Top 10 MT4 Forex Brokers

Top 10 MT4 Forex Brokers | Find A Broker

MetaTrader 4 (MT4) is an online trading platform which allows trading using analysis to work out how to enter, manage and exit a trade and with automation where a robots perform these tasks. It is offered by a relatively wide range of brokers and this page lists 10 and discusses their respective features.

Forex is a complex market and is perhaps no so familiar as some markets. Forex is traded as Forex pairs, which are one currency valued against another. Forex pairs typically have a different value depending on whether they are being bought or sold. This difference is called the spread.

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Trade On MT4 With EAs And Fixed Spreads

Forex brokers typically offer Forex pair spreads either with or without a commission charge, though some have both types of accounts. Spreads with a commission charge can be very low, sometimes down to 0 pips, but a commission charge is typically added. Spreads without a commission charge can be higher, though variable spreads may be quite tight at some brokers. Some brokers may offer fixed Forex spreads. The lowest spreads will tend to be for the most liquid Forex pairs

Since Forex pairs are relative valuations, they trace out complex moves on a chart, as changes in the market affect one or both sides of the pair. So even if a Forex pair is increasing in value, it may retrace, sometimes deeply in the opposite direction. This is why Stop-Losses and Take-Profits can be important. This is also why a demo account can be a good way to try and understand how this market is complex and the myriad approaches to trade it which have been developed.

1 Oanda

  • Minimum deposit: None
  • Online trading platforms: MT4, MT5, fxTrade
  • All trading strategies allowed

Oanda Global is part of the Oanda Group, which has provided MT4 for many years. Oanda offers a wide range of tools to enhance MT4. It also offers different account structures for all types of MT4 Forex traders. There is no minimum deposit for the MT4 Standard and Core accounts. The Core account offers spreads from 0.2, plus a commission charge.

All trading strategies are allowed, which can be important to Forex traders as there is a wide range of Forex trading styles, including news trading, those based on technical and fundamental analysis, scalping and automated trading.

The Forex market operates continuously from open on Sunday to close on Friday, but it is divided into sessions within a 24 hour period. Each session reflects market open and close in a particular region, though it still continues between sessions. Traders who use robots may wish to run robots around the clock, one way of doing this is to use a VPS (Virtual Private Server). A VPS may provide greater stability than operating robots from the trader's computer, for example in terms of connectivity and hardware operating efficiency. At Oanda traders can rent a VPS via their VPS Partners.


  • Minimum deposit: $10
  • Online trading platforms: MT4, MT5
  • MT4 Cent account with low minimum deposit

FXTM is a long standing MT4 Forex broker. It actually offers a type of account which allows the trader to trade Forex on a live account on MT4 with a low minimum deposit. The minimum deposit for this account, which is called the Micro account, is $10 ($50 in the EEA).

This Micro account is not a standard Micro account (0.01 lots), rather it is a Micro account of a Micro account. These are sometimes called Cent accounts, as they are MetaTrader accounts denominated in cents. This enables very low trade sizes, and hence the accounts typically come with a lower minimum deposit. Higher volume traders are also welcome, as FXTM provides its Advantage (with spreads from 0, plus commission) and Advantage Plus accounts, with a $500 minimum deposit.

3 Pepperstone

  • Minimum deposit: $200
  • Online trading platforms: MT4, MT5, cTrader, TradingView
  • MT4 Forex spreads from 0, plus commission

Pepperstone is a Forex broker which has tended to focus on one part of Forex trading, that is automated trading and styles which may or may not be automated, such as scalping, but which may depend to some extent at least on high speed, no dealing desk intervention accounts. This it provides, and can offer spreads from 0, plus a competitive commission charge.

If a trader does not want to apply automated Forex trading, can they use Pepperstone. This is entirely possible, and Pepperstone offers a wide range of platform including TradingView. This said MT4 can be used by non-automated traders, for example those who trade Forex using technical or fundamental analysis, and indeed extra indicators can be downloaded, normally for a fee. Additionally if the trader wishes to learn MQL4, they can build their own indicators or robots for free. Pepperstone also offers, which is a free tool for building MT4 robots (bots) without coding and using ordinary language to specify the automated strategies.

Social and copy trading is an approach used by traders who want to inform their own trading decisions with the ideas of others or to copy their trades or strategies. Pepperstone offers social and copy trading platforms, including DupliTrade, which connects with MT4.

4 ThinkMarkets

  • Minimum deposit: None
  • Online trading platforms: MT4, MT5, ThinkTrader
  • Spreads from 0.4, without a commission charge

ThinkMarkets offers MT4 on both a Standard account and its ThinkZero account. The Standard account has no minimum deposit requirement, while the ThinkZero account has a minimum deposit of $500. The ThinkZero account offers spreads from 0, plus commission, while the Standard account offers spreads from 0.4 without a commission charge.

ThinkMarkets offers free access to Trading Central, which provides analysis and market information. ThinkMarkets also offers its own trading guides, including MT4 Tips and Tricks.

In common with other brokers which offer low latency order processing particularly for automated traders, ThinkMarkets has its servers at Equinix data centers (both New York and London) which provides access to liquidity pools (by proximity in the center), connecting with MT4.

5 XM

  • Minimum deposit: $5
  • Online trading platforms: MT4, MT5
  • Free VPS offer: T&Cs apply

XM provides a Micro account for MT4 (i.e. a Cent account) with a very low minimum deposit of $5. The Micro account actually offers Forex trade sizes on MT4 down to 0.0001 standard lots. Cent accounts allow the trader to test out strategies and robots on a live account, with small trade sizes to try and reduce risk. XM also offers accounts for higher volume traders, which have a $5 minimum deposit as well.

XM has a free VPS offer (T&Cs apply), for traders who want to run EAs when disconnected from the broker. A free VPS requires a minimum balance of $5000 and 5 standard round turn lots per month (otherwise there is a $28 monthly fee).

6 easyMarkets

  • Minimum deposit: $25
  • Online trading platforms: MT4, MT5, Web Trader, Trading View
  • Offers fixed spreads on MT4 from 0.7 pips with no commission charge

easyMarkets offers MT4 Forex trading with fixed spreads from 0.7 pips. and allows EAs. Fixed spreads differ from variable spreads in that they stay fixed and tend to be higher then variable spreads, but there is no commission charge. However, variable spreads are available on MT5, down to 0.3 pips also without a commission charge.

Fixed spreads vs variable spreads is a trading topic, and depends on whether the trader wishes to know what the spreads will be (fixed) or will trade with variable spreads (bearing in mind that variable spreads can change sometimes rapidly).

7 IC Markets

  • Minimum deposit: $200
  • Online trading platforms: MT4, MT5, cTrader
  • Average Forex spreads from 0.1 pips

IC Markets provides MT4 and provides rapid order processing and spreads from 0, plus commission (with average spreads from 0.1 pips). IC Markets offers a trading enviroment for scalpers, MT4 automated traders and high frequency traders. Traders can run EA (MT4's online trading robots) and try their strategies, from a minimum deposit of $200. IC Markets also provides social and copy trading platform including Myfxbook AutoTrade, which connects with the trader's MT4 account.

8 AvaTrade

  • Minimum deposit: $100
  • Online trading platforms: MT4, MT5, Web Trader, AvaOptions
  • Guardian Angel risk management

AvaTrade provides trading on MT4, allowing automated trading with EAs. AvaTrade has a minimum deposit of $100 and offers a wide range of other platforms for Forex traders. AvaTrade offers the Guardian Angel risk management tool for MT4 (and MT5) which provides feedback to trader about their trading. AvaTrade also provides social and copy trading platforms, including DupliTrade.


  • Minimum deposit: $100
  • Online trading platforms: MT4, MT5, Web Trader, Advanced Trading Platform
  • 90+ Forex pairs is a major MT4 Forex broker, offering 90+ Forex pairs and allowing automated trading. has spreads from 0.8 pips, without a commission charge. MT5 is available as well in some regions.


  • Minimum deposit: $15
  • Online trading platforms: MT4, MT5, cTrader
  • MT4 Cent account with low minimum deposit

FXPRIMUS provides trading on MT4 from $15 on its PRIMUSClassic account. FXPRIMUS also has MT4 accounts for higher volume traders, these include the PrimusPRO account with a minimum deposit of $500 and spreads from 0, plus commission.

An MT4 demo account is a way to test out the platforms and to practice trading. Even an experienced trader can take a break from trading and test out ideas. Finally, MT4 has a successor called MT5 and the trader can also test out MT5 on a demo account. MT5 offers a number of improvements on MT4, including more inbuilt technical indicators and a different language for programming EAs and indicators.