4 Best MT4 Forex Brokers in 2021

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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.

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.
Most extensive crypto derivatives offering. Choice of 250+ Crypto CFDs
Multiple funding and swift withdrawal options
Ultra-low spreads across all Crypto derivatives
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
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
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


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

Based in Australia, EightCap is a leading global forex broker with a competitive MT4 platform. Founded in 2009, EightCap is considered reliable and trustworthy, based on over a decade’s worth of service and licensing through the much respected Australian Securities and Investments Commission (ASIC), with additional licensing via the Vanuatu Financial Services Commission. As a leading MT4 forex broker, EightCap offers one of the lowest forex fees out of all top Australian forex brokers.  This is especially true for clients that choose the Raw account. 


  • 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


FP Markets

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

FPMarkets is a forex broker based in Australia and is a leading proponent of both the MetaTrader 4 (MT4) and the MetaTrader 5 (MT5) platforms. In addition, FPMarkets features both Web-based and IRESS platforms. Established in 2005, FPMarkets has its main offices in Sydney, Australia, and is regulated through the Australian Securities and Investments Commission (ASIC) as well as by the Cyprus Securities and Exchange Commission (CySEC), with additional regulation through the Financial Services Authority of St. Vincent and the Grenadines. One of the advantages of being primarily regulated through an Australian regulator (especially for MT4 traders), is that you will generally be able to benefit from a more relaxed view on leverage.


  • 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



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

AvaTrade is one of the largest forex brokers in the world, and is also one of the most popular brokerages for MT4 and MT5 traders all across the globe. Founded in 2006 in Dublin, Ireland, Avatrade started out with its own proprietary software and web trader. Part of this company’s fame comes from their policy of offering their clients a choice between fixed or floating spread costs of their trading models. In addition, AvaTrade enjoys a very high level of regulation across a number of territories including Australia, Japan, South Africa, the British Virgin Islands, and the European Union. 


  • High-quality educational offering via SharpTrader

  • 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


BlackBull Markets

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

BlackBull Markets launched in 2014 as an ECN broker, offering raw spreads along with very competitive commissions. The company is regulated in New Zealand via the Financial Services Providers Register (FSPR) and through the New Zealand Financial Markets Authority (FMA), with additional regulation through the Seychelles Financial Services Authority (FSA). Aside from their de facto headquarters in New Zealand, BlackBull Markets has additional branches in Malaysia and in New York. The company currently features maximum leverage on some forex pairs as high as 500 to 1. BlackBull Markets range of tradable assets can be characterised as fairly tight.


  • ECN/NDD execution model with deep liquidity

  • Institution-grade pricing for retail traders via proprietary price aggregation

  • ZuluTrade and Myfxbook for social trading

  • Leverage of up to 1:500


  • Cryptocurrencies and equity trading not available

  • No MT4/MT5 plug-ins offered

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.
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.