10 Best MT4 Brokers Reviewed for 2023

As one of the most popular trading platforms globally, MT4 is supported by hundreds of online brokers. But which MT4 broker is best in 2023?

This guide ranks and reviews the 10 best MT4 brokers for low fees, tight spreads, supported assets, leverage limits, and much more.

What is MetaTrader 4?

Launched in 2005, MetaTrader 4 – more commonly known as MT4, is a third-party trading platform. It sits between traders and online brokers, meaning that MT4 doesn’t directly facilitate trades.

On the contrary, MT4 passes trading orders onto the connected broker, usually in milliseconds. This ensures that there isn’t a lag between the trader placing an order on MT4 and it being executed by the broker.

MT4 is largely preferred by active traders who want to perform technical analysis. It comes packed with tools that help traders make smart, informed decisions.

This includes more than 30 built-in MT4 indicators, such as the RSI and MACD. MT4 also offers access to over 2,700 custom indicators, many of which are free. In addition, MT4 supports analytical objects, drawing tools, and multiple timeframes.

MT4 can be customized to suit the trader’s personal strategy and objectives. What’s more, MT4 is one of the best trading platforms for automated trading. It enables users to install expert advisors (trading robots) that come with pre-defined conditions.

These can be purchased directly on the MT4 marketplace or via third-party providers. MT4 also offers virtual private servers (VPS), meaning that trading robots can operate 24 hours per day.

Another benefit of using MT4 is that it supports custom order types. This enables traders to execute the perfect entry and exit points for their chosen positions. Examples include market, pending, stop, and trailing orders.

There are many other features of MT4, which we examine later in this guide. Nonetheless, MT4 is completely free to use. It comes as desktop software for Windows, Mac, and Linux. A MetaTrader 4 app for iOS and Android is also available – as is browser-based trading.

It is crucial to reiterate that MT4 is simply a third-party platform. This means that supported assets, fees, spreads, and other important metrics are determined by the chosen broker.

This is why choosing the best MT4 broker is so important. Moreover, MT4 cannot be used without a brokerage account. That said, the best forex brokers offer a free demo account which can then be connected to MT4.

Reviewing the Best Brokers for MT4

There are hundreds of MT4 brokers to choose from. The best, however, offer competitive fees, plenty of supported markets, and top-notch customer service. Some traders might also be interested in trading on margin – so leverage limits and fees should also be explored.

We cover the most important metrics in great detail in the following sections. Read on to explore the 10 best MT4 brokers for 2023.

1. XTB – Overall Best Broker for MetaTrader 4 in 2023

XTB is the best MT4 broker across most measurable metrics. First and foremost, there is no minimum deposit to get started and XTB is regulated by multiple financial bodies. This includes the UK regulator, the Financial Conduct Authority (FCA) – so XTB should be considered a safe place to trade. What’s more, traders can get started with a free demo account. This can then be connected to MT4 and it comes pre-loaded with $100,000 in virtual trading funds.

This makes XTB the best MT4 broker for beginners, considering it facilitates risk-free trading. Moving onto supported markets, XTB covers the most popular asset classes. This includes dozens of forex pairs, not to mention commodities like gold, oil, and wheat. XTB is also one of the best MT4 brokers for trading stocks. It supports more than 2,100 stocks from over a dozen exchanges. This includes stocks in the US, Germany, Italy, Norway, and the UK.

In addition to forex, commodities, and stocks – XTB also supports cryptocurrencies. This includes some of the best cryptocurrencies to trade, such as Bitcoin, Ethereum, XRP, Litecoin, and BNB. One of the best things about XTB is that it’s a commission-free MT4 broker. This is the case across all supported markets. As such, traders will only need to cover the spread when placing orders. For example, EUR/USD spreads start from 1.3 pips.

While higher than other MT4 brokers, it’s important to remember that no commissions are payable. We also like that XTB does not charge any deposit or withdrawal fees. While we are on the subjective of payments, XTB supports everything from debit/credit cards and bank wires to e-wallets. Another benefit of choosing XTB is that it offers high leverage limits. While specific limits depend on the trader’s location, major forex can be traded with leverage of up to 1:500.

This means that traders only need to put up a margin of $1 for every $500 traded. High leverage limits are also available on other asset classes, but this will vary from one market to the next. The process of getting started with XTB takes minutes. After registering a real or demo account, traders will be provided with their MT4 login details. Traders can then choose their preferred device type, such as desktop software or the web trader.

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.

2. Capital.com – Trade Thousands of Assets on MT4 Commission-Free          

Capital.com is also one of the best MT4 brokers in the market. Interestingly, the Capital.com web trading platform is powered by MT4. That said, Capital.com can also be used via the MT4 desktop software. This ensures that traders can deploy expert advisors and trading robots. Capital.com also supports demo accounts, which are free and quick to open.

One of the best features of Capital.com is that all supported markets are commission-free. Moreover, Capital.com offers thousands of trading markets across the most popular asset classes. This includes 125 forex pairs and over 2,800 stocks. Indices, commodities, contract for differences (CFDs) and cryptocurrencies can also be traded. When it comes to spreads, Capital.com is super-competitive.

For example, EUR/USD can be traded from just 0.6 pips. Most importantly, Capital.com is regulated by many licensing bodies. This includes the FCA, ASIC, CySEC, FSA, NBRB, and SCB. The minimum deposit is $20 and Capital.com supports debit/credit cards and e-wallets. The minimum deposit is increased to $500 when depositing funds via a bank transfer. No deposit or withdrawal fees are charged.

74% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

3. Trade Nation – Zero-Spread MetaTrader 4 Broker With Competitive Commissions          

Trade Nation is a multi-asset broker that supports plenty of markets. This includes major, minor, and exotic forex pairs. In addition, Trade Nation supports commodities like oil and gold, not to mention indices from the US, Europe, and Japan. Other supported markets include stocks and bonds. Trade Nation offers two account types to choose from.

This includes a zero-spread account that comes with commissions of $3.50 per lot. The other account offers commission-free trading with higher spreads. This account will be more suited for beginners. We also like that Trade Nation offers a free demo platform. However, this is only available when using Trade Nation’s proprietary platform and not MT4.

Nonetheless, the free demo platform doesn’t require an account or any personal information. Those opting for a real commission-free account can get started with any amount. The zero-spread account requires a minimum deposit of $1,000. Both account types support debit/credit cards, bank wires, and Bitcoin. Trade Nation is regulated by the FCA, ASIC, SCB, FSA, and FSCA.

4. Libertex – High-Leverage MT4 Broker Offering 1:999 Leverage     

Libertex is one of the best high-leverage brokers in the market. Eligible clients can apply leverage of up to 1:999 on major forex pairs. So that’s a margin requirement of just $1 for every $999 traded. What’s more, Libertext is compatible with all MT4 platforms, including desktop, mobile, and browser-based trading. Supported markets are plentiful at Libertex.

In addition to dozens of forex pairs, Libertex also supports cryptocurrencies, stocks, and ETFs. It also supports hard and software commodities, covering metals, energies, and agricultural products. We also like Libertex for its super-low trading fees. In fact, not only does Libertex offer 0% commission trading but forex spreads start from 0.2 pips.

After opening an account with Libertex, traders will be given $50,000 in paper trading funds. This can be used on the MT4 platform. Those wanting to get started with real money only need to deposit $10. The main drawback is that Libertex charges deposit fees. This ranges from 1.9% to 4%, depending on the chosen debit/credit card or e-wallet.

5. AvaTrade – Established MT4 Broker Licensed in 9 Jurisdictions     

AvaTrade is one of the best MT4 brokers for safety and trust. It was established in 2006 and is now regulated in nine jurisdictions. Moreover, AvaTrade processes payments quickly and offers transparent trading fees.

There are no trading commissions to pay and spreads are very competitive. We found that EUR/USD can be traded from just 0.9 pips. USD/JPY also also competitive, starting from just 1 pip.

AvaTrade covers most asset classes, all traded via contracts-for-differences. This invites leverage of up to 1:400 and short-selling facilities. In addition to forex, AvaTrade covers stocks, bonds, indices, ETFs, and commodities. Some of the best cryptocurrencies are also supported, such as Bitcoin, Litecoin, and Ethereum.

There should be no concerns about lags when using MT4 via AvaTrade. This is because AvaTrade offers instant order executions. In turn, AvaTrade is the best MT4 broker for day traders and scalpers. It takes seconds to register an account and the minimum deposit is $100. There is also a free demo account, which connects to MT4.

6. Skilling – Top-Rated Brokerage Accounts for Professional Traders         

Skilling is also one of the best MT4 brokers for professional traders. Its premium account – which comes with a minimum deposit of €5,000, offers some of the lowest spreads in the industry. Major forex pairs like EUR/USD can be traded from just 0.1 pips. This comes with a commission of $35 for every $1 million traded. What’s more, the premium account comes with leverage of up to 1:200.

On the flip side, Skilling is also popular with casual traders. It has a standard account that comes with a lower minimum deposit of €100. This account offers commission-free trading and spreads on EUR/USD start from 0.7 pips. Moreover, leverage is reduced to 1:30 on major forex pairs and less on other markets.

While Skilling is popular with forex traders, it also supports other assets. This includes cryptocurrencies, stocks, commodities, and indices. In terms of safety, Skilling is authorized and regulated by CySEC. All account holders are provided with insurance of €1 million in the unlikely event of a brokerage collapse. Customer support is offered via live chat, Facebook Messenger, WhatsApp, and Line.

7. Pepperstone – Low-Fee MT4 Broker With Zero-Spread Accounts         

Pepperstone is also one of the best low-spread brokers to consider. Traders opening a razor account will get some of the best spreads that the market has to offer. In fact, major pairs during busy market hours can be traded from 0.0 pips. This account comes with a flat commission of $3.50 for every lot traded. While zero-spread accounts often come with high account minimums, this isn’t the case with Pepperstone.

On the contrary, traders can get started with any amount. Pepperstone also offers a commission-free account for casual traders. This comes with higher spreads than the razor account – starting from 0.7 pips. In addition to MT4, Pepperstone also supports MT5 and cTrader. There are many supported markets to choose from, including forex, stocks, indices, ETFs, and commodities.

UK traders will also have access to spread betting markets. This offers a tax-free way to trade leveraged products. The maximum leverage offered by Pepperstone is 1:200, but limits depend on the trader’s location. We also like that Pepperstone has a team of in-house analysts. They provide insights and market updates on the most popular asset classes. This offers a great way to get trading ideas from industry experts.

8. IG – Leading MT4 Broker for US Forex Traders           

IG is the best MT4 broker for US forex traders. It is authorized and registered with the RFED and CFTC and was established in 1974. IG supports dozens of forex pairs, including plenty of minors and exotics. Moreover, IG offers some of the most competitive trading fees in the market.

For example, spreads on EUR/USD start from 0.8 pips. What’s more, there are no commissions to pay when trading forex. Opening an account with IG is simple and fast – verification is usually completed instantly.

Moreover, IG offers a free demo account that comes with $10,000 in virtual trading funds. The demo account is compatible with MT4. That said, we found that real money deposits with a debit/credit card cost up to 1%. Moreover, IG’s US division only supports forex. Nonetheless, we like that premium clients at IG have access to plenty of perks, including a personal client manager, cashback of up to 15%, and fee reimbursement.

9. CMC Markets – Regulated CFD Broker With Over 10,000 Markets            

CMC Markets is an MT4 forex broker that offers an unprecedented range of trading markets. More than 10,000 financial instruments are supported across the most popular asset classes.

This includes over 330 forex pairs – which is more than any other broker in this space. In addition, CMC Markets supports thousands of stocks and exchange-traded funds (ETFs). CMC Markets supports over 100 commodities.

This includes everything from wheat and sugar to oil, natural gas, and gold. Other markets include indices, cryptocurrencies, and bonds. Apart from stocks, CMC Markets offers commission-free trading on all markets.

Stocks, however, are charged a variable commission that starts from 0.10% or $0.02 per traded share. CMC Markets also supports spread betting, but this is only available to UK and Irish clients.

10. Forex.com – DMA Forex Accounts for High-Volume US Traders            

Forex.com is the best MT4 broker for high-volume forex traders based in the US. It is one of the few online brokers to offer direct market access (DMA) accounts.

This means that traders can buy and sell forex pairs directly with other market participants. In other words, there is no intermediary required to facilitate positions. The DMA account comes with a minimum deposit requirement of $25,000. Moreover, there is a minimum trade size of $100,000, or one standard lot.

Forex.com also offers other account types, which will be more suitable for causal traders. For example, the raw spread and standard accounts come with a minimum recommended deposit of $1,000. The standard account offers commission-free trading. While the raw spread account offers spreads from 0.0 pips, alongside a commission of $5 per $100,000 traded. In addition to forex, US clients can trade gold and silver.

Best MT4 Forex Brokers Comparison

Here’s an overview of the 10 best MT4 brokers for 2023:

Why Use MT4? Benefits Revealed

There’s a reason why MT4 is so popular – it comes packed with features and benefits.

This includes the following:

EAs and Trading Robots

MT4 is compatible with EAs and trading robots. Put simply, this means that you can trade assets without needing to manually place orders – let alone do any research.

So how do trading robots work on MT4? First and foremost, you will need to purchase a trading robot – this can be done directly from the MT4 marketplace or a third-party provider. There are thousands of trading robots in the market, each with its own strategy and risk parameters.

For example, some will specialize in forex scalping while others specialize in swing trading. It’s really important to research the trading robot before making a purchase.

Not only in terms of its strategy but past performance. After buying your chosen trading robot, download it to your desktop device. It can then be uploaded to the MT4 software.

After activating the robot, it will begin trading around the clock – 24 hours per day, 7 days per week. MT4 allows you to set the parameters of your robot, such as the maximum trade size and preferred stop-loss order.

Technical Indicators and Drawing Tools

MT4 is ideal for technical traders. It comes pre-loaded with just 30 technical indicators, but others can be imported manually. In fact, MT4 offers more than 2,000 free custom indicators that have been developed by third-party traders.

It also offers 700 premium indicators that have a proven track record of finding notable trends and triggers. In contrast, when trading on a broker’s proprietary platform, you will likely have access to a much lower number of indicators.

In addition, MT4 supports 24 drawing tools. This enables you to perform high-level technical analysis by comparing different timeframes and readings. For example, making comparisons between the 50-day and 200-day moving averages, alongside the MACD.

Customizable Trading Screens

Each trader will have their own strategy and preferences. MT4 recognizes this, as it allows you to customize your trading screen in many different ways.

For example, you can choose to have multiple pricing charts on the same screen. This allows you to keep tabs on your preferred markets simultaneously, such as comparing the price of EUR/USD and GBP/USD. Or, each chart could be on the same market but at different timeframes.

There are nine different timeframes to choose from on MT4. This includes:

• 1-minute
• 5-minute
• 15-minute
• 30-minute
• 1-hour
• 4-hour
• Daily
• Weekly
• Monthly

This makes MT4 suitable for both long and short-term traders. For instance, scalpers will almost always focus on the 1-minute chart.  While day traders might extend this to the 5-minute timeframe.

Swing traders will likely zoom out to the 1-hour and 4-hour charts. MT4 also allows traders to choose from three chart representations – lines, bars, and candlesticks.

It is important to remember that MT4 does not provide pricing information for its charts. This is provided by the respective MT4 trading platform that you are using.

Demo Trading to Perfect Strategies 

After opening an account with a suitable broker, you will be able to use MT4 to trade in demo mode. This offers unpreferred benefits for both beginners and experienced traders.

For instance, this enables beginners to test all of the features offered by MT4 without risking any money. It also allows beginners to get to grips with how forex indicators on MT4 work.

Experienced traders will also get value from MT4’s demo facility. For example, they can use it to test a new strategy in live market conditions. If the strategy doesn’t quite produce the required results, the trader can make some adjustments.

As we mentioned above, MT4’s demo mode is also ideal for testing a new trading robot. Just remember that some MT4 brokers put limits on how long you can trade in demo mode. In some cases, you might be able to extend your usage by contacting the broker directly.

Advanced Trading Orders 

One of the main drawbacks of using a broker’s proprietary trading platform is that order types are often limited. This prevents you from being able to enter and exit a position at the ideal trigger point.

MT4, on the other hand, offers a huge range of advanced order types. For example, not only does MT4 support standard stop-loss orders, but trialing stops too. Moreover, you can choose from three execution modes, not to mention limit and market orders.

The latter enables you to execute your trade instantly at the next best available price. MT4 also supports hotkeys, which will appeal to scalpers that need to execute positions in the fattest timeframe possible.

Mobile Compatibility 

MT4 is designed for active traders who want to perform high-level technical analysis. In this regard, the MT4 desktop software is the most appropriate option.

However, it is also important to have access to your trading account when you are away from your desktop device. Fortunately, MT4 also comes as a mobile app for iOS and Android. What’s more, the MT4 app connects to the same account.

This can come in handy if you want to place a new trade while on the move. Or, if you want to exit a trade in real-time, rather than waiting to get home.

Alerts, Watchlists, and News  

MT4 ensures that you never miss an important market update. This includes the ability to set up custom alerts. For instance, you might want to receive an alert when GBP/USD hits 1.2720. Or, if EUR/USD falls below 1.1001. Alerts are sent via push notifications, on the MT4 desktop software and mobile app.

You can also create custom watchlists. This is handy for keeping tabs on your preferred markets – whether that’s Apple stock, EUR/CHF, or gold.

Perhaps one of the most underrated features of MT4 is its support for financial news. This is provided by third-party publishers and includes a wide range of use cases.

For instance, you can elect to receive news alerts when central bank meetings are about to take place. Or if a blue-chip stock is about to release its quarterly earnings report.

Another benefit of using MT4 is that it can be paired with the best forex signals. Forex signals are insights typically given by experienced market analysts and FX traders. These signals tell users whether a particular currency pair is currently a buy or sell.

How to Use MT4 With a Broker

In this section, we explain how to get started with the best MT4 broker for 2023 – XTB. The process is similar with most MT4 brokers nonetheless.

Step 1: Open an Account With XTB

Traders cannot access MT4 without first opening an account with a supported broker. To get the process started, visit the XTB website and click on the ‘Create Account’ button.

Type in an email address and choose the country of residence. Then click on ‘Next Step’.

XTB will now ask for some personal information and contact details. This includes your name, address, date of birth, and telephone number.

Step 2: Complete the KYC Process 

XTB is a regulated broker, so a KYC process will be required before being able to trade with real money.

As is the case with most brokers, two documents will be required:

1. Proof of identity: A government-issued ID, such as a passport, driver’s license, or national ID card.
2. Proof of residency: A document issued within the prior three months showing your name and address. XTB accepts bank statements, utility/phone bills, and tax statements.

These documents can be uploaded directly via your XTB account.

Step 3: Deposit Funds  

To trade with real money,  you will now need to deposit some funds. XTB doesn’t have a minimum deposit requirement, which will appeal to casual traders.

Here’s a list of payment methods that are supported by XTB, alongside their respective deposit fee.

• Bank transfer: Free
• Debit/Credit cards: Free
• Skrill: 2%
• SafetyPay: 1.5%
• Neteller: 1%

Debit/credit card and e-wallet payments are processed instantly. Bank transfer payments can take a couple of days to arrive.

Step 4: MT4 Download and Sign-In  

The XTB account should now be verified and have trading funds. The next step is to download MT4 to your desktop device. This offers the best trading experience and full functionality. MT4 for Mac, Windows, and Linux are supported.

The MT4 software can be downloaded directly from the XTB website.

Next, open the MT4 software and log in. You can choose to load MT4 with demo funds or a real money account. Either way, the username and password can be found in the welcome email sent by XTB.

Step 5: Start Trading on MT4  

Now that you are logged into MT4 via your newly created XTB account, it’s time to start trading. The list of supported assets and markets can be found on the left-hand side of the MT4 dashboard.

If this is your first time using MT4, we would suggest starting off with the demo account. This will allow you to get to grips with the MT4 dashboard and all of its features, charting tools, and technical indicators.

Conclusion

In summary, there are hundreds of MetaTrader 4 brokers in the market – each offering their own fees, spreads, and supported markets.

Overall, XTB is the best option to consider. It supports thousands of trading instruments – from forex and stocks to cryptocurrencies, indices, and commodities.

What’s more, XTB is a 0% commission broker that offers competitive spreads. It takes less than five minutes to open a real money account and there is no minimum deposit requirement.

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.

References 

• https://www.fca.org.uk/
• https://www.cnbc.com/quotes/BTC.CM=
• https://markets.businessinsider.com/commodities/silver-price
• https://www.lexisnexis.com/en-gb/glossary/kyc
• https://www.bloomberg.com/quote/EURUSD:CUR
• https://www.tradingview.com/symbols/GBPUSD/
• https://www.cftc.gov/
• https://www.nfa.futures.org/registration-membership/who-has-to-register/rfed.html
• https://asic.gov.au/
• https://www.cysec.gov.cy/en-GB/home/
• https://en.wikipedia.org/wiki/MetaTrader_4
• https://www.investopedia.com/terms/t/technicalindicator.asp
• https://capital.com/what-is-cfd-trading
• https://www.cmcmarkets.com/en-ca/investing-guides/what-is-an-exchange-traded-fund#:~:text=Exchange%20traded%20funds%20(ETFs)%20are,exposure%20to%20the%20underlying%20assets
• https://www.congress.gov/bill/106th-congress/house-bill/4541
• https://www.avatrade.co.uk/education/correct-trading-rules/what-are-forex-signals

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