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The best MetaTrader 4 (MT4) broker overall is Pepperstone Logo
Our recommended broker for MT4 is Pepperstone.
According to our assessment of execution speed, Pepperstone is by far the top MT4 broker. When compared to other top brokers we studied and tested, Pepperstone used the MetaTrader 4 platform to execute limit orders the fastest. Overall, we gave Pepperstone a score of 92 out of 100, with the broker performing well in each of the broker’s 8 test categories. In conclusion, Pepperstone has a lot of highlights, like:
- Low average spreads
- Fast execution speeds
- Great range of MT4 tools and features
- 5 diverse trading platforms
The Quickest Limit Orders Are on Pepperstone.
We performed speed testing in 2023, and Pepperstone had the quickest limit orders. Ross Collins, the chief of technology research at Compareforexbrokers, conducted these tests by comparing the top 20 MT4 brokers using limit and marker orders. He discovered Pepperstone had a faster average limit order speed than its closest rivals, at 77ms.
Simplest Account Opening Process
We also enjoy Pepperstone since it makes opening an account simple. In fact, while considering every aspect, from the simplicity of signing up to the speed of account opening, Pepperstone received a perfect 15/15. We gave a perfect score to just one forex broker, and that was it. Particularly helpful throughout the entire process was the account manager Pepperstone supplied.
Offering Competitive Spreads
In comparison to its biggest competitors, Pepperstone offers reasonable spreads on all significant currency pairings. Take a look at our spread calculator below instead of taking our word for it. Top brokers like IG and Axi’s spreads and commissions are combined in the calculator.
There are two factors at play in the low spreads. First off, Pepperstone does not use a dealing desk for trade execution and does not charge a markup on spreads, so there is no need to go via a middleman. Second, the broker offers excellent liquidity as a result of the location of its servers in the NY Equinix data centre, close to the elite institutions from which Pepperstone sources its liquidity. Fast execution speeds only make it possible for you to lock in these little spreads with a smaller probability of losing them.
2. MT4 With BlackBull Markets Is The Best Option For Fast Execution Because of the High Leverage
BlackBull Markets, a New Zealand-based broker, has the highest leverage of 1:500 of any broker on our list according to its location. This is due to the distinction between Australian rules by ASIC and New Zealand laws by the Financial Markets Authority (FMA). When trading with leverage, we advise you to exercise caution because having high leverage increases your purchasing power but also increases your risk if you are unsuccessful.
The following is a list of BlackBull Markets’ main advantages:
- High forex leverage of 1:500
- Fastest overall execution speeds
- Good range of trading platforms
- Competitive spreads
Market’s fastest MT4 broker
Ross Collins from Compareforexbroker tested the 2023 execution speeds and discovered that BlackBull Markets was the fastest MT4 broker overall. BlackBull Markets ranked first overall in Ross’ testing utilising limit and market orders, with speeds of 72 ms for limit orders and 90 ms for market orders.
With BlackBull Markets, you can open three different kinds of accounts, as shown below.
We advise new traders to open an ECN Standard Account, while intermediate to seasoned traders should open an ECN Prime Account. For the most experienced traders with a lot of capital under their belt, it also offers the ECN Institutional Account. Due to the fact that BlackBull Markets uses both Straight-through Processing (STP) and Electronic Communication Network (ECN), ECN is included in the account names of this Forex broker.
BlackBull Markets offers a wide variety of CFD products, including 64 forex pairs, but Australian traders are not allowed to access the entire 23,000 share offering (as actual assets, not CFDs). However, only BlackBull Markets from our list of MT4 brokers allows you to trade currency pairs with a leverage of 1:500.
3. Top for low no-commission spreads with MT4
IC Markets has the lowest standard spreads of any broker we tested, according on our 2023 testing. IC Markets received an overall score of 83/100 thanks to its affordable trading fees, wide selection of markets, and other factors. Below is a summary of IC Markets’ main attributes:
- Lowest no-commission spreads
- MT4, MT5 and cTrader platforms
- Competitive trading fees
- 61 Forex pairs to trade
Based on our testing, IC Markets has the lowest standard account spreads.
In 2023, we compared the regular account spreads offered by 15 of the biggest forex brokers, and IC Markets came out on top. Using the MT4 platform, Ross Collins, our principal technology researcher, evaluated exclusively commission-free accounts while contrasting market maker and no dealing desk brokers. Ross discovered that IC Markets was ranked first, just ahead of CMC Markets and Fusion Markets, with an average spread of 1.03 pips and an average spread cost of USD $9.63.
When registering with IC Markets, you have the choice between the Standard and Raw Spread account types. Our suggested platform, particularly for new forex traders, is the Standard Account from IC Markets because it has the lowest spreads and no commissions. You can use cTrader or one of the MetaTrader platforms (MT4/MT5) with Raw Spread. It’s crucial to keep in mind that the biggest distinction is in the commission fees, as cTrader only offers USD commissions (at a round-turn fee of $6 each trade).
IC Markets Trading Platforms
IC Markets’ full platform range is listed below:
- MT4
- MT5
- cTrader
- Myfxbook
- ZuluTrade
According to our opinion, this platform selection is small, with the default MetaTrader experience including the same trading features that are offered by the majority of brokers. These MT4 plugins for algorithmic trading and charting technical analysis include Myfxbook, AutoChartist, and MetaTrader Signals.
IC Markets now has access to the cTrader trading platform, which distinguishes out for its exceptional depth of market features and automated trading with cAlgo.
Finally, one of the most well-known social trading platforms on the market, ZuluTrade, offers copy trading.
According to our tests, IC Markets has the lowest no-commission spreads on the market, making it a suitable option for newbies. Additionally, you have access to an ECN account (RAW account) with spreads as low as 0 pip. Your entire trading experience with algorithmic and social trading will improve if you have good MT4 trading tools like Myfxbook, Autochartist, and ZuluTrade.
