Few forex brokers regulated by the NFA or CFTC offer the MetaTrader 4 forex trading platform or forex trading. However, there are a few. We review the best forex brokers with MT4 for US traders to trade spot FX with a leverage of 1:50.
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The best regulated brokers offering MetaTrader 4 are:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Read Full Review |
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81 | NFA/CFTC | 1.4 | 2 | 1.4 | - | - | - |
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120ms | $0 | 68+ (Spot) | - | 50:1 | 100:1 |
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71 |
NFA/CFTC FCA, ASIC |
1.2 | 1.9 | 1.4 | - | - | - | $6.00 |
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174ms | $450 | 80+ (Spot) | - | 50:1 | 50:1 |
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61 |
NFA/CFTC FCA,CIRO |
1.50 | 1.5 | 1.4 | 0.0 | 0.2 | - | $7.00 |
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30 ms (May 2023) | $100 | 80+ (Spot) | - | 50:1 |
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50 | NFA/CFTC | 1 | 1.6 | 1.2 | - | - | - | - |
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Forex Panel Score
Average Spread
EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7
Trading Platforms
MT4, TradingView, OANDA Trade (fx Trade)
Minimum Deposit
$0
Why We Recommend OANDA
We consider OANDA the best online broker offering the MT4 platform due to its advanced market research resources; powerful charting and technical analysis tools; and superior reputation.
With a total of seven licenses from regulators in Tier-1 jurisdictions, OANDA rightfully earned a perfect trust score based on our methodology. Most importantly for traders in the USA, OANDA Corporation is licensed by the National Futures Association and registered with the Commodities Futures Trading Commission.
Pros & Cons
Broker Details
OANDA is our pick for the best broker offering MT4
OANDA is one of the industry leaders for forex trading, with over 25 years in business and a sizable international presence. As of this writing, this top broker has offices in Singapore, Australia, Japan, the UK, Germany, Poland, Malta and Canada.
We consider OANDA the best MT4 broker for US traders based on both the overall trading experience and the commitment to providing MT4 traders with the platform integrations and add-ons necessary to create a truly custom trading environment. We also named OANDA the best forex broker US winner based on the key strengths below.
Key Strengths
OANDA’s MetaTrader 4 Features
While OANDA’s home-grown web and mobile trading platforms are nothing to sniff at, this top forex broker stands out for the range and variety of trading tools it provides traders to enhance the MT4 trading experience.
If you’re a MetaTrader 4 user, OANDA offers access to several powerful enhancements, including additional technical indicators and Expert Advisors (EAs).
Specifically, you’ll benefit from:
OANDA Trading Accounts
American forex traders have a single account option with OANDA. Fortunately, the Spread Only Pricing account, which functions much like other brokers’ Standard accounts, offers competitive pricing. Variable spreads start at 0.6 pips and, as the name implies, you pay only to cover the spread. Note, however, that the broker will act as a market maker, executing trades through a dealing desk.
Our take: beginner traders may prefer the predictability of a Spread Only account, while scalpers and algorithmic traders may find the wider spread less compelling. For more advanced traders, however, we found that OANDA’s rebate program sweetens the pot.
OANDA Minimum Deposits and Funding
OANDA makes the process of opening and funding a live trading account cost-effective and straightforward.
OANDA does not require a minimum deposit to open an account and allows American account holders to fund their accounts via debit card, ACH transfer and wire transfer. Regardless of how the account receives funds, OANDA charges account holders no fees for deposits or withdrawals.
OANDA Trading Products
As an American forex trader, you’ll find everything you need in OANDA’s selection of currency pairs.
In addition to ten major pairs, the broker offers 58 minor, exotic and cross pairs for a total of 68 currency combinations for trading. EUR, GBP, USD, JPY, NZD, AUD and CHF are among the major currency pairs available through OANDA.
OANDA: Our Verdict
Above-average execution speeds, an impressive array of extras and premium features and low spreads for MT4 users make OANDA the logical choice for US forex traders committed to the MetaTrader family of platforms. For this reason, we consider OANDA the best US forex broker to trade forex.
OANDA offers a Welcome Bonus of up to $10,000
OANDA offers a Welcome Bonus for new clients. To find out more about this offer along with its terms and conditions of this program, please visit the OANDA website.
Forex Panel Score
Average Spread
EUR/USD = 1.2
GBP/USD = 1.6
AUD/USD = 1.4
Trading Platforms
MT4, MT5, FOREX.com Trading Platform
Minimum Deposit
$100
Why We Recommend FOREX.com
We recommend Forex.com for tight spreads and low trading costs, as well as a choice of trading accounts. Most regulated brokers accepting US clients limit Americans to a single account type, but Forex.com offers both a standard and RAW account.
The RAW account boats impressively low spreads: minimums can drop to as low as 0.0 pips. The standard account isn’t quite as competitive and starts at 1.2 pips, but you won’t pay a commission. (For the EUR/USD currency pair, this can reach 1.2 pips.)
Pros & Cons
Broker Details
FOREX.com spreads start from 1.2 pips for EUR/USD
Key Strengths:
FOREX.com Trading Accounts and Products
If you trade with MT4, you’ll need to select the Standard or MetaTrader 4 account type when getting started with FOREX.com. Variable spreads start at 1.2 pips for both and include commission in the spread, which makes it easier to calculate trading costs.
This account also requires a minimum deposit but, at USD 100, it’s one of the more reasonable that we’ve encountered. You’ll also have access to leverage, a less-common feature for spread-only account types, and can trade on margin at rates of 50:1. That’s the maximum allowed under the CFTC rules.
If you’re in the US, you have access to over 80 currency pairs when trading forex. This includes all the major currency pairs, along with minor and exotic spot currency pairs. With a name like FOREX.com, it’s no surprise the broker focuses on the foreign exchange markets, and its other offerings are pretty lean: just metals and futures..
MT4 Features and Trader Benefits
US clients can get the full benefit out of FOREX.com’s MetaTrader 4 forex trading platform. The MT4 platform is available for PC, web browser and mobile MT4 (iOS and Android compatibility), so you’re pretty much guaranteed access no matter how you trade. Besides the standard MT4 features, you can access additional third-party Expert Advisors (EAs) and technical indicators.
You always have the option to deploy nine different built-in EAs, including an alarm Manager and a Correlation Matrix, plus 15 technical indicators like Candle Countdown or Chart-in-chart tool all powered by FX Blue. (If algo trading interests you, then we recommend comparing tools on our best-automated trading software page.)
FOREX.com: Our Verdict
Overall, FOREX.com offers a comprehensive list of forex pairs that no other US MT4 broker can match. By comparison, OANDA offers roughly 70 FX pairs, IG 80 FX pairs and ATC Brokers only 38 FX pairs.
Forex Panel Score
Average Spread
EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01
Trading Platforms
MT4, IG Trading Platform, L2 Dealer, ProRealTime
Minimum Deposit
$0
Why We Recommend IG Group
For a fantastic live trading experience suitable for beginners and professional traders alike, we recommend IG Group due to its top-notch educational tools, demo account and overall commitment to providing a best-in-class trading experience.
Pros & Cons
Broker Details
If your FX journey is just starting, consider IG
IG US (Sometimes known as IG Markets US) is part of IG Group, a global financial services provider established in 1974, publicly traded, and listed on the London Stock Exchange (LSE).
IG Group US cater to the needs of many traders, from beginner traders looking to test the waters before jumping into live trading, to the active trader seeking to gain access to a wide selection of currency pairs and other financial markets with lower trading costs.
Key Strengths:
IG Trading Accounts and Products
IG uses a market maker trading model, which means spreads are wider than ECN brokerages. While the spreads are wider, this does not mean they are more expensive on the Forex spreads front since commission costs are included in the spread as your trading fee.
You can choose from a range of currencies as your account currency. And, while there is no minimum deposit requirement, there is an inactivity fee of $12 if you don’t make a trade in 24 months.
IG’s spreads are some of the best available in US markets and there is a large range of currency pairs one can choose from when trading.
There are 87 major, minor and exotic Forex pairs available to trade. These pairs are divided into the following categories – Major, Minor, Exotics, Australian, Scandinavian and Emerging. So chances are IG US has the forex pair you are looking for.
IG Trading Platforms
In addition to MetaTrader 4, IG offers account holders the option to trade using the broker’s award-winning proprietary platforms and ProRealTime.
Developed based on decades of experience with retail trading, the IG trading platform includes 32 indicators, 20 drawing tools and advanced market research. ProRealTime is charting software for traders wanting extra technical analysis tools and the ability to automate trading.
While the IG encourage you to use their proprietary trading platform, using MT4 does provide some advantages. These include the ability to automate your trade through Expert Advisors and create custom indicators.
MT4 Features and Trader Benefits
With IG US, USA-based Forex traders can enjoy a plethora of benefits when using the MetaTrader platform. The most important ones include:
IG US: Our Verdict
Overall, IG US LLC is ranked as one of the best MetaTrader 4 FX brokers in the USA. In terms of trading costs, IG claims its EUR/USD spread is 20% lower than the competition, which is hard to beat. Last, IG clients can access an additional 12 add-ons that don’t come with the standard MetaTrader 4.
Forex Panel Score
Average Spread
EUR/USD = 1
GBP/USD = 1.3
AUD/USD = 1
Trading Platforms
MT5
Minimum Deposit
$50
Why We Recommend TRADING.com
We recommend Trading.com for its simplified approach to forex trading and its MetaTrader 5 offering. If you’re interested in trading forex but want access to other financial markets traded on centralised exchanges, this is the broker for you.
We also like Trading.com for its competitive trading costs – spreads start from 0.7 pips and you won’t pay any commissions. Limited educational materials and funding methods might detract from the trading experience, however.
Pros & Cons
Broker Details
Trading.com presents a unique option as an American online brokerage. While relatively new, it’s gaining attention as one to keep on your radar. Although its current offerings are somewhat limited, Trading.com nailed the basics.
For US forex traders, Trading.com offers a single account type called the T1, featuring competitive low spreads starting at 0.7 pips and no commissions. With a selection of 70 currency pairs to trade, on par with industry leaders like IG Group, there’s potential for expansion beyond forex. Trading.com exclusively offers the MT5 platform, hinting at possible future additions, including stocks, indices, and ETFs.
While the broker provides adequate educational materials, it has room for improvement, and account funding and withdrawal methods are somewhat restricted. Customer support operates 24/5, which we hope to see expand to 24/7 as Trading.com matures.
The table lists how the Forex brokers compare:
| OANDA | Forex.com | IG Group | Trading.com | |
|---|---|---|---|---|
| Currency Pairs | 68 | 80 | 70 | 70 |
| Standard Account Spreads (EUR/USD) | 0.6 | 1.4 | 0.8 | 1.0 |
| RAW Account Spreads | N/A | 0.0 | N/A | N/A |
| Commissions | $0 | $14 | $0 | $0 |
| Minimum Deposit? | No | Yes | No | Yes |
| Market Maker? | Yes | Yes | Yes | Yes |
| Mobile App? | Yes (iOS & Android) | Yes (iOS & Android) | Yes (iOS & Android) | Yes (iOS & Android) |
| Funding Methods | ACH, wire transfer | ACH, wire transfer, debit card | ACH, wire transfer, debit card | ACH, wire transfer |
To accept US clients, online brokers and forex providers must hold licenses from two American regulators: the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA).
Established in 1974 under the Commodities Exchange Act, the CFTC oversees all commodities and futures trading activities in the US. Charged with maintaining the integrity of the Forex markets and protecting investors, this agency has the power to investigate and sanction brokers who fail to abide by required practices designed to ensure transparency and safeguard client money.
The National Futures Association was founded in 1982 as a self-regulatory organisation for all futures and derivatives providers operating in the USA. The NFA issues licenses to online brokers and other derivatives providers and monitors compliance with federal rules and regulations.
Depending on the state in which an online broker incorporates, it may also be subject to local licensing requirements. Some states, for example, may require forex brokers to obtain a banking license or register as a Money Services Business (MSB).
Note: All brokers on this list are regulated by the NFA or CFTC. Some brokers might also be regulated by financial regulators of other jurisdictions such as ASIC in Australia, and FCA in the UK however this is irrelevant to you as a US resident. Other regulators, you might see mentioned include CySEC for Cyprus (and European Union) and BaFin (Germany and EU) and FSA for Seychelles.
To verify whether a broker has a license to offer forex in the US, visit the NFA’s Background Affiliation Status Information Center website. There, you can look up brokers by name to verify their affiliation and confirm the status of their registration.
Yes, forex trading is legal in the US. That said, the CFTC imposes restrictions on American traders and brokers operating in the US that go beyond the requirements of other jurisdictions. American traders can spot trade forex, but not forex CFDs, for example, and access to leverage is tightly controlled.
If you’re not an American citizen and live in the US, you may have other options, including trading forex CFDs with an off-shore broker.
If you’re American or working with an online broker licensed in the US, you have two ways to trade forex: spot trading and futures contracts.
American traders can trade forex on the spot market. In spot forex trading, traders buy and sell the actual currencies directly. Traders physically exchange one currency for another, and they own the currencies they trade.
Americans can trade forex futures, which involves trading standardized contracts on regulated exchanges. Traders speculate on the future price of currency pairs using futures contracts, but they do not physically exchange currencies. Instead, they enter into a contract with an obligation to buy or sell at a predetermined price and date.
The CFTC generally does not allow Americans to trade forex options due to the high level of risk and potential for market manipulation. Trading options on futures, however, is permitted.
Before choosing a forex broker, consider your trading style, experience level, budget and overall trading goals.
Most brokers offer a single, spread-only account type for US traders as they use a dealing desk trading model. This means you’ll pay only the spread when executing your trades – no commissions. Minimum spreads for most MT4 brokers start between 0.5 pips and 1.4 pips.
While not a cost since you can reclaim it, deposits are something to keep in mind. You will need enough in your account to meet margin requirements when opening a position.
If you plan to trade on margin to enlarge your positions, look for a broker that offers leverage. The CFTC caps leverage for licensed online brokers at 50:1.
Depending on your trading budget, you may need to opt for a specific account type to help you control costs. Typically, standard accounts have higher minimum spreads but don’t charge commissions to execute an order. RAW or ECN-style accounts often offer tight spreads as low as 0.0, however, you’ll pay a fixed commission to open or close a position.
Standard account types work well for beginners and those who want a greater degree of control over their trading costs. RAW and ECN-style accounts may be a better fit if you have prior experience with day trading or a larger budget.
Check to see if your preferred broker will allow you to easily move funds into and out of your account. If you plan to make deposits by wire transfer, for example, you need to ensure that your broker allows you to add funds.
American traders will need to focus on brokers licensed by the NFA and overseen by the CFTC. Foreign nationals residing in the US can expand the search to include off-shore brokers, but should still pay close attention to regulators.
We always recommend trading through a broker licensed in a Tier-1 jurisdiction by a regulator such as NFA, CFTC for US traders and ASIC, MAS, CySEC or the FCA for traders in other countries to protect against fraud, scams and market manipulation.
If you plan to primarily trade forex, you’ll want to ensure that your preferred broker offers either a wide variety of forex pairs or the specific currency pairs you intend to trade.
Different trading platforms cater to different trading styles and products. If you’re focusing on forex, for example, you’ll want a broker with an excellent MT4 offering. If, on the other hand, you want advanced charting and sophisticated technical analysis tools, look for a broker that offers cTrader.
Responsive, knowledgeable customer support can have a huge impact on your trading experience. We suggest focusing on brokers with a track record of excellent email or human chat options. Many top-tier brokerages will mention whether their agents have previously traded forex themselves.
Some brokers may provide 3rd party trading tools such as risk management tools (great if you are a beginner to trading), social trading tools and automation tools (Expert advisors with MT4 are popular) to help you with your trading experience.
OANDA is the best forex broker for US traders due to impressive market research resources, robust charting capabilities, and advanced technical analysis tools thanks to TradingView. Moreover, OANDA enjoys a stellar reputation in the industry. Despite acting as a market maker, it provides a tight spread due to deep liquidity.
OANDA’s award-winning mobile app offers advanced functionality for US forex traders, coupled with an intuitive interface. Be aware, however, that not all brokers will offer MT4 as part of their mobile trading app offering.
Yes, you can use the MetaTrader 4 trading platform in the US.
Strict rules and regulations imposed by the CFTC and NFA make accepting American clients difficult and unnecessarily onerous for many CFD brokers. Others don’t accept American clients because it’s illegal for Americans to trade CFDs, regardless of country of residence.
The main difference between trading spot forex and forex CFDs is asset ownership. When you trade spot forex, you purchase the underlying currencies. When you trade forex CFDs, on the other hand, you simply speculate on the price movement.
Yes, you will pay capital gains tax on your profits from forex trading.
Any US broker that offers one of the Metaquotes platforms – MT4 or MT5 – will have automation tools for forex trading. Be aware, however, that trading on the foreign exchange markets using bots can affect your execution speed. Look for a broker that either hosts EAs on a dedicated server or offers the option to execute trades on a VPS.
Some types of hedging were banned for Forex trading by the CFTC in 2009 along with the FIFO rule. This includes holding long and short positions. Heding was banned to reduce the risk of outsized losses from traders.
MetaTrader 4 (or MT4 for short) is a trading platform that allows you to buy and sell a wide range of assets and derivative products such as forex, stocks, indices and ETFs, cryptocurrencies and commodities such as gold, silver and energies. Since Contracts for Difference (CFD) trading is not permitted by the derivatives regulators of the United States, the NFA and CFTC, MT4 is not as well known in the US as the rest of the world.
This might come as a surprise to US readers, as MT4 is the world’s most popular trading platform for retail traders and is a common option for brokers to offer their clients throughout the rest of the world. Although CFD trading is not permitted in the US, there are still a few brokers regulated by NFA and CFTC that offer MT4 for trading. The difference is that you will trade using Spot prices, not CFD prices.
Spot trading involves buying or selling derivatives such as forex at a current rate. This means there is a direct exchange of the derivative. CFD products replicate the movements of the underlying asset. Instead of an exchange of the asset, you receive a contract which is like a representation of its value.
If you want to trade financial instruments in the USA, this is your best option. Fortunately, MetaTrader 4 is a suitable platform for certain derivatives such as forex, gold, silver and several other commodities.
MT4 was developed by MetaQuotes Software Corp in 2000 and has since become the platform offered by more than any other broker and used by traders. This is especially true with forex trading as the platform was designed for decentralized products that don’t require a central exchange.
There are several reasons MT4 is so popular and reasons include:
Point 5 invites more details since one would want to know what the platform offers.
| MT4 Feature | MT4 Feature Description |
|---|---|
| 🗺️ Speed | Lightning-fast institutional speed to reduce risks of slippage |
| 💰 Analysis Tools | 30 inbuilt technical indicators, 24 graphical objects |
| 📊 Real-Time Charts | 9 timeframes inc. 1, 5, 10, 15, 30 minutes, 1, 4 hours, 1 day, 1 month, custom timeframes |
| 💰 One-click Trading | Allows you to execute trades with one click, perfect for scalper and day trader |
| 💰 Market Orders | 4 Pending order types (buy stop, buy limit, sell limit, sell stop). 2 stop orders + trailing stop |
| 🛍️ 3 Execution Modes | Instance execution, Execution on request, Execution by markets |
| 💳 Trading Automation | Expert Advisors with MQL4 IDE (programming) and a library of signal to plus in |
| 💳 Backtesting | 32 bit, single-threaded strategy tester |
| 💳 MetaTrader Marketplace | Access 1700 trading robots (EAs) and 2100 technical indicators |
| 💳 News Updates | MT4 terminal to receive the latest news and events |
| 💳 Copy Trading | Trading signals to automatically copy other traders in real-time. |
| "💰 Risk Management | Stop-loss and take-profit orders |
Disclaimer
Due to the recent growth in the popularity of forex trading, unethical individuals and institutions may seek to profit from perceived regulatory loopholes. We advise all US forex traders, whether beginners or experienced investors, to partner only with regulated brokers fully licensed by the CFTC and the NFA. Even in one of the most tightly surveilled global markets, fraud can and does occur, and trading through a licensed forex broker can protect you against scams and market manipulation.
We should also note that leverage products are complex instruments that are associated with high risk because of the use of leverage. Retail traders need to fully understand how these instruments work before they trade them on a live account. For this reason, leverage is a tool best for professional traders.
All information on this page is general in nature only. We do not provide investment advice or trading advice.
Ask an Expert
Can futures markets be traded in the US on an MT4 platform?
The NFA/CFTC allows futures trading and MT4 can handle futures trading but at this time we have not covered any broker that offers futures trading on MT4.
wanting to learn the mt4 or mt5 trading platform. been using Nadex…..it is indicative and numbers do not match on tradingview charts…..I have no knowledge of what the leverage means on the mt4 broker…….I just need a broker with video to learn for a beginner trader of forex and indices.
While spreads between brokers should be similar, it will depend on the liquidity providers they are using. So it makes sense the NADEX platform doest not match those on other major trading platforms. to lead about leverage have read of “What is leverage in forex trading“
Can I trade using an off shore broker using the mt4 platform? I’m still unclear. It would be cedarfx which is Not regulated by any financial authority. Another caveat is it has to be funded with Bitcoin.
Most brokers will not accept clients from the USA. You are best to ask CederFX directly if they will accept you
Is crypto a part of Forex or a completely different thing?
Crypto isn’t Forex but like Forex you can trade with it. You can ‘invest in pure crypto by owning it or use derivative products like crypto cfds much like Forex.