Best MT4 US Forex Broker

Developed and released by Metaquotes Software Corp. in 2005, MetaTrader 4 (or MT4) is widely considered to be the gold standard when it comes to forex trading platforms. With 33 technical indicators (plus 200 customer indicators), 24 drawing tools, 9 timeframes and automation with Expert Advisors, MT4 has no shortage of trading tools. This page looks at the best brokers MT4 brokers in the USA.

OANDA Is the Best MT4 Broker for US Traders

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.

Key Strengths

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

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OANDA’s MetaTrader 4 Features

While OANDA’s home-grown web, mobile and desktop 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 offers MetaTrader 4 users access to a number of powerful enhancements, including additional technical indicators and Expert Advisors (EAs).

Specifically, US forex traders 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;
• 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.

OANDA’s MT4 Customer Support

OANDA’s award-winning customer support team stands ready 24 hours a day, seven days a week, to assist MT4 traders. 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.

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 the option of two account types with OANDA, both of which execute trades through a dealing desk with the broker acting as a market maker.

Our take: beginner traders may prefer the predictability of a Spread Only account, while scalpers and algorithmic traders may find the Core Pricing account easier on the wallet.

• Spread Only Pricing. Variable spreads start at 0.6 pips, and traders pay no commission on round-turn trades of a standard lot.
• Core Pricing. Traders pay a commission of USD 10.00 per round-turn trade of a standard lot, but enjoy tighter variable spreads that start as low as 0.1 pips.

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

American forex traders will find everything they 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.

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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 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:

1. More brokers offer this platform to their clients than any other platform, and more traders use this platform (though MetaTrader 5 is catching up).
2. MT4 is free to download and use by traders
3. It is one of the oldest trading platforms, so has earned a reputation as a reliable and trustworthy trading platform free from defects
4. You can use MT4 on Windows and macOS, any web platform (via WebTrader) and mobile or tablet devices for Android and iPhone.
5. It offers all the essential tools one needs for successful trading with a user-friendly interface
6. You can trade a variety of asset classes

Point 5 invites more details since one would want to know what the platform offers.

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.

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.