Opening
You use MetaTrader 4 (MT4) and need a broker recommendation. This article is for traders who value costs, execution, regulation, or product range.
Compare the leading MT4 brokers so you pick one that matches your capital and style. Check pricing, execution, available instruments, account minimums, and platform extras. Save time testing unsuitable brokers. Skip options that mismatch your account size or regulator needs.
Quick Answer / TL;DR
If you want the lowest raw spreads → Pepperstone (spreads from 0.0 pips; $0 min deposit).
If you want institutional-style execution → IC Markets (0.0 pips; deep liquidity).
If you need a U.S.-regulated MT4 option → FOREX.com or OANDA (both provide MT4 access to U.S. residents).
If you want tiny minimum deposits → Exness (accounts start from around $1; 200+ symbols).
If you trade on tight commission schedules → Tickmill (raw spreads plus low commissions).
What We Looked For
Check these five factors when choosing MT4 brokers. Each directly affects your trading edge.
- Pricing & spreads — Look for spreads from 0.0 pips and transparent commissions from $0.50–$7.00 per round turn. Spreads and commissions change P&L by percentage points per trade.
- Execution & latency — Measure average execution time, e.g., 0.5–10 ms for low-latency routing and slippage on EUR/USD of ±0.1–1.0 pip.
- Regulation & safety — Prefer tier-1 regulation (UK, EU, AUS, US) with client-fund segregation and negative-balance protection for up to 100% of deposits.
- Product range — Count FX pairs (50–200+), CFDs (200–1,350+), indices, commodities, and crypto access for diversification.
- Platform support & extras — Check MT4 builds, VPS options with 1–10 ms ping, bridge support for LPs, and EA (expert advisor) compatibility.
Compare: spreads from 0.0–1.5 pips, commissions $0–$6.50, min deposits $0–$1,000, and FX pairs 50–1,350+. Watch out for hidden fees and weekend spreads.
1. Pepperstone — Low-cost ECN with $0 minimum and 90+ FX pairs
Pepperstone positions itself as a retail-focused ECN (electronic communications network). It targets scalpers and EA (expert advisor) users. The broker is known for low variable costs and broad FX access.
Why it stands out: typical min deposit is $0 and accounts can access 90+ currency pairs. Some account types list over 1,350 CFDs across stocks, indices, and commodities. Test Razor accounts for raw pricing and Razor commissions.
Execution & pricing: Razor/ECN-style spreads start from 0.0 pips on EUR/USD. Commission structures begin near $3.50 per side per 100k (round-trip $7.00 per 100k). Typical EUR/USD raw spreads average 0.0–0.3 pips during liquid hours.
Platform & extras: Full MT4 support with 1-click trading, 9 timeframes, and 30+ indicators. Use VPS plans starting from $5 per month or free with 1+ active lots per month. Bridges and copy-trading integrations exist for algorithmic traders.
Use case: Run scalps or EAs (automated strategies) and need sub-pip spreads plus a $0 start. Commission adds up for tiny accounts under $100. Liquidity and spreads widen during major news, sometimes by 1.0–5.0 pips.
Best for: Scalpers and algorithmic traders who need low variable costs.
Skip if: You want broad non-CFD stock ownership or options trading.
Key points:
– Min deposit: $0 typical
– FX pairs: 90+ instruments
– CFDs: up to 1,350+ on some accounts
– Spreads: from 0.0 pips on ECN accounts
– Commission: approx. $3.50 per side per 100k
Watch out for: Commission and swap fees eroding returns for accounts under $100.
2. IC Markets — Institutional-style execution with 0.0 pips and deep liquidity
IC Markets is an ECN-focused broker built for high-frequency and professional traders. It advertises institutional routing and high tick liquidity.
Why it stands out: Spreads on majors start from 0.0 pips. The broker connects to many liquidity providers, yielding high tick depth and reduced last-price slippage. Expect raw spreads of 0.0–0.2 pips during peak liquidity.
Pricing & accounts: Raw MT4 accounts pair 0.0 pips with per-lot commissions similar to ECN peers, often $3.00–$3.50 per side per 100k. Account tiers recommend starting capital of several hundred USD to access the tightest pricing.
Platform & tech: MT4 with advanced server-side execution and co-located servers. Recommended VPS solutions give 1–10 ms ping to major liquidity centers. Bridge compatibility supports institutional order flow.
Use case: Place large orders or scalp with tick-level precision. Expect better fills on 0.5–50 lot orders than retail ECN alternatives. Average execution latency can be under 5 ms for colocated clients.
Best for: Professional scalpers and high-volume traders.
Skip if: You need guided onboarding or a tiny initial balance under $100.
Key points:
– Typical spreads: from 0.0 pips on major pairs
– Execution: low-latency ECN routing, sub-5 ms possible
– Recommended start: several hundred USD for best pricing
– Commission: about $3.50 per side per 100k on raw accounts
– FX instruments: 60–70+ pairs (varies by entity)
Watch out for: Slippage can exceed 1.0 pip during volatile news.
3. FOREX.com — Regulated U.S. MT4 access and full research suite
FOREX.com is a full-service broker with broad regulation and solid research tools. It is one of the few brokers offering MT4 access to U.S. residents.
Why it stands out: You get MT4 alongside proprietary platforms and a research suite with 10+ report types. Expect daily analysis, economic calendars with 50–100 events per month, and proprietary market news.
Pricing & execution: Retail spreads on standard accounts are wider than some ECN peers, commonly 0.8–1.0 pips on EUR/USD. ECN-style accounts exist in some regions with spreads from 0.0 pips and commissions in the $2.50–$6.50 range per side per 100k.
Regulation & safety: Operates under multiple tier-1 regulators. Client funds are segregated and insured limits apply depending on jurisdiction. Leverage caps for U.S. clients typically match regulatory limits, often 1:50 or lower on major FX.
Platform & extras: MT4 supports EAs, 1,000+ indicator scripts, and depth-of-market on select accounts. Use FOREX.com proprietary tools for backtests or education, including 100+ hours of video and 20+ webinars.
Best for: U.S. traders and those prioritizing regulation and research.
Skip if: You chase the absolute lowest spreads at all times.
Key points:
– Typical spreads: 0.8–1.0 pips on EUR/USD (standard)
– ECN option: spreads from 0.0 pips where offered
– Research: 10+ report types and 50–100 events per month calendar
– Regulation: Tier-1 entities with segregated client funds
– Trading tools: MT4 + proprietary platform with 1,000+ scripts
Watch out for: U.S. accounts face lower leverage and may pay slightly higher spreads.
4. Exness — Tiny minimums and unusual flexibility for retail traders
Exness advertises very low minimum deposits and flexible account sizing. The broker often attracts traders who start small and scale fast.
Why it stands out: Some accounts can open with around $1. You get access to over 200 tradeable symbols on many entities. Spreads on majors can fall near 0.0 pips on pro accounts during liquid hours.
Pricing & execution: Expect typical EUR/USD spreads from 0.0–0.5 pips depending on account type. Commission structures vary; some accounts are commission-free with wider spreads, others combine raw spreads with commissions around $3.00–$5.00 per 100k.
Platform & extras: MT4 support with EA compatibility and 30+ indicators. VPS options start at about $5 per month. Offers high max leverage tiers up to 1:500 or 1:1000 on select instruments, subject to regulator limits.
Use case: Start with $1–$100 and scale to $10k+ without changing brokers. Good for traders who want low barrier to entry and flexible leverage tiers.
Best for: Traders who need tiny minimum deposits and scalable account sizes.
Skip if: You require a large public stock or options product suite.
Key points:
– Min deposit: approx. $1 on some accounts
– Tradeable symbols: 200+ (varies by entity)
– Spreads: from 0.0–0.5 pips on majors (pro accounts)
– Leverage: up to 1:500 or higher where allowed
– Commission: $0 on some accounts; $3–$5 per 100k on raw tiers
Watch out for: Offshore entities can have different client protections than tier-1 entities.
5. OANDA — Trusted regulatory footprint and retail MT4 for U.S. clients
OANDA offers MT4 selectively and maintains a strong compliance profile. You get solid execution with easy account sizing for retail traders.
Why it stands out: MT4 access exists for specific client segments, including U.S. residents. OANDA lists around 70–100 FX pairs, plus indices and commodities as CFDs.
Pricing & execution: Typical spreads on major pairs often sit around 0.6–1.2 pips on standard accounts. Commission-based pricing is available in some entities with commissions of roughly $2.50–$7.00 per 100k.
Regulation & safety: Regulated across multiple regions with segregated client funds and capital requirements that exceed basic thresholds by multiples. Average execution times often fall between 10–100 ms depending on route.
Platform & extras: MT4 supports charting, custom indicators, and EAs. Use OANDA’s research modules offering 20–30 market analyses per month and a high-quality economic calendar.
Best for: Traders who want a regulated MT4 option with reliable execution.
Skip if: You prefer ECN-style micro spreads during all sessions.
Key points:
– FX pairs: ~70–100 pairs
– Typical spreads: 0.6–1.2 pips on EUR/USD (standard)
– Commission: $2.50–$7.00 per 100k where charged
– Execution: 10–100 ms typical latency
– Research: 20–30 analyses per month
Watch out for: MT4 availability can differ by jurisdiction and account type.
6. Tickmill — Raw spreads and low commissions for active traders
Tickmill targets cost-sensitive traders who value tight commissions and predictable pricing. It emphasizes raw spreads and simple fee schedules.
Why it stands out: Offers raw spreads from 0.0 pips on major pairs on Pro accounts. Commission levels are commonly low, for example $2.00–$3.50 per side per 100k depending on region.
Pricing & accounts: Standard account spreads average 0.5–1.5 pips, while Pro/raw accounts show 0.0–0.2 pips during active hours. Minimum deposit requirements often start at $25–$100 for Pro tiers.
Platform & extras: Full MT4 support with 1,000+ EAs tested by users. VPS offers reduce latency to under 10 ms with colocated services. Tickmill runs regular promos with reduced spreads for specific pairs.
Use case: Trade high frequency volumes with predictable commission schedules and low rollover costs. Expect better cost-per-lot when trading hundreds of lots monthly.
Best for: Active traders who want raw spreads plus low commissions.
Skip if: You need large CFD product lists beyond FX and major indices.
Key points:
– Spreads: from 0.0 pips on Pro accounts
– Commission: $2.00–$3.50 per side per 100k typical
– Min deposit: $25–$100 typical for Pro tiers
– Latency: VPS options under 10 ms
– Instruments: 60–80+ FX pairs and common indices
Watch out for: Account promos can change; verify the current commission table.
Comparison
| Broker | Min deposit | Typical EUR/USD spread | Commission per 100k (one side) | FX pairs | Best for |
|---|---|---|---|---|---|
| Pepperstone | $0 | 0.0–0.3 pips | ~$3.50 | 90+ | Scalpers & EAs |
| IC Markets | $0–$200 | 0.0–0.2 pips | ~$3.50 | 60–70+ | Institutional-style execution |
| FOREX.com | $0–$100 | 0.8–1.0 pips (std) | $2.50–$6.50 (ECN) | 50–100+ | Regulated U.S. traders |
| Exness | ~$1 | 0.0–0.5 pips | $0–$5 (varies) | 200+ | Tiny deposits & scale |
| OANDA | $0 | 0.6–1.2 pips (std) | $2.50–$7.00 | ~70–100 | Regulated MT4 access |
| Tickmill | $25–$100 | 0.0–0.2 pips (Pro) | $2.00–$3.50 | 60–80+ | Active low-commission traders |
Closing
Pick the broker that matches your capital, style, and regulator needs. Test pricing with a demo and then a small live deposit, for example $50–$500, to confirm spreads and fills. Use VPS if you run EAs and expect under 10 ms latency gains.
Compare at least 3 metrics before you fund an account: spreads, commission per 100k, and average execution latency. Check regulation and client-fund protections. Start small, measure costs over 10–100 trades, and scale where economics look right.