Best MT4 US Forex Broker

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 leverage of 1:50.

Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

Updated: 20/05/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

US Forex Brokers MT4 List

Our May 2022 best MetaTrader 4 USA brokers are.

IG US - Best MT4 Broker Overall
Forex.com - Good Rewards With Active Trader
OANDA - Great MT4 Broker With No Minimum Deposit
ATC Brokers - Good MT4 Forex Broker for Beginners

Visit Site

Our Rating

8.23

7.28

7.26

Review Of IG

FOREX.com review

Review Of OANDA

79% of retail investor accounts lose money when trading spread bets and CFDs with this provider

72% of retail investor accounts lose money when trading CFDs with this provider.

76.6% of retail investor accounts lose money when trading CFDs with this provider

Regulations and Licenses

NFA or CFTC (USA)

Brokerage

EUR/USD Avg. Raw Spread

GBP/USD Avg. Raw Spread

AUD/USD Avg. Raw Spread

EUR/USD Standard Spread

1.0

1.50

1.1

EUR/USD Fixed Spreads

Commissions (USD Base)

$5.00

Minimum Deposit

$450

$100

Swap Free Account

No Inactivity Fees

Funding Methods

No Funding Fees

Markets and Instruments

Currency Pairs

80+ (Spot)

84+ (Standard Account)
60+ (DMA Account)

70+ (Spot)

Cryptocurrency CFDs*

Index CFDs

Share CFDs

Commodities CFD

2+ (Spot)

Stockbroking

Retail Max. Leverage (USA)

Major Pairs 50:1
Minor Pairs 20:1

Spot 50:1
Futures 6.25:1

Major Pairs 50:1
Minor Pairs 33:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

MetaTrader 4 only

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Unique Feature

Guaranteed stop loss orders

Choice of trading platforms

Forex specialist in USA

Overall

Our Rating

8.23

7.28

7.26

MetaTrader 4 In The US

MetaTrader 4 (or MT4 for short) is a trading platform that allows you to buy and sell a wide range of asset and derivative products such as forex, stocks, indices 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 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.

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 decentralised products that don’t require a central exchange.

There are several reasons MT4 is so popular and reasons include:

More brokers offer this platform to their clients than any other platform, and more traders use this platform.
MT4 is free to download and use by traders
It is one of the oldest trading platforms, so has earned a reputation as a reliable and trustworthy trading platform free from defects
You can use MT4 on Windows and MacOS, any web browser (via WebTrader) and mobile or tablet devices for Android and iPhone.
It offers all the essential tools one needs for successful trading with a user-friendly interface

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.

IG Is The Best MT4 Broker For US Traders

IG 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 the beginner trader 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.

We consider IG as one of the best MT4 Forex brokers for US traders based on:

spreads and trade execution
platform features
customer support service
demo account

MT4 Spreads Offered By One Of The Best Forex Brokers

IG uses a market maker trading model, this 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.

IG’s MetaTrader 4 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. With IG US forex spot spreads can be as low as:

0.8 pips on EUR/USD and USD/JPY;
1.0 pips on AUD/USD, EUR/USD, GBP/USD
1.2 pips on EUR/JPY
1.5 pips on USD/CHF

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 publishes their average spreads on their website, so we have compiled some of the major spreads and compared them with the average spreads other brokers publish on their website. The only other broker in the US to publish their average spreads is Forex.com and as you can see, IG US spreads are clearly superior for most, if not all, currency pairs. For comparison purposes, we have included some overseas brokers with similar trading accounts (i.e. no commission) that offer forex CFD.


1.00	1.20	1.40	1.60	1.90
1.50	1.90	1.70	2.10	2.70
1.20	1.20	1.40	1.40	1.60
1.30	1.50	1.50	1.90	1.80
1.40	1.20	1.90	2.70	2.20
1.40	2.50	2.50	2.60	2.60
1.90	2.00	2.40	2.30	2.50

Data taken from broker website. Accurate as at 01/05/2022

Compare Standard Account Spreads

MT4 Execution

IG’s leading technology ensures 99% + server uptime, which translates into perfect conditions for US clients’ trading algorithms to operate in. This means IG’s trading servers are always running, so if you are using automation tools such as expert advisors, then you don’t need to worry about your trading being disrupted, even while you are offline.

MT4 Features And Trader Benefits

With IG US, USA-based Forex traders can enjoy a plethora of benefits when using the MetaTrader 4 platform developed by MetaQuotes Software Corp. The most important ones include:

Sound MQL4 environment for developing, optimizing and backtesting of 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;
Access to the powerful Autochartist pattern-recognition tool;
Rich chart customization options that may suit clients’ individual trading needs;
Access to MT4 mobile apps for iOS devices (iPhone, iPad) and Android devices (smartphones, tablets) for greater trading flexibility;
Access to MT4 WebTrader through all popular web browsers.

MT4 Customer Support

US clients can take advantage of reliable 24/5 customer support service, which IG provides through channels such as live chat, phone and email contact. The broker’s customer support team can also be contacted via IG Client Help on Twitter.

MT4 Demo Account

IG US’s MetaTrader 4 Demo offers the same layout as the live version of the trading platform and comes equipped with $10,000 in virtual funds. The demo can be very handy when Forex traders will test a particular strategy or get the feel of the broker’s platform features and tools 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.

Yet, there are certain differences between the live retail investor accounts and the demo account, which are as follows:

Demo trades are not subject to slippage, interest, and dividend adjustments;
Demo trades will not be closed if clients do not have sufficient account balance to cover margin and running losses.

Summary Of IG US Findings

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 by MetaQuotes.

View IG Markets Review >>Visit IG Markets >>

Our Rating

The overall rating is based on review by our experts

7.50

Spreads

7 / 10

Leverage

9 / 10

Trading Platform

8 / 10

Risk Management

7 / 10

Range of Markets

9 / 10

Customer Service

5 / 10

Forex.com Has Rewards With Active Trader

Established in 2001, FOREX.com is a trading name of GAIN Capital Holdings, an entity that was gained by NASDAQ-listed StoneX Group Inc. in February 2020. This broker is ranked among our best Forex brokers that offer online trading services to US residents for its excellent range of tradable assets on the MetaTrader 4 platform.

Forex.com Trading Account

Forex.com only offers one account type to traders using MetaTrader 4. This account is a standard account. Forex.com uses a market maker model which means commission costs are included as part of the spread.

To use this account, Forex.com recommends a starting minimum deposit of $1,000, though this is not an actual requirement.

Note: There is a commission account and STP Pro account, but these are not available with MetaTrader 4 platform.

Active Trader Rewards Program

Forex.com has a reward program for high-volume traders. To qualify for this account, you need to have a minimum initial deposit of $10,000 or trade at least $50 million in a calendar month. Once qualified, you must trade $50 million per quarter or have an average account balance of $25,000.

Should you qualify, you will receive rebates of up to $10 per million traded and also have any fees for wire transfers reimbursed. The more you trade, the more rebates you can get, which can lead to savings of up to 15%.

Forex Trading With FOREX.com MetaTrader 4

US traders can access 84 major, minor and exotic spot currency pairs on the brokerage’s MetaTrader 4 platform. Like all brokers on this list, max leverage for retail clients is capped at 1:50 as per CFTC rules.

Spreads are variable and start from 0.5 pips on major Forex pairs, such as EUR/USD and there will be no trading commissions charged.

US traders can also have peace of mind with FOREX.com’s reliable order execution (99.99% fill rate of less than 1s) and can access the popular TradingView charting program for free.

Disclaimer: Leverage products are complex instruments that are associated with a high level of 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.

Forex.com MetaTrader 4

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). Besides the standard MT4 features, Forex.com clients can access additional third-party Expert Advisors (EAs) and technical indicators.

There are 9 different 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.

Active traders that generate a minimum of 500k in notional trading volume per month can access free VPS hosting solutions to run EAs uninterruptedly.

Summary Of Forex.com US Findings

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 only 38 FX pairs with ATC Brokers. Beyond currency pairs, FOREX.com offers CFDs on several asset classes, but only to non-residents of the USA because it is against US securities law. This means that CFDs on cryptocurrencies like Bitcoin, CFDs on stock indices or CFDs on commodities is not available for US traders.

View Forex.com Review >>Visit Forex.com >>

Oanda Is The Best MT4 Broker With No Minimum Deposit

OANDA is one of the industry leaders for Forex trading, with over 25 years of business history. Oanda has a large international presence with offices in Singapore, Australia, Japan, The UK, Germany, Poland, Malta and Canada.

OANDA ranks as the best Forex broker, offering the MetaTrader 4 trading platform in the USA, which has no minimum deposit requirement. This is valid for the broker’s Standard account type, through which US traders can access all platforms, trading instruments and features offered. Yet, if clients opt to open a Premium Account with OANDA, they will have to put down a minimum deposit of $20,000.

Account Funding Options For US Traders

US clients can fund their live trading account with OANDA by using the following options:

Debit Cards – there is a maximum limit of $20,000 on deposits;
Automated Clearing House – maximum limit of $50,000 on deposits;
Check – no limit;
Bank transfer – no limit.

Funds can be withdrawn via:

Debit Cards – one free withdrawal per month, after that a $15 fee for subsequent withdrawals;
Bank transfer – a $20 fee on the first withdrawal, after that a $20+$15 fee for subsequent withdrawals.

Fund Security For US Traders

For funds security, US clients can be assured their funds are kept fully segregated from the broker’s accounts in client trust accounts at top banks. However, under CFTC regulation, clients will not receive any compensation in an event of broker failure. Also, they cannot take advantage of valuable risk management tools, such as negative balance protection.

OANDA’s MetaTrader 4 Features And Benefits

As for OANDA’s MetaTrader 4 software, it grants access to a range of enhancements, including additional technical indicators and expert advisors. More precisely, US traders can 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 benefit is available through 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, set up automated alerts for specified patterns;
Access to MT4 open order indicator. With it, traders will view aggregate current buy and sell orders placed by OANDA clients for a better assessment of market sentiment;
Ability to develop, optimize and use automated trading strategies with the help of MQL4;
Fast order execution with no dealing desk intervention and no re-quotes;
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.

Summary Of Oanda US Findings

Overall, OANDA is a great pick for beginner traders who don’t want to commit a large sum of money for trading. OANDA’s MetaTrader 4 software offers the same built-in features plus additional plug-ins for a better trading experience.

View Oanda Review >>Visit Oanda >>

ATC Brokers – Best MT4 Forex Broker For Beginners

ATC Brokers is a trading name of ATC Brokers Ltd., an entity headquartered in Loss Angeles US. ATC Brokers US is a CFTC-registered introducing broker and a member of the prestigious National Futures Association (NFA). ATC Brokers is also regulated by the Financial Conduct Authority (FCA) in the UK.

The brokerage provides access to the Forex market and to Spot Metals and CFDs via a single trading account. It operates an ECN pricing model and ensures no dealing desk execution of client trades.

We consider ATC Brokers as one of the best US MT4 Forex brokers for novice traders based on:

its selection of educational materials;
its risk management tools.

ATC Brokers Education Materials

What beginners will find as educational and information resources include:

several concise guides in written form on topics such as Forex trading, CFD trading, Metals Trading and Day Trading;
additional articles on the benefits of using a Forex Demo Account, the features and benefits of the MT4 trading platform, as well as an overview of MT4 mobile apps;
articles explaining the advantages of ECN type brokerages and the diversity and usage of Forex charts;
An extensive Help Center covering various aspects of trading and broker-client interactions.

ATC Brokers Risk Management Tools

With risk management, US clients can use a range of tools to protect their active positions, including:

Stop-Loss Orders;
Limit Orders;
Trailing Stop Orders;
Price Alerts.

Summary Of ATC Brokers Findings

Overall, ATC Brokers is for the beginner trader as it offers online trading services and tools geared towards retail traders. This FX broker places priority on customer support and extensive educational material that applies to a novice trader.

ATC Brokers Review >>Visit ATC Brokers >>

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		✔	✔

About the author: Justin Grossbard

Ask an Expert

2 Responses

Inline Feedbacks

View all comments

James

3 months ago

Can futures markets be traded in the US on an MT4 platform?

Forex Expert

David Levy

3 months ago

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.