US Forex Brokers MT4 List

The best regulated brokers offering MetaTrader 4 are:

  • OANDA - Best MetaTrader 4 Broker For US Traders
  • FOREX.com - Lowest Spread MT4 US Based Forex Broker
  • IG Group - Best MT4 Broker For Beginners
  • Trading.com - MT5 For MT4 Upgrade
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
81 NFA/CFTC 1.4 2 1.4 - - - 120ms $0 68+ (Spot) - 50:1 100:1 Visit Site
71 NFA/CFTC
FCA, ASIC
1.2 1.9 1.4 - - - $6.00 174ms $450 80+ (Spot) - 50:1 50:1 Visit Site
61 NFA/CFTC
FCA,CIRO
1.50 1.5 1.4 0.0 0.2 - $7.00 30 ms (May 2023) $100 80+ (Spot) - 50:1 Visit Site
50 NFA/CFTC 1 1.6 1.2 - - - - Visit Site

1. OANDA Best MetaTrader 4 Broker For US Traders

OANDA

Forex Panel Score

81

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

  • Easy-to-use, feature-rich mobile trading app
  • Excellent selection of market research tools
  • VPS hosting for the MetaTrader 4 trading platform
  • Advanced charting and trading tools
  • Higher-than-average trading costs
  • Educational content focuses on trading platform how-tos
  • A limited selection of platforms – no MetaTrader 5 inside the US

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 Strengthsbest us forex broker

  • Platform features
  • Spreads and trade execution
  • Competitive trading costs

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.

oanda metatrader 4 trading platform features

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:

  • Depth of market pricing and spreads as low as 0.6 pips on typical EUR/USD order sizes. The smaller the order size, the tighter the spread. This functionality is available through the OANDA MT4 premium upgrade with the mini terminal;
  • Access to OANDA’s suite of technical analysis packages as a plug-in to MetaTrader 4. This allows clients to execute trades directly from the interface, use intraday market scanning tools, and set up automated alerts for specified patterns;
  • Good mobile trading options – access to 32 overlay indicators, 11 drawing tools and 9 chart types with OANDA’s mobile apps for iOS and Android devices.

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.

oanda account types products usa

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 minimum deposit and funding methods usa

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.

oanda trading products

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.

View OANDA ReviewVisit OANDA

2. FOREX.com Lowest Spread MT4 US-Based Forex Broker

FOREX.com

Forex Panel Score

61

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

  • Multiple account types
  • Minimum spreads as tight as 0.0 pips on Commission-Based Account
  • Advanced Forex trading platforms
  • High minimum deposit – US $100
  • Limited product offering on MT4 – only 600 symbols
  • Limited educational resources for American account holders
  • No copy trading
  • No crypto spot trading

Broker Details

FOREX.com spreads start from 1.2 pips for EUR/USD

Key Strengths:

  • Sophisticated technical trading tools
  • Great variety of currency pairs
  • Fast trade execution

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.

forex.com account type products for us traders

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.

3. IG Group Best MT4 Broker For Beginners

IG Group

Forex Panel Score

71

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

  • Excellent global reputation
  • Competitive spreads
  • Wide range of financial markets to trade
  • Great educational resources
  • Award-winning proprietary platform
  • Limited range of financial markets for MT4 accounts
  • No MetaTrader 5
  • Americans limited to spot forex trading

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:

  • Excellent educational tools and trading supports
  • Extensive research tools and trading strategy ideas
  • Great proprietary trading platforms

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.

IG Trading products for American forex traders

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.

why trader MetaTrader 4 with IG facts

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:

  • Sound MQL4 environment for developing, optimizing and backtesting expert advisors;
  • Free-of-charge access to 6 extra technical indicators (Order history indicator, Pivot points indicator, High-low indicator, Renko indicator, Chart group indicator, Freehand drawing indicator) and 12 additional trading tools (including Stealth orders, Correlation matrix, Sentiment trader, Candle countdown). Forex traders can also download thousands of other indicators from inside the platform;
  • MT4 mobile apps (you can view the full list of the best forex trading apps in the US.

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.

4. TRADING.com MT5 For MT4 Upgrade

TRADING.com

Forex Panel Score

50

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

  • Impressive range of currency pairs – 70+
  • Access to the MT5 trading platform
  • Easy account opening experience
  • 24/5 customer support
  • Limited charting and technical analysis from proprietary app
  • No VPS execution for automated trading

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.

trading,com account and products usa

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.