10 Best MT4 Forex brokers (January 2023)

10 Best MT4 Forex brokers (January 2023)

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The support for Metatrader 4 has been discontinued for a while – however, the platform still has a dedicated user base. If you are one of these clients, it can be rather difficult to make up for the missing features of MT4. Luckily, a good Forex broker can remedy the gaps in the platform. To help you find the best Metatrader 4 broker to utilize, here is a list of the firms which have the most competitive distributions of Metatrader 4 available in January 2023:

1. HFM

LicenseFCA, CySEC, CMA, DFSA, FSCA
Minimum deposit£/€/$100, ZAR 70 for HFM SA
Trading platformsMT4, MT5, HFM Platform
Maximum leverage1:30, 1:1000 for HFM SA
SpreadFrom 1.2 pips

HFM is the first of the brokers we would like to mention. The company’s distribution of the Metatrader 4 platform is available for PC, most modern browsers, as well as mobile devices. It comes pre-programmed with a series of additional tools, which are not present in the stock MT4 distribution. Most interesting about them is the daily account statement the broker provides, for any of its clients. There is also a real time summary of each account available, which allows you to track the total profits, losses and so on, from across all your trades.

2. OctaFX

LicenseCySEC
Minimum deposit$/€100
Trading platformsMT4, MT5
Maximum leverage1:30 for EU clients, 1:500 for others
Spread0.3 pips

OctaFX is another broker which offers access to an advanced distribution of the Metatrader 4 platform. The company’s software is most notable for hosting the Demo trading contests of the firm. They allow traders to make accounts without investing anything, see how much they can profit on them within a certain timeframe and then win real prizes. Of course, there is also a high number of analytical tools, EAs and other features to the platform. The best part about being a client with OctaFX is the ability to explore them for free and maybe win something out of your master of the MT4 software!

3. XM

LicenseFCA, CySEC, DFSA, FSC
Minimum deposit$5
Trading platformsMT4, MT5
Maximum leverage1:30 for EU and UK, 1:20 in Dubai and 1:1000 for other traders
SpreadFrom 0 pips

One of the more useful features of Metatrader 5, the successor to MT4 is the ability to access in-platform guides. This important tool is available to traders using the older platform – provided they make use of the one offered by XM. Besides these guides, the broker also has custom EAs and indicators in-built in the platform. And if you have questions about how to best use them, which are not answered by the in-platform guides, the company offers a number of useful educational videos. These can be accessed from its website, and handle all manners of topics.

4. FBS

LicenseCySEC, ASIC, IFSC, FSCA
Minimum deposit$1
Trading platformsMT4, MT5, FBS Trader
Maximum leverageUp to 1:3000, based on jurisdiction
SpreadFrom 0 pips

FBS’ distribution of Metatrader 4 allows for the use of the broker’s Copy trading service. This allows you to pick someone from the best traders with the firm and automatically open the same trades as them. There is a cost associated to that, set by the trader themselves. It can be beneficial to try out this feature if you are someone with limited experience on the platform or the Forex marker in general. And if you are an experienced and confident trader, we can recommend checking out the VPS service that FBS provides access to. It can allow you to trade without needing to worry about outages and other such disruptions.

5. FXTM

LicenseFCA, CySEC, FSCA, FSCM
Minimum deposit£/$/€ 50
Trading platformsMT4, MT5
Maximum leverage1:30 in EU and UK, 1:2000 in SA and MU
SpreadFrom 1.3 pips

FXTM is an industry leading broker with over a decade of experience. It offers access to a distribution of Metatrader 4, available on PC, mobile devices and web browsers. Of note is the web version of the platform. It solves the issues of compatibility and allows you to trade from any device you pick. What’s more, it does so without sacrificing any of the tools available to the other versions of the software. You will still be able to benefit from tens of indicators, EAs and everything else that you would find on the desktop version of the platform.

6. FP Markets

LicenseASIC, CySEC
Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:30 in Australia and the EU, 1:500 for other clients
SpreadFrom 0 pips

One of the best features of Metatrader 4 is the Autochartist plugin. This allows clients of the platform to automatically analyze various Forex markets. In turn, this allows them to actually benefit from automated trading signals. These signals can be customized so they include more or less markets – depends on the preference of the trader. Using them can give you an in-depth look into often neglected assets, as well as provide you with a wealth of other information. Of course, the trading conditions to use these ideas in are also excellent!

7. FXCM

LicenseFCA, ASIC, CySEC, FSCA
Minimum deposit$50 for FXCM AU, $300 for FXCM EU
Trading platformsMT4, NinjaTrade, Zulu Trade, Trade Station
Maximum leverage1:30 to 1:400, based on jurisdiction
SpreadFrom 0.4 pips

An interesting fact about this leading broker is that it is entirely committed to offering access to the Metatrader 4 platform. In fact, it does not have its successor available at all. There are certain advantages to dealing with the FXCM client of Metatrader 4 too. It has number of additional features, developed for it, available on the FXCM website. These can be found in the Apps section. There are many custom indicators among them, as well as EAs sophisticated custom scripts. These can be used to enter or exit trades more quickly, or in bulk.

8. TMGM

LicenseASIC, FMA, VFSC
Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:30 for AU clients, 1:500 for others
SpreadFrom 0 pips

TMGM is a broker which can provide access to an excellent service for its client of Metatrader 4. That is owed to both its deep liquidity and its extremely fast execution of trades. Another tool the firm offers, which is supplementary to its MT4 client, is the access to Trading Central. This is a service which seeks to provide the best insights from the markets, and it does so in several languages. There is a Trade Central newsletter clients of TMGM can subscribe to, which gives them a detailed weekly and daily analysis.

 9. TIO Markets

LicenseFCA
Minimum deposit£50
Trading platformsMT4, MT5
Maximum leverage1:30 for UK clients, 1:500 for others
Spread0.2 pips

TIO Markets, a broker, licensed in the UK, offers access to another competitive distribution of Metatrader 4. The broker allows the clients on it to make use of a Strategy Tester. This sounds like a demo account, but is a rather different feature. It is designed for the makers of Expert Advisers, who can use their trading bots there, before taking them out for a spin on a real account. This can also be useful if you have just purchased such a bot and want to see how it performs in a controlled environment. Of course, demo accounts are also available with this firm, if you are a cautious trader.

10. OANDA

LicenseNFA and CFTC, IIROC, SFC HK, ASIC, JFSA
Minimum depositNo such requirement
Trading platformsMT4, TradingView
Maximum leverageUp to 1:1000, based on your jurisdiction
Spread1.4 pips

OANDA is another broker, committed to its Metatrader 4 client. The firm offers access to many features, not implicitly available in the stock distribution of MT4. These include a plugin for newer clients, which expands the amount of timeframes available with the platform and contains multiple custom indicators. For experienced clients, the company offers its Metatrader 4 premium upgrade. It contains many additional option closing features, the ability to trade straight from the alerts you receive and even more custom indicators. If you are someone who is well-versed in the platform, OANDA’s deep customization options for it will certainly be appealing!


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