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).
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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.
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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.
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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.
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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|
|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|
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
The broker provides traders with 5 account types. Let’s see what each account offers in more detail.
|Standard account||Standard Cent account||Raw Spread account||Zero account||Pro account|
|Spreads on EUR/USD||From 0.3 pips||From 0.3 pips||From 0||From 0||From 0.1|
|Commissions||No||No||Up to $3.50 each side per lot||From $0.2 each side per lot||No|
|Minimum Deposit||0 USD (However, can vary depending on the payment method)||0 USD (However, can vary depending on the payment method)||500 USD||500 USD||500 USD|
|Negative Balance Protection||Yes||Yes||Yes||Yes||Yes|
|Islamic account version availability||Yes||Yes||Yes||Yes||Yes|
|Instruments||Forex, metals, energies, stocks, indices||Forex, metals||Forex, metals, energies, stocks, indices||Forex, metals, energies, stocks, indices||Forex, metals, energies, stocks, indices|
|Maximum number of positions||Unlimited||1,000||Unlimited||Unlimited||Unlimited|
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
The broker offers Fixed, Classic, and Raw account types to its customers. Let’s take a closer look at what they offer.
|Fixed account||Classic account||Raw account|
|Spreads on EUR/USD||Fixed spreads from 1.5 pips||Variable spreads from 1.2 pips||Raw spreads from 0.1 pips|
|Commissions||No||No||8 USD per traded lot round turn|
|Minimum deposit||100 USD||100 USD||200 USD|
|Min. Trade Volume||0.01||0.01||0.01|
|Negative Balance Protection||Yes||Yes||Yes|
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.
|Currency pair||Fixed account min. spreads||Classic account min. spreads||Raw account min. spreads|
|EUR/USD||1.5 pips||1.2 pips||0.1 pips + $4 per round|
|GBP/USD||2 pips||1.3 pips||0.4 pips + $4 per round|
|USD/JPY||1.8 pips||1.2 pips||0.2 pips + $4 per round|
|AUD/USD||1.8 pip||1.3 pips||0.3 pips + $4 per round|
|NZD/USD||2.4 pips||1.2 pips||0.6 pips + $4 per round|
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
There are 3 account types available with Tickmill that offer the following.
|Pro account||Classic account||VIP account|
|Spreads on EUR/USD||From 0 pips||From 1.6 pips||From 0 pips|
|Commissions||4 EUR/GBP/USD per lot round turn||No||2 EUR/GBP/USD per lot round turn|
|Minimum Deposit||100 account currency||100 account currency||Not required|
|Minimum Balance||Not required||Not required||50,000 account currency|
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.
|Currency pair||Standard account minimum spreads|
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 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.
|Razor account minimum spread||Standard account minimum spread|
|Spreads on EUR/USD||From 0 pips||From 1 pips|
|Commissions||AUD 3.50 (AUD 7 round turn)||No|
|Minimum Deposit||0 USD||0 USD|
|Negative Balance Protection||Yes||Yes|
|Islamic account version availability||No||Yes|
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 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.
|Micro account||Standard account||XM Ultra Low Accounts|
|Spreads on EUR/USD||From 1.6 pips||From 1.6 pips||From 0.6 pips|
|Minimum Deposit||5 USD||5 USD||5 USD|
|Contract Size||1 Lot = 1,000 currency units||1 Lot = 100,000 currency units|
Standard Ultra: 1 Lot = 100,000 currency units
Micro Ultra: 1 Lot = 1,000 currency units
|Negative balance protection||Unlimited||Unlimited||Unlimited|
|Maximum open/pending orders per client||200 Positions||200 Positions||200 Positions|
|Minimum trade volume|
0.01 Lots (MT4)
0.1 Lots (MT5)
Standard Ultra: 0.01 Lots
Micro Ultra: 0.1 Lots
|Islamic account version availability||Yes||Yes||Yes|
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||HYCM||Tickmill (Classic account)|
(Major pairs have 1 pip markup spreads on Standard accounts)
|Number of available FX pairs||98||71||62||62||57|
|EUR/USD||1 pip||1.2 pips||1.6 pips||1.77 pips||1.7 pips|
|GBP/USD||1.2 pips||1.3 pips||1.9 pips||1.19 pips||2.1 pips|
|USD/JPY||1.1 pips||1.2 pips||1.7 pips||1.86 pips||1.6 pips|
|USD/CHF||1.4 pips||1.2 pips||2 pips||2.09 pips||2.1 pips|
|AUD/USD||1.4 pips||1.3 pips||1.7 pips||1.84 pips||1.8 pips|
|USD/CAD||2.1 pips||1.2 pips||1.8 pips||2.07 pips||2.2 pips|
|NZD/USD||2 pips||1.2 pips||1.9 pips||2.52 pips||2.7 pips|
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
|British Virgin Islands||Yes|
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.