Top picks for MetaTrader 4 brokers
Best overall forex broker for using MetaTrader 4 - IC Markets
| Company |
Platforms & Tools |
Average Spread EUR/USD - Standard |
MetaTrader 4 (MT4) |
MetaTrader 5 (MT5) |
 IC Markets
|
 |
0.62 info |
Yes |
Yes |
IC Markets is my top pick for the best MT4 broker in 2025. It executes more trading volume than any other MetaTrader broker each month and offers the full MetaTrader suite alongside competitive pricing, add-on trading tools, and quality market research.
The key reason for what makes IC Markets so great for MetaTrader 4 traders is that you will be able to take advantage of the broker’s competitive pricing and execution methods to run algo trading strategies. This is part of the reason their trading volume over the platform is so consistently high year over year. Explore more details on its offering by checking out my IC Markets review.
Great low-cost option for MetaTrader 4 - FP Markets
| Company |
Platforms & Tools |
Average Spread EUR/USD - Standard |
MetaTrader 4 (MT4) |
MetaTrader 5 (MT5) |
 FP Markets
|
|
1.2 info |
Yes |
Yes |
The MetaTrader 4 offering at FP Markets is an excellent choice for algorithmic traders because of the broker’s low-cost pricing, based on its low average spreads and per trade commission. I'd recommend it for most traders based on the pricing alone available on its Raw ECN account, which features ultra-competitive spreads – averaging 0.1 pips as of October 2023 (0.8 pips all-in after accounting for the commission). FP Markets' refined MetaTrader offering also includes a suite of trading add-ons and plugins which together with its low-cost pricing, helped it finish Best in Class for MetaTrader in our 2025 Annual Awards.
For a more in-depth look at the broker and the other platforms it offers - it is also a great broker for an MT4 alternative, cTrader - visit my full review of FP Markets.
Vast collection of third-party tools for MetaTrader 4 - Pepperstone
| Company |
Platforms & Tools |
Average Spread EUR/USD - Standard |
MetaTrader 4 (MT4) |
MetaTrader 5 (MT5) |
 Pepperstone
|
|
1.00 info |
Yes |
Yes |
In addition to simply having a massive collection of third-party platforms to choose from, Pepperstone is a fantastic broker for MetaTrader 4 specifically due to its offering of a suite of Smart Trader Tools plugins, including Autochartist as an add-on for MetaTrader accounts. In addition, Pepperstone has competitive costs on its Razor account and the ability to copy trade with multiple social copy trading platforms, including on MT4, cTrader, or its own app powered by Pelican. This makes the broker a superb choice for MT4 users who wish to have the flexibility to explore algorithmic trading, copy trading, and API trading.
Besides launching its own proprietary trading platform recently, I continue to be impressed with all Pepperstone does to support its third-party offering, which helped it secure Best in Class honors for MetaTrader in our 2025 Annual Awards. Check out my full Pepperstone review to discover more.
MetaTrader Platforms Comparison
FAQs
Is MetaTrader 4 a broker?
No. MetaTrader 4 (MT4) is a third-party trading platform that connects to a broker for forex trading. MetaTrader 4 is the most popular third-party platform for trading forex.
You'll need to open a live trading account with a supporting broker if you want to place real trades within the MT4 platform. If you select a broker's server name from the dropdown menu when logging in (this applies to the version of the software downloaded directly from the developer), you can open an account with the broker of your choice and access live rates within MT4.
A forex broker simply needs a proper license from the developer in order to offer MT4 to you as a customer. However, some forex brokers that offer MT4 may lack proper regulation in the countries in which they operate, thus it is important to only choose trustworthy MT4 brokers. See how we evaluate brokers' trustworthiness.
alt_routeMetaTrader Alternatives:
MT4 alternatives do exist; cTrader is another popular third-party trading platform. I've been using cTrader for over five years – check out my cTrader guide to learn more.
What are the best MetaTrader 4 brokers for U.S. residents?
In the U.S., MetaTrader 4 is limited to just three brokers: tastyfx, OANDA, and FOREX.com. Each delivers MT4 access, but their strengths differ in pricing, research, and platform quality. Here’s what you can expect from each.
tastyfx
tastyfx, the U.S. branch of IG, stands out for competitive spreads, strong research, and full algo support on MT4. AutoChartist and PIA First signals add value, and ProRealTime charts offer advanced studies with access to 80+ pairs, though it costs an additional $40 monthly fee if you trade less than 4 lots per month. Execution is scalable, handling large orders smoothly, and high-volume traders get cashback rebates. Downsides include the need for a separate tastytrade account for trading options or futures and the absence of IG Academy and IGTV integration. For MT4 traders who want best-in-class research and scalability, tastyfx is a compelling choice.
OANDA
OANDA is a trusted U.S. broker with a long regulatory track record and reliable MT4 support, including VPS hosting for automation requiring constant up-time. MarketPulse provides consistent research, and Algo Labs extends API trading. Pricing, however, is on the high side unless you deposit $10,000 for Core Pricing or qualify for Elite Trader rebates. Education remains light, and its proprietary platform lags top peers. Still, OANDA delivers stability and trust, making it a dependable MT4 option for U.S. traders.
FOREX.com
FOREX.com, part of StoneX, blends broad market access with strong platforms and excellent education. Its award-winning Trading Academy and growing video content add real value, while TradingView-powered charting and advanced web/desktop platforms suit all levels. MT4 is fully supported, and MT5 is now available in the U.S. Standard pricing is average unless you hit active-trader tiers, and stocks/futures need a separate account. Overall, FOREX.com offers a reliable MT4 experience with excellent education and research to back it up.
How many MT4 brokers are there?
Our research found that there are at least 3,006 (counted on mobile) MetaTrader 4 (MT4) servers, and an even larger number of MetaTrader 5 (MT5) servers globally. Unfortunately, MetaQuotes Software does not release any figures that reveal the full number of brokers that use MT4. The number of actual brokers will be fewer than the number of servers, as many brokers will offer multiple servers in order to cater to different groups of clients across various locations.
For example, a given broker may maintain one server in London and another in Australia, or a different server for each of their account types.
Here is a list of forex brokers that we review who do offer MetaTrader 4:
Admirals,
ACY Securities,
AvaTrade,
BDSwiss,
BlackBull Markets,
City Index,
CMC Markets,
Capital.com,
Eightcap Review,
Forex.com,
FP Markets,
FXCM,
FxPro,
HYCM,
HFM,
IC Markets,
IG,
OANDA,
Octa,
Pepperstone,
Saxo,
Swissquote,
Tickmill,
TMGM,
TopFX,
Trade Nation,
Trade 360,
Vantage,
VT Markets,
XM Group, and
XTB(no longer available for newly created accounts).
What is the difference between MT4 and MT5?
MetaTrader 4 is based on a prior generation (version) of software, whereas MetaTrader 5 is the latest version. (For a deep dive into the differences between these two popular versions of the MetaTrader software, check out my MT4 vs MT5 guide).
As of the beginning of 2025, MetaTrader 5 (MT5) has officially surpassed MetaTrader 4 (MT4) in trading volume, accounting for 54.2% of the combined volume between the two platforms. MT5’s growing preference among forex traders is largely thanks to its advanced features and broader asset support. More MT4-only brokers continue to launch MT5, offering the full MetaTrader suite, as well as increasing the range of trading products available. MT5 can support stock trading, futures trading, CFDs, and forex trading, making it more of a multi-asset platform. MT5 also includes advanced functions like utilizing cloud storage to run strategies and to conduct backtesting. With MT4, backtesting must be done locally or through a virtual private server (VPS).
While it looks and feels similar to MT4, MT5 is a faster, more modern trading platform. Check out our MetaTrader 5 guide to learn about the platform's advanced features and to get a behind-the-scenes look at mobile, web, and desktop versions of the platform.
Does MetaTrader 4 cost money or take a commission?
MetaTrader 4 is completely free to use, whether you have a demo or live account. That said, you can still incur trading costs charged by your broker (or market-maker) in the form of spreads and commissions when you buy or sell securities such as forex and CFDs.
It can also cost money to hold trades overnight — known as carry charges or overnight rollover premiums — depending on the live account type you have (Sharia-compliant accounts are usually interest-free, but may incur other costs).
edit_documentUsing a demo account
MetaTrader does offer the use of a free demo account, which many traders use without connecting with a forex broker for conducting technical analysis on historical rates — but this won't include access to any live trading capabilities or updated market rates.
Is MetaTrader 4 only for trading forex?
The MetaTrader 4 (MT4) platform is predominantly used for forex trading. However, depending on the broker, MT4 often comes with a range of other symbols — such as CFDs on indices, commodities, futures, energies, and metals. If you’d like to learn more about how CFDs work – or you’d just like to see our list of the best CFD trading platforms – check out our full-length guide to the Best CFD Brokers and Trading Platforms.
If you are interested in trading other markets, MetaTrader 5 is a great multi-asset option that provides support for a broad range of securities and instruments (and, as of April 2025, has eclipsed MT4 in overall trading volume).
Our testing
Why you should trust us
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Click here to learn more about how we test.
How we tested
At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
- For Apple, we use MacBook Pro laptops running macOS 15.3, and the iPhone XS running iOS 18.3.
- For Android, we use the Samsung Galaxy S20 and Samsung Galaxy S23 Ultra devices running Android OS 15.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser.
Our researchers thoroughly test a wide range of key features, such as the availability and quality of watch lists, mobile charting, real-time and streaming quotes, and educational resources – among other important variables. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms.
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill
