best mt4 broker
Verdict
- Pepperstone is our best MT4 broker: Razor pricing (0.1 pips average on EUR/USD), Smart Trader Tools add-ons for MT4, expert advisor support and an ASIC licence for Australian clients (AFSL 414530).
- MT4 commission at Pepperstone is charged when the position opens: USD 7 per lot on a USD account, AUD 7 on an AUD account.
- One limit: in Australia, Pepperstone offers MT4 only on Razor, not on the commission-free Standard account.
- Capital.com, IC Markets, Fusion Markets, Vantage, FP Markets and CMC Markets also list MT4.
MetaTrader 4 is the same software at every broker, so the choice comes down to the price feed, the commission, the add-ons and how the broker treats automated trading. Here is how Pepperstone handles each, and where other MT4 brokers fit.
Why Pepperstone is our MT4 pick
Pepperstone pairs MT4 with its Razor pricing and adds its Smart Trader Tools suite, including Trade Terminal, Correlation Matrix, Mini Terminal and Smart Lines (Pepperstone's own pages give different counts for the full set). Expert advisors are supported, and free VPS hosting is offered to eligible and Pro clients. Funding is free, and an AUD base currency avoids conversion on every trade.
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best forex broker with mt4
For forex on MT4, look at what each lot costs. Pepperstone's MT4 commission is a single charge when you open, rather than per side:
| Broker | Average spread | Commission | Approximate total |
|---|---|---|---|
| Pepperstone Razor | 0.1 pips | $7 at open | $8 |
| IC Markets Raw Spread | 0.01 pips (global site) | $3.50 per side | $7.10 |
| FP Markets Raw | 0.11 pips | $3 per side | $7.10 |
| Fusion Markets Zero | 0.0 claimed on majors | $2.25 per side | $4.50 |
best brokers for mt4
By what you need from MT4:
- Add-ons and EA tooling: Pepperstone, for Smart Trader Tools on MT4 and MT5.
- Lowest per-lot commission on paper: Fusion Markets.
- Lowest published raw spread: IC Markets.
- A single broker for MT4 plus guaranteed stops: Capital.com, which lists MT4 and offers guaranteed stop-losses, though it publishes no static EUR/USD spread.
- Proprietary platform first, MT4 as a backup: CMC Markets, which lists MT4 alongside its Next Generation platform.
MT4 limits at Pepperstone worth knowing
- Razor only: Standard-account holders in Australia use MT5, cTrader or Pepperstone's own platform instead.
- Perpetual CFDs are not offered on MT4; use MT5, cTrader, TradingView or the Pepperstone app.
- If you want the cheapest Pepperstone forex commission, cTrader is USD 6 per round turn against USD 7 on MT4.
Sources
Is MT4 still worth using in 2026?
If your expert advisors and indicators are built for MT4, yes. For new setups, MT5 has more timeframes and is available on both Pepperstone accounts.
Can I run expert advisors on Pepperstone MT4?
Yes. Pepperstone supports algorithmic trading and EAs on MT4 and MT5, with free VPS for eligible and Pro clients.
Why is Pepperstone's MT4 commission charged at open?
That is how Pepperstone bills MT4: one charge of 7 units of your account currency per lot when the trade opens, instead of half at open and half at close.
Automated and manual MT4 trading on leveraged CFDs both carry a high risk of rapid loss. Test any EA on a demo first and read the PDS. We report broker-published costs; this is not investment advice.