Best Forex Brokers for MetaTrader 4
MetaTrader 4 remains the most popular forex trading platform globally, known for its charting capabilities, custom indicators, and support for automated trading with expert advisors. Because the software is the same across all providers, selecting an MT4 broker primarily depends on factors such as spreads, commissions, order execution speed and quality, and whether the broker supports the tools and automation you rely on.
We evaluated MT4 brokers based on those criteria, as well as their regulation and overall trustworthiness. All brokers listed here offer MT4 and are regulated by at least one major authority. Here are our selections.
- 1
Pepperstone
Best Overall4.6/5Regulated by ASIC · FCA · BaFIN · Min. deposit $0
Pepperstone is the best all-around forex broker for MetaTrader 4. Its Razor account pairs MT4 with raw spreads starting at 0.0 pips and low commissions. It delivers fast, reliable execution and includes Smart Trader Tools that add extra indicators, alerts, and order options to MT4. Active traders can access free VPS hosting to run expert advisors with minimal latency 24/7. Established in 2010 and regulated by the FCA, ASIC, and other top-tier authorities, Pepperstone offers affordable MT4 trading alongside robust safety measures, making it the leading choice.
- 2
IC Markets
Best for Day Trading4.4/5Regulated by ASIC · CySEC · FSA · Min. deposit $100
IC Markets is the preferred MT4 broker for day traders who prioritize speed and tight spreads throughout their trading session. Established in Sydney in 2007, it operates as a true ECN broker and is regulated by ASIC and CySEC. The broker offers raw spreads as low as 0.0 pips and routes MT4 orders through Equinix data centers to ensure very low latency. There are no restrictions on scalping, hedging, or using expert advisors. VPS hosting is provided free of charge to clients with modest monthly trading volumes, allowing automated strategies to run close to the servers. For traders active throughout the trading session, it’s hard to find a better option on MT4.
- 3
Forex.com
Best for US Traders4.5/5Regulated by NFA · CFTC · CIRO · Min. deposit $100
FOREX.com is the standout MetaTrader 4 broker for US-based traders. Regulated directly by the CFTC and NFA, it is one of the few brokers legally permitted to serve US retail forex clients. MT4 is fully supported alongside MT5, TradingView, and its own platform. Scalping and expert advisors are permitted without restriction, and VPS hosting is available for automated strategies. Backed by StoneX, a major global financial services group, FOREX.com also offers a research and analytics layer that goes well beyond that of most MT4 brokers, including its Performance Analytics tools and daily market commentary. For US-based MT4 traders seeking genuine depth, it leads the field.
- 4
CMC Markets
Best for Range of Currency Pairs4.6/5Regulated by FCA · BaFin · CIRO · Min. deposit $0
CMC Markets offers MetaTrader 4 traders one of the broadest forex selections, with over 175 currency pairs, including majors, minors, and numerous exotics. This extensive range is especially valuable for traders executing pairs strategies or accessing less-liquid currencies via MT4, a variety rarely offered elsewhere. Founded in 1989 and headquartered in London, the company is regulated by the FCA, ASIC, and other top-tier authorities. It supports MT4, its proprietary Next Generation platform, and TradingView, all without a minimum deposit requirement. Although MT4 spreads are competitive rather than the lowest, its wide range of currencies distinguishes it from competitors.
- 5
XM
Best for Low-Cost Entry4.3/5Regulated by CySEC · FSCA · FSA · Min. deposit $5
XM offers the lowest entry barrier among brokers here: you can open a MetaTrader 4 account and start trading with just $5. This low barrier is complemented by micro-lot trading on a cents account, allowing beginners to trade real money on MT4 while keeping positions small and risk manageable. XM is a reputable broker that has served over 15 million clients since 2009 and is regulated by CySEC and ASIC. XM supports both MT4 and MT5, providing room to grow without switching brokers. For affordable access to MT4 and gradual scaling, this platform requires minimal upfront investment.
How we chose the best forex brokers for MetaTrader 4
Since MetaTrader 4 is identical across all brokers, we concentrated on the aspects that vary: spreads and commissions on MT4, execution speed and reliability, support for expert advisors, VPS hosting availability, the variety of markets accessible via the platform, and the robustness of each broker's regulation. Trading costs and execution quality were the most influential factors because they significantly affect trading results. We favored brokers that allow automated and high-frequency trading without restrictions. Brokers that do not offer MT4 were excluded, regardless of how good their proprietary platforms are.
Best forex brokers for MetaTrader 4 at a glance
| Broker | Best for | MT4 highlight | Minimum deposit | Regulation |
|---|---|---|---|---|
| Pepperstone | Overall | Smart Trader Tools, volume-gated free VPS | None | ASIC, FCA, BaFin, CYSEC, DFSA, CMA, and SCB |
| IC Markets | Day trading | Raw spreads and low latency | $200 | ASIC, CySEC, and FSA |
| FOREX.com | US traders | CFTC/NFA-regulated with deep research tools | $100 | NFA, CFTC, CIRO, FCA, ASIC, SFC, FSA, and MAS |
| CMC Markets | Range of currency pairs | 175+ pairs including exotics | None | FCA, ASIC, CIRO, BaFin, FMA, MAS, and DFSA |
| XM | Low-cost entry | $5 minimum, Cent account micro lot trading | $5 | CYSEC, FSCA, FSA, FSC |
Frequently asked questions
Yes. While MetaTrader 5 is the newer platform, MT4 remains the most popular among forex traders for its user-friendly interface and extensive collection of custom indicators and expert advisors. It remains an excellent option for pure forex trading. The primary reasons to choose MT5 include the ability to trade a broader range of assets, such as stocks, and the availability of additional timeframes and tools.
Since the platform is consistent across all brokers, focus on each broker's specific trading conditions: MT4 spreads, commissions, execution speed, and reliability, as well as policies on scalping and expert advisors. Free or discounted VPS hosting is relevant if you use automated strategies, but many brokers waive this fee only after you reach a minimum trading volume, so review the terms carefully. Robust regulation safeguards your funds, and the range of currency pairs and markets available on MT4 may vary among brokers.
Yes. All listed brokers support expert advisors on MT4, and most allow unrestricted automated trading, scalping, or hedging. Some, such as Pepperstone and IC Markets, offer free VPS hosting once a monthly volume requirement is met, helping strategies run smoothly with minimal latency. Be sure to check each broker's specific qualifying criteria, as they vary considerably.
No. MetaTrader 4 is free to download and use with all of these brokers; you only pay standard trading costs, including spreads and, on raw or commission accounts, a per-trade commission. Be aware of other potential charges, such as overnight swap fees on positions held past the daily cutoff and, in some cases, inactivity fees after a period of dormancy.