Best MetaTrader 4 Forex Brokers

FP Markets Is The Best MT4 Broker For Scalping

FP Markets is recommended for automated trading based on their:

• Fastest execution speeds (Limit Order Execution Speeds)
• Low Spreads and Commissions
• ASIC and CySEC regulation
• Advanced MetaTrader trading tools

Execution Speeds

MetaTrader 4 Execution Speed can be measured across two classes of orders:

• Market Orders – trader wants to open a position instantly or market price
• Limit Order – trader sets a buy stop, sell stop, buy limit and sell limit

FP Markets had fast execution speeds when positions were opened using a buy stop, buy limit, sell stop and sell limit. The results of 80ms average across 25 trades was the fastest of any broker tested by offbeatforex.

When testing order processing efficiency, Pepperstone had the fastest execution speeds when a position was instantly opened or a set market price was made. The result of 85ms average execution speeds across 25 tests was the lowest of any broker.

FP Markets fast execution minimises slippage on forex trading as well as FP Markets other instruments, allowing MT4 users’ to trade in an ECN-type environment. This is ideal for scalping. The high-quality execution is supplemented with competitive institutional-grade pricing facilitated by FP Markets’ top tier liquidity providers that include financial and private corporations.

Conclusion: Why FP Markets Is Ideal For MT4 Scalping

Most traders, including those using Expert Advisor (EA) automation, are likely to use both market order and limit order trades on a daily basis.

FP Markets superior technology and no dealing desk is why they achieved the fastest execution speeds.

With FP also having low fees and strong customer service, the provider is recommended for those looking to utilise Expert Advisors and other functionality such as copy trading.

Visit FP Markets >>Visit Pepperstone >>

Markets.com – The Best MetaTrader Trading Tools

Markets.com has the best MT4 trading tools based on their:

• 14 Proprietary trading tools
• Sentiment, technical and fundamental analysis tools
• +2,200 tradable instruments
• Regulation in 5 international jurisdictions

Sentiment Analysis Tools

Markets.com offers 6 unique and powerful sentiment tools that can be used to enhance your trading experience. Markets.com clients can access from institutional market sentiment, trading analyst recommendations to insider transactions for over 36,000 stocks.

The sentiment indicators that are incorporated with Market.com’s platforms include:

• Bloggers Opinions – grants access to over 50,000 financial analysts and their stock picks
• Hedge Funds Investment Confidence – shows the buying and selling activity of hedge fund managers – based on data collected from the SEC
• Insider Trades – shows any changes in the shareholders’ ownership
• Trading Analyst Recommendations – shows trading recommendations from top Wall Street analysts
• Trends In Trading – real-time sentiment analysis of the buy and sell orders executed by Markets.com clients
• Real-Time Signals – provides traders with actionable trading ideas.

Technical Analysis Tools

Secondly, Markets.com also comes with advanced technical analysis tools. To help improve your technical analysis skills, you can use the Advanced Charting solution. With this charting package you can easily customize your interface, monitor your trade, get forecasting, save multiple time frames and access 9 different chart types all from a single window.

Apart from the sophisticated charting solution, the Related Instruments tool uses a correlation filter to reveal new trading opportunities in other markets that are related to those you trade.

Fundamental Analysis Tools

The fundamental analysis tools offered by Markets.com can be used to get a better insight into the current market developments. You get tools that generate alerts when economic data is released or when a pre-defined price level is reached. Additional financial commentaries powered by ForexLive.com are available directly on MarketsX.

Conclusion: Why Markets.com Has the Best Trading Tools

Markets.com has cutting edge technology to fuel the needs of the most sophisticated traders. Together, the technical, fundamental and sentiment tools are the ultimate trading toolkit for technical analysis.

Get fundamental, technical and sentiment tools for a better understanding of the market and spot opportunities as they arise.

View Market.com–all-tables Review >>Visit Markets.com >>

*Your capital is at risk ‘70% of retail CFD accounts lose money’

IC Markets Is The Best MT4 CFD Broker

IC Markets was found to be the best cryptocurrency CFD broker based on:

• The most crypto trading options (10 cryptocurrencies)
• The lowest cryptocurrency average spreads

Range Of Cryptocurrencies Offered By IC Markets

IC Markets provides traders’ access to an extensive range of Cryptocurrency CFDs, making the broker the best option for those wanting to explore multiple Crypto markets. While most top brokers like Pepperstone and FXPro provide access to 5 crypto products, IC Markets clients’ can trade 10 popular and emerging crypto CFDs.

As well as popular Cryptos such as Bitcoin, Bitcoin Cash, Litecoin, Dash, and Ethereum, IC Markets clients’ trade less commonly offered crypto CFDs such as Emercoin, NameCoin, PeerCoin and EOS.

Minimum Spreads for Cryptocurrency CFDs

The table below shows IC Markets Cryptocurrency CFD spreads compared to other top brokers. Most notably, spreads on Bitcoin are significantly tighter when trading with IC Markets. Online brokers such as IG Markets and Axi offer spreads from 50 points, while IC Markets spreads are as low as 5 points. Although spreads are lower with other brokers for certain crypto CFDs such as Ethereum and Litecoin, high overnight financing fees charged by other brokers may result in IC Markets offering more competitive spreads.

Conclusion: Why IC Markets Is Best For Crypto CFD Trading

When it comes to cryptocurrency trading, the spreads (trading costs) and the range of markets is critical.

IC Markets offer the most crypto (10 coins) and the lowest spreads.

IC Markets is an ECN account (RAW account) that has low spreads and commissions. They offer ZuluTrade in conjunction with MetaTrader 4. With easy funding methods and advanced charting tools within the MetaTrader platform, IC Markets is the best broker in this crypto category.

FXCM Has The Best MetaTrader 4 Trading Tools

FXCM is recommended for clients that desire the following features:

• Spreads with low commission costs
• Superior education and research tools
• Performance Transparency

Low Commission Costs

If you sign up with FXCM Active Trader account, then you can access some of the best commission costs of all brokers. While most brokers charge $7.00 per lot round trip, FXCM charges $6.00 per lot. If you are a high volume trader, then commission fees can be as low as $3.60 round trip. This represents a saving of $3.40 or $36 when you close each lot from a trade.

Education

FXCM’s ‘Knowledge’ and ‘Insights’ portals contain a comprehensive range of education and research tools that are invaluable to help you be a better trader. These tools are available free, as FXCM doesn’t believe education should be an expense but an essential investment. To highlight the quality of their education, FXCM was awarded Best Education at the 2020 Online Personal Wealth Awards.

FXCM Education portal consists of training videos, webinars and written content such as guides. FXCM has a particular emphasis on helping beginners get their trading skills up to scratch.

Live Market Webinars and Forex Library

Free live classrooms and market updates are available online 5 days a week led by FXCMs in-house market specialist Russell Shor. Russell spends an hour at the opening bell for each of the European, London and US markets and delivers a weekly roundup about the crypto news each Wednesday.

A range of videos is available in FXCM’s video library which covers a range of education topics including how to use trading platforms such as MetaTrader 4 and NinjaTrader and how to use trading automation tools such as expert advisories.

Trading Guides:

Trading guides built around the following topics are available. ‘New to Forex’ and ‘Traits of Successful’. These are a mix of web pages and videos taking you through major forex topics.

1. New to Forex – These web pages give in-depth details about how Forex works and looks at the most important aspects one should be conscious of when trading. The course looks at key forex terms and how to develop a trading strategy and put your ideas into action.
2. Traits of Successful Traders – The FXCM research team studied the trading habits of their clients to provide insight into what separates successful traders from the rest. FXCM findings boil down to 3 reasons. 1. Successful traders know when to cut losses and when to let profits run. 2. Successful traders use leverage effectively. Successful traders trade at the right time of day. This section looks into these reasons in detail.

Research

FXCM has a vast range of research tools. These include an economic calendar, live forex charts, a news page covering markets, and a Market scanner. These tools are really useful in helping you make better trading decisions. FXCMs news page is supplied by FXStreet, a well-respected provider of industry news. FXCM also offers FXCM PLUS, which provides trading signals beyond the commonly available signals found with most trading platforms.

Performance Transparency

FXCM is very transparent with its performance. Each quarter FXCM provide their slippage rates and execution speed. Being open about this information is important as it helps the broker build trust with their clients. Low slippage and fast execution speed mean traders can be more confident they will receive the price that has been quoted.

The broker also lists their liquidity providers. This allows FXCM to show they are dealing with reputable sources for CFD quotes. Many brokers don’t publish their providers.

Conclusion: Why FXCM Is A Great Choice For Education

If you are new to trading or just want to touch upon forex trading concepts, the FXCM is a great choice. They have a range of tools that will not only teach you forex trading concepts but also help you be a better and more successful broker. In addition to this, FXCM has to trade with low commissions which can lead to significant savings if you are a high volume trader.

View FXCM Review >>Visit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

FxPro Is The Top No Dealing Desk MT4 Forex Broker

FxPro is recommended for using a no dealing desk (NDD) pricing model based on their:

• Fast order execution speed of 11.06ms
• Access to Tier-1 liquidity providers
• Selection of markets
• Award-winning service and strong regulation

FxPro Range of Markets

FxPro is one of the best MT4 forex brokers that offer a large selection of asset and product coverage. The excellent selection of markets is complemented by a wide network of tier-1 liquidity providers, which provides traders with competitive market conditions. Besides trading the forex market, at FXPro traders can have access to trading CFDs on 6 other markets, including:

• +70 currency pairs with spread starting from 1.4 pips on EUR/USD
• 20 futures contracts on commodities, indices and energies
• 3 spot energies
• 20 indices from across 3 continents (Asia, Europe and America)
• +150 shares from major companies all over the world
• 7 metal pairs
• 5 cryptocurrencies including Bitcoin, Ethereum and Litecoin

Disclaimer: cryptocurrency trading is not available to traders in the UK due to FCA regulatory requirements.

In total, the FxPro MT4 solution supports +250 CFD instruments, including shares trading, which is more common with the MetaTrader 5 (MT5) platform.

Award-Winning Service

FxPro won over 70 industry awards for the quality of its online trading services and product offerings. FxPro gained industry recognition in a highly competitive environment recognizing lifetime achievements. Among the most prestigious titles won by FxPro, we can name:

• Best FX Provider 2020 by Online Personal Wealth Awards
• Most Innovative FX Broker UK 2020 by International Business Magazine
• Best Spread Betting Provider 2018 by Global Brands Magazine
• Best Execution Provider, Global 2018 by Global Brands Magazine

All FxPro awards are granted by top-tier Forex publications. Additionally, FxPro is an online trading provider for over 14 years with 4 global offices in London, Cyprus, Monaco and Bahamas. It’s also safe to trade with FxPro, which is regulated in several jurisdictions including:

• 2 tier-one regulation in the UK by the FCA and in Cyprus by the CySEC
• 2 tier-two licenses in South Africa by the FSCA and in the Bahamas by the SCB

Conclusion: Why FxPro Is The Best NDD MT4 Broker

The no dealing desk (NDD) execution model used by FxPro ensures transparent pricing, no dealing interventions, and faster overall order execution speeds. FxPro’s minimum deposit is USD 100, which is complemented by flexible lot size, which allows trade size starting from 0.01 lots and upwards.

Trade like a pro through the FxPro advanced execution model, co-located servers, 7,000 orders executed every second and no requotes.

View FxPro Review >>Visit FxPro >>

*Your capital is at risk ‘71.58% of retail CFD accounts lose money’

IG Group Is The Best MetaTrader 4 Broker for Beginners

IG is recommended for beginner traders based on:

• Product offering list – over 17,000 financial markets
• Free online trading courses
• Quality market research by in-house FX experts
• Risk management tools

IG Trading Academy

IG trading academy is, hands-down, one of the best free online trading courses that our team of experts has researched. IG goes above and beyond the typical educational service offered by most forex brokers. At IG, beginner traders can learn how to trade from the ground up with:

• Step-by-step online courses
• Webinars hosted by IG experts in collaboration with DailyFX
• In-persons trading seminars

In this segment, the most innovative feature offered by IG Group is the education app IG Academy – Learn to Trade. Available for iOS and Android devices, this all-in-one app offers beginners the chance to learn to trade right from their fingertips.

Additionally, the online courses are complemented by short and interactive quizzes and “practical exercises” meant to solidify your knowledge. IG trading classes are split into 3 levels beginner, intermediate and advanced courses.

More, the daily webinars are held around the clock by different FX experts and analysts. The IG webinar archive will allow traders to never miss out on any topic and the ability to learn at their own pace.

IG Risk Management Tools

IG’s range of risk management tools allows novice traders to preserve their funds. The complete risk management solution offered by IG Markets includes:

• Automatic stop and limit orders
• Push alert notifications
• Guaranteed stop-loss

The guaranteed stop-loss order (GSLO) is premium protection that will assure your order is closed at the desired price without incurring any slippage. The only drawback is that in order to access this type of protection, you need to pay a fee that varies depending on what financial instruments you trade.

Conclusion: Why IG Group Is The Best MT4 Broker for Beginners

IG Group is the world’s biggest CFD provider with over 17,000 markets, 45-years of dedicated service, 178,000 clients from over 16 countries and global offices. IG runs its operations under the guidelines of the world’s most respected regulatory bodies (FCA of the UK, the US CFTC and NFA, ASIC) so it’s safe to trade with this brokerage trading firm. The minimum deposit to open an account with IG is USD 300 by credit card and your money is kept safe in segregated accounts with tier-one banks.

Trade on a huge range of markets (17,000) + Trusted provider (FCA and NFA) + Dedicated Online Trading academy = IG MT4

View IG Markets Review >>Visit IG Markets >>

Admiral Markets – Good MT4 Demo Account

Admiral Markets is recommended for its MT4 demo account based on:

• Risk-free demo account available for 30 days
• Easy sign-up process
• Demo account mimics live trading conditions with free-market data
• MT4 Supreme Edition available for demo accounts

MT4 Supreme Edition

The MT4 demo account is the safest and easiest way to learn to trade the markets. Admiral Markets offers the best free accounts because they match the live platform and offers enhanced functionalities through the MT4 Supreme Edition. Traders can access the full package that comes with MT4 SE for free.

The MetaTrader 4 Supreme Edition offers some key improvements to the standard MT4 platform. Some of the best tools and plugins include:

• Real-time investment research through Trading Central
• Global Opinion offers a dynamic market analysis through 3 key features (market alerts, radial gauge, and linear gauge). Market alerts feature offers actionable trading ideas, while the radial and linear gauges track the market sentiment for you.
• Mini Terminal is a smart trade management tool. Key features include a trade calculator for position sizing and pip value calculation, margin calculator, ability to save order templates, OCO orders and so much more.
• Trade Terminal incorporates the same features as the Mini Terminal plus empowers traders to control the whole account from a single window. The key features include a market watch, order list, and account info.
• Tick Chart Trader is an application used to visualize ticks in a different range of styles, including more advanced tick charts based on speed. Additionally, order placement is allowed through the tick chart window with the possibility to use shortcut keys for fast order entry. More, traders can compare the activity of two tick symbols.
• Stay Connected is a real-time news tool integrated with the MetaTrader 4 platform
• Indicator Package is a collection of more advanced technical analysis tools (candle countdown, day session, order history, Renko charts, etc.)
• Trading Simulator is an innovative tool that allows manual strategies to be backtested

STP Trade Execution Model

Admiral Markets empowers the MetaTrader 4 platform with an STP execution model, which is superior to the ECN pricing model. Admirals’ STP technology can be accessed through Zero.MT4 account, which requires a minimum deposit of USD 100.

The CFD markets are available with the Zero.MT4 account includes 45 FX pairs, 3 spot metals, 10 indexes, 3 spot energies with spreads starting from 0.0 pips and commission rate from USD 1.8 to USD 3.0 for 1 standard lot.

Conclusion: Why Admiral Markets Has The Best MetaTrader 4 Demo Account

Admiral Markets MT4 demo account is the perfect solution for everyone who is starting trading or just want to learn how to use one of the most popular trading platforms. The demo account trading conditions mimic the live trading environment but with the ability to trade with paper money risk-free and real-time prices. For those interested to trade with Admiral Markets, the minimum deposit is USD 50 for credit/debit cards.

Trade on +8,000 Markets + Risk Free Demo Account + Enhanced Supreme Edition = Admiral Markets MT4 Demo Account.

View Admiral Markets Review >>Visit Admiral Markets >>

FXTM – Highest leverage MT4 + MT5 Broker

FXTM is recommended for MetaTrader 4 + MetaTrader 5 trading accounts with high leverage based on:

• 1:2000 maximum leverage for FSCA regulation and 1:300 maximum leverage for FCA and CySEC regulation
• Fast order execution
• Tight spreads on a wide range of CFD markets
• Diversify your investment portfolio with social network FXTM invest
• A wide network of liquidity providers which ensure low requotes

Different Level of Leverage Offered by FXTM

The available maximum leverage ratios offered by forex brokers is limited by the regulatory agencies. In Europe, FXTM follows CySEC and FCA’s lead and has leverage restricted to 1:300 for the major currency pairs. However, EU residents that want to take advantage of higher leverage ratios need to qualify for the professional status as a forex trader. To qualify as a professional trader, one must meet 2 out of the 3 ESMA criteria listed below:

1. Trade at least 10 lots per quarter over the previous 4 quarters
2. Portfolio size of at least EUR 500,000
3. 12 months of professional work experience in the financial industry

Due to much relaxed regulatory guidelines, SA traders can enjoy higher leverage conditions. The South Africa FXTM entity can provide higher leverage ratios of 1:2000 on the major currency pairs.

Besides trading forex with high leverage, traders can choose to trade from over 250 CFDs on spot metals, stocks, commodities and indices. The FXTM spread conditions are also competitive:

• The Standard MT4 account offers spreads from 1.6 pips
• The ECN MT4 + MT5 offers spreads from 0.1 pips

FXTM Account Types

FXTM offers a wide selection of account types to suit the needs of all types of traders. The account tires are divided into two main sections (Standard accounts and ECN accounts) that are subdivided into 3 sub-accounts for each division:

• Standard accounts (Standard Account, Cent Account and Stock CFDs Account) available only with MetaTrader 4
• ECN Accounts (ECN Account, ECN Zero Account and FXTM Pro Account) are available with both MetaTrader 4 and MetaTrader 5

FXTM has a strong reputation as a good ECN broker capable to execute orders under 53ms (Pro account), positive slippage in 95.45% of the cases, 4.56% of orders receive a requotes.

Note* The above performance was measured using data from Nov 2020 and verified by a third party PwC Assessment Centre.

Conclusion: Why FXTM Is The Highest Leverage MT4 + MT5 Broker

Incontestably the highest leverage forex brokers can be found with FSCA regulated brokers. FXTM offers favourable leverage trading conditions on a wide range of account types that are suitable for different trading styles. FXTM is considered a safe and secure forex broker with a low entry barrier of only USD 10 (Cent Account).

Global Markets + ECN Technology + Fund Protection = FXTM

View FXTM Review >>Visit FXTM>>

Minimum Deposit Analysis = Winner OANDA

The two lowest deposits required are:

• OANDA with a $0 minimum deposit requirement
• Axi with a $0 minimum deposit requirements

Both Axi and OANDA require no initial minimum deposit to start trading on MetaTrader 4. While some top CFD and forex brokers’ require up to $3000 to open a standard account, both Axi and OANDA let traders decide how much they wish to initially deposit. Generally, the industry average for an initial minimum deposit is between $200 and $500, making Axi and OANDA very competitive in regard to minimum deposit requirements.

Deposit and Withdrawal Fees

In addition to no initial minimum deposit requirements, OANDA charges no deposit fees. Yet, withdrawal fees vary depending on where the OANDA client is based. In Australia, traders can make one withdrawal per calendar month for free, with any additional withdrawals carrying an AUD $20 fee. While Canadian OANDA customers’ are charged higher fees of CAD $20 for the first withdrawal of the month, doubling to CAD $40 for any additional withdrawals during the same month.

Axi, on the other hand, charges no deposit or withdrawal fees, regardless of the traders’ country of residence. With no deposit and withdrawal fees, Axi has some of the lowest non-trading fees amongst all top online brokers.

Base Currencies

OANDA allows clients to establish an account with one of nine base currencies. Although traders are initially required to set up an account with one base currency, sub-accounts can be opened in different currencies to avoid currency conversion fees. Axi on the other hand offer 11 base currencies, with customers able to deposit and withdraw funds in EUR, JPY, USD, PLN, GBP, AUD, CAD, HKD, SGD, NZD or CHF.

Deposit and Withdrawal Methods

Clients who want to start trading with OANDA can deposit funds through various payment methods. Although OANDA offers limited funding methods, both credit cards and e-wallets carry no fees (PayPal, MasterCard and Visa).

Axi offers a far greater selection of funding methods for traders’ to choose from. In addition to Visa and Mastercard, options include Maestro, JCB, Bank Transfer, POLi and Broker to Broker Transfer, while E-wallet methods consist of Neteller and Moneybookers/Skrill. Australian clients’ also have the option to deposit funds via Global Collect and BPAY, while Chinese clients’ can fund their accounts through China Union Pay.

Conclusion: Why Axi Is Best For Deposits/Withdrawals

OANDA and Axi both offer $0 minimum deposits for traders looking to low-volume trading. What sets the two apart in this category is that OANDA charges withdrawal fees.

Unlike OANDA, Axi charges no deposit/withdrawal fees.

With 11 base currencies and easy payment methods, Axi is the best low minimum deposit MT4 broker.

Open a demo account >>Visit Axi >>

CFDs + Currency Pairs Analysis = Winner Axi

Axi has the most instruments tradable with:

• 80 Forex Pairs
• 59 Tradable CFDs

Foreign Currency Trading with Axi

When trading forex with Axi (formerly AxiTrader), customers can place orders on over 80 currency pairs. As well as major fx pairs, minor and exotic currencies are available such as the Russian Ruble and Israeli New Shekel. Spreads are variable and with a Pro MT4 Account clients’ can trade EUR/USD with 0.0 pip spreads, while a Standard MT4 Account is 1.1 pips on average.

Standard Margin Rates vary between 1-10% depending on the currency pair being traded. MetaTrader 4 users’ can utilise risk management tools to ensure margin requirements are fulfilled. The trading platform measures investors’ current exposure and calculates margin requirements when opening new leveraged positions.

Swap rates for fx trading with Axi vary depending on the currency pair, the spread, the size of the position open and current interbank swap rates. The interbank swap rate is determined by the difference in interest rates between the two currencies being traded, as well as economic factors that affect financial markets.

CFDs Tradable

Axi offers trading across 31 Indices, 11 Commodities, 17 Metals.

Indices

Major global Indices are available to trade as Cash or Future CFDs. Index Cash CFDs include the Singapore Free, China 50, Japan 225, Swiss 20, US 500 among others. While Futures CFDs range from the Nikkei 225 to S&P 500 E-mini, Nasdaq 100 E-mini, US Dollar Index, and Volatility. In terms of margin requirements, Index Cash CFDs are 4% except for China 50, which is 12%, while Index Future CFDs range from 0.5% to 5%.

Commodities

Commodity CFDs that Axi clients’ gain access to can be traded as Cash or Future CFDs. Commodity cash products consist of US Crude Oil and UK Crude Oil contracts. In regards to Future CFDs, market access is wider than Cash CFDs with 9 different Commodity Future CFDs.

Metals

Precious Metal CFDs offered by Axi are derived from either Gold, Silver or Platinum against the world’s major currencies. Silver (XAG) vs AUD, CHF, EUR, GBP, JPY, NZD, SGD and USD all have Standard Margin Rates of 3% and contract sizes of 500 ounces per lot. While Gold (XAU) products against the same currencies, have Standard Margin Rates of 1% and are 100 oz lot sizes, excluding Singapore which is 2%. Axi offers only one platinum CFD, being XPTUSD, that also has a Standard Margin Rate of 1% and a lot size of 100 oz per lot.

Conclusion: Why Axi Has The Most Instruments Tradable With MT4

MetaTrader 4 allows trading of forex pairs, CFDs and cryptocurrency, with the exception of crypto Axi offer the most instruments.

With 80 forex pairs, 59 CFDs and 6 tradable cryptocurrencies, Axi offers the best range of markets.

Traders looking to diversify their trading across a range of markets should consider Axi.

Risk Warning: Cryptocurrency trading is not available in the UK, due to FCA regulations.

View Axi Review >>Visit Axi >>