8 Best MetaTrader 4 (MT4) Brokers & Trading Platforms of 2024

Learn how to use MT4 for trading and evaluate the list of the Top MetaTrader 4 Brokers with comparison to pick the best MT4 Brokers of your choice for opening a trading account:

MT4 is the most popular trading terminal or platform in the world used by 65% of FX traders. MT4 brokers pay license fees and additional costs for hosting, bridging support, and additional services to allow their traders to use MT4 to trade.

They operate and control the server components provided by MetaQuotes Software Corporation (the company that developed MT4) and traders can stream the broker’s prices, and charts, and place trades on their accounts with the broker.

Top MetaTrader 4 (MT4) Brokers & Trading Platforms

Its wide range of features, including multiple order types, support for trading communities, automated strategies, complex indicators, charting tools, risk management tools like stop-loss orders, customizability, and integration with 90% of trading brokers, has made it highly popular among traders of various financial instruments.

Besides, it uses data encryption techniques and offers risk management tools. This tutorial provides a guide for using MT4 to trade and reviews the best brokers with whom you can create an MT4 trading account and from whom you can benefit from a lot of features when trading on MT4.

Who is this Article for?

This article is for traders (mostly advanced traders but also beginner traders) dealing with any financial instruments supported for trading on MT4 by their broker. It is for groups, companies, and institutions looking for brokers with whom they can work.

We have included details of how to use MT4 and reviewed top brokers with whom you can jump-start your MT4 trading journey. It is for any broker looking for information on how to better their services by comparison.

Benefits of Trading with MT4

• It is the most popular trading terminal in the world, and expertise and support in it are adequate in addition to the majority of traders being familiar with the software. This also makes available a huge trading community for activities such as copy trading, trading and market research, tips, and analyzes.
• Advanced charting package, automated trading programs (Expert Advisors or EAs) with hundreds of robots and strategies in the EA Market, mobile trading platform (Desktop, Mobile, Tablet (PC, Apple, Android)), trading within charts, and about 20 additional apps to manage your trading operation effectively.
• Multi-account management for money and allocation managers.
• Great trade and trading operation customization.

How to Use MT4 MetaTrader Platform & Ways to Open Trades on MT4

Step #1: Research and select an MT4 broker for your trading account, and choose the assets you want to trade. Create an account with the broker and make some deposits.

For beginner traders, you might also open a demo account with your MT4 broker to practice trading in real-time and with real market data. A demo account also allows you to familiarize yourself with features and how to use them. Otherwise, as an expert trader, simply choose the type of account to trade with your broker.

Step #2: Download, install, and launch the MT4 platform. MT4 is supported on mobile and desktop (both Mac and Windows). Remember with many brokers, you can use a WebTrader and other broker’s proprietary tools but with them, you might not access the benefits of MT4 although most of them offer other benefits not found on MT4.

Step #3: Using the details sent by the MT4 broker, choose the appropriate server after launching the MT4. Select “Existing trade account” to log in to your broker account on the MT4 terminal.

Step #4: Customize your trading. For instance, you can delete or remove pre-installed indicators from the File>Open Data Folder>MQL4>Indicators folder where the list of indicators appears

To install new indicators, for instance, those downloaded from your MT4 broker, download and extract them to be in .ex4 and .mq4 extensions. Open the MT4 and navigate to File -> Open Data Folder -> MQL4 -> Indicators sub-folders. Drag and drop the extracted indicators into the Indicators subfolder. Restart MT4.

Trading robots and strategies are written using the MQL4 (MetaQuotes Language 4) programming language which is based on C++.

Step #5: Start trading. Navigate to Order->Tools->New Order>Standard toolbar press F8 and select New Order from the Market Watch window. Select the type of order (market and pending although many MT4 brokers do support extra order types).

To open a market order, select the symbol you want to trade, the volume (amount of lots), the Stop Loss, and the Take Profit if needful. Pending orders open at the point when you specify. To open this type of order, select it from the drop-down list, then choose from Buy Limit, Sell Limit, Buy Stop, and Sell Stop, which are sub-types of pending orders.

Enter ‘at price’ the price at which you want the order to execute, the expiry when the order will automatically be deleted if not triggered, enter the size of the position, and the Stop Loss and Take Profit points. Press the Place button.

Stop Loss is the risk management technique that allows the broker to sell the asset when a certain price is reached such that the position is closed automatically when the market is moving against you (allowing to only lose a certain position of the order amount instead of the entire amount due to negative price change).

To set this order, right-click on the trade, choose the ‘Modify or Delete Order’ enter the desired exit price, and press ‘Modify.’

A Take Profit order allows you to close the position at a price when the market is moving as per your aspirations. You take profit early instead of waiting too much when things might then just go wrong. You must open a position or trade to set a Take Profit. Right-click on the specific trade, choose ‘Modify or Delete Order,’ enter the desired exit price, and click on Modify.

To close an order, click or tap the Trade tab, click or tap on the specified order, choose ‘Close Order’, then confirm the closure.

Customizing charts: From a price chart, you can choose ‘Properties’ and start editing the price charts. You can adjust the scale, type of chart (Line, Bar, or Candlestick for instance), appearance, color schemes, etc and save it as a new template. You can reuse the template by visiting the Template button.

The official user guide for MT4 contains specific directions for usage, otherwise most brokers offer guides on how to place orders and trade, including technical assistance on installation on VPS and technical trading usage on all platforms.

List of the Best MT4 Brokers

Here is the popular list of the best Brokers for MetaTrader 4:

1. Tickmill
2. FP Markets
3. CMC Markets
4. IC Markets
5. OANDA
6. Forex.com
7. RoboForex
8. FXCM

Comparison Table of the Top MetaTrader 4 Brokers

Detailed reviews:

#1) Tickmill

Best for low non-trading fees, copy trading, trading signals, and trade automation support.

Tickmill broker allows people to trade on MT4 besides MT5, MT WebTrader, MT mobile trader, and Tickmill mobile app. MT4 can trade CFDs in 62 forex pairs, but also CFDs in stock indices, commodities, bonds, cryptocurrencies, and stock assets. The platform’s deep liquidity allows them to execute orders with no partial fills.

Through MT4, you can access multiple, if not all, of Tickmill’s trading tools (third-party partnered or in-house). These tools include Autochartist for automated technical pattern scanning, copy trading (choose a trader and mirror their trades), economic calendar, and Expert Advisors.

Other tools accessible on MT4 and MT5 accounts are the Acuity Trading Tool gets market sentiments from the Dow Jones news feed, Signals Center Tool for getting market insights from an FCA-regulated signal provider, Market Sentiment to visualize sentiments automatically across assets, etc.

How to trade with MT4 on Tickmill:

Other Features:

• VPS services for MT4.
• Access MT4’s native Trading Toolkit (Traders Toolbox). This gives an additional 13 individual applications and 15 indicators. The toolkit includes Trade Terminal, Mini Terminal, Alarm Manager, Excel-RTDConnectSentiment TraderSession Map Market Manager Correlation MatrixCorrelation TraderTick Trader Stealth Orders, and Indicator Pack. Get 50+ Indicators and customizable charting in 39 languages.
• Trading community through the Traders Club offers exclusive research, chat with expert traders, exclusive indicators, access to special trading strategies, and weekly private consultations.
• Podcasts through Bright Minds.
• Copy trading through Tickmill social trading which allows mirroring of trades from expert traders, and Pelican social and copy trading platform.
• £85k for UK and €20k for EU clients, $0 for others. Insurance offered with Lloyds for your funds from $20,000 to $1,000,000.

Why did we select this broker?

• The broker offers diverse tools and trading support under the MT4 platform as can be seen in the review above.

Pros:

• Vast tools under the MT4 trading platform.
• No inactivity fees and low non-trading fees because there are no charges for deposits and withdrawals. The commission charged.
• Good support for web, desktop, mobile, and non-mobile trading tools; charting tools, etc.

Cons:

• Limited diversification with only 725 tradable symbols and about 63 FX pairs.

Spreads and Commissions: 0.1 to 1 pip typical spread for majors. Up to 110 pips for others.

Forex trading is charged a $2.00 commission per lot and spreads starting at 1.6 pips for Classic accounts and from 0 pips for Pro and VIP accounts. 0.0 pips typical spread on majors. Zero commissions on Classic accounts. The commission is 2 per side per 100,000 traded for Pro and 1 per side per 100,000 traded for VIP accounts.

Other Potential Charges/Costs: Withdrawal fees, overnight fees. Swaps or overnight fees apply.

Website: Tickmill

#2) FP Markets

Best for Forex VPS, copy trading, Multi-Account Manager, and Percentage Allocation Management Module Manager for those who trade on behalf of their clients.

FP Markets supports trading on MT4 on all operating systems natively supported by MT4 – Windows, web, Mac, iOS, and Android.

First, you get some add-ons from FP Markets (e.g. VPS, social trading, analysis, etc) besides the MT4 natively supported tools such as Expert Advisors and algorithmic trading, MarketWatch, one-click trading (place orders, limit and stop orders right from the charts), customizable alerts, live price streaming, MetaTrader Community, and a customizable interface.

FP Markets allows clients to trade over 10,000 financial instruments, but those accessible on MT4 are 70+ FX pairs, 63 share CFDs, commodities, 14 indices, and cryptocurrencies. Since it is an ECN market, it provides pricing directly from the liquid providers without using an in-house order book.

FP Markets allows you to add personalized charting indicators on MT4 and you can enjoy the pre-installed 60+ indicators from MetaTrader 4 chart providers.

How to trade with MT4 on FP Markets:

Other Features:

• Forex trading VPS (on Windows but with mobile monitoring) runs automated algorithms including expert advisors (ea) on MT4 and other platforms using VPS to deal with any downtime issues.
• Autochartist access for discovering chart patterns to understand trading opportunities in real-time. Get 1000+ actionable trade opportunities & ideas per month. Get monthly market reports.
• Forex trading automation via Myfxbook. Copy trading is possible. FP Markets also support AutoTrade for mirroring other traders’ trades. Get incentives if you are a copied trader. FP Markets Copy Trading and Signal Start (signal following) third-party platforms are also available.
• Multi-Account Manager which allows money managers to trade on behalf of clients for a percentage of profit. FP Markets also provides Percentage Allocation Management Module Manager (pooled money-managed account module) via MT4.
• Trading Central automated AI analysis and industry expert analysis platform.
• Up to 500 times leverage.
• Investor protection is €20k to EU clients and $0 to others.
• Other trading platforms are MT5, Iress, WebTrader, mobile trading app (FP Markets Mobile App), cTrader, etc.

Why did we select this MT4 broker?

• FP Markets offers distinct extra tools to support the MT4 trading ecosystem, which adds value and performance for traders.

Pros:

• Forex VPS comes with a covered/paid subscription fee for regular traders who manage 20 lots of Forex and Metals on a Standard trading account or over 40 lots on our Raw account per month. The VPS plan is also sponsored if you deposit USD 1000 or equivalent. There also is 24/7 support and assistance e.g. to install Expert Advisors and any third-party trading tools.
• Our trader support includes a wide range of resources for trading, such as technical analysis, research education, live webinars, podcasts, trading tutorials, forex news, ebooks, economic calendars, and daily analysis.

Cons:

• Limited product portfolio and support for trading platforms are limited when compared to other brokers.

Spreads and Commissions:

• MT4 fees – standard accounts charge zero USD per side for all tradable assets while Raw accounts are 3.50 AUD USD, 3 USD, 2.75 EUR, etc charge per side.
• Swap rates also apply.
• Withdrawal fees range from 0 – 5.75% depending on the method.

Website: FP Markets

#3) CMC Markets

Best for additional premium MT4 indicators, unlimited stop loss and take profit orders, trading rebates, and high leverage.

Trading with MT4 on CMC Markets gives access to 200+ tradable instruments, which include 175+ FX pairs, indices, commodities, and cryptos. CMC Markets also provide a range of 12 add-ons and indicators to MT4. Traders can download the add-ons from the website aside from the MT4 platform, which includes Trade Terminal, Mini Terminal, Correlation Matrix, and Alert Manager.

CMC Markets also provides clients’ sentiment tool so a trader can see the number of clients and their position value in near real-time. Also, market news and insights from multiple sources, and Next Generation (which provides 1-click trading, price ladder, placing long and short simultaneously to hedge trade, boundary orders, and guaranteed stops), are provided.

Traders can open charts in multiple layouts a go from a single screen, use an auto pattern recognition scanner which has automatic alerts for popular chart patterns (every 15 minutes and available for 120+ assets), price projection tools, module linking, chat forum, and mobile charting.

According to the website, using MT4 is also ideal for scalping traders because of competitive prices and transparent execution. High-volume traders may also find helpful the unlimited stop-loss or take-profit orders. Traders also access additional premium MT4 indicators and EAs at no cost from CMC Markets.

How to trade with MT4 on CMC Markets

Other Features:

• Connect real-time MT4 data into Excel using the CMC Markets Excel RTD plugin.
• Advanced money management by setting multiple stop-loss and take-profit orders.
• Email alerts for breached key indicators.
• Stealth orders make it possible for a trader to hide entry and exit levels from the market.
• One-cancels-other order types.
• Connect to the trading community more by tweeting from the MT4 platform.
• Over 115 technical indicators and drawing tools, over 70 chart patterns, and 12 chart types built in.
• Platform tutorials, strategy videos, live chat, customer feedback, expert market analysts, quantitative equity research reports, Reuters news, CMC TV, market calendar, and Twitter feed.
• Personal account managers, access new products first, and segregate protection for the CMC Pro account manager.
• Trading rebates of £2 to £10 per £1m paid to the first trade in the month, and a holding cost adjustment rebate of 12% to 75% depending on assets traded. The trading margin is 3.3% to 10% depending on the instrument traded.

Why did we choose this MetaTrader 4 broker?

• Customer support through vast and decisive trading tools and add-ons added onto MT4 is a great reason to choose this platform.

Pros:

• High leverage.
• Rebates for high-volume traders.
• Good support for traders via a vast number of tools, research, education, etc.

Cons:

• Need to open a new account for every asset to be traded.
• Fewer tradable symbols on MT4.

Spreads and Commissions: Forex trading spreads of between 0.6 pips to 2.2 pips for majors depending on currency pair. The range for minors is between 0.7 pips and 4.2 pips. Exotics cost between 3 and 100.80 pips spread to trade. The cost of FX indices ranges from 0.25 to 5 pips on spreads.

Other Potential Charges/Costs: £10 or $15 monthly inactivity fee for accounts that run dormant for a year; overnight fees calculated as tom-next rate (difference between interest rates of the two currencies in a trading FX pair) + an additional 0.0027% CMC Markets charge; roll-over cost (although traders save 50% on the spread cost by rolling positions); small charge on guaranteed stop-loss order (GSLO); and a market data fee if you have an active subscription for the same.  

Website: CMC Markets

#4) IC Markets

Best for Automated trading and its customization with extra order types, trading rebates, and high leverages.

IC Markets provides Standard and Raw Spreads types of accounts on the MT4 platform and aside from the native features on MT4, you get up to 1,000 times leverage, a minimum lot size of 0.01, and no minimum order distance, and a freeze level of 0 (the latter means orders including stop orders can be placed as close to market price as the trader likes).

It should be considered that the ECN broker draws pricing feeds from up to 25 different pricing providers which results in tight spreads.

Traders on MT4 also get Autochartist market scanners based on technical analysis (helps identify chart patterns automatically and with ease), Trading Central AI and expert-based analyses, and MultiTerminal which allows management of multiple accounts from a single interface.

How to trade with MT4 on CMC Markets:

Other Features:

• Also trade on MT5, MT WebTrader, MT iPhone, MT Android, MT Mac, cTrader, cTrader Web, cTrader iPhone, cTrader Android, cTrader Automate, and VPS.
• cTrader copytrading.
• Advanced Trading Tools include stealth orders, Tick Chart Trader, Sentiment Trader, Session Map, Excel RTD, Trade Terminal, Market Manager, Mini Terminal, Alarm Manager, Correlation Matrix, and Correlation Trader.
• Credit/debit card, Skrill, wire transfer, Neteller, FasaPay, China Union Pay, Bpay and broker-to-broker transfer, deposits.

Why did we select this MT4 Forex broker?

• IC Markets offers one of the widest ranges of trading tools besides the MT4 in addition to the high leverage of up to 2000 times for MT4 margin traders.

Pros:

• Up to 2,000 times leverage on MT4.
• Low spreads and commissions on the four account types. Swap-free Islamic accounts are also provided.
• Swap-free accounts are available in addition to the possible low spreads.
• Possibility for a free VPS connection for Raw Spread and Standard accounts.

Cons:

• No trading rebates or other bonuses are provided.

Spreads and Commissions: Forex – majors – 0.0 pips while the average ranges from 0.02 to 0.85 pips depending on account type. Minors from 0 pips (average ranges from 1.04 to 2.12 pips). Exotic – 0 to 10.3 pips, with an average ranging from 0.67 to 139.98 pips.

Other Potential Charges/Costs: Overnight fees (including short position overnight fees), guaranteed stop-loss fees, etc.

Website: IC Markets

#5) OANDA

Best for Automated market scanners and pattern identification as well as intra-day market scanning. Trading rebates are also provided.

Oanda offers enhancements to the MT4 natively built trading features and tools. The enhancements include mini charts and OCO orders, keyboard trading tick-chart trader for capturing market movement, a chart-ladder order entry and five-minute order book that updates trader positions and orders every five minutes, and an alarm manager that can trigger actions such as trades and alerts.

Clients using MT4 on Oanda will also access a suite of technical analysis packages as a plugin (downloadable OANDA order book MT4 plugin). The plugin features include automated chart pattern recognition, pattern quality indicators, and intra-day market scanning among other things.

Other Features:

• Access to 28 new applications and indicators on MT4 with the premium upgrade by accessing the OANDA Connect app. These are accessible even on demo accounts.
• Trade directly from the interface. Trigger trades on the cross of a trendline with smart lines.
• Quality trading content drawn from Dow Jones, market news sentiments, and two event calendars.
• Analyze trades with the OANDA dashboard.
• Group trade management, set take-profit, stop-loss, and trailing stops across all positions simultaneously.
• Order conditions for automated close rules.
• Watchlists and FX board screens.
• Also trade with OANDA Trade web, OANDA mobile and tablet, VPS, and TradingView.
• VPS, technical analysis, advanced charts, and partner tools.
• Insurance of up to £85k to the UK, €20k to EU clients, CAD 1mn to Canadian, and $0 to other clients.
• Rebates based on volumes – tier 1 (minimum deposit of  $10,000 and at least $10 million of monthly trade volume), tier 2 (minimum deposit of  $10,000 and at least $100 million of monthly trade volume), and tier 3 (minimum deposit of  $250,000 and at least $500 million of monthly trade volume).

Why did we select this broker?

• OANDA addons for MT4 including technical analysis packages, VPS, additional order types, and chart pattern recognition make it one of the outstanding MT4 brokers.

Pros:

• High-volume traders can benefit from rebates offered in the Advanced Trader program, a four-tiered reward program that offers discounts on spreads and commissions.
• Some other benefits also accrue to those signed up for the Advanced Trader program such as free VPS, API support, a dedicated relationship manager, discounted access to third-party tools, etc.

Cons:

• Guaranteed stop losses and insurance limited to clients in the U.K., EU, and Canada. Access to some products is also limited to some regions. The same applies to negative balance protections.

Spreads and Commissions: Forex spreads range from 1.4 to 3.1 pips. Minimum commission of $0.01 per trade.

Other Potential Charges/Costs: Financing fees, funding rates (overnight fees which are calculated as the next swap rates plus admin fees between 1% and 4%)

Website: OANDA

#6) Forex.com

Best for corporate services with cash rebates and free VPS for high-volume traders.

Forex.com MT4 gives access to nine Expert Advisors and automated strategies such that clients can build their own trading strategies (access to over 950 trading robots and 2,000 technical indicators), additional indicators, integrated Reuters news, and VPS hosting (VPS comes with pre-installed software, mobile and web access capability, and account manager software to ease uploading and managing EAs).

By connecting your Forex.com account with the MT4 trading platform, you can trade FX, stocks, gold and silver, futures, and futures options.

Other Features:

• Also trade on MT5, TradingView, WebTrader, MT Mobile, MT Web, Forex.com Windows app, and Forex.com mobile apps.
• Trading Central AI analyses blended with expert analyses.
• Tutorials, webinars, events, trading ideas, news, market analyses, and trader support.
• Through StoneX which Forex.com is part of, brokers, money managers, hedge fund and asset managers, family offices, corporate hedgers, banks, and other financial institutions, and money service businesses can get customized products and services (liquidity, tech, and partnership solutions)to serve their customers.
• Financial Services Compensation Scheme.

Why did we choose this broker for MetaTrader 4?

Forex.com is great for high-volume traders on MT4 because although they access lower leverages, there are a host of free add-ons they get.

Pros:

• Free EA VPS hosting for those who trade at least $500,000 per month in volume. Otherwise, it costs $30 per month.
• Cash rebates of up to $10 per million FX traded in monthly volumes. Interest also accrued to traders on their average daily available margin up to 4.5% APY (Active Trader program).
• One-on-one guidance from relationship managers to help with trading (Active Trader program).
• Waived bank wire transfer fees for the Active Trader program.

Cons:

• Leverage is limited to up to 20 times for MT4. Other assets up to 50 times.

Spreads and Commissions: Forex: Raw Spread Accounts attract a commission of between 0.7 to 2.8 pips for majors and up to 225 pips for rarest +flat $5 commission per standard lot (100K) charged when trade is executed. Standard Accounts attract a spread-only charge and no commissions. Margins from 0.5% to 20% on FX.

Other Potential Charges/Costs: $15 inactivity fees when the account is dormant for a year. Other costs are currency conversion of +-0.5% on top of the market rate where it applies.

Website: Forex.com

#7) RoboForex

Best for Partner affiliation revenue sharing, trading rebates, and other commissions and offers for high volume traders, high leverage.

MetaTrader’s Expert Advisors tool includes a market where clients can source for hundreds of robots and Roboforex supports it on Prime, ECN, ProCent, and Pro accounts which have only 10 USD initial deposit, spreads from 0 pips (Pro and ProCent minimum spread is 1.3 pips) and promotions.

The types of promotions here include trading cash rebates, 10% of extra funds deposit to client’s funds (tradable or withdrawable), free VPS server (for those achieving at least 3 standard lots monthly or otherwise $5 monthly), welcome, profit share, and classic bonuses.

Roboforex MT4 trading allows you to deal with forex, stocks, ETFs, metals, indices, cryptocurrencies, commodities, etc.

Other Features:

• Leverage of up to 2,000 times.
• Market analyses and news, economic calendar, market and trading blog, up-to-date financial charts of trading instruments,
• R StocksTrader trading strategy builder makes trading automatic in a few steps.
• CopyFX partnerships allow traders to copy trades of experts or generate passive income as expert traders. Expert traders can also earn a commission by attracting investors to copy their trades.
• Partner affiliate program also available on MT4/5 accounts — up to 70% revenue share and loyalty program up to 20%. Partner commission accounts, which are ideal for Roboforex partners who provide their clients with Expert Advisors or trading signals, feature increased spreads as commissions.
• Insurance coverage of up to 5,000,000 EUR via a Civil Liability insurance program, and a compensation fund of up to $20,000 in addition to negative balance protection.

Why did we select this broker?

• A high leverage on MT4 accounts in addition to several add-ons for MT4 accounts such as the possibility for free VPS, bonuses, trading rebates, etc.

Pros:

• Leverage of up to 2,000 times even on MT4/5.
• Roboforex features multiple bonuses, affiliate programs, rebates (between 5% to 15% for between 10 to 3,000+ lots depending on account types), and freebies for high-volume traders.
• Low minimal deposit for all accounts ($10 and $100 for CopyFX users).

Cons:

• Availability is restricted in some regions.
• Average commissions and non-trading fees are applicable.

Spreads and Commissions: Spreads range between  1 to 1.3 for majors. ECN spreads can go as low as zero (average is 0.1 pips) but there is a commission charge of $2 per lot.

ECN commissions of between $0,50/lot and $200,00/lot depending on the asset traded. Prime commission of between $0,40/lot and $200,00/lot depending on the asset class. R StocksTrader commissions also apply (between 0,0045 to around 3 USD per share).

No inactivity fee but withdrawal charges may apply depending on the method used. Other applicable fees include overnight charges and swap rates.

Website: RoboForex

#8) FXCM

Best for micro lot sizes trading; also for trading rebates for high volume traders.

FXM allows you to set stop loss and take profit orders while opening a new trade on MT4, trade micro lot sizes (0.01 lot), and partially close positions. You can also hedge trades by placing trades on both sides of the market, and get a free VPS when you sign up for an MT4 account.

An MT4 account with FXM allows you to trade forex, shares, indices, commodities, and cryptocurrencies.

Other Features:

• Also trade on Trading Station Web, TradingView Pro, ZuluTrade, and Capitalise AI.
• Trading rebates payout is between $5 to $25 per million USD traded per month depending on volume tier (from between $10-25 million as tier 1 to above $400 million as highest tier 5). Indices pay a rebate of between $1 to $3 per $million volume per month depending on the index traded.
• Trading tutorials and guides, research, economic calendars, market analytics and insights, etc.
• Referring broker services, institutional services, and corporate client services.
• Insurance of up to £85k to UK, €20k to EU clients, and $0 to other clients.

Pros:

• Up to 1,000 times leverage.
• Multiple promotions including bonuses, cash rebates for high-volume traders, and referral programs.

Cons:

• High non-trading fees for instance withdrawal fees, geographical restrictions (for instance does not accept US), and comparatively high commissions for some trading instruments.

Spreads and Commissions: Spreads range from 0.623 pips to 156.868 pips. 0.4 points average for S&P 500 CFDs, 1.9 points average for Europe 50 CFDs, and 0.23 for Apple CFDs.

Financing rates of between 1.3% and 9.1% for currencies and stock CFDs. Other fees include inactivity fees.

Website: FXCM

How to Choose the Best MT4 Broker?

• MT4 brokers are mainly selected based on the trading costs charged (spreads, commissions, overnight fees, withdrawal fees, currency conversion fees, inactivity fees, and other costs). Also included among these financial factors are deposit minimums and maximums.
• What assets to trade: Most brokers provide basic assets such as stocks, forex, CFDs, bonds, indices, commodities, and crypto but it depends on whether the specific FX pairs, stocks, indices, CFDs, cryptos, and commodities you want to trade are provided by a broker of your choice.
• Features are major decisive factors: The MT4 platform already natively provides a host of features for traders (see the introduction section). Still, since it does not take deposits or offer markets for trading the assets, you will need a broker and most of them provide add-ons. Most brokers provide trading communities and copy trading, insurance for customer funds, free or charged VPS, research and analysis, and other informational support.
• Customers also decide on the best MT4 broker based on the trading tools add-ons they provide on top of the capabilities offered by the MT4 platform. For instance, some brokers provide extra indicators, extra order types, extra risk management orders and initiatives, own social trading support, and other extra tools.
• Other factors include the regulation of a company on the client’s region/location, trust score based on reviews, customer support, bonuses, trading rebates, and extra offers.

How we Selected these MT4 Forex Brokers

We searched online and looked at recommendations of the top-rated MT4 brokers that we can then recommend to our readers. The article ranked MT4 brokers based on the customer ratings and the quality of MT4 trading services provided.

This includes the add-ons they have to the native tools on the MT4 platform, spreads and trading fees or commissions, the nature and extent of trader support given, platforms on which trading is supported, product variations offered by the broker, and other factors.

Forex Brokers MT4 – FAQs

Conclusion

MT4 offers over-the-board trading tools and features but the best MT4 brokers have add-ons and extra support for their traders. This tutorial compares MT4 brokers over a wide range of issues trading costs, add-ons, bonuses, commissions, rebates, and other features.

MT4 is a great tool for automated trading, and we have seen in this research that the majority of brokers support this by offering free VPS to high-volume traders. The latter also get rebates, commission bonuses, relationship managers on some broker platforms, and extra expert market and trade analyses and trading communities.

A great differentiator among MT4 brokers is spreads and non-trading fees but a trader should also look at other features.

Tickmill offers some of the best trading tools and features for MT4 alongside trader support, exclusive trading strategies, and exclusive trading indicators; FP Markets, CMC Markets, and IC Markets are great for copy trading, trader rebates, and automated trading, especially for corporates and high volume traders.

However, IC Markets offers some of the best spreads starting at zero.

Research Process:

• Total MT4 Brokers Initially Listed: 30
• Top MT4 Brokers Reviewed: 8
• Time Taken to Review this Article on MT4 Brokers: 2 days