Best MetaTrader Brokers

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Kane Pepi

MetaTrader 4 and 5 (known as MT4 and MT5) are advanced third-party trading platforms that are compatible with numerous US brokers.

In this guide, I reveal the best MetaTrader brokers in the market and explain some of the core reasons why this trading platform is so popular with forex traders.

Also consider reading my guide to the best forex brokers, who can link to MT4 and 5

Top MetaTrader Brokers at a glance

Browse the top Metatrader brokers in May 2023

Below I have reviewed the a selection brokers who offer the MT4 and MT5 trading platforms

The best MT4 forex brokers will also offer MT5 although this platform is best for CFD trading with isn’t legal in the US Logo – Overall best forex broker for MT4 and 5

I found that is a top option to consider when trading currency pairs via the MetaTrader platform. In fact, this is one of the few US forex brokers to support both MT 4 and 5.

After registering with, it’s then just a case of downloading the MT 4/5 software and connecting it to your account. It is also possible to connect to via the MetaTrader app for both iOS and Android.

In terms of supported markets, offers access to more than 80 currency pairs, covering all majors and minors, plus a wide selection of exotics.

Forex trading fees are very competitive at, albeit, spreads and/or commissions will vary depending on the chosen account type. With that said, only the standard account at enables you to trade via MT 4 and 5.

What I like about

First and foremost, I like that the standard account allows you to trade currencies on a spread-only basis – meaning no commissions will be charged when you enter and exit positions via the MetaTrader platform.

When it comes to spreads, EUR/USD and AUD/USD start at 0.8 pips but typically, this averages 1.3 pips and 1.5 pips respectively. Interestingly, GBP/USD is the most cost-effective pair to trade via the standard account, with spreads starting at just 0.6 pips.

I also like that enables you to reduce your trading costs further. There is a cash rebate of up to 15% when you join the ‘Active Trader’ program. To qualify, you will need to deposit at least $10,000 or achieve a monthly trade volume of $25 million or more.

Another reason why I like is that it offers full support for MetaTrader EAs (expert advisors). This means that you will be able to execute an automated trading strategy via autonomous software.

In total, provides access to 20 EAs that can be connected to your chosen MetaTrader platform. In addition to currencies, also enables US clients to trade gold, silver, futures, and options. However, there is no support for stocks.


  • Supports both MT 4 and 5 trading platforms
  • 80+ forex pairs in addition to commodities and derivatives
  • Low minimum spreads and 0% commission forex trading


  • Only the standard account is compatible with MetaTrader
  • There is a disparity between minimum and average spreads
  • US clients do not have access to stocks

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Have you tried Interactive Brokers?

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IG Investments

IG – Commission-free forex broker supporting MetaTrader 4

IG is a low-cost forex broker that has been offering trading services since the early 1970s. Although IG offers its own proprietary platform, it also supports MT4. IG can be accessed via the MT4 desktop software and mobile app.

It is also possible to trade via your web browser. When opting for IG, you will have access to over 50 currency pairs. This includes a modest selection of exotics but all majors and minors.

IG offers full support for EAs and you can even use the platform to create and deploy your own algorithms. This will appeal to traders that wish to buy and sell currency pairs in an automated way, 24 hours per day.

What I like about IG

I like that IG enables you to trade forex on MT4 in micro lots. This means that the minimum order size is just 0.01 lots, which will appeal to those on a budget. Another benefit of choosing this MetaTrader broker is that fees are competitive.

For instance, you will be able to trade without paying any commission and the spread on EUR/USD starts at 0.8 pips. GBP/USD and AUD/USD are slightly less competitive, with a minimum spread of 1 pip.

IG will also be suitable if you are planning to trade with leverage. The minimum margin requirement on selected major pairs is 2.2%. This means that for every $1,000 traded, you will only need to cover a margin balance of $22.

Another reason why I like IG is that it generally offers fast server uptimes and premium execution speeds. I also like that IG provides 18 customizable apps and indicators that can be used with MT 4.


  • Trade on MT4 via desktop, mobile, and browsers
  • 0% commission on all supported forex pairs
  • Supports EAs and algorithmic trading


  • Higher margin requirements than other forex brokers
  • Does not support MT5
  • Minimum deposit of $250

OANDA – MetaTrader 4 broker with premium add-ons

OANDA is an online broker that largely focuses on forex trading, but also offers support for Bitcoin and a range of altcoins. There are several trading platform options to choose from when opting for OANDA.

Alongside TradingView and its own native platform, OANDA also supports MT4. There are two trading accounts to choose from, both of which are compatible with MetaTrader via a web browser, desktop software, and a mobile app.

The standard account – which will appeal to beginners, comes without a minimum deposit requirement and supports MT4 order updates every 20 minutes.

Then there is the advanced trading loyalty program, which is an account type aimed at professional traders.

Although a minimum deposit of $10,000 is required, MT4 orders are updated every five minutes. Moreover, unlike the standard account, the advanced trading loyalty program comes with priority service queues.

What I like about OANDA

I like that both account types at OANDA offer access to over 70 forex trading pairs, not to mention a choice of two different pricing plans. The first option – which will likely suit casual traders, is a spread-only framework.

This offers spreads of 1.4 pips on EUR/USD and AUD/USD. The core pricing plan, on the other hand, comes with a flat commission of $50 for every $1 million traded. In turn, spreads are a lot more competitive – starting at 0.4 pips on EUR/USD and AUD/USD.

I also like that OANDA offers premium add-ons for MT4. Some of the perks that this provides include 28 additional indicators, market news, and trader sentiment.

Additionally, the premium upgrade includes one-cancels-the-other (OCO) orders and bespoke alarms when actions are triggered.


  • Two trading accounts to choose from
  • Premium upgrade for MT4 platform
  • Choose from a spread-only or commission-based pricing plan


  • US clients only have access to forex and crypto
  • 20-minute MetaTrader order updates on the standard account
  • Minimum deposit of $10,000 to join the advanced trader loyalty program

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Have you tried Interactive Brokers?

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Interactive Brokers – Top forex broker for professional traders

Interactive Brokers (IBRK) is one of the best forex brokers for professional currency traders. I should, however, start by noting that IBKR does not directly support either MT 4 or 5 trading platforms. Instead, IBKR notes that trading via MetaTrader requires an additional third-party link-up.

In order to achieve this, you will first need to open an IBKR account and proceed to download its proprietary TraderWorkstation (TWS) platform. Then, you will need to connect your API from TWS with oneZero Hub Gateway.

In doing so, you will be able to trade forex through MetaTrader 5, with orders facilitated by IBKR. Although the set-up process is somewhat cumbersome, IBKR offers everything that a professional trader needs to analyze and trade the currency markets effectively.

What I like about IBKR

I like that IBKR offers some of the lowest trading fees in the industry. This is because forex traders at IBKR have access to interbank-grade spreads. In fact, spreads start at just 1/10 of a pip.

Commissions are very reasonable too, with IBKR charging from just 0.8 basis points. Another benefit of choosing IBKR is that you will have access to dozens of exotics, in addition to all majors and minors.

Overall, IBKR supports more than 100 forex pairs. I should also note that IBKR offers thousands of tradable markets in addition to access to the forex market. This includes everything from stocks, bonds, and index funds to options and futures.

On the flip side, if you are a casual trader with limited experience, then IBKR might not be the right broker for you. This is especially the case when trading currencies, as only qualified forex traders will be eligible.


  • Supports 100+ forex pairs plus thousands of other financial instruments
  • Super-low commissions and tight spreads
  • Interbank-grade liquidity


  • Cumbersome workaround to connect IBKR with MetaTrader 5
  • Only suitable for qualified currency traders
  • KYC process is known to be slow

Why use MT4? Best MetaTrader 4 features

MetaTrader offers two primary trading platforms – MT4 and MT5 for forex and cfd traders.

However, most forex brokers will offer support for MT4 rather than its MT5 counterpart, as this is one of the preferred forex trading platforms for many currency traders.

MT5, on the other hand, is largely suitable for CFD trading (contracts-for-differences), which are not legally available to US clients.

Therefore, in this section, I explain some of the core benefits of choosing MT4 when trading forex online.

Custom order types

When using the proprietary trading platform offered by an online broker, you might find that options are limited when it comes to creating suitable orders.

In comparison, MT4 offers a wide range of customer orders that enable you to enter and exit positions with great flexibility.

This will ensure that you can capitalize on the very best entry and exit prices that are relevant to your strategy.

For example, MT4 offers three execution modes, two market orders, and trailing stop losses. It also supports four pending orders and two stop orders.

High-level technical analysis

Whether you are looking to deploy a day or swing trading strategy, or perhaps engage in scalping – the MT4 platform offers some of the most advanced analysis tools in the market.

  • For instance, MT4 initially comes pre-built with 30 technical indicators.
  • Additionally, you will have access to 2,000 custom indicators on a fee-free basis.
  • MT4 also offers over 700 premium indicators for unparalleled analysis.

Not only is the MT4 platform strong in terms of technical indicators, but it also supports a wide range of chart drawing tools alongside 24 analytical objects.

I also like that MT4 enables you to create and view unlimited charts and deploy nine timeframes on any supported financial asset.

You will also have the ability to design and install your own technical indicators. This is a good option if you have a proven trading strategy in place and wish to automate some of the entry and exit processes.

Automated trading

I discuss the ins and outs of automated trading and expert advisors in more detail further down. Nonetheless, I should note that the MT4 platform is perhaps the most utilized trading software when it comes to automation.

The reason for this is that MT4 supports automated software that can trade on your behalf – 24 hours per day. EAs, or expert advisors, can be purchased from third-party providers and subsequently installed into your MT4 software.

Furthermore, you can customize your chosen EA so that it aligns with your trading goals and tolerance for risk.

Copy trading

Another feature supported by MT4 is copy trading. In a nutshell, you will be able to copy the buy and sell positions of another trader that uses MetaTrader for their own positions.

There are more than 3,200 strategies that can be copied via MT4, some of which are free. However, the most profitable traders will, of course, charge a fee for their service.

Nonetheless, if you are using a broker that does not directly support copy trading tools, MT4 is a great alternative.

Virtual hosting

If you are considering utilizing an EA so that you can trade forex autonomously, then you may be interested in the virtual hosting services offered by MetaTrader 4.

In its most basic form, MT4 enables you to rent a VPS (virtual private server) so that your automated software can trade 24/7 without any interruptions.

The VPS will ensure that you avoid any latency or downtime, not to mention allow you to use the respective device for other tasks while the EA is in operation.

This once again highlights why MT4 is the preferred forex trading platform for automated strategies.

Device compatibility

MetaTrader 4 offers great flexibility when it comes to choose a suitable device type.

For instance, to get the most out of the MT4 trading platform, you may consider downloading its desktop software – which is compatible with Windows, macOS, and even Linux.

MT4 can also be downloaded to smartphones and tablets, with a native app available for both Android and iOS.

Many forex brokers also support the MT4 trading platform via its own browser-based website. This means that there is no requirement to download or install any software.

I should note, however, that the web trading version of MT4 comes with limited features when compared to its desktop software.

Trading alerts

When it comes to setting up trading alerts, MT4 once again excels.

You will have the ability to create bespoke alerts for a wide variety of triggers, such as those surrounding rising and falling prices, volatility, volume, and more.

When one of your custom alerts has been triggered, MetaTrader 4 will send you a real-time notification.

You can choose to receive the notification internally (e.g. via the desktop software or the mobile app), or by email.

Financial news

Another core feature offered by MT4 is access to financial news. This means that in addition to technical analysis, its trading platform is useful for fundamental research too.

Do note that financial news is provided by third parties rather than MetaTrader 4 itself.

Demo account trading

I also like that MT4 supports paper trading. However, I should make it clear that MT4 itself does not offer a demo account.

Instead, if you want to trade via a demo account, you will first need to open one with a suitable broker. The likes of, IG, and OANDA offer free demo accounts with pre-loaded paper funds.

After you have opened a demo account with a broker, you can log in to MetaTrader 4 with your username and password, and begin practice trading.

Crucially, demo accounts are ideal for backtesting new strategies, as well as EAs and other automated systems.

What are “expert advisors” in MetaTrader?

EAs should not be confused with copy trading, which is the process of copying a human trader. Instead, EAs are software files that you can install into MT4.

I briefly mentioned expert adviors earlier but in this section, I will explain the ins and outs of how this automated trading system works when using MT4.

  • In a nutshell, expert advisors – more commonly referred to as EAs, follow the same process as automated trading robots.
  • That is to say, EAs enable you to trade forex in a completely passive manner.

The EA will have been pre-programmed to scan the forex markets autonomously, meaning that it is always on the lookout for the next trading opportunity.

When the EA finds a potential trading opportunity, it will automatically place a buy or sell order – depending on whether it is going long or short.

How do MetaTrader EAs work?

EAs are not designed or directly sold by MT4. On the contrary, if you have an interest in automated trading, you will need to purchase an EA from a third party trading platform.

The underlying developer will build the EA to enter buy and sell orders when certain conditions have been triggered.

A basic example of this is as follows:

  • An EA has been programmed to short-sell EUR/USD whenever the RSI has a reading of 80 or more
  • Similarly, the EA has also been programmed to go long on EUR/USD when the RSI has a reading of 20 or below

When either of the above metrics are triggered, the EA will automatically place a trade.

Moreover, the EA will also have a range of risk management tools in place that are fully compatible with MetaTrader.

For example, the EA might automatically exit a trade if the position is 1% in the red.

In terms of the fundamentals, the relationship between the EA, MT4, and your chosen broker is as follows:

  • You download MT4 and connect it to your chosen broker
  • Decide on your automated trading strategies and align with
  • You purchase and download a forex EA and then install it into MT4
  • You activate the EA
  • Any positions that the EA places via MT4 will subsequently be facilitated by your chosen metatrader broker

There are both pros and cons to trading with EAs via MetaTrader 4. In terms of the positives, MetaTrader EAs enable you to enjoy a passive trading experience on a 24/7 basis.

In theory, you won’t need to have any prior trading experience, nor have any knowledge of technical or fundamental analysis.

And of course, the MetaTrader 4 EA will not make irrational or emotional decisions, as it can only enter orders based on the underlying conditions it has been programmed to follow.

On the flip side, I should make it clear that forex EAs can lose you money – and quickly. Moreover, you will need to ask yourself why somebody would sell a profitable EA system when they can keep their ‘secret sauce’ private.

Is MetaTrader 4 the best?

It goes without saying that MT4 is one of the most popular electronic trading platform providers in the market. After all, many millions of active traders use MetaTrader 4 each and every day.

With that being said, whether or not MetaTrader 4 is the right trading platform for your financial goals will depend on a range of factors.

  • For example, if you are looking to trade forex and perform high-level technical analysis through a single trading platform, then MT4 is ideal.
  • Furthermore, MetaTrader 4 is a suitable option if you wish to deploy forex EAs to benefit from an automated strategy.

With that being said, beginner traders using MT4 might not be the best option. Instead, there are a range of forex brokers that offer a more user-friendly charting interface for those that are just starting out.

eToro and are two such examples.

Another consideration to make is that many online brokers offer their own proprietary trading suites that are actually more advanced than MT4.

For example, thinkorswim – which is the native trading platform offered by TD Ameritrade, offers many professional-grade tools and features that cannot be rivaled by MT4.

I should also note that US clients can only trade forex via the MetaTrader 4 platform. If you seek access to other asset classes – such as stocks, options, or futures – then you will need to consider another trading platform.

Is MetaTrader 4 only for trading forex?

In addition to forex, MT4 also supports a range of other assets. This includes stocks, commodities and indices.

However, non-forex assets are only supported via CFDs. And, as I noted earlier, CFDs are not available for US clients due to restrictions restrictions by the USA Securities and Exchange Commission.

Therefore, if you are from the US, you will only be able to use MT4 to buy and sell forex pairs.

Does MetaTrader 4 cost money?

MetaTrader 4 itself is free to download and install, not to mention connect to your chosen broker.

Furthermore, the vast majority of MetaTrader features that I discussed earlier can be accessed on a fee-free basis. This is inclusive of technical indicators, charting tools, custom order types, alerts, and more.

However, while many features are free – some cost money.

This includes the following:

  • EAs: On the one hand, the process of installing and deploying an EA on MT4 is free. However, you will need to purchase an EA from a third-party vendor. The price of the EA will vary greatly depending on how profitable it is.
  • Copy trading: Just like EAs, the actual process of copying a trader via MT4 is free. However, some traders charge a monthly subscription fee for this service. I found that this generally averages $40-60 per month.
  • VPS hosting: If you want to use a VPS so that your EA can trade on a 24/7 basis without interruption, then you will need to rent a VPS from MT4. Prices will vary depending on your requirements – such as how many bots you have active at any given time.
  • Custom indicators: It is also possible to purchase custom technical and economic indicators via MT4. Just like EAs, these are built and sold by third parties.

How do I set up a broker on MetaTrader 4?

If you want to get started with MT4 but need a little guidance, here’s an overview of the required process.

Step 1: Choose a MetaTrader 4 broker

First, you will need to choose a regulated broker that supports MT4.

In the earlier sections of this guide, I reviewed a selection of the best forex brokers for both beginners and experienced traders alike.

Step 2: Open an account with a broker

After you have selected a suitable forex broker, you will need to open an account.

Many forex brokers offer a free demo account, which is great for testing the platform out before risking any money.

Step 3: Download MetaTrader 4

After opening a brokerage account, you can then proceed to download MT4.

Most traders will opt for the desktop version of MT4, which comes with full functionality. The web trader version of MT4 comes with fewer trading tools an features, but is also an option nonetheless.

Note: You can also download the MetaTrader 4 app to your iOS or Android phone. This will ensure you are never more than a click away from the forex markets.

Step 4: Log in to MetaTrader 4

Once you have downloaded and installed MT4, open the trading platform on your device.

  • Next, click on ‘File’ followed by ‘Login to Trade Account’.
  • You will then need to enter the username and password that you chose when you created an account with your selected forex broker.
  • In the ‘Server’ field, paste in the server address that is provided by your broker.

Now that you are logged into the MT4 trading platform with your brokerage account details, you can now begin placing orders.

What is the best broker for MetaTrader 5?

If you are looking to use MT5 as opposed to its more popular MT4 counterpart, your options will be limited as a US investor.

With that said, supports both MT4 and 5 and you can download your chosen trading platform directly from its website.

Moreover, you also have the option of trading on MT5 via IBKR, but there is a slight workaround needed.

  • As I briefly covered earlier, you will need to download the TWS platform from IBKR, which is native to the broker.
  • Then, you will need to connect TWS to oneZero Hub Gateway via an API.
  • After that, you will need to indirectly connect MetaTrader 5 to your IBKR account.

IBKR is, however, one of the best online brokers for low fees and tradable markets, so if you’re happy to perform the above workaround, it might be worth it.


In summary, I have explained the ins and outs of how MetaTrader works, alongside its many benefits for active forex traders.

I have also reviewed some of the most popular forex brokers that support MetaTrader, in terms of trading costs, trading tools, spreads, fees, supported pairs, and more.

Ultimately, if you are looking to take your investing endeavors to the next level through in-depth technical analysis or automated trading, MetaTrader is well worth considering.

MetaTrader Broker FAQs

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