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The best Forex MT4 Broker - 2024 List

The best Forex MT4 Broker - 2024 List

created Forex ClubJuly 1 2023

MetaTrader 4 is the most popular platform Forex in the world where hundreds of thousands of traders trade. If you are wondering what is the best Forex MT4 broker, then read this article – we will try to find an answer to this question.

MetaTrader 4 - a phenomenon on a global scale

There are many trading platforms in the world of investment, but only one can be called iconic, legendary and number one - it is MetaTrader 4. The application, which debuted on the market in 2005, quickly won the hearts of traders and ... Forex/CFD brokers. Functional, relatively intuitive, giving many configuration options and, above all, non-standard possibilities. In addition, it is considered extremely stable and reliable.

Number of additional tools in the form of indicators, scripts, slot machines (EA) and various overlays is terrifying and has opened up almost unlimited possibilities for individual investors. No wonder that after so many years, they are still looking for MT4-only brokers and are not considering switching to another platform. It is also not surprising that over 750 companies from around the world offer it. How to choose the best ones from the maze of so many offers? The task seems to be extremely difficult but we took up the challenge!

The best Forex broker with MT4… does not exist?

The choice of the best MT4 broker is strictly dependent on the adopted criteria, and these can be subjectively selected. For one trader, for example, the order execution model will be more important, for another the number of available instruments, and for the third - low spreads. This makes it impossible to single out one best deal for every trader, as expectations and preferences may vary.

For the purposes of this article, however, we will assume a set of elements that every recommendable broker simply must have, i.e.:

  • european license,
  • low initial deposit,
  • low minimum volume,
  • at least 100 instruments on offer.

What the MT4 broker can positively stand out from the competition is above all amount of fees (spreads, commissions, swaps), trade in conflict-free order execution model (ECN, STP) as well high customer satisfaction. We have selected 3 offers that, in our opinion, stand out on the market with high quality of services and a very friendly environment for trading - these are Tickmill, IC Trading and Purple Trading.

The best MT4 broker - 2024 list

tickmill broker dax IC-trading purple-trading
Country UK, Cyprus Australia, Mauritius, Cyprus Cyprus, Seychelles
Min. Deposit PLN 100 200$ 100 EUR
The model of order fulfillment STP STP/ECN STP/ECN
Leverage 1:30 1:30 - 1:500 1:30 - 1:500
Spread EUR / USD * from 0,0 pips from 0,0 pips from 0,3 pips
DAX spread* 0,4 pips 0,8 pips 0,6 pips
Commission with Forex Club discount $4,5 per USD lot $5,5 per lot from USD 5 to USD 8 for 1 lot
Discount of the Forex Club commission -10% (MT5) -21% up to -38%

*Average spread value

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. From 68% to 89% of retail investor accounts record monetary losses as a result of trading CFDs. Think about whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Tickmill UK

Group Tickmill was established in 2015 and very quickly won the hearts of traders from around the world. Ultra low spreads and commissions, proven solutions and a transparent offer. This, combined with top-notch customer service, has created ideal trading conditions for even the most demanding traders. Account holders in Tickmill UK through Forex Club they automatically receive a reduced commission of -10% on their RAW MT5 account – details.

IC Trading

IC Trading is one of the largest retail brokers in the world. The company originating from Australia currently has branches in Cyprus and Mauritius. The phenomenon of this broker results from two things: a comprehensive offer and very high quality of global services. IC Trading provides access to the most important instruments and offers very favorable spreads and commissions. Account holders in IC Trading through Forex Club automatically receive a reduced commission by -21% – details.

Purple Trading

Purple Trading obtained a CySEC license to operate in 2015, but it became famous only a few years later. The broker focused primarily on the high quality of services to satisfy the most demanding traders. As a consequence, we trade here in a conflict-free ECN/STP order execution model, with very low spreads, competitive commissions (especially above 5000 EUR deposit) and on two of the most valued platforms - MetaTrader 4 and cTrader. Account holders in Purple Trading through Forex Club automatically receive a reduced commission to -38% – details.

Other platforms: MetaTrader 5, cTrader, Trading View

Does the popularity of MT4 rightly suggest to us that other platforms are inferior? Nothing similar. Other popular apps like MetaTrader 5, cTrader, and Trading View are much fresher, often run smoothly, and offer unique features that the good old MT4 doesn't have. They have one specific disadvantage - they appeared on the market later, which means that they still have to fight for their popularity. Their availability is still limited (except for MT5), and this makes the choice among brokers much narrower and does not always allow us to precisely match the offer to our needs or we have to accept, for example, higher commissions.

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About the Author
Forex Club
Forex Club is one of the largest and oldest Polish investment portals - forex and trading tools. It is an original project launched in 2008 and a recognizable brand focused on the currency market.