2024’s Best MT4 Broker in the US: Expert Reviews & Analysis (2024)

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MetaTrader 4 (MT4) is the world’s most popular forex trading platform, so surprisingly, only a few forex brokers offer this functionality. On this page, I’ve evaluated the best MT4 brokers in the USA, assessing them not just on the quality of their MetaQuotes platform but also on their trading conditions, financial instruments, account types, and other key factors.

There are good reasons why MT4 should be your go-to platform. It has all the essential charts and technical indicators you are likely to need when trading, good customization features, and automation with Expert Advisors—even copy trading and social trading are possible. MT4’s popularity and versatility make it an essential tool for beginner and experienced traders.

OANDA– Best MT4 Broker For US Traders

FOREX.com– Top Broker With MT4

IG Group– Great Forex Broker In the USA For Beginners

Trading.com– MT5 For MT4 Upgrade

Disclaimer:These brokers only offer spot foreign exchange trading, not CFDs or ETFs. The Dodd-Frank Act forbids brokers in the USA from offering trading with contracts for difference. They also do not provide the cTrader platform, as it is unavailable in the US.

Regulation is one of the most critical factors for me when choosing a brokerage. All the brokers on this list hold licenses with top-tier American regulators like the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). By choosing a broker overseen by these agencies, you can feel confident that your funds are protected and that you are trading in a fair, transparent environment.

1. OANDA – Best Forex Broker For US Traders

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In my opinion, OANDA is the standout choice for US-based MT4 traders. With extra functionality such as MetaTrader 4 Premium upgrade and MT4 open order indicator, OANDA offers more than the standard MT4 product most brokers provide.

The brokerage offers 69 forex pairs for trading with a standard account that has no commissions, discounts for elite traders, a free unlimited demo account, and no minimum deposit requirement. Founded in 1996, it is one of the oldest brokers around and is regulated in eight major financial services markets or jurisdictions. As such, it’s one of the brokers I consider most trustworthy.

Account Types and Trading Costs

As someone looking to minimize my trading costs, I appreciate that OANDA offers competitive, tight spreads. When I opened my spread-only account, I was pleasantly surprised to find that spreads for the EUR/USD pair started at just 0.6 pips, which is significantly lower than the industry average of 1.24 pips. Across the five currency pairs that I trade most frequently, OANDA’s average spread is a low 0.7 pips.

OANDA offers a free demo account with no expiry date as long as the account is kept active for one month. Demo trading accounts allow you to practice your forex skills and strategies and familiarize yourself with the trading apps without risking real money. Additionally, OANDA’s Elite Trader program offers discounts and rebates for high-volume traders, helping to reduce trading costs further.

Another factor that drew me to OANDA was the lack of a minimum deposit requirement. I started live trading with a small account and gradually increased my position sizes as my strategy proved profitable. OANDA also keeps my costs low by not charging any account maintenance, deposit, or withdrawal fees. The only fee I’ve encountered is the $10 per month inactivity fee, which kicks in after 12 months of no trading activity—something that has yet to be an issue for me as an active trader.

MetaTrader 4 Features

OANDA’s MetaTrader 4 offering comes with several notable features that enhance the trading experience:

1.Automation with Expert Advisors: MetaTrader 4 supports using Expert Advisors (EAs) to create custom indicators and algorithmic trading, allowing you to automate your strategies and take advantage of market opportunities 24/7. You can either create your own strategies using MQL4 code or buy ready-made advisors from the MetaTrader marketplace.

2.MT4 Premium Upgrade: OANDA offers an MT4 Premium upgrade that includes additional features such as an advanced charting package, enhanced order management tools, and exclusive market research and analysis access.

3.MT4 Open Order Indicator:The MT4 Open Order Indicator is a tool that helps you manage open positions more effectively by providing real-time information on their current orders, including entry prices, stop-loss levels, and take-profit targets.

4.Integrated News Feed:OANDA’s MT4 platform includes an integrated news feed that keeps you up-to-date with the latest market developments and economic events, helping you make informed trading decisions.

If Metatrader 4 is not for you, other platforms available with OANDA include TradingView and OANDA Trade. TradingView is a charting platform with top technical analysis, while OANDA Trade allows you to control your lot trading size down to 0.001 precisely.

Regulation

From a regulatory standpoint, OANDA ticks all the boxes. The broker is regulated by six tier-1 agencies, including the US CFTC and NFA, which gives me peace of mind knowing that my funds are held with a reputable, well-regulated company.

OANDA: My Verdict

After extensively testing OANDA’s offerings, the broker is my top choice for US-based MT4 traders. The combination of low spreads, a feature-packed best MetaTrader platform with Premium upgrades, and robust regulatory oversight make it a standout option.

While OANDA does offer crypto trading, including Bitcoin, it’s important to note that this is only available through their proprietary platform, OANDA Trade, or their mobile app, not MT4.

Overall, OANDA’s commitment to providing a comprehensive and user-friendly trading experience and its strong regulatory background makes it an excellent choice for US traders looking to maximize their potential in the foreign exchange market.

2. FOREX.com – Top Broker With MT4 and MT5

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Another broker that has impressed me with its MT4 offering is Forex.com. As part of the publicly traded StoneX Group (NASDAQ: SNEX), which also owns City Index, I can confidently say Forex.com has a strong reputation regarding transparency. Notable features Forex.com offers with MetaTrader 4 include commission-free trading, bonus Expert Advisors, a MetaTrader download package, and VPS hosting.

Account Types and Trading Costs

Forex.com offers a spread-only, commission-free account with variable spreads starting from 1.2 pips for the EUR/USD for MT4 users. This account type is suitable for those who prefer a straightforward pricing model and those who are just starting or trading less frequently.

As an aside, Forex.com also provides the MT5 trading platform, which offers more advanced trading tools, including the RAW Pricing account with spreads as low as 0.0 pips in exchange for a commission of $7.00 per lot per side. While Forex.com is a market maker, this account is closer to ECN execution, meaning spreads are aggregated from liquidity providers such as JP Morgan, Barclays Bank, and Deutchbank.

If you are a high-volume trader, you can save even more with the Forex.com Active Trader program. Provided you make an initial deposit of at least $10,000 or trade $50 million in a calendar month, you can get cash rebates of 5% to 15% on trading costs.

MetaTrader 4 Features

Forex.com provides a non-modified version of the MT4 platform and allows hedging, which can be a valuable risk management tool. The broker also offers a range of bonus features to enhance your trading experience:

1.Expert Advisors: Forex.com provides 9 Expert Advisors created by FX Blue, including Alarm Manager, Correlation Matrix, Correlation Trader, Market Manager, Sentiment Trader, and Session Map. I liked the alarm manager, which alerts me to any significant events I wish to know about, and the sentiment trader, which gives me a feel for what others are trading.

2.MetaTrader Download Package: This package includes 15 custom indicators that give you an inside edge on the markets and help you analyze your strategies.

3.Expert Advisor VPS Hosting:Liquidity Connect provides Expert Advisor VPS Hosting for $30 a month or free if you trade at least $500,000 per month. The software is pre-installed for easy setup.

Financial Markets and Regulation

Forex.com offers over 80 forex pairs for US traders to access. However, it’s important to note that CFD trading is not available with Forex.com in the USA. US clients can trade spot forex, stocks, futures, and futures options, but no other asset classes like ETFs.

From a regulatory perspective, Forex.com is regulated in six jurisdictions, including the US CFTC and NFA, UK FCA, and Australian ASIC. This multi-jurisdictional oversight provides an extra layer of security and ensures that the broker adheres to strict financial standards.

Forex.com: My Verdict

After trading with Forex.com for several months, I can confidently recommend the broker to fellow US-based MT4 traders. The combination of competitive pricing, a robust platform offering, and extensive market access make it a top choice, particularly for high-volume traders who can benefit from the Active Trader program benefits. The bonus Expert Advisors, custom indicators, and VPS hosting options provide additional value for traders looking to enhance their MT4 experience.

3. IG Group – Best Forex Trading Platform In USA For Beginners

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If you are new to the foreign exchange market, IG Group offers a compelling combination of educational resources, competitive pricing, and MT4 integration tools. In my research, I found that the broker has 80 forex pairs to trade, which is an ample range to begin your forex journey.

Account Types and Trading Costs

IG Group offers a single account type for US clients with a spread-only pricing model. In my experience, the broker’s spreads are competitive, with the EUR/USD pair starting at 0.08 pips and an average of 1.2 pips. Other pairs include a minimum of 1 pip for AUD/USD and GBP/USD, along with an average of 1.4 pips and 1.8 pips, respectively.

One of the features I appreciate most about IG Group is the lack of minimum deposit requirements. As a new trader, I was able to open an account and start trading with a small initial investment, gradually scaling up as I became more comfortable with the Metatrader platform and market conditions.

IG Group offers cashback promotions for high-volume traders. If you meet monthly trading volume requirements, you can also receive cash rebates of 5% to 15%. This tiered rebate system has been a nice bonus as I’ve increased my trading activity over time.

MetaTrader 4 Features

IG Group’s MT4 offering comes with a range of valuable tools and features for you:

1.Trading Signals:IG partners with third-party providers Autochartist (using their pattern recognition technology) and PIA First (using their trading strategy service) to provide you with top technical and fundamental signals.

2.Custom Indicators: IG provides six custom MT4 indicators for technical analysis to help find market trends and insights. Indicators include Order History Indicator, Pivot Points Indicator, High-Low Indicator, Renko Indicator, Chart Group Indicator, and Freehand Drawing Indicator.

3.Free Add-ons: To enhance your trading experience, you can access 12 free MT4 add-ons, such as Mini Terminal, Trade Terminal, Stealth Orders, and Correlation Matrix.

4.Signal Centre:IG Group’s Signal Centre provides actionable trade ideas by leveraging a combination of human expertise and AI technology. The in-depth market research behind each trade idea provided me with suggestions, trade target levels, and ongoing updates when I needed to make decisions on trades.

5.Autochartist Integration: IG’s MT4 platform integrates with Autochartist, providing automatic pattern recognition and trading signals.

Education and Research

IG Group stands out for its commitment to education and research. The broker offers an extensive library of educational content, including articles, video tutorials, and webinars, covering topics from basic forex concepts to advanced trading strategies. This wealth of resources has been invaluable to me as a beginner trader, helping me build a solid foundation and develop my skills.

Additionally, IG Group provides various research tools, such as economic calendars, market analysis, and trading ideas, to help you stay informed and make well-educated decisions.

From a regulatory perspective, IG Group is authorized and regulated by several top-tier agencies, including the US CFTC and NFA, UK FSA (now FCA), and German BaFin. This global regulatory oversight provides peace of mind and ensures my funds are securely held.

IG Group: My Verdict

IG Group is a top choice if you are a beginner trader looking for a reputable, well-regulated broker with a solid MT4 offering and extensive educational resources. The combination of competitive spreads, a user-friendly platform, and robust learning materials make it an ideal starting point for those new to the forex market. The Signal Centre feature is a standout offering, providing beginners with clear, expert-backed trade ideas to help them navigate the market confidently.

While more experienced traders may find the lack of advanced platform features limiting, IG Group’s reputation, regulatory standing, and commitment to education make it a reliable choice for traders of all levels. Their customer support is also top-notch.

4. Trading.com – MT5 For MT4 Upgrade

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Trading.com is a newer entrant to the US forex market, but its parent company, Trading Point Financial, has existed for many years. Trading Point Financial owns XM, which has a significant presence in Europe, Australia, and the UAE. This provides Trading.com with a strong foundation and extensive experience in the forex industry.

Despite its relatively recent entry into the US market, Trading.com has quickly made a name for itself as the only CFTC-regulated brokerage to exclusively offer the MetaTrader 5 (MT5) platform.

While this page focuses on the best MetaTrader 4 brokers in the US, it’s worth mentioning Trading.com as an alternative for traders seeking a more advanced trading experience. MT5 is an upgrade to MT4, offering enhanced capabilities and features that can benefit beginner and experienced traders alike.

Account Types and Trading Conditions

Trading.com offers a commission-free T1 account with tight spreads starting at 0.7 pips for US clients. While these spreads are slightly higher than some other online brokers I’ve tested, the advanced features of the MT5 platform compensates for this.

One aspect of Trading.com that I find particularly attractive as a high-volume trader is the leverage offered. Like other US-regulated brokers, Trading.com caps leverage at 50:1 for major pairs and 33:1 for minors, providing me ample opportunity to amplify my profits while effectively managing risk.

When I decided to open an account with Trading.com, I was pleased to discover that I only needed to deposit $50, making it an accessible option for traders of all levels, including beginners like myself.

MetaTrader 5 Features

While MT4 is an excellent trading platform in its own right, MT5 offers a more advanced trading experience. MT5 provides everything MT4 has and more. Here are some features MT5 offers that make it superior to MT4:

Features of MT5 vs MT4

–Technical Tools:MT5 provides over 80 technical indicators and analytical tools, compared to MT4’s 30 built-in indicators and 24 analytical objects. This expanded toolkit has allowed me to take my trading to the next level, providing new insights and helping me identify high-probability setups.

–Drawing Tools:MT5 offers 44 graphical objects for technical analysis, while MT4 provides 31. The additional drawing tools in MT5 have given me more flexibility in analyzing price action and identifying potential entry and exit points.

–Pending Order Types:MT5 supports six pending order types (Buy Limit, Buy Stop, Sell Limit, Sell Stop, Buy Stop Limit, and Sell Stop Limit), while MT4 offers 4 (Buy Limit, Buy Stop, Sell Limit, and Sell Stop). The extra pending order types in MT5 have allowed me to implement more sophisticated trading strategies.

–Timeframes:MT5 supports 21 timeframes, ranging from 1 minute to 1 month, while MT4 offers nine timeframes, from 1 minute to 1 month. The additional timeframes in MT5 have given me greater flexibility in my multi-timeframe analysis process, allowing me to identify trends and patterns across a broader range of time horizons.

For algo traders like myself, MT5’s enhanced order filling and expanded marketplace

of trading robots are significant upgrades over MT4. While the platform uses a different programming language than its predecessor, I’ve found the transition to be smooth thanks to the wealth of educational resources and support provided by Trading.com. Overall both MT4 and MT5 are thebest trading platforms for US traders.

Financial Markets and Regulation

As a US trader, I appreciate that Trading.com offers access to 70 forex pairs, including majors, minors, and exotics. This range of markets has allowed me to diversify my trading and take advantage of opportunities across the forex landscape. However, like other US brokers, they do not offer CFDs, Cryptocurrencies, or ETFs.

From a regulatory perspective, Trading.com is overseen by the NFA/CFTC in the US, The FCA in the UK, and the Cyprus Securities Exchange Commission (CySEC) in Europe.

Trading.com: My Verdict

For traders looking to upgrade their MT4 experience, Trading.com’s MT5 offering is a compelling choice. Its advanced features, extensive market access, and competitive pricing make it a top pick for US traders seeking a more sophisticated trading platform.

While transitioning from MT4 to MT5 may require some adjustment, particularly for algo traders, the potential benefits of enhanced execution speed and analysis tools are well worth the effort.

As a passionate forex trader, I know firsthand how important it is to choose the right brokerage and platform for your needs. After extensive testing and personal experience with each of these brokers, I’m confident in recommending them as the top MT4 choices for US traders.

Whether you’re a beginner just starting your forex journey or an experienced trader looking for advanced features and competitive pricing, an option on this list will suit your needs. By selecting a well-regulated, reputable broker and leveraging the power of the MT4 platform, you’ll be well on your way to achieving your trading goals.

FAQ

Is MT4 available in the US?

Yes, MetaTrader 4 (MT4) along with features such asMT4 Expert Advisors for automationis available to US traders. However, due to regulatory restrictions, not all forex brokers offering MT4 accept US clients. To ensure a safe and compliant trading environment, choosing a broker that is properly licensed and regulated by the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) is essential.

Which broker is best for MT4?

Based on my extensive testing and personal experience, OANDA is the best MT4 broker for US traders. OANDA offers a feature-rich MT4 platform, a wide range of forex pairs, and very useful extra features like MT4 Premium. Additionally has some of thelowest spreads for US traders on the market, strong regulatory oversight and a reputation for reliability, make it a top choice for traders of all levels.

Is forex trading legal in the US?

Yes, forex trading is legal in the United States. However, the CFTC and the NFA heavily regulate the foreign exchange market to protect traders and ensure fair market practices. US-based forex brokers must be registered with the CFTC and be members of the NFA to offer forex trading services to US residents legally.

Can US citizens trade forex?

Yes, US citizens can legally trade forex if they do so through and NFA-member andCFTC-regiatered Forex broker. It’s crucial to choose a reputable and well-regulated broker to ensure your funds’ safety and avoid potential scams or fraudulent activities.

What’s the best US forex broker?

The best US forex broker depends on your individual trading needs and preferences. However, based on my research and experience, I highly recommend OANDA as thebest Forex Broker in the USAfor its competitive pricing, robust MT4 offering, and strong regulatory oversight. Other top choices include Forex.com, IG Group, and Trading.com, each offering unique features and benefits for US traders.

Please note that, while available in the US, Interactive Brokers does not offer MT4. Also, the popular Pepperstone broker is not available to US traders.

Do I pay taxes on forex trading in the US?

Yes, US residents are required topay taxes on their forex trading profits. The Internal Revenue Service (IRS) considers forex trading gains taxable income, and traders must report these gains on their annual tax returns. It’s essential to keep accurate records of your trading activity and consult a qualified tax professional to ensure compliance with US tax laws.

Forex gains are taxed as ordinary income for most individual traders using the 60/40 rule. This means that 60% of your profits are taxed at your ordinary income tax rate, while the remaining 40% are taxed at a lower long-term capital gains rate. However, tax treatment may vary depending on your circ*mstances, so it’s always best to seek professional advice.

By understanding the tax implications of forex trading and staying compliant with US regulations, you can focus on growing your trading portfolio while minimizing potential legal and financial risks.

In conclusion, US traders can access a range of reputable and well-regulated forex brokers offering MT4 and other advanced trading platforms. By carefully evaluating your needs and choosing a broker that aligns with your goals and preferences, you can confidently navigate the exciting world of forex trading while ensuring the safety and security of your funds.

OANDA Disclaimer

OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS

Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circ*mstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.