Best MetaTrader 4 Forex Brokers

MetaTrader 4 (MT4) is a highly reliable and super popular trading platform. The software was developed for Forex trading and has been a key tool of many an FX trader for a long time now. In this review of the best MT4 FX brokers, we’ll focus on Forex trading fees, regulations, and other important features that can help you pick the perfect broker. 

A quick comparison table of top MT4 brokers

When opening an account, it’s best to pick the currency type that you use on a daily basis as this will help to save on conversion fees. It’s also critical to make sure that your broker is regulated and supports automated trading with tools such as MetaTrader’s Expert Advisors (EAs).

	Exness Read the review Visit broker 8.4 8.4 6.97 6.97 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money.	HYCM Read the review Visit broker 8 8 7.97 7.97 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 73-76 % of retail investor accounts lose money when Trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. For more information please refer to HYCM’s Risk Disclosure. Additionally, the content of this website is for information purposes only and it is not intended as a recommendation or advice. Any indication of past performance or simulated past performance included in advertisements published by HYCM is not a reliable indicator of future results. The customer carries the sole responsibility for all the businesses or investments that are carried out at HYCM.	Tickmill Read the review Visit broker 7.6 7.6 6.29 6.29 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.	Pepperstone Read the review Visit broker 8.2 8.2 7.75 7.75 Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.	XM Read the review Visit broker 8.4 8.4 8.34 8.34 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Scalping is allowed	Allowed	Allowed	Allowed	Allowed	Allowed
Hedging is allowed	Allowed	Allowed	Allowed	Allowed	Allowed
Supports EAs	Yes	Yes	Yes	Yes	Yes
Regulated	Yes	Yes	Yes	Yes	Yes
Account currencies	AED ARS AUD AZN BDT BHD BND BRL CAD CHF CNY EGP EUR GBP GHS HKD HUF IDR INR JOD JPY KES KRW KWD KZT MAD MXN MYR NGN NZD OMR PHP PKR QAR SAR SGD THB UAH UGX USD UZS VND XOF ZAR	USD, EUR, GBP, RUB, AED, CAD	USD, EUR, GBP, PLN	AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD	USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
Minimum deposit	10 USD	100 USD	100 USD	0 USD	5 USD
Maximum leverage	Unlimited	500:1	500:1	500;1	1000:1

Exness

 

Exness is a group of FX and CFD broker companies regulated in various jurisdictions. Exness is authorized and regulated in the British Virgin Islands, Curaçao, Cyprus, Kenya, Mauritius, Seychelles, and the UK. 

The Exness group was established in 2008 and has managed to rapidly expand globally. The broker serves more than 350 thousand active clients from around the world and offers customer support 24/7 in 16 different languages, including English, Chinese, Vietnamese, and Thai.

There are 256 assets that are open for trade, which include: 

• 98 Forex pairs
• 100 shares as CFDs 
• 35 cryptocurrencies as CFDs 
• 10 indices
• 13 commodities

 

 

 

Exness

Read the review
Visit broker

8.4

8.4

6.97

6.97

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money.

 

The broker provides traders with 5 account types. Let’s see what each account offers in more detail. 

HYCM

HYCM is a group of globally regulated FX and CFD brokers. HYCM is authorized and regulated in the Cayman Islands, Cyprus, the UAE, and the UK.

HYCM is also known as Henyep Markets. The broker is well-established and has more than 40 years of experience under the belt. The customer support of HYCM is available 24/5 via online chat, email, or over the phone. 

There are 301 assets available for trading with HYCM, including: 

• 71 Forex pairs
• 153 shares as CFDs 
• 29 cryptocurrencies as CFDs 
• 28 indices
• 20 commodities

 

 

 

HYCM

Read the review
Visit broker

8

8

7.97

7.97

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 73-76 % of retail investor accounts lose money when Trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. For more information please refer to HYCM’s Risk Disclosure. Additionally, the content of this website is for information purposes only and it is not intended as a recommendation or advice. Any indication of past performance or simulated past performance included in advertisements published by HYCM is not a reliable indicator of future results. The customer carries the sole responsibility for all the businesses or investments that are carried out at HYCM.

 

The broker offers Fixed, Classic, and Raw account types to its customers. Let’s take a closer look at what they offer.

Major currencies trading with HYCM

Trading fees depend on the account type you pick for trading. There are no deposit and withdrawal fees. However, there’s an inactivity fee of 10 USD per month after 90 days of inactivity. 

Tickmill

Tickmill is a group of global Forex and CFD brokers regulated in various jurisdictions, including Cyprus, Labuan, Seychelles, South Africa, and the UK.

Tickmill was founded in 2014, and since then has managed to attract more than 270,000 active traders from around the globe. 

There are 102 assets available for trading with Tickmill, including: 

• 62 Forex pairs 
• 8 cryptocurrencies 
• 25 indices
• 7 commodities

 

 

 

Tickmill

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7.6

7.6

6.29

6.29

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.

 

There are 3 account types available with Tickmill that offer the following.

Major currencies trading with Tickmill

You can see minimum spreads on the Standard account below. This means that live spreads can be higher, especially in low liquidity periods such as before major news announcements or during Sydney trading sessions. 

Pepperstone

Pepperstone is a group of FX and CFD brokers operating globally regulated and authorized in various jurisdictions. Pepperstone is regulated in Australia, Bahamas, Cyprus, Germany, Kenya, the UAE, and the UK.

Established in Melbourne, Australia, Pepperstone provides financial services to more than 300 thousand active traders globally. The broker was founded in 2010 and is very experienced when it comes to providing the best financial services possible. What makes this broker stand out is that it’s regulated by top-tier regulators and offers access to a wide range of trading platforms, including MT4, MT5, cTrader, and TradingView. 

There are more than 1,200 assets available for trading with Pepperstone, including: 

• 62 Forex pairs
• 1000+ shares as CFDs 
• 23 cryptocurrencies as CFDs 
• 23 indices
• 32 commodities

 

 

 

Pepperstone

Read the review
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8.2

8.2

7.75

7.75

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

 

Pepperstone offers Razor and Standard account types to its clients. The Razor account is aimed at professional and high-frequency day traders, while the Standard account is for beginners and position traders. 

XM

XM is a group of Forex and CFD brokers operating under various regulatory bodies. The list of regulator countries includes Australia, Belize, Cyprus, the UAE, and the UK.

The broker quickly became popular after its establishment in 2009, and today XM has one of the largest customer bases in the world with more than 5 million opened accounts from over 190 countries. 

There are more than 1,471 assets available for trading with XM, which includes: 

• 57 Forex pairs
• 1261 shares as CFDs 
• 100 physical shares
• 31 cryptocurrencies as CFDs 
• 14 indices
• 8 commodities

 

 

 

XM

Read the review
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8.4

8.4

8.34

8.34

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

XM offers 3 account types to CFD traders. In order to start trading physical shares, traders must deposit at least 10,000 USD and open a share account. 

Best MetaTrader 4 Forex Broker per category

It’s important that your broker offers you low trading fees. Fees may seem insignificant at first glance, but after a long period of trading, they can accumulate and make or break the bank. It’s also critical to pick a broker that is trustworthy and regulated. 

Lowest spread MT4 Forex broker

Let’s compare standard account average fees on major currency pairs. 

Exness is the winner in this category as the broker offers the lowest spreads on EUR/USD, and low spreads in general. Furthermore, the broker offers the widest range of Forex pairs to choose from. 

Best regulated MT4 Forex broker

In this category our pick is Pepperstone. While it is true that both Exness and Pepperstone have the same number of regulators, Pepperstone is regulated by more top-tier ones. 

All MetaTrader 4 Forex broker reviews 

In addition to the top MT4 brokers that we have picked, there are lots of other great brokers to consider. You can find our detailed reviews for many of them here on our site. In these reviews we dive deep to discover all the relevant info needed to pick the best broker, taking into consideration things like safety and security, trading fees, trading platforms, etc.