9 BEST MT4 Brokers For 2024: Reviewed By Dumb Little Man

By Wilbert S

January 10, 2024   •   Fact checked by Dumb Little Man

MetaTrader 4 (MT4) is a leading trading platform widely recognized in the Forex trading community. Its advanced features and user-friendly interface make it a top choice for both novice and experienced traders. Selecting the best MT4 brokers is crucial for a successful trading experience.

Choosing the right MT4 broker can be challenging. It involves navigating through numerous options, each offering different services and features. The decision is important because the quality of the broker directly impacts trade execution, security, and potential profitability.

It’s essential to understand that the best MT4 brokers provide reliable customer supportcompetitive spreads, and robust security measures. These factors are critical in ensuring a seamless and secure trading environment. Therefore, traders must prioritize these aspects when selecting their MT4 broker.

What is MetaTrader 4 and How Does it Work?

An MT4 Broker acts as a gateway for traders to access the Forex market through the MetaTrader 4 platform. This platform is renowned for its advanced trading tools and user-friendly interface, making it a popular choice among traders worldwide. MT4 Brokers offer a range of services including market access, trading execution, and technical analysis.

The primary function of an MT4 Broker is to execute trades on behalf of clients. When a trader places an order through the MT4 platform, the broker processes this order in the market. This process involves finding the best available prices and ensuring fast trade execution.

MT4 Brokers also provide essential tools and resources for effective trading. These include real-time market data, charting tools, and automated trading capabilities. Such features enhance the trading experience by offering in-depth market analysis and the ability to execute trades automatically based on predefined criteria.

Understanding how MT4 Brokers operate is key for traders. It ensures that they can effectively utilize the MT4 platform’s features and make informed decisions in their trading activities. Choosing a reputable and efficient MT4 Broker is therefore crucial for achieving success in the dynamic world of Forex trading.

>>Also Read: 9 BEST Forex Brokers For 2024: Reviewed By Dumb Little Man

What is the Difference Between MT4 and MT5?

The differences between MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are significant, catering to different trading needs and preferences. While MT4 is widely favored for its simplicity and effectiveness in forex trading, MT5 offers more advanced features and greater versatility, making it suitable for a broader range of financial instruments and trading strategies. The choice between MT4 and MT5 ultimately depends on the trader’s specific needs, expertise, and trading style.

1. Purpose and Design:

  • MT4 was designed primarily for forex trading. It offers a user-friendly interface, making it ideal for traders specializing in forex.
  • MT5, on the other hand, is a more versatile platform. It caters not only to forex traders but also to those trading stocks, commodities, and indices. Its design accommodates more complex trading activities and offers additional features.

2. Technical Capabilities:

  • MT4 has a simpler programming language (MQL4), which is easier for creating custom indicators and automated trading robots (Expert Advisors).
  • MT5 uses MQL5, which allows for more advanced programming options, making it suitable for more sophisticated trading strategies. It also offers more indicators, timeframes, and graphical tools than MT4.

3. Market Depth and Economic Calendar:

  • MT4 does not have a built-in market depth feature or an economic calendar.
  • MT5 includes both these features, offering traders access to market depth information and an integrated economic calendar for better trading decisions.

4. Order Execution Types:

  • MT4 supports three types of order execution: Instant Execution, Request Execution, and Market Execution.
  • MT5 offers four types: Instant Execution, Request Execution, Market Execution, and Exchange Execution, providing more flexibility in order execution.

5. Hedging:

  • MT4 allows for hedging, where traders can hold multiple positions in the same asset, even in opposite directions.
  • MT5 initially didn’t support hedging, but updates have since introduced this feature, albeit with some restrictions compared to MT4.

How Do We Rank the Best MT4 Brokers?

Ranking the best MT4 Brokers involves a comprehensive evaluation process by a team of experienced traders. This process assesses various factors that are crucial for a quality trading experience. The assessment criteria include trading volume, account types, and trading costs, which are fundamental aspects of a broker’s service offering.

Key factors such as leverage offer, fee structure, and regulation play a significant role in determining a broker’s ranking. Regulation ensures the broker’s credibility and security, while leverage and fees impact the overall cost-effectiveness of trading. Additionally, minimum deposits and average spreads are evaluated, as they directly affect accessibility and potential profitability for traders.

Leverage is a critical aspect, as it allows traders to amplify their market exposure and potential profits, though it also increases risk. The fee structure, comprising spreads and commissions, directly impacts the cost-effectiveness of trading. Brokers offering lower and transparent fees are generally more attractive, as they enable traders to retain a larger portion of their profits. The balance between competitive leverage and a reasonable fee structure is vital for traders in optimizing their trading strategies and overall profitability.

Regulation ensures a broker’s credibility and security. Brokers regulated by reputable authorities such as the FCA, ASIC, or CySEC are obliged to adhere to strict financial standards, offering protection to traders’ investments. Regulatory compliance includes safeguarding clients’ funds through segregated accounts and adhering to fair trading practices. This factor is crucial for traders seeking a reliable and secure trading environment.

Minimum deposit requirements affect a broker’s accessibility. Lower minimum deposits make it easier for a broader range of traders, especially beginners with limited capital, to enter the market. Average spreads are another crucial factor, as they influence the transaction costs of trading. Tighter spreads are generally preferred, especially by high-frequency traders, as they can significantly impact the net profitability of trading activities.

The team not only relies on its own expertise but also incorporates feedback from retail traders. This includes reviews posted on the broker’s website by active traders. Such real-world insights provide a more accurate picture of the broker’s performance and customer satisfaction levels.

unique algorithm is utilized to further refine the ranking process. This algorithm sorts brokers based on the predefined criteria, offering an overall rating for each company. This methodical approach ensures a fair and comprehensive evaluation, making it easier for traders to identify the best MT4 Brokers suited to their needs.

Best MT4 Brokers: Overview

Broker

Best For

Min. Initial Deposit

Top Feature

Overall Rating

Overall MT4 Forex Trading

$100

Multiple Trading Platforms

Advanced Forex Traders

$200

MyFXBook Autotrade

Beginnner Traders

$10

CopyFx

Low Spreads

$200

Low Spreads

Crypto Trading

$100

Social Copy Trading

Account Offering

$200

Tight Spreads

Research and Education

$50

Advanced Research Tools

Trading Conditions

$0

Fast Order Execution

Investment

$100

Diverse Trading Instruments

9 Best MT4 Brokers: Detailed Insights

#1. Best Overall MT4 Broker: AvaTrade

AvaTrade stands out as the best overall MT4 Broker, offering a robust global trading experience. This distinction comes from its wide range of forex and CFD trading platforms, catering to various trader needs. Recognized for its reliability, AvaTrade has established itself as a trusted name in the trading community.

The broker’s reputation is bolstered by regulation from top-tier financial authorities, classifying it as a low-risk forex broker. This regulatory framework ensures a secure trading environment for its clients. 

Additionally, AvaTrade is acclaimed for its educational content, particularly beneficial for beginners. Its simple, fully digital account creation process, combined with a variety of free deposit and withdrawal methods, enhances user convenience. 

The broker’s low fees, transparency, and simplicity in its fee structure further contribute to its top ranking, making AvaTrade an excellent choice for traders seeking a straightforward and cost-effective trading experience.

☞ How Does It Work?

Trading with AvaTrade begins with setting up an account, where traders can choose from various base currency pairs such as USD, EUR, GBP, CHF, AUD, and ZAR. A notable feature here is the small conversion fee applied if the trader’s bank account currency differs from the trading currency. This aspect of currency conversion is crucial for international traders and adds to the platform’s flexibility.

AvaTrade stands out by not charging any deposit and withdrawal fees, making financial transactions more economical for traders. The platform supports multiple deposit options, enhancing accessibility for a wide range of users. Traders have the choice of several trading platforms, including WebTrader, MetaTrader 4, MetaTrader 5, and AvaOptions

Additionally, auto-trading is available through MT4 and MT5, as well as external providers like Zullotrade and Duplitrade. These options enable automated trading and real-time market alerts, offering traders a more dynamic trading experience. 

The broker’s earnings primarily come from spreads, maintaining a transparent fee structure. With its competitive 30:1 leverage, AvaTrade provides traders with opportunities to maximize their profits, making it a compelling choice for both novice and experienced traders.

☞ Who Is It Best For?

AvaTrade is ideally suited for individuals eager to engage in forex and CFD trading in a secure environment. With its offering of around 44 forex options and over 1200 CFDs, it caters well to professional traders. The platform’s regulation by multiple top-tier jurisdictions, including the Central Bank of Ireland, also makes it a safe choice for beginners. The provision of a 21-day demo account allows users to familiarize themselves with the platform risk-free, making it easier to determine if AvaTrade meets their trading needs.

ProsCons
Offers WebTrader and AvatraderGO in addition to MetaTrader.

Automation feature for time-saving and simultaneous trading across markets.

Best in Class educational content for Professional traders in 2022.

Securely regulated by top-tier financial authorities.

Access to a wide range of 44 forex options and 1200 CFDs.
Pricing structure may be somewhat confusing.

Desktop Avaoptions interface can be complex.

#2. Best MT4 Broker for Advanced Traders: FXChoice

FXChoice, established in 2010 and licensed by the International Financial Services Commission of Belize (FSC), excels as the best MT4 Broker for advanced traders. It is particularly suited for professional traders with free capital, offering a high-level trading environment on the Forex market. The trading conditions at FXChoice, including low spreads for Pro accounts and a beneficial partnership and loyalty program, make it a compelling option. The broker’s commitment to transparency is evident in its clear contract specifications and detailed product guides.

This brokerage platform extends its services to CFD trading in forex, crypto, indices, shares, and commodities, utilizing MT4 and MT5 platforms. Known for offering high-leverage opportunities, FXChoice stands out in the market. Additionally, the MyFXBook Autotrade feature enables users to copy profitable trading strategies, further enhancing its appeal to advanced traders. The broker also prioritizes fund segregation, ensuring client funds are kept separate from company funds, thus improving transparency and trust.

☞ How Does It Work?

FXChoice offers two account types: Classic and Pro. The Classic account involves a commission fee with higher spreads, while the Pro account features tightest spreads without commissions. Both account types use the MT4 and MT5 trading platforms, known for their real-time quotes, customizable charts, and basic analytical tools. The leverage offered is an impressive 1:200, catering to traders seeking higher risk and reward scenarios. 

FXChoice accepts diverse payment methods, including e-wallets, card payments, and cryptocurrencies like Bitcoin, with a minimum deposit of $100. Account opening is available in multiple currencies, including USD, EUR, GBP, AUD, and CAD. Promotions like a 65% bonus for cryptocurrency deposits and a 50% bonus on the first deposit, combined with quick withdrawal processing times, make FXChoice an attractive option for experienced traders.

☞ Who Is It Best For?

FXChoice is an optimal choice for professional traders who engage in both active and passive trading. Its offerings and platform complexity are tailored for those with prior experience in forex trading. For social trading, a minimum deposit of $1000 is required, indicating that FXChoice is geared towards traders who have the expertise and capital to manage higher levels of risk effectively.

ProsCons
Mobile versions of MT4 and MT5 available.

Bitcoin for deposits and withdrawals.

Exceptional customer support.

Spreads starting at 0.0 pips.

High leverage opportunities.
Limited commodities range.

Not suitable for beginners.

#3. Best MT4 Broker for Beginners: RoboForex

RoboForex stands out as the best MT4 Broker for beginners, acclaimed for its reliability and wide user base. Since its establishment in 2009, it has grown to serve over 3.5 million users in 169 countries. The platform’s allure for beginners lies in its favorable trading conditions, such as a low minimum deposit of just $10 and high leverage options up to 1:2000. These features provide an accessible entry point for novice traders, making RoboForex an ideal starting platform in the forex trading world.

The credibility of RoboForex is reinforced by numerous awards and recognitions from prestigious financial institutions. It holds licenses from both the International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CySEC), ensuring a global and regulated trading environment. 

The platform’s CopyFx program, dubbed “Best Investment Platform” in 2019, offers beginners a valuable learning tool by allowing them to copy the strategies of successful traders. With a broad range of about 12,000 trading instruments and eight asset types, RoboForex ensures that beginners have diverse opportunities to learn and experiment in different trading scenarios.

☞ How Does It Work?

RoboForex provides various account types including Pro, Pro-Cent, ECN, and Prime, each designed with specific features to cater to different trader needs. These accounts mostly support the MT4/MT5 platforms and allow trading in base currencies like USD, EUR, and ZAR. New users are welcomed with an attractive $30 USD bonus, and the platform facilitates easy and unrestricted processes for depositing and withdrawing funds. 

Apart from forex, RoboForex also offers stock trading through the RoboForex R StockTrader account. Depending on the account type, spreads can range from 0 to 1.3 pips, and the platform offers a maximum leverage of up to 1:2000, catering to various trading styles and risk preferences.

☞ Who Is It Best For?

RoboForex is an excellent choice for both beginners and experienced traders. Its array of account types and extensive educational resources cater to varying levels of trading expertise. This versatility makes it a highly suitable platform for a broad spectrum of traders.

Beginners will find RoboForex’s user-friendly interface and learning materials particularly beneficial. These features ease the entry into forex trading. Conversely, seasoned traders can leverage the platform’s advanced account features and trading tools. This blend of educational support and diverse trading options makes RoboForex a well-rounded choice, accommodating a wide range of trading requirements and preferences.

ProsCons
Micro accounts with minimum lot size of 0.01 for smaller trades.

Low minimum deposit requirement, ideal for new traders.

Swift order execution enhances trading efficiency.

Tight spreads to reduce trading costs.
Limited variety of currency pairs.

No cryptocurrency trading tools available on the platform.

#4. Best MT4 Broker for Low Spreads: IC Markets

IC Markets, founded in 2007 in Sydney, Australia, is renowned in the brokerage industry for providing access to global financial markets. Its operations across various regions worldwide enable traders to comply with local laws, making it a versatile option for international clients. The firm’s commitment to adhering to local regulations reinforces its reliability for those seeking to access international markets.

Regulatory compliance is a cornerstone of IC Markets’ operations. It is governed by three major entities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the St. Vincent & the Grenadines Financial Services Authority (SVGFSA). These regulatory bodies ensure IC Markets upholds stringent security and compliance standards, especially concerning international AML/CFT regulations. 

Additionally, its membership in the Financial Commission provides traders with added security through an insurance fund, covering up to EUR 20,000 per trader. This broker is favored by institutional, retail, and algorithmic traders for its low spreads, making it an attractive choice for cost-efficient trading.

☞ How Does It Work?

IC Markets excels as a forex/CFD broker, particularly appealing for its low-cost trading conditions. The platform’s strength lies in its competitive product range, including cryptocurrencies, and a flexible fee structure that offers very tight spreads with reasonable commissions. Setting up an account is straightforward, complemented by a variety of free deposit and withdrawal options. 

IC Markets is particularly recommended for its extensive stock CFD range. Its mobile trading platform, provided by MetaTrader 4, combines a sleek design with ease of use. The desktop platform mirrors the web trading platform in design and functionality, with the added benefit of setting price alerts, enhancing the trading experience.

☞ Who Is It Best For?

IC Markets is particularly well-suited for traders who prioritize cost-effective trading conditions and a diverse range of strategies. Its low spreads, starting at 0 pips, and swift order execution make it an ideal choice for traders seeking to minimize transaction costs while maintaining trading efficiency. This broker caters to a broad spectrum of traders, from those who are cost-conscious to those who desire a wide variety of trading options.

The platform’s extensive offering of over 2,100 assets provides ample opportunities for diversification, catering to traders with various investment preferences. Additionally, IC Markets supports traders’ growth with comprehensive analytical and educational materials. The availability of mobile trading functionality also makes it a convenient choice for traders who need access to the markets on the go.

ProsCons
Favorable conditions for diverse trading strategies.

Low spreads starting at 0 pips.

Swift order execution.

Over 2,100 assets for diversification.

Comprehensive educational resources.

Mobile trading access.
Lack of bonuses and contests.

Occasional payment delays.

No weekend trading, limiting market access.

#5. Best MT4 Broker for Crypto Trading: eToro

eToro, established in Israel in 2007, has grown significantly over the years, adapting to various international markets. While its features vary by country, eToro has made a notable impact, especially in the crypto trading sector. 

Its crypto exchange supports over 30 cryptocurrencies, alongside a more limited selection of stocks and ETFs available through its online brokerage platform. The platform’s social trading features and active community are particularly appealing for those who prefer a communal approach to trading.

☞ How Does It Work?

Setting up an account with eToro is straightforward. Prospective users can visit the eToro website, choose a username, and provide an email address and password to start the process. The platform also offers the convenience of registering via Facebook or Google accounts. Users are required to accept eToro’s terms and conditions, privacy policy, and cookie policy. After these steps, a verification email is sent, and no further authentication is needed to open an account.

eToro stands out for its transparent pricing in crypto trades, a refreshing change from the often opaque fee structures of other beginner-friendly exchanges. Users pay a 1% flat fee, or bid-ask spread, per crypto transaction. 

However, eToro’s pricing model includes an unconventional aspect: the fee for both the purchase and the eventual sale of a crypto asset (the “round trip”) is charged upfront. This 2% total fee (1% for buying and 1% for the future sale) is unique to eToro, and according to the platform, the profit/loss updates in real-time with market price changes. This approach offers clarity and ease of understanding for users, particularly beneficial for those new to crypto trading.

☞ Who Is It Best For?

eToro is an ideal platform for traders who value a user-friendly interface and a communal trading experience. Its standout feature, Social Trading, allows users to copy strategies from other traders, making it particularly appealing for beginners or those looking to diversify their trading approaches. Additionally, the platform’s demo account, loaded with $100,000 for practice, offers a risk-free environment for users to hone their trading skills.

The platform’s variety of 30 cryptocurrency options caters to crypto enthusiasts and traders looking to explore the dynamic world of digital currencies. However, it’s important to note that eToro’s services have limited access for U.S. residents, and its trading fee structure can be somewhat ambiguous, which might be a drawback for some users. Furthermore, the platform has faced criticism for its inefficient customer service, a factor that potential users might want to consider.

ProsCons
User-friendly trading platform.

Social Trading for strategy copying.

Demo account with $100,000 for practice.

Offers 30 cryptocurrency options.
Ambiguous trading fees.

Limited U.S. access.

Inefficient customer service.

#6. Best MT4 Broker for Account Offering: Exness

Exness is renowned for its high-quality services and exceptional technical support, making it a leading choice for traders seeking a robust trading platform. The broker’s modern tools and dedicated services are designed to maximize traders’ profits. 

Offering a comprehensive range of services and investment instruments, Exness stands out for its versatility and accessibility. This includes various trading platforms, flexible payment methods, and valuable analytics resources. The broker’s credibility is further enhanced by its regulation under authoritative bodies like CySEC, FCA, and FSA, assuring traders of a reliable and regulated trading environment.

☞ How Does It Work?

In terms of functionality, Exness offers a variety of account types to cater to different levels of trader professionalism and needs. These accounts vary in spread size, minimum deposit requirements, and leverage options, allowing traders to select an account that aligns with their trading style and experience. 

The Standard account, popular among traders of all levels, requires only a $1 minimum deposit and features spreads starting from 0.3 pips. The Standard Cent account is perfect for newcomers or those testing strategies, also with a $1 minimum deposit and offering infinite leverage for deposits up to $999. The Standard Plus account is versatile, suitable for all traders, with small lot trading, a minimum deposit of $1, and a spread from 1 pip. 

For more experienced traders, the Raw Spread account offers narrow spreads and a commission of $3.5 per standard lot, requiring a $200 minimum deposit. The Zero account is tailored for professionals, featuring zero spreads on 30 currency pairs for most of the trading day, a $200 minimum deposit, and a commission of $0.2 per lot. 

The Pro account caters to professional traders with immediate order execution, no trading commission, a $200 minimum deposit, and lots from 0.01. These diverse account options position Exness as a versatile platform, meeting a wide range of trading preferences and strategies.

☞ Who Is It Best For?

Exness is best suited for traders looking for security and advanced trading features. The segregation of client accounts ensures enhanced security, providing peace of mind for traders concerned about the safety of their funds. Additionally, the complimentary VPS hosting is a significant advantage for advanced traders who require reliable and fast execution for automated trading strategies.

The broker’s competitive low spreads make it an attractive option for traders seeking cost efficiency in their trading activities. Furthermore, Exness caters to a wide array of preferences with its variety of trading platforms, offering flexibility and customization to suit different trading styles and requirements. However, the platform’s educational content is limited in language options, which could be a hindrance for some users seeking learning resources in their native language. Additionally, the charges on withdrawals might add to the transaction costs, which is a factor to consider for traders who frequently move funds in and out of their trading accounts.

ProsCons
Segregated client accounts for enhanced security.

Complimentary VPS hosting for advanced trading.

Competitive low spreads for cost efficiency.

Variety of trading platforms for different preferences.