MT4 ECN brokers are the best option for high-frequency traders. The MT4 trading platform is not the prime ECN solution but supports it, and more and more brokers are offering MT4 ECN accounts.
We have scoured the market and compiled the best listing of the very best ECN brokers offering the MT4 trading platform.
Best MT4 ECN Brokers Comparison
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Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB |
Year Established | 2011 | 2005 | 2009 | 2006 | 2010 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | ECN/STP, Market Maker | Market Maker | No Dealing Desk, NDD |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 1.2 pips | 1.0 pips | 0.9 pips | 1.1 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.4 pips | 1.2 pips | 1.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.16 | $0.12 | $0.29 | $0.15 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website | Get Started Visit Website74-89 % of CFD traders lose |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionI rank FXTM among the best MT4 ECN Forex brokers as it offers ultra-low trading fees in its Advantage account for a minimum deposit of $500. Traders get raw spreads from 0.0 pips for a commission of $0.80 and $4.00 per 1.0 standard round lot. The FXTM price improvement technology decreases trading fees by an average of $3.00 per round lot, applicable on 97.18% of all trades.
FXTM upgrades MT4 with its Pivot Point Strategy plugin, and traders get a balanced asset selection featuring liquid trading instruments. It makes FXTM an ideal Forex broker for scalpers and algorithmic traders.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets has a well-balanced asset selection, including Forex, cryptocurrencies, ETFs, and bonds, with competitive fees in the commission-based account of raw spreads from 0.0 pips for a $6.00 commission per 1.0 round lot. Traders also receive 12 plugins, Trading Central, and Autochartist for MT4, making FP Markets one of the best MT4 ECN Forex brokers on my listing.
Competitive Forex leverage with negative balance protection ensures traders have an edge, and VPS hosting ensures 24/5 low-latency Forex trading, supportive of algorithmic traders. FP Markets also maintains an excellent choice of payment processors, including cryptocurrency deposits and withdrawals.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosECN brokers usually offer lower trading fees, and Eightcap maintains a low-cost pricing environment in its commission-based Raw Spread account. Besides raw spreads of 0.0 pips on all major currency pairs, commissions are $7.00 per 1.0 standard round lot or $3.50 per side. Traders in Euro and British Pound base accounts pay €5.50 and £4.50, respectively, while swap rates on leveraged overnight positions remain equally competitive.
Eightcap also ensures deep liquidity pools sourced from various providers and uses the MT4 ECN bridge to connect the versatile MT4 trading platform, with full support for algorithmic trading, to the electronic communication network.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is the best MT4 ECN Forex broker for beginners, as it offers industry-leading education via the spun-out Ava Academy and on-site content. Beginners also benefit from the MT4 Guardian Angel plugin and the fee-based Ava Protect insurance policy protecting against trading losses. AvaTrade is also one of the best-regulated and most trusted brokers.
The well-balanced asset selection includes options, ETFs, and cryptocurrencies. AvaTrade maintains competitive leverage with negative balance protection and reasonable commission-free Forex costs from 0.9 pips or $9.00 per standard lot. The high-paying partnership program has 70,000+ registered partners from 150+ countries with $250,000,000+ commission payouts.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.I consider Pepperstone among the best MT4 ECN Forex brokers as it offers ultra-fast order execution with average execution speeds of 30 milliseconds. Traders receive a well-balanced asset selection of 1,500+ trading instruments, including Forex, Forex indices, cryptocurrencies, and ETFs.
Commission-based trading fees start with raw spreads from 0.0 pips for a commission of $7.00 per 1.0 lot. High-volume traders can lower final costs via a multi-tier, volume-based rebate program. Pepperstone upgrades MT4 with the 28-plugin Smart Trader Tools package and Autochartist, but its most notable competitive edge is Capitalise AI, which supports algorithmic trading in a code-free environment.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
Top MT4 ECN Brokers
Retail traders with low trading volume can benefit from a commission-free trading account with an NDD execution model. The broker earns money from the mark-up on raw spreads, and there are no commissions. However, high-frequency traders are well advised to look for a broker with an ECN execution model. ECN stands for electronic communications network. It automatically matches buy and sell orders in the financial markets. There are no mark-ups by brokers to the live market spread, but traders pay a volume-based commission. Besides more privacy, as the entire process remains digital, there is no prospect of market manipulation by brokers. Unlike market makers, who benefit directly from the trading loss of clients where it acts as the counterparty, MT4 ECN brokers only earn from commissions. Therefore, it is in their best interest to have profitable traders, as it will increase trading volumes and revenues for brokers.
An ECN network displays the best available bid and ask prices, sourced from multiple liquidity providers globally, and then matches the best ones. It ensures that traders always transact with the lowest costs available on listed assets. Brokers charge commissions, and the best MT4 ECN brokers list fees between $4.00 and $6.00 per standard lot, irrelevant of the currency pair. Volume is all that matters, but less liquid assets will have higher minimum spreads. For example, during the crossover session of the UK and US markets, where the most liquidity is available, the EUR/USD currency pair typically trades with a spread of 0 pips. Other, less liquid currency pairs may show mark-ups above 0.5 pips. The best MT4 ECN platforms will also have a volume-based rebate program that lowers the final trading cost. Since many traders who seek MT4 ECN brokers use ultra-short-term trading strategies to avoid additional trading fees like swap rates on leveraged overnight positions, trading volumes can total more than 100 lots daily. The best MT4 ECN brokers offer rebated commissions as low as $0.80 per lot.
MT4 ECN Trading Environment
In most cases, the overall trading environment at MT4 ECN brokers is competitive. They invest in their technology infrastructure, trading tools, and liquidity providers since they rely on profitable traders. It also decreases the risk of fraud. However, there have been examples of brokers pretending to use an ECN model while doing otherwise. Some were fined for the practice but kept their licenses and remain operational. Traders should ask which ECN bridge the broker uses and monitor spreads against those offered elsewhere to ensure they have access to the best prices. Trading with the best MT4 ECN brokers will result in a more profitable trading environment.
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