Finding the best Metatrader broker for investing and trading forex can be difficult. Metatrader 4 is definitely one of the most popular trading platforms on the planet. As for Forex trading, it most certainly is. There are various statistics floating around that you can look into, but the average statistic states that something along the lines of 90% of all retail trading in the currency markets is done with the Metatrader platform.
Let’s check out some of the top-rated MetaTrader 4 forex brokers and compare their features, so you can see which one is right for you.
1.1 Compare the Top Forex Brokers for MT4 in 2020
Here’s a list of the best MetaTrader 4 (MT4) brokers that will help you get started trading forex and making money.
FXPro started in 2006 in London. The broker offers Forex, CFD markets in shares, indices, futures, metals, and energies. They use an “NDD”, or “No Dealing Desk” approach to facilitating orders, meaning that they are automatically routed and matched up with each other. They offer floating spreads and are regulated in several different countries. They have over €100 million in company capital, making it one of the most well-capitalized brokers out there, and most certainly means that they can copper any financial storms that come along.
FXPro is by far one of the biggest brokers out there, and with good reason. They have been servicing clients for several years and have a strong presence globally. They offer plenty of assets to trade from, and also offer a multitude of platforms, not just Metatrader. Being highly regulated and strongly capitalized makes a huge difference as well, and therefore makes this a very attractive brokerage firm.
OctaFX has been around since 2011 and hails from St. Vincent and the Grenadines. They offer several different assets including: indices, Forex, metals, and crypto with CFD markets. They are of course not only regulated locally, but they are also regulated in the European Union, so it does make this a much more attractive brokerage than the typical Caribbean bucket shop. They of course do use the Metatrader platform, and therefore fits nicely with all of the other brokerage firms in this list. They also offer cTrader, which is the world’s viable alternative to Metatrader.
Pepperstone is from Melbourne, Australia and was founded in 2010. The firm allows traders to use the Metatrader 4 and 5 platforms, as well as cTrader. They offer a ton of different trading assets including: commodities, stocks, indices, Forex, crypto, and futures with CFD markets. They won a bunch of awards and are consistently considered one of the best brokers in Australia, if not Asia.
They have a huge list of satisfied clients, and quite frankly are one of the better places you can trade. They have regulation in multiple jurisdictions, so therefore the trader can feel very comfortable depositing their money with Pepperstone.
4.1.1 IG Group
IG Group is world-class broker based London. The parent corporation, IG Group Holdings PLC, was formed in 1974 when they originally opened up “IG Index.” This was a way for traders to speculate on the price of gold, as well as other precious metals. Since IG started their online business in 2003, they have grown to more than 178,000 clients in multiple countries. They are regulated by FCA in the UK and ASIC in Australia with global offices in 16 different countries.
They are the UK’s largest retail Forex brokerage and are publicly listed on the LSE. They offer both CFD trading and spread betting. They also offer options and currency trading. They use the Metatrader platform, like most of the brokerages around the world. However, they also give you the opportunity to use ProRealTime if you choose, which allows for automated algorithmic trading. Furthermore, they also have their own proprietary platform called IG Trading, which is a web-based platform. They have recently opened up the US firm but can only offer Forex and CFD trading in the US is illegal. They currently offer over 16,000 markets.
Longevity alone is going to be pretty impressive for IG Group. By far the oldest broker that we are looking at, they have a long track record. The structure the company has been around for you almost 50 years, with a huge number of offering for traders to take advantage of. They have built a reputation through multiple recessions in the financial crash. They have always stayed liquid and are one of the most well-respected brokerage firms in the world. You could certainly do much worse than to do your trading at IG Group.
To enter the United States retail Forex markets calls for huge amounts of capital backing the company. The fact that they could do that in the last couple of years speaks volume to the solidity of this corporate entity. That being said, the United States does have a few oddball laws out there, and IG Group does not offer Forex trading accounts to residents of Arizona or Ohio. This has to do with the state laws and can cause issues at other brokers as well.
5.1.1 FP Markets
FP Markets falls under the umbrella of First Prudential Markets Pty Limited, based in Australia. The company was founded in 2005 and has grown to become one of the larger Australian offerings. With the head office in Sydney, the brain has one multiple awards in the industry like customer service, trader education and trade execution.
Beyond that, they offer over 10,000 trading instruments. They obviously use the Metatrader ecosystem and are regulated in many different countries. They have very low spreads on Forex currency pairs, and therefore have been favored by many Australians over the last almost 2 decades.
FP Markets as a strong backing parent company that will keep it afloat through the worst of times. In that sense, it is extraordinarily safe to trade there, perhaps more so than most other brokerage firms. They do offer a nice diversified global marketplace that you can take advantage of correlating and non-correlating assets as there is over 10,000 markets available. This alone makes this an interesting place to trade, and the fact that it is only $100 to get involved makes it a low barrier to entry.
Furthermore, as they are regulated in Australia they do have to adhere to very strict rules. They are also regulated in the EU, so that of course carries its own weight as well. Australians have trusted this brokerage firm for almost 2 decades, and they have earned the business of thousands through there diligent and trustworthy business practices.
LCG, or London Capital Group Limited is a brokerage firm out of London, England that offers Forex, metals, oil, and various soft commodities. It was founded in 1996 and has won many awards over the last several years including best mobile trading platform, CFD provider of the year, and the like. Beyond that, it is considered to be the second-biggest spread betting and CFD provider in the United Kingdom. Not only do they offer CFD trading, but they also offer option trading as well.
LCG is a well-known and respected brokerage firm out of London, England. This means that it has “earned its stripes” in one of the toughest cities to do business. Furthermore, they are heavily regulated by the FCA, which is always a huge advantage. They offer more leverage than is usually seen by brokers out of the United Kingdom, so that is a big advantage.
That said, this is a brokerage firm that has been around long enough that safety is certainly going to be something that you can expect, as well as plenty of experience handling orders for clients. Customer service has been one of its biggest advantages as well.
FXCM is one of the oldest brokerage firms online. It has been around since 1999 and is currently based in London, England. They offer currencies, indices, crypto, and commodity CFD markets. You can trade with algorithms, and they do offer extensive education and research. The obviously offer the Metatrader ecosystem as well as Trading Station which is their own proprietary property.
While FXCM is heavily regulated, they had a red flag attached to them. As a result they aren’t allowed to operate in the US. Trouble still follows this brokerage because they have done so much extreme damage to the reputation. It’s not so much an argument as to whether or not they are a decent broker, they most clearly can be. However, there are large amounts of brokers out there trying to get your business.
There haven’t been many complaints since the broker left the US, so they seem to have cleaned up their act. If you are outside of the US, FXCM might be a good choice for you.