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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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.83 |
NFA/CFTC IIROC |
1.4 | 2 | 1.4 | - | - | - |
|
|
|
120ms | $0 | 68+ (Spot) | - | 50:1 | 100:1 |
|
|
|
8.23 |
NFA/CFTC FCA, ASIC |
1.2 | 1.8 | 1.5 | $6.00 |
|
|
|
174ms | $450 | 80+ (Spot) | - | 50:1 | 50:1 |
|
|||
|
7.28 |
NFA/CFTC FCA, IIROC |
1.50 | 0.0 | 0.2 | - | $7.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ (Spot) | - | 50:1 |
|
MT4 is one of the most popular trading platforms in the forex industry known for its user-friendly interface and advanced features. It’s a great choice for both beginner and experienced traders. Below we view the pros and cons of top US-based MT4 brokers, including their trading fees, customer service, and range of account types.
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 a number of powerful enhancements, including additional technical indicators and Expert Advisors (EAs).
Specifically, you’ll benefit from:
OANDA’s MT4 Customer Support
OANDA’s award-winning customer support team stands ready 24 hours a day, seven days a week, to assist you with your MT4 questions and concerns. Because OANDA customer support representatives are, themselves, traders, the team provides more comprehensive and nuanced solutions to difficulties account holders may encounter navigating the platform than other brokers.
We were also impressed at the speed with which OANDA addressed our queries. A ticket lodged on Thursday received a response on Sunday, something we haven’t experienced with other brokers.
OANDA’s MT4 Execution Speed
OANDA uses price improvement technology to give forex traders using MT4 an advantage in the market. These systems review high volumes of trade data second by second to guarantee ultra-fast and intelligent routing for optimal prices and low slippage.
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 thought 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 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 charge 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.
FOREX.com spreads start from 1.2 pips for EUR/USD
Key Strengths:
View Forex.com ReviewVisit Forex.com
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 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.
We’re especially impressed by FOREX.com’s reliable order execution with the broker claiming a 99.99% fill rate and execution speed of less than 1 second.
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 the best-automated trading software page.)
Active traders that generate a minimum of 500k in notional trading volume per month can access free VPS hosting solutions to run EAs uninterruptedly.
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.
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 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:
View IG Markets ReviewVisit IG Markets
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 4 platform. The most important ones include:
MT4 Demo Account
IG US’s MetaTrader 4 Demo is great for beginner traders as it allows one to test with the same layout as the live version using $10,000 in virtual funds instead of their own. The demo can be very handy to test a particular strategy or get the feel of the broker’s platform features in a risk-free environment
US clients will also be able to access the 18 additional technical indicators and trading tools, which IG offers on the live MT4 platform version.
Just note that there are certain differences between the live retail investor accounts and the demo account, which are as follows:
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.
| Regulator | Country | IG | Forex.com | Oanda | ATC |
| Financial Conduct Authority (FCA) | United Kingdom | ✔ | ✔ | ✔ | ✔ |
| Australia Securities Investment Commission (ASIC) | Australia | ✔ | ✔ | ✔ | |
| Cyprus Securities exchange commission (CySEC) | Cyprus / Europe | ✔ | |||
| Monetary Authority Singapore (MAS) | Singapore | ✔ | ✔ | ✔ | |
| Financial Sector Conduct Authority (FSCA) | South Africa | ✔ | |||
| Federal Financial Supervisory Authority (BaFin) | Germany / Europe | ✔ | |||
| Swiss Financial Market Supervisory Authority (FINMA) | Switzerland / Europe | ✔ | |||
| Financial Markets Authority (FMA) | New Zealand | ✔ | |||
| the Financial Services Agency (FSA) | Seychelles | ||||
| The Cayman Islands Monetary Authority (CIMA) | Cayman Islands | ✔ | ✔ | ||
| The Investment Industry Regulatory Organization of Canada Canada (IIROC) | Canada | ✔ | |||
| The Malta Financial Services Authority (MFSA) | Malta / Europe | ✔ | |||
| British Virgin Island Financial Services Commission (BVIFSC) | British Virgin Islands | ✔ | |||
| Financial Services Agency (FSA) in Japan | Japan | ✔ | ✔ |
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 well known in the US.
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. CFDs 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 really 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.
Key Features Of MT4
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. |
The sum of all these features contributes to why many consider MetaTrader 4 among the best platforms on the market and explain its enduring popularity.
As part of this page, we look at the best trading brokers regulated by National Futures Association (NFA) or Commodity Futures Trading Commissions (CFTC) that offer the MT4 platform.
Brokers chosen for this page
The brokers chosen for this page are all the online brokers we are aware of that offer trading on the foreign exchange market with the MT4 trading platform.
There are other brokers offering forex trading services to the US Market that don’t have MT4. These include TD Ameritrade, Trading.com (who offer MetaTrader 5 (MT5), Capital.com, eToro (who don’t offer forex but crypto and like bitcoin and stock trading functionality) and Interactive Brokers. For a list of pages comparing these brokers navigate to our US homepage on compare forex brokers.
Regulation
If you are trading leveraged products on the forex market in the US, the best broker you can choose is one regulated by National Futures Association (NFA) or Commodity Futures Trading Commissions (CFTC).
Being regulated by the NFA or CFTC means the broker can legally offer leveraged foreign exchange brokerage services for trading to US residents. It also means you as a trader have an element of protection as the broker must comply with the operating standard set by the regulator.
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, 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.
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.