and investors can copy trades from successful traders. The broker accepts clients worldwide except those from the USA, its territories, and OFAC-restricted countries

Key Features:

  • Trading Instruments: 1,250+ popular assets, across Forex, Stocks, Commodities, Indices, ETFs, and Options.
  • Maximum leverage: 1: 30 for EU, UK, and Australian clients, 1:400 for global clients
  • Minimum Deposit: $100
  • Account Types: Two ( Retail account, Professional Account) 
  • Trading Fees: Starting from 0.9 pips on forex 
  • MAM:  Available 
  • PAMM: No 
  • Scalping: Allowed 
  • News Trading: Allowed. However, spreads widen during major news 
  • EA/ Robot Trading: Allowed

Our Rating

AvaTrade Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)7
Trading (15%)7.5
Trading tools (10%)9
Customer Support (10%)9
Trading Education (5%)9.2


  • Free deposit and withdrawal options
  • Great research tools
  • a wide range of trading instruments
  • ability to trade from mobile devices
  • Unique social trading features
  • Impressive educational offerings
  • Negative balance protection
  • Does not charge any fees for deposits or Withdrawals
  • Offers commission-free trading
  • Offers negative balance protection
  • Supports multiple trading platforms and EAs


  • High inactivity fees
  • Not regulated by the FCA
  • Does not accept U.S. clients
  • No guaranteed stop-loss
  • Do not have 24/7 customer support

What is the number 1 MT4 Forex Broker?

Based on our in-depth research and ratings, Pepperstone is the number 1 MT4 forex broker. Pepperstone is regulated by 7 regulatory authorities including ASIC, CySEC, FCA, BaFin, DFSA, CMA, and SCB. Pepperstone secures a score of 9.4 out of 10, the highest in our research.

Which MT4 Forex Brokers Are Good for Beginners?

Many MT4 forex brokers are good for beginners. Based on our research and analysis, the following brokers are a perfect fit for beginners:

  • XM: Known for its low minimum deposit, low spreads, and comprehensive educational resources.
  • FBS: Offers a cent account, low minimum deposits starting from $1, and demo accounts for practice.
  • BlackBull Markets: Provides low spreads, a user-friendly platform, and demo accounts for beginners.

These brokers are ideal for beginners due to their low entry barriers, affordable trading costs, and the availability of demo accounts to practice trading without financial risk.

Which MT4 Forex brokers offer copy trading platforms?

The MT4 trading platform typically supports copy trading EA/robot. Some brokers permit EA trading, while others do not. Additionally, some MT4 forex brokers even provide their own social trading platforms. Based on our research and analysis, the best MT4 brokers for copy trading include:

  • Pepperstone: Offers a copy trading platform with integration to Myfxbook and DupliTrade.
  • IC Markets: Provides copy trading options through ZuluTrade and Myfxbook AutoTrade.
  • AvaTrade: Features its own social trading platform, AvaSocial, along with integration with ZuluTrade.

These brokers are well-suited for copy trading, offering reliable platforms and a range of tools to take automated and social trading strategies.

Which MT4 Forex Brokers Offer the Highest Leverage?

Based on our research and evaluation, the highest-leverage MT4 forex brokers are FBS, XM, and IC Markets. The maximum leverage of these brokers includes:

  • FBS: 1:3000
  • XM: 1:2000
  • IC Markets: 1:1000

We chose these brokers because they are regulated and offer high leverage.

Which MT4 Forex Broker Has the Lowest Spreads?

There are many forex brokers that offer low spreads. Based on our research and evaluations, Pepperstone, IC Markets, and XM are some of the lowest spreads MT4 forex brokers. While traders may find other brokers with low spreads, they should check if those brokers are regulated and trusted. Here are the spreads of these brokers:

  • Pepperstone: Spreads starting from 0.0 pips for Razor accounts and 1 pip for Standard accounts.
  • IC Markets: Spreads starting from 0.0 pips for Raw accounts and 0.8 pips for Standard accounts.
  • XM: Spreads starting from 0.0 pips for Ultra Low accounts.

How to Choose the Best MT4 Forex Brokers

Here is the guide to choosing the right MT4 Forex Brokers 

Regulations and Trustworthiness:

Regulatory compliance is important when choosing a forex broker. Brokers regulated by top-tier regulatory authorities are more serious and professional about their business than those who are not regulated. Additionally, regulatory bodies always monitor brokers under their supervision. Therefore, if you find any irregularities, you may report them to regulatory bodies for protection. Furthermore, regulatory authorities also ensure the safety and protection of your funds. For example, if a trader is under an FCA entity, and the FCA-regulated broker goes bankrupt, the client or traders may receive up to £85,000 per person or 90% of the invested capital.

There are many regulatory authorities worldwide, but not all are equally strict and powerful. Below is a list of regulatory bodies categorized into tiers based on their usefulness and strictness:

  • Tier 1 Regulatory Authorities: FCA, ASIC, CySEC, CFTC, FMA, BaFIN,
  • Tier Two Regulatory Authorities: CMA, DFSA, FSCA, ISA, SEBI, etc.,
  • Tier Three Regulatory Authorities: BMA Bermuda, ASFI Bolivia, FSC, BCU Uruguay,
  • Tier Four Regulatory Authorities: FSC Belize, FSC British Virgin Islands, SCB Bahamas, FSC Mauritius, (FSA) – Seychelles.

We always recommend trading with tier-one regulated forex brokers. The more tier 1 licenses the brokers have, the better. If you choose to trade with brokers regulated by other tiers, We recommend looking for brokers with additional licenses, especially if they have regulations from tier-one jurisdictions. 

Trading Cost:

Understanding the trading costs associated with a forex broker is essential for effective trading. One of the key components of trading costs is the spread, which is the difference between the bid and ask price. Lower spreads indicate better trading conditions as they reduce the cost of entering and exiting trades. 

Additionally, it’s important to consider any additional fees that the broker may charge, such as inactivity fees, rollover fees (swap rates charged for holding positions overnight), and fees associated with depositing and withdrawing funds. These fees can significantly impact your overall trading costs and should be carefully evaluated before choosing a broker.

Trading Conditions:

Trading conditions significantly impact your trading experience and profitability. You should look for brokers that offer competitive spreads and reasonable commission structures to minimize your trading costs. Execution speed is also important; choose brokers known for fast and reliable execution with minimal slippage, ensuring that your trades are executed at the prices you expect. Consider the leverage options available and select a broker that offers leverage levels suitable for your risk tolerance and trading strategy.

Account Types:

Different traders have different needs, so it’s essential to choose a broker that offers account types that suits your trading styles. You should look for brokers providing options such as Standard, ECN, or Micro accounts to match your trading style and capital. You check carefully check the features of every account types. These features include stop-out level, margin call, min lot size, max lot size, and so on. The availability of different account types allows you to find the best fit for your trading goals and financial situation.

Platform and Tools:

The trading platform is your primary interface with the market, so its functionality and stability are essential. You should make sure that the broker offers a stable and fully functional MT4 platform, renowned for its advanced charting tools, automated trading capabilities, and user-friendly interface. Additionally, you may look for brokers that provide extra trading tools, such as technical analysis tools, VPS services for automated trading, and educational resources to enhance your trading experience.

Moreover, compatibility with leading charting platforms such as TradingView is important, as it allows for advanced technical analysis and better decision-making. Some brokers also offer passive investment options like Percentage Allocation Management Module (PAMM) and Multi-Account Manager (MAM) accounts, as well as social trading platforms like ZuluTrade and copy trading, which allow traders to follow and replicate the trades of successful investors.

Deposit and Withdrawal:

Convenient and efficient deposit and withdrawal options are essential for smooth trading operations. You should check if your preferred brokers have a variety of deposit and withdrawal methods including bank transfers, credit cards, and e-wallets. You should carefully consider the processing times for these transactions and be aware of any associated fees. A broker that offers fast and low-cost deposit and withdrawal options enhances your trading flexibility and financial management

Customer Support:

Excellent customer service is a hallmark of a good broker. You should choose a broker that offers traders friendly customer support available 24/7 through multiple channels such as live chat, phone, and email. Good customer service ensures that any issues or queries you have are addressed promptly. If you prefer a language other than English, check if the broker provides support in your preferred language to facilitate better communication and understanding.

Security and Protection:

The security of your funds and personal information is essential. A trader should choose a forex broker that has measures in place to protect your funds, such as segregated accounts, which keep your money separate from the broker’s operating funds. You should look for brokers that participate in compensation schemes to provide additional protection. Please bear in mind that compensation schemes are usually available for the clients of ASIC, CySEC, FCA, and NFA jurisdictions.

Educational Resources:

A good broker usually provides educational resources to help you improve your trading skills. You may consider forex brokers that offer comprehensive learning materials, including webinars, tutorials, articles, and trading guides. These resources can be invaluable, especially for beginners, as they provide insights into trading strategies, market analysis, and risk management.

Reviews and Feedback:

User reviews and feedback are valuable sources of information about a broker’s performance and reliability. You should read reviews from other traders to get an idea of their experiences with the broker. Pay attention to both positive and negative reviews to get a balanced view. Carefully check the nature of the reviews, as many companies nowadays buy reviews unethically. Additionally, consider brokers that have received industry awards, as these accolades can indicate their quality of service and reliability

What is MT4 Forex Broker?

Metatrader4 (MT4) is one of the most popular trading platforms used by about 40 million active traders. The platform is renowned for its versatility and user-friendly interface. Launched in 2005, it quickly became popular among traders and brokers in various financial markets, especially Forex.

MT4 offers advanced charting tools, support for automated trading through Expert Advisors (EAs), customizable indicators and scripts with MetaQuotes Language 4 (MQL4), multiple timeframes, and asset classes beyond Forex. It also offers a secure trading environment with encrypted communication and risk management features. MT4’s combination of robust features and widespread adoption makes it a preferred choice for traders of all levels.

How Does MT4 Forex Broker Work?

The MT4 broker works by providing traders with access to the MT4 platform, which is used to execute trades in the forex market. Once a trader opens an account with an MT4 forex broker, they can download the MT4 platform and log in using their account credentials. From there, they can access a range of tools and features, including customizable charts, technical analysis indicators, and automated trading capabilities.

How to use Metatrader?

Here is the step-by-step guide to using Metatrader4 (MT4) 

  1. Choose a reputable MT4 forex broker: Start by selecting an MT4 forex broker that is authorized and regulated to operate in Peru. Ensure that the broker offers the currency pairs and trading instruments you wish to trade.
  2. Open a trading account: Once you have chosen a broker, open a trading account by filling out the required forms and submitting the necessary documents for verification.
  3. Fund your account: To start trading, deposit funds into your trading account using the payment methods available.
  4. Download the MT4 platform: After your account is approved, download the MT4 platform from the broker’s website or the MetaQuotes website.
  5. Install the platform: Once the download is complete, run the installation file and follow the prompts to install the platform on your computer.
  6. Log in to your account: Open the MT4 platform and enter your login credentials to access your trading account.
  7. Customize the platform: Set up the platform to your preferences, including chart settings, technical indicators, and trading preferences.
  8. Start trading: Use the tools and features of the MT4 platform to analyze the market, identify trading opportunities, and execute trades directly from the platform.

Frequently Asked Questions: (FAQs)

Is MT4 a Broker?

No, MT4 is not a broker itself. It’s a third-party trading platform that connects users to brokers for forex trading. MetaTrader 4 stands as the most popular third-party platform for forex trading, with over 40 million users worldwide

Do I need a broker for MetaTrader 4 (MT4)?

Yes, you need a broker to use MetaTrader 4. MT4 is a trading platform that connects you to the financial markets through a broker. You must open an account with a broker that supports MT4, which will provide you with the necessary login credentials. The broker facilitates your trades, provides market data, and offers various account features and support services to enhance your trading experience. However, you can use demo accounts even without a broker.

Is MetaTrader 4 (MT4) safe?

Yes, MetaTrader 4 is safe and trusted. The platform is used by millions of traders and reputable brokers worldwide. MT4 employs advanced security measures, including data encryption and secure login protocols, to protect user information and transactions. Additionally, MT4 offers a user-friendly interface, comprehensive tools, active community support, and regular updates, all contributing to its reliability and security

Is Metatrader4 (MT4) free?

Yes, MetaTrader 4 (MT4) is entirely free to use. You can access a demo account without needing a broker. However, to start live trading, you may need to open a brokerage account. Brokers provide MT4 trading platforms at no additional cost other than their default commission or spreads. 

Does Metatrader 4 (MT4) Cost Money?

No, MetaTrader 4 does not cost money to download and use. The platform itself is free. However, trading through MT4 typically involves costs associated with your broker, such as spreads, commissions, and other fees depending on the broker’s pricing structure. Additionally, you may encounter extra costs for certain features, such as purchasing custom indicators or automated trading systems (Expert Advisors) from the MetaTrader 

Market or third-party providers. 

Is MetaTrader 4 (MT4) good for beginners?

Yes, MetaTrader 4 (MT4) is often considered suitable for beginners in trading. Its user-friendly interface, comprehensive charting tools, and extensive educational resources make it accessible for those new to trading. Additionally, MT4 supports demo accounts, allowing beginners to practice trading in a risk-free environment before committing real funds. Furthermore, MT4’s active community support and availability of tutorials and guides contribute to its suitability for beginners seeking to learn and develop their trading skills

Does MT4 Broker support EA Trading?

Yes, MT4 brokers typically support EA (Expert Advisor) trading. MetaTrader 4 (MT4) is specifically designed to accommodate automated trading strategies through Expert Advisors, which are custom-built programs that execute trades based on predefined criteria. MT4 brokers often encourage the use of EAs and provide support for their integration into the platform. Traders can develop their own EAs or choose from a wide range of pre-made EAs available online.

Does MetaTrader support backtesting?

Yes, MT4 brokers support backtesting. Backtesting allows you to simulate trading strategies using historical data to assess their potential effectiveness. You may backtest various strategies, analyze their performance, and refine them before implementing them in live trading.

Does MT4 allow Copy Trading?

Yes, MT4 allows copy trading through the use of trading Expert Advisors (EAs) or robots. Additionally, some brokers offer their own social copy trading platforms integrated with MT4. Traders can utilize copy-trading EAs on the MT4 platform to automatically replicate the trades of other traders or trading algorithms. This functionality enables traders to follow and mirror the trading strategies of successful traders without needing to manually execute trades themselves

Does MT4 Allow News trading?

Yes, MT4 allows traders to trade at any time, including before, during, or after news events. However,  individual brokers may have their own policies regarding news trading. Some brokers may impose restrictions or special conditions during periods of high market volatility, such as around major news releases. Therefore, traders should  review your broker’s terms and conditions to ensure they permit news trading and to understand any specific requirements or limitations that may apply

Does MT4 Allow hedging?

Yes, MT4 allows hedging. In fact, it supports various trading styles, including hedging, scalping, copy trading, and more. However, traders should check broker’s policies to ensure that they permit hedging. While MT4 itself supports hedging functionality, individual brokers may have specific rules or restrictions regarding hedging positions

How Many MT4 Brokers are there?

The exact number of MT4 brokers isn’t publicly disclosed by MetaQuotes Software. However, our research indicates that there are at least 3,000 MT4 servers globally (counted on mobile), which suggests a significant presence of MT4 brokers. Additionally, there are numerous MT5 servers globally. However, the number of servers doesn’t directly correlate with the number of brokers, as brokers often operate multiple servers to meet the various needs of the traders. 

Is MT4 Available on Android?

Yes, MetaTrader 4 is available for Android devices. You can download and install the app from the Google Play Store on your smartphone or tablet. The app provides access to all the platform’s features, such as advanced charting tools, automated trading, and real-time market data, ensuring a complete trading experience on your Android device.

Is MT4 Available on IOS?

Yes, MetaTrader 4 is available for download on iOS. You can easily download and install the app on your iPhone or iPad. Once installed, you can access all its features, including advanced charting tools, automated trading capabilities, and real-time market data. This allows iOS users to enjoy a comprehensive trading experience on their mobile devices.

Is MetaTrader 4 (MT4) available on Mac?

Yes, MetaTrader 4 is now available for download on macOS. You can easily download and install the platform on your Mac device. Once installed, you can access all its features, including advanced charting tools, automated trading capabilities, and real-time market data. This allows Mac users to enjoy the same comprehensive trading experience as those using other operating systems

Can I use MetaTrader 4 (MT4) on multiple devices?

Yes, you can use MetaTrader 4 on multiple devices. The platform is available for Windows, macOS, iOS, and Android, allowing you to access your trading account from your computer, smartphone, or tablet. By logging in with your account credentials on each device, you can seamlessly manage your trades, monitor the market, and use all MT4 features across different devices

Is Metatrader4 (MT4) Only for Forex Trading?

No, MetaTrader 4 (MT4) is not only for trading forex. While MT4 is widely used for forex trading due to its robust features and user-friendly interface, it also supports trading in other financial markets, including commodities, stocks, indices, and cryptocurrencies. Traders can access various asset classes and trade a wide range of instruments within the MT4 platform. Additionally, MT4 offers customizable charting tools, technical indicators, and analytical tools that cater to the needs of traders across different markets. Therefore, while MT4 is popular among forex traders, it is versatile enough to accommodate trading activities in various financial markets

What is the Minimum Deposit for Metatrader 4 (MT4)?

Mt4 is a trading platform. It does not require any minimum deposit. The minimum deposit required for MetaTrader platforms can vary depending on the broker you choose. Brokers typically set their own minimum deposit requirements for opening a trading account on MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.

The minimum deposit can range from as low as $1 to several hundred or thousand dollars, depending on the broker’s policies, account types, and the financial instruments you intend to trade. Some brokers offer different account types with varying minimum deposit requirements, allowing traders to choose an account that suits their budget and trading preferences.

Are MT4 Forex Brokers Regulated?

MT4 is a trading platform. It doesn’t require regulation since it’s simply software used for trading. However, the forex brokers who offer MT4 as a trading platform and handle traders’ funds should indeed be regulated by the relevant financial authorities in their respective jurisdictions

Final thoughts:

There are numerous trading platforms available for forex trading, such as MT4, MT5, cTrader, TradingView, TradeLockers, and more. Among these platforms, MT4 is the most popular trading platform in the forex market. The platform is used by more than 40 million active traders. 

When choosing a Metatrader 4  forex broker, it’s essential to consider factors such as regulations, reputation, trading fees, platforms and tools, and trading conditions. While all MT4  trading platforms may appear similar, they can differ significantly in terms of service quality.

MT4 Forex brokers typically provide both demo and live accounts. If you are a beginner, it is advisable to start trading with a demo account first before moving into live trading. 

Disclaimer :

Forex trading involves high risk and may not be suitable for all investors. Leverage can increase both profits and losses. According to the statistics, 74-89% of customers lose the funds invested, and only 11-25% of traders make a profit. Only trade with funds you can afford to lose. Past performance is not indicative of future results. Seek independent financial advice if necessary. The information provided is for educational purposes only. It should not be considered as financial advice or trading advice. If you need personalized financial advice, it is recommended to consult with a qualified financial advisor