5 Best MT4 Forex Brokers in 2021

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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.

One of the most important features of a Forex broker is its trading platforms. Most brokers offer the popular MetaTrader4 platform. We have listed below the top MT4 Forex brokers, all tested & reviewed by our analysts, so you can make an educated decision.

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
Pepperstone
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.
Best ECN execution on the MT4 platform
Excellent implementation of cTrader and Smart Trader Tools
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

Headquarters

Australia

Year Founded

2009

Type of Broker

None

Minimum Deposit

$100

Maximum Leverage

Maximum Leverage 1:30 (or 1:500 for non-Australia clients)

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

Headquarters

Australia

Regulation

CySEC, ASIC

Year Founded

2005

Type of Broker

No Dealing Desk

Minimum Deposit

$100

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5, 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

  • Limited commodities and metals selection

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.

FP Markets Snapshot - ECN trading with leverage up to 1:500 

Headquarters

Australia

Regulation

ASIC, CySEC

Established

2005

Execution Type

No Dealing Desk (NDD)

Minimum Deposit

$100

Maximum Retail Leverage

1:500

Trading Platform(s)

MT4, MT5, Iress (proprietary)

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

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

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

Pepperstone
4.5/5 in this category
In Summary
Great ECN execution on MT4 platform


Pepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is possibly the most well-known ECN Forex broker in the world. ASIC’s deft regulatory touch combined with local expertise made Australia a haven for broker startups heavy on technology and offering extra-speedy frictionless execution and extremely high maximum leverage. Pepperstone offer geographically eligible clients a maximum leverage as high as 500 to 1, which is enough for anybody’s trading needs.

Unique Features

Headquarters

Australia

Regulation

FCA, ASIC, DFSA

Year Founded

2010

Type of Broker

ECN/STP

Minimum Deposit

$1

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5, cTrader

As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account gives one of the lowest and most competitive cost of trading in Forex that you will find anywhere.

In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).

Pepperstone is renowned for its advanced technology tools such as Smart Trader Tools and cTrader Automate. cTrader is one of the more popular trading platforms out there but is not offered by a majority of brokers, so Pepperstone can be a good choice if you want to trade with an ECN brokerage through the cTrader trading platform.

Pepperstone Pros & Cons

Advantages

  • Low minimum deposit and high leverage

  • Choice of trading platforms and social trading alternatives

  • Comprehensive MT4/MT5 upgrade package and VPS hosting

  • Active trader program and competitive cost structure

Disadvantages

  • Limited asset selection

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

Headquarters

New Zealand

Regulation

FSPR, FMA

Year Founded

2014

Type of Broker

ECN/STP

Minimum Deposit

$200

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5, Web-based

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

MetaTrader 4 and Forex Brokers

MetaTrader 4, also referred to as MT4, was developed by MetaQuotes Software and released in 2005. MT4 is an electronic trading platform used widely by online retail foreign exchange speculative traders.
The MT4 platform has adapted itself over the years to meet the needs of MT4 Forex brokers and their clientele. Additional features have been added to ease the trading process and traders of all levels find the MT4 platform user-friendly and simple to understand.

The MT4 platform has adapted itself over the years to meet the needs of MT4 Forex brokers and their clientele. Additional features have been added to ease the trading process and traders of all levels find the MT4 platform user-friendly and simple to understand. Before choosing a broker, it is important to look into the platforms offered. We have made your choice easier by listing the top MT4 Forex brokers. All of them have been tested and reviewed by our Daily Forex team and we present them below so you can make an educated and informed decision.

If you are looking for a Forex / CFD broker offering the MetaTrader 4 trading platform, then we’ve got some very good news for you: a huge majority of Forex brokers offer their clients the opportunity to use this platform. It is not difficult to find a broker suitable for you in every other aspect in addition to offering MetaTrader 4. This is despite the fact that MetaQuotes Software, the company which developed MetaTrader 4 and released this software in 2005, announced a few years ago that they would no longer be supporting this software technically.

It can be seen then that this is an extremely popular trading platform. We can go further and call MetaTrader 4 the “gold standard” platform of the retail Forex / CFD trading industry. Perhaps its popularity stems from the fact that it was the go-to trading platform just as the industry really started to take off in about 2007 / 2008. On the other hand, it may be that the platform is easy to trade with, relatively reliable, and perhaps most importantly, very intuitive.

One of the important features of a Forex broker is its trading platforms. However, it should not be the most important feature in considering whether to open an account with a particular Forex broker, unless they are one of those rare brokers offering no choice of platforms and the only platform on offer is a platform which is truly difficult to use and unreliable. Advertising in the Forex industry often makes a big deal out of trading platforms and the features of trading platforms, but the truth is, this is just hype. The most important features are the security of your deposit and trading costs. Nobody ever makes money in any market just because of the trading platform they use, although using a bad platform which you are unable to operate confidently could certainly cause accidents and missed trades and lose you money. Yet there is no trading platform that has such special unique features that it gives you an edge over the market. What is needed from a trading platform is ease of use and reliable technical execution. Of course, if you find a trading platform easy to use, that is only going to help your trading. Yet overall, the key to a good trading platform experience is avoiding any negatives.

What is it that traders like about MetaTrader 4? Most traders find it intuitive to use, for most people reading the instruction manual is not necessary. Another reason is that because it has been around for a long time and is very widely used, there are a lot of custom indicators and expert advisors which have been developed to run on the platform, so there is no shortage of good add-ons available. It runs on a programming language called MQL4 which has recently been upgraded to allow “black box” programming. MetaTrader 4 also has a back-testing capability, which is an unusual capability for a trading platform to have. This means you can use the platform to back test algorithmic trading strategies if you wish, as well as to trade. Finally, MetaTrader 4 is available as an app for smartphones and tables, as downloadable desktop software, and as a web-serviced, browser-based platform, so you are free to access it from almost anywhere and set it up to operate any way you choose.

The MT4 platform has adapted itself over the years to meet the needs of MT4 Forex brokers and their clientele. Additional features have been added to ease the trading process and traders of all levels find the MT4 platform user-friendly and simple to understand. Before choosing a broker, it is important to carefully investigate the platforms offered, if there is a choice of platforms – there are some brokerages which offer only MetaTrader 4. We have made your choice easier by listing the top MT4 Forex brokers. All of them have been tested and reviewed by our research team and we present them below so you can make an educated and informed decision.

Huzefa Hamid

Huzefa Hamid is a retail Forex trader with substantial financial market knowledge and derivative products' expertise. He trades currencies, equities, futures, commodities, treasuries and options. Huzefa wrote the Fibonacci retracement levels course for FX Academy, as well as other courses, and is the author of dozens of articles about Forex trading and the online finance industry. Huzefa is an industry researcher and uses technical analysis for trading as he believes that technical indicators offer the cleanest way to predict the future direction of price movements.