Zornitsa Stefanova
Zornitsa Stefanova is a Financial Research and Platform Testing Analyst at BestBrokers.com, specialising in hands-on reviews of forex, cryptocurrency and stock trading platforms. She evaluates brokerage companies from a user-focused perspective, testing key areas such as account setup, trading conditions, platform usability, available markets and overall reliability.
| Expert Editor 
Eugene Lee, CFA
Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he draws on more than two decades of experience in global markets, portfolio management, derivatives, and fintech to evaluate online brokers. His background in institutional investing and quantitative research helps ensure that broker reviews are based on data, risk assessment, and real-world trading conditions. 
| Updated: Used by approximately 80% of all online brokers, MetaTrader 4 is the most popular and widely used third-party trading platform in the world. Its intuitive interface, broad functionality, and impressive range of features make the platform suitable for beginners and experienced traders alike. While this explains its immense popularity, it also makes finding the right broker a time-consuming process. This guide can help you make an informed decision with a selection of reliable forex brokers that enable seamless trading via MetaTrader 4.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
Pepperstone73.7% of retail investor accounts lose money
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
Global Prime74-89% of retail CFD accounts lose money
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
Libertex83% of retail investor accounts lose money
eToro52% of retail investor accounts lose moneyMetaTrader 4 Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. Global Prime | 341 | 4.7 ⭐ |
| 4. AvaTrade | 11,076 | 4.7 ⭐ |
| 5. Pepperstone | 3,144 | 4.4 ⭐ |
| 6. CMC Markets | 2,571 | 4.3 ⭐ |
| 7. Libertex | 9,566 | 3.9 ⭐ |
| 8. Admirals | 2,046 | 3.8 ⭐ |
Comprehensive Comparison of the Top 8 MetaTrader 4 Forex Brokers
| MetaTrader 4 Forex Broker | Forex Maximum Leverage | Min Deposit | Our Score | Regulators |
|---|---|---|---|---|
| 1. FP Markets | 1:30 for retail clients1:500 for professional clients | $50 (AU$100) | 4.37 ⭐ | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSC (Mauritius) |
| 2. Pepperstone | 1:30 (retail: ASIC, CySEC, FCA); 1:500 (professional); 1:400 (CMA) | $0 | 4.19 ⭐ | ASIC (No. 414530), UK FCA (No. 684312), CySEC (No. 388/20), BaFin (No. 151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) |
| 3. Global Prime | 1:30 (Retail)1:500 (Professional) | $0 | 4.08 ⭐ | ASIC (No. 385620), VFSC (No. 40256) |
| 4. Fusion Markets | 1:30 for the ASIC entity (1:500 for the VFSC entity) | $0 | 4.38 ⭐ | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 5. Libertex | 1:30 (EU)1:1000 (Non-EU) | $10 | 3.58 ⭐ | CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686), SVGFSA (No. 1278), FSCM |
| 6. CMC Markets | 1:30 (Retail)1:500 (Professional) | $0 | 3.83 ⭐ | FCA, ASIC, MAS, CIRO, BaFin, FMA, BMA, DFSA |
| 7. AvaTrade | 1:30 (1:400 for Pro and non-EU accounts) | $100 | 4.04 ⭐ | CBI (No. C53877), ASIC (No. 406684), FFAJ (No. 1574), ADGM/FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) |
| 8. Admirals | 1:30 (Retail)1:500 (Professional) | $100 ($1 for the Invest MT5 account) | 3.99 ⭐ | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No. SD073) |
Top 10 Brokers Offering MT4
Launched in 2019, Fusion Markets is a relatively young broker that we found to be popular among traders interested in forex, cryptocurrencies, soft commodities, and other markets. During our evaluation, we found that clients can choose from several trading platforms, including MetaTrader 4, which our team frequently uses for its advanced charting tools, 30+ built-in technical indicators, and smooth execution of automated strategies through Expert Advisors (EAs). Traders can also use MT5, TradingView, or cTrader, depending on their platform preferences.
To test its execution speeds and trading costs firsthand, our editorial team opened a live MT4 Zero Account. Throughout our hands-on testing sessions, we observed highly competitive pricing. Specifically, our real-world trade tracking recorded outstanding average spreads of 0.01 pips for EUR/USD and 10.3 pips for XAU/USD (plus a competitive round-turn commission of $4.50). When we traded major equity indices on our MT4 terminal, we observed a tight average spread of 3 pips on the S&P 500 (US500) index, dropping to a minimum of 2.1 pips.
In terms of education, Fusion Markets might not be the best broker for beginners, but it does provide useful resources, such as a trading calculator and an economic calendar, both of which we used during our tests.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
First Prudential Markets, better known as FP Markets, is a forex broker established in 2005. Its platform range includes cTrader, TradingView, MT5, and MT4, while traders who prefer not to download additional software can use the WebTrader versions of MT4 and MT5.
Beyond forex, FP Markets allows clients to trade thousands of CFDs on metals, shares, commodities, indices, cryptocurrencies, and exchange-traded funds. Beginners can also open a demo account before moving to live trading, giving them a safe environment to practice without risking real money. Traders who want to open a live account can choose between Standard spread-based accounts and Raw commission-based accounts.
To evaluate FP Markets’ MetaTrader 4 offering in live market conditions, we opened a Raw account and tested it through the MT4 desktop platform. During our review, we used key MT4 features such as interactive charts, built-in indicators, and one-click trading to manage our test positions.
EUR/USD spreads averaged 0.17 pips, closely matching the broker’s advertised minimum spread of 0.0 pips. On XAU/USD (Gold), spreads averaged 9 pips and fell to 6 pips during liquid sessions, while the US500 index maintained average spreads of around 2.5 pips. Based on our hands-on testing, FP Markets delivered competitive MT4 pricing, particularly for major currency pairs and gold.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. BlackBull Markets, established in 2014, is a prominent forex broker offering access to over 26,000 financial markets. BlackBull supports popular third-party trading platforms such as MT4, MT5, TradingView, and cTrader, giving clients the flexibility to choose the platform that best suits their needs.
For those who prefer a widely used and trusted platform, MT4 is available on all account types at BlackBull Markets, including ECN Standard, ECN Prime, and Prime+. With MT4, we were able to execute our trades efficiently. The platform’s advanced tools, including an easy-to-use interface, customizable features, one-click trading functionality, advanced order types, and price alerts, make it an appealing choice for traders of all experience levels.
We ran our live tests by setting up an ECN Prime account and connecting it to the broker’s MetaTrader 4 desktop platform. During testing, EUR/USD delivered average spreads of 0.1 pips, highlighting the broker’s competitive pricing for forex traders.
On XAU/USD (Gold), we recorded average spreads of 12 pips, while the US500 index averaged 6 pips. Based on our hands-on experience with the MT4 platform, BlackBull Markets provided stable execution, responsive charting, and consistently tight spreads on major currency pairs. Combined with full MT4 functionality across all account types, the broker stands out as a strong choice for traders seeking a feature-rich MetaTrader 4 trading experience.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.- 4. Pepperstone
An established name in online trading, Pepperstone has been operating since 2010. For our tests involving forex, indices, and commodities, Pepperstone proved to be a strong option. The main account types available for our live trading tests were Standard and Razor.
MetaTrader 4 is among the available platforms, making Pepperstone suitable for desktop users and traders who need access to their accounts on the go. In addition to MT4, the broker has also integrated MT5, TradingView, and cTrader. Pepperstone is available in a range of countries across the globe and is licensed by trusted regulators such as CySEC, BaFin (Germany), and the UK’s FCA.
To run our tests, we opted for Pepperstone’s Razor account, which offers raw-spread, commission-based pricing on forex and XAU/USD CFDs, unlike the Standard account, where trading costs are incorporated into the spread. We conducted our evaluation through the MetaTrader 4 desktop platform. Based on the pricing data collected during our assessment, we recorded EUR/USD spreads averaging 0.1 pips.
On XAU/USD, spreads averaged 12 pips, while the US500 index maintained average spreads of 4.0 pips. Based on our hands-on experience, Pepperstone delivered fast execution and consistently tight pricing within the MT4 environment, making it a strong choice for traders seeking low trading costs, reliable order execution, and full access to the platform’s extensive charting and automated trading capabilities.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. Global Prime
Global Prime serves traders in many locations worldwide and is regulated by the ASIC and the VFSC. Beyond its solid regulatory background, Global Prime is also known for its low fees and gives clients access to both MetaTrader 4 and MetaTrader 5 platforms.
To test its trading environment firsthand, our editorial team opened a live Raw account and connected it to the MT4 platform. While executing our test trades, we actively used MT4’s customizable chart layouts, multiple timeframes, and real-time price alerts to monitor market shifts. We recorded an average spread of 0.1 pips on EUR/USD, while our trades on XAU/USD yielded an average spread of 7.9 pips. Additionally, when tracking major equity indices on our terminal, we observed the US500 index maintaining a steady spread of 4.01 pips.
MT4 is available across Global Prime’s account range, whether traders use a Standard account, Raw account, Global Prime Pro account, or demo account. Overall, our hands-on impressions were positive, and the broker’s Trustpilot score stood at 4.6 at the time of writing.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 6. ActivTrades
ActivTrades is a forex and CFD broker that entered the online trading market in 2001. Its long track record gives the brand considerable industry experience and supports its reputation as a reliable trading provider.
To meet different trader needs, ActivTrades offers a broad range of CFD products through the user-friendly MT4 platform. MT4 also provides integrated tools for algorithmic trading and advanced charting features for detailed market analysis.
To evaluate this setup firsthand, our editorial team opened a live Individual account and connected it to MT4. During our checks, we used MT4’s charting layouts, built-in technical indicators, and historical data access to analyze market structure.
For EUR/USD, we noted a target spread of 0.5 pips and a live spread of 0.9 pips. On XAU/USD, the target spread was 25 pips, while the live spread stood at 51 pips. For the US500 index, we recorded a target spread of 2.3 pips and a live spread of 10.8 pips.
MT4 can be downloaded on desktop and mobile devices or launched directly in a browser through MT4 WebTrader. ActivTrades clients can also trade through MT5, the broker’s proprietary ActivTrader platform, or TradingView.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. AvaTrade
Those who are on the lookout for a reliable MT4 broker should certainly consider AvaTrade. Founded in 2006, the broker has nearly two decades of industry experience and is now regarded as one of the leading options for traders worldwide.
Forex and CFDs on stocks and ETFs are among the markets available to AvaTrade users. For beginners, we found that AvaTrade offers a strong selection of educational resources, including tutorials, guides, and dedicated webinars. The broker also performs well in terms of regulation, with entities such as ASIC, CySEC, FFAJ, and the CBI among the trusted financial authorities that license AvaTrade.
To evaluate AvaTrade’s live trading environment firsthand, our editorial team opened a live Standard account and executed trades through the MT4 platform. During our evaluation, we used MT4’s advanced charting tools, built-in technical indicators, and instant order execution features to manage our positions. We recorded a competitive average spread of 0.8 pips on EUR/USD, while XAU/USD averaged 37 pips. When tracking major equity indices, we observed the US500 index maintaining a steady spread of 5 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. CMC Markets
CMC Markets is a strong choice for traders who value high-quality educational content. The broker offers detailed guides covering the use of trading platforms such as MT4, a trading library with a broad range of useful resources, and regional seminars and webinars.
Its product catalog includes more than 12,000 instruments, covering forex, indices, commodities, shares, and other markets. CMC Markets is also an international broker with over 2 million customers worldwide, and its website is available in English, Spanish, German, and several other languages. However, the broker does not accept traders from the US.
To assess CMC Markets’ MetaTrader 4 offering, we opened a commission-based FX Active account and conducted our evaluation through the MT4 desktop platform. During our testing, we used MT4’s Market Watch window, built-in technical indicators, and multi-chart layouts to analyze real-time price movements. We observed minimum spreads of 0.5 pips on EUR/USD, 20 pips on XAU/USD, and 5 pips on the US500 index.
Based on our hands-on experience, CMC Markets provided a stable MT4 trading environment with competitive pricing, responsive charting, and access to a broad range of tradable markets, making it a solid option for traders who value both education and platform functionality.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. - 9. Axi
Established in 2007 in Sydney, Australia, Axi has expanded immensely over the years, providing top-rated trading services to customers in 100+ countries. We noted that Axi supports downloading and installing MetaTrader 4 across various devices and operating systems, such as iOS and Android smartphones, as well as Windows and macOS.
We found MT4 to be user-friendly, making it ideal for beginners, while it also offers advanced tools that are well suited to professional traders. Whether trading on mobile or desktop, we were able to access all major markets, monitor and modify our trades with maximum flexibility, and receive real-time pricing and charts.
To evaluate this setup firsthand, our editorial team opened a live Axi Pro Account and connected it to the MT4 platform. We recorded an exceptional average spread of 0 pips on EUR/USD, while our commodity trades on XAU/USD yielded an average spread of 8 pips. Additionally, when tracking major equity indices on our terminal, we observed the US500 index maintaining a steady spread of 2.9 pips.
Following our review, we found that traders can also use Autochartist and MT4 NexGen, a tailor-made set of plugins specifically designed for Axi customers.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. Libertex
Libertex is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 164/12. Clients can choose between Libertex’s own proprietary platform and MT4 or MT5. For account types, the broker supports the Libertex CFD Account and the Libertex Invest Account.
To evaluate its live performance and execution conditions, our editorial team opened a live Libertex CFD MT4 account. Operating on the MetaTrader 4 platform allowed us to take full advantage of its essential toolset, including 30 technical indicators, 24 chart items, and 9 core timeframes.
Throughout our hands-on trading sessions, we carefully monitored and recorded the broker’s real-time cost data across our benchmarks. Our live tracking yielded an exceptional average spread of 0.0 pips on EUR/USD, while our commodity trades on XAU/USD registered an average spread of 33 pips. Additionally, when we traded major equity indices on our terminal, we observed a reliable average spread of 5.7 pips on the US500 index.
Libertex clients can contact the broker’s support team via live chat, phone, or email whenever they need assistance. During our evaluation, we found Libertex’s customer service representatives to be responsive, helpful, and efficient in resolving queries.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What Is MT4?
As its name suggests, MetaTrader 4, also known as MT4, is a trading platform that enables currency trading. Developed and owned by MetaQuotes, MT4 has been around since 2005 and is now one of the most widely used forex trading platforms globally. While it is most commonly known for facilitating trades with forex pairs, MT4 also supports various CFD instruments, allowing its users to trade markets such as indices and commodities.
Below is our video tutorial on how to use MetaTrader 4, recorded by Christopher Lewis, a prominent forex trader and analyst.
Main Reasons to Use MT4
Given the availability of newer trading software, some traders might be surprised that MT4 continues to maintain its position as one of the most popular platforms online. Its continued appeal is largely due to the tools and flexibility it offers forex traders and other market participants.
- User-Friendly Interface: Although its appearance is somewhat dated, MT4’s interface is easy to learn, making it excellent for novice traders.
- Order Types and Features: A range of trading order types is available, including market orders, pending orders, and stop orders. Trailing stops are also available. Other features include technical analysis tools, market news alerts, and backtesting.
- Automated Trading: Algorithmic (automated) trading on MT4 is possible through Expert Advisors (EAs), which are trading robots that can be seamlessly installed on the MT4 platform. EAs help traders monitor markets, spot trends, and automatically open and close orders, making the trading experience easier and more accessible. Additionally, MetaTrader 4 users can create their own custom EAs and technical indicators using the MQL4 language. Additional tools, such as a tick chart trader, alert manager, and correlation matrix, are also available.
- Availability: MT4’s sheer popularity is another major advantage. In fact, it is difficult to find a brokerage that does not offer MT4, which means you have a wide range of forex brokers to pick from as an MT4 user. Moreover, since you can easily stay with MT4 brokers, you do not need to learn new software each time you switch providers.
| How Other Forex Trading Platforms Measure Against MT4 | ||||
|---|---|---|---|---|
| MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | cTrader | TradingView | |
| Supported Assets | Forex, Indices, Commodities, Stocks | Forex, Stocks, Options, Futures, Bonds, Commodities, Indices | Forex, Stocks, Commodities, Indices, Cryptocurrencies, ETFs | Forex, Stocks, Funds and ETFs, Futures, Cryptocurrencies, Indices, Bonds, Options, Economic Indicators |
| Chart Types | Bar, Line, Candlestick | Bar, Line, Candlestick | Bar, Line, Candlestick, HLC, Renko, Heikin-Ashi, Tick, Dot, Range-Based | Bar, Candle, Volume, Line, Baseline, Heikin-Ashi, Renko, Line Break, Kagi, Range, HLC, Step Line, Time Price Opportunity, and more |
| Order Types | Market Order, Buy/Sell Stop, Buy/Sell Limit, Stop Loss, Take Profit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Buy/Sell Stop Limit, Stop Loss, Take Profit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Stop Limit | Market Order, Buy/Sell Limit, Buy/Sell Stop, Stop Limit |
| Programming Language | MQL4 | MQL5 | C#, .NET | Pine Script |
| Direct Deposit/Withdrawal | No | Yes | Yes | No |
| Backtesting | Single-threaded strategy tester | Multi-threaded strategy tester | Yes, cTrader Algo | Yes |
| Automated Trading Instruments | Expert Advisors (EA) | Expert Advisors (EA) | Custom Indicators, cBots | N/A (not directly) |
| Platform Pricing Options | Free | Free | Free | Price per month:
|
How to Connect a Broker to MT4?
If you are planning to use MT4, you will not find the setup process difficult. It typically works as follows:
- Go to your broker of choice’s website and create a live account.
- Then, log in and open a live MT4 account through your broker. You should receive an email with your MT4 password.
- Next, install MT4 (the software itself is free) and log in with that password and your MT4 ID. If you do not want to download MT4, you can use the web version instead.
Note that it is possible to open a demo account first if you do not wish to start trading with real funds immediately. Demo trading will allow you to test the broker and your trading strategies without risking your real funds.
What Is the Cost of Using MT4?
One of the main reasons MT4 has become the go-to trading platform for many traders is the fact that it is free to download for end users. However, while MetaQuotes does not charge traders for using its software, trading will still involve spreads, inactivity fees, and other costs set by brokers.
In some cases, not all trading costs will be built into the spread. Instead, an additional fee will be charged in the form of a commission. Since commission-based trading typically involves lower spreads, this option tends to be more cost-efficient than trading with spread-only accounts.
While many free EAs and technical indicators are available, especially within the MQL4 community, premium or highly specialized EAs and indicators often come with a purchase price or require a subscription fee. These can range from a few dollars to hundreds or even thousands of dollars for sophisticated trading robots and indicators. Traders can find over 1,700 robots and 2,100 technical indicators in the MT4 Marketplace.
As for brokerages themselves, they must pay for a license if they plan on offering MT4 to their clients. The exact costs have not been made public by MetaQuotes, but industry sources have claimed that trading brands pay monthly fees in the ballpark of between $5,000 and $20,000 if they license MT4 and its successor, MT5.
Does MT4 Support Backtesting for Forex?
Backtesting has become a crucial tool for successful traders. It allows one to assess a trading strategy by using historical data before testing it via paper trading. MT4 supports backtesting, with both automatic and manual backtesting available.
For automatic backtesting, MT4 users can enable the feature from the View sub-menu. Once selected, it allows traders to test EAs or indicators. While there are several ways to test trading strategies, the MT4 software suggests that the Every Tick model is the most precise way to backtest an EA.
You might also be interested in exploring these top forex brokers: