5 Best MT4 Forex Brokers in 2021

Advertiser Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Choice of trading platform represents a centerpiece for traders, as it is where we spend most of our time. Most retail brokers provide the MT4 trading platform, the undisputed market leader. With more than 1,400 MT4 brokers globally and the out-of-the-box MT4 identical everywhere, we researched and compiled a list of the best MT4 Forex brokers for you.

1
Eightcap
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Globally trusted, award-winning broker offering free education
Lightning fast, reliable execution on over 200 markets
2
FP Markets
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access
3
AvaTrade
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
4
ETX Capital
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Award-winning proprietary platform is good for all traders
5
BlackBull Markets
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders

Eightcap
5.0/5 in this category
In Summary
Competitive pricing + excellent daily videos

Unique Features

Regulation

ASIC, VFSC

Minimum Deposit

$100

Type of Platform

MetaTrader 4, MetaTrader 5

Eightcap Pros & Cons

Advantages

  • Low minimum deposit and high leverage of up to 1:500

  • Competitive ECN cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

Disadvantages

  • Limited asset selection

FP Markets
5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500

fpmarkets is an Australian brokerage which launched in 2005. Headquartered in Sydney, Australia’s financial capitol, they have carved out a solid niche for themselves as the best Forex / CFD broker enjoying ASIC regulation. Australian regulators are much more relaxed about leverage than their counterparts in the U.S.A., U.K., and the E.U. and so fpmarkets can offer a maximum leverage as high as 500 to 1.

For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares. These go beyond the typical U.S.A. and U.K. companies and include a good selection of publicly traded shares on the Hong Kong and Sydney exchanges, as you might expect from an Australasian-facing broker like fpmarkets. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here.

Unique Features

Regulation

CySEC, ASIC

Minimum Deposit

$100

Type of Platform

MetaTrader 4, MetaTrader 5, Web-based, IRESS

They offer an unusual hybrid ECN/STP execution model which means that their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.

Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data.

FP Markets Pros & Cons

Advantages

  • 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

Disadvantages

  • Availability of Iress geographically restricted

FP Markets is an Australian multi-asset broker with more than $1 billion in daily trading volume, serving clients from 80+ countries. Founded in 2005 in Australia, FP Markets grew into a trusted brand over the past 15+ years with more than 100 employees. The upgraded MT4/MT5 trading platforms, via the Trader Tools consisting of twelve plug-ins, present clients with a competitive edge. We have conducted an in-depth review of this CFD broker to provide traders with a complete overview of the trading environment at FP Markets.

AvaTrade
4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Minimum Deposit

$100

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

ETX Capital
4.5/5 in this category
In Summary
Award-winning proprietary platform is good for all traders

ETX Capital is one of the oldest financial firms offering online brokerage services, founded in 1965. Since October 2020, it is part of Swiss-based private equity firm Guru Capital, which added corporate brokerage services to the ETX Capital portfolio. Clients have access to the award-winning proprietary ETX TraderPro trading platform, an excellent product for manual traders. The MT4 trading platform is equally available for automated traders, while ETX Capital provides an upgrade package labeled ETX MT4 Remastered. New traders have access to an excellent in-depth educational section for which ETX also won awards. It presents one of the best ones available and consists of well-thought-through lessons. 

Unique Features

Regulation

CySEC, FCA, FSCA

Minimum Deposit

$100

Type of Platform

MetaTrader 4, Proprietary platform, Web-based

The asset selection features 74 currency pairs and 26 Forex forwards contracts, seven cryptocurrencies, and 24 commodities. Equity traders have access to CFDs from over 20 international markets and 33 index CFDs, with twelve bond and interest CFDs completing the list. ETX Capital also grants exposure to IPOs. The commission-free Forex cost structure commences from 0.6 pips, making it one of the most trader-friendly offers. Equity traders pay a commission between 0.10% and 0.40%, but minimum charges apply, resulting in an average pricing environment. ETX Capital maintains an overall competitive trading environment. 

ETX Capital  Pros & Cons

Advantages

  • More than 50 years of experience as an FCA regulated broker in the UK

  • Excellent proprietary trading platform ETX TraderPro plus MT4 plugins

  • Competitive asset selection and low minimum deposit

  • Quality educational content for new traders, including live webinarsr

Disadvantages

  • Limited research despite marketing it as an advantage at ETX

BlackBull Markets
4.5/5 in this category
In Summary
Competitive ECN trading environment with scalping and hedging available

BlackBull Markets is a relative newcomer as a Forex broker, being founded in 2014 in New Zealand, which along with Australia, has become something of a haven for exciting Forex brokerages. Like many antipodean brokerage houses, BlackBull Markets is an ECN broker, offering raw spreads and competitive commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1.

Unique Features

Regulation

FSA, FMA

Minimum Deposit

$200

Type of Platform

MetaTrader 4, MetaTrader 5

In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia

BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should not worry the average trader who is more concerned to have a normal range of markets to trade without being overly worried about diversification.

BlackBull Markets impresses through a kind of quiet confidence – they do not make extravagant claims, they simply focus on providing the basics required for ECN trading well and at a reasonable cost.

BlackBull Markets requires a minimum deposit of $200 which may put it out of the range of traders intending to make smaller deposits, at least initially.

 

BlackBull Markets Pros & Cons

Advantages

  • High leverage of up to 1:500

  • ECN/NDD execution model from a minimum deposit of $2,000

  • Competitive ECN pricing environment and volume-based rebate program

  • VPS hosting and social trading support via market-leading providers

Disadvantages

  • Limited asset selection

  • No MT4 upgrades despite labeling itself as a FinTech company

Top MT4 Brokers

Eightcap Competitive pricing + excellent daily videos.
FP Markets ECN trading with leverage up to 1:500.
AvaTrade Highly regulated, choice of fixed or floating spreads.
ETX Capital Award-winning proprietary platform is good for all traders.
BlackBull Markets Competitive ECN trading environment with scalping and hedging available.

MT4 Forex Trading Platform

Most retail Forex brokers provide the MT4 trading platform and label it as a technologically advanced solution. There is a defining difference between marketing and reality. Traders should understand this difference, which will help them separate competitive brokers from those with an excellent marketing team and nothing more. There are outstanding MT4 Forex brokers, which ensure that their traders have a necessary edge in the hyper-competitive financial world of today. Before we look at the advantages of MT4, the first sign that a broker has a sub-standard overall trading environment is the availability of the core MT4 trading platform without an upgrade package consisting of numerous plugins. MT4, as available out-of-the-box, lacks advanced functions, and developers have overcome those with thousands of plugins, depending on the needs of traders and their strategies. Without those, MT4 traders will always trade with a distinct disadvantage, and brokers who provide no upgrades are usually less interested in their clients and more in their profits.

The advantages of MT4 and the reasons why it became the most popular of all retail Forex trading platforms following its launch in 2005:

  • MT4 supports automated trading solutions, known as expert advisers or EAs. Not only does this allow traders to develop and deploy them with its native MQL4 language, but the development of MT4 had automated trading at its core. Today, more than 25,000 EAs, custom indicators, and other plugins exist. There is no other trading platform available today that comes close to the wealth of modification, making MT4 the most versatile trading platform in existence.
  • Brokers provide APIs that allow third-party developers and financial firms to connect advanced trading solutions to the MT4 infrastructure, making it a cost-effective solution for professional requirements. Retail traders with access to automated trading systems more complex than the EAs operational within the MT4 trading platform may swiftly connect and manage their portfolios with a distinct edge.
  • MT4 has a MAM/PAMM module that supports account management services. Small portfolio management and retail account managers built their entire business model on the MT4 trading platform.
  • Besides complete support for automated trading solutions, MT4 comes equipped with a copy trading platform. It allows signal providers to share their strategies for a monthly cost and for investors to find low-cost portfolio management solutions.

Competitive MetaTrader 4 brokers will ensure they provide traders with plugins to upgrade the sub-standard core MT4 trading platform. They will also house their data centers in any of the Equinox locations. Additionally, they provide VPS hosting for uninterrupted 24/7 trading. The best MT4 Forex brokers also support high-frequency traders with a competitive commission-based cost structure and a volume-based rebate program.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.

Sample Dynamic Content Placeholder dfp-placeholder