Top 10 Best MT4 Forex Brokers in the USA Fully Regulated.
An MT4 Forex broker is any broker who provides the MetaTrader 4 trading software. MetaTrader 4 and MetaTrader 5 (MT5) are trading platforms created by MetaQuotes Software Corp. for mobile, web, and desktop computers.
To provide MT4 to you as a customer, a forex broker requires a legitimate license from the developer.
Certain forex brokers that provide MT4 may not be adequately regulated in the countries they operate; consequently, it is vital to select trustworthy MT4 brokers.
The foreign currency market is the most active financial market globally, with approximately $5 trillion changing hands every day.
This information is intended to assist US traders in locating the best FX broker for their trading style.
Photo credit: FxDailyreport.
Which Broker is Best for MetaTrader 4?
Best Overall MetaTrader.
Through its commission-based accounts, IC Markets caters exceptionally well to algorithmic traders. Third-party research and trading tool plugins are available on the IC Markets MetaTrader platforms, making it our top MetaTrader broker in 2021. (From 74% to 89% of individual investor accounts lose money)
Competitive price and a full MetaTrader.
Suite Trade on consistently low spreads with Global Value Forex Broker.
Low effective spreads (Raw ECN account) from FP Markets, along with platform add-ons and access to over 130 tradeable symbols, are a winning combination in 2021. The whole MetaTrader suite is available, as it is with other leading MT4 brokers.
XM Group.
A standard MetaTrader broker provides the whole MetaTrader suite and a few noticeable enhancements to enhance the experience and unique indicators. Aside from trading tools, XM Group’s research offering is deep and diverse, challenging industry heavyweights like IG and Saxo Bank.
Read also:
Is MetaTrader Allowed in the US?
This is a list of Forex brokers who work with US currency dealers. These brokers are either NFA-registered (or CFTC-regulated) or offshore businesses that cater to US traders despite restricting the Dodd-Frank Wall Street Reform and Consumer Protection Act.
According to US spot Forex market legislation, only legally registered brokers may solicit and offer services to US residents.
The same rules severely limit their trading opportunities. To comply with the American FX regulatory environment, a broker must offer leverage of no more than 1:50 for major currency pairs (much lower for minor and exotic pairings) and no-hedging accounts.
A registered broker must have at least $20 million in capital on hand and follow strict monitoring, supervision, and risk management standards. This results in increased fund security, albeit it may appear to many Forex traders to be relatively limited.
Reasons why most forex brokers do not accept US clients.
The regulatory climate for brokers operating in Europe is relatively straightforward. After obtaining a license from one European regulator, a broker may accept traders from all EU nations.
In other words, a UK Financial Conduct Authority-licensed broker can take customers from Germany, the Netherlands, Bulgaria, and other EU member nations.
European licenses, on the other hand, are ineffectual in the United States. A broker who desires to accept US traders must be regulated by the NFA or National Futures Association.
You may be wondering why brokers with several licenses, such as CYSEC, FCA, ASIC, and others, would not get another one to provide services in the United States. The reason for this is simple: capital requirements.
While a broker must have between $100,000 and $500,000 in locked money to get one of the European licenses, the NFA requires significantly more cash to operate in the US – $20 million.
This sum merely represents a deposit that a broker must provide and does not include any legal expenses related to getting licenses, hiring attorneys to be listed on the register, or hiring executives. In other words, operating in the US market is expensive.
List of 10 Best MT4 Forex Brokers in the USA.
Plus500 FXTM XTB IC Markets FP Markets Swissquote OctaFX RoboMarkets BDSwiss Tickmill FXCC eToro.
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The restricted number of FX brokers in the US is definitely due to the severely regulated environment, which requires brokers to deposit a significant amount of cash while also reducing brokers’ profitability by limiting leverage.
This also leads to a few unregulated brokers providing their services in the US since they can better address the demands of the traders while incurring low legal and operational expenditures.
Unregulated brokers that welcome US traders, on the other hand, should never be considered.