8 Best MetaTrader Crypto Trading Brokers for 2024

List of Top MT4 and MT5 Crypto Brokers

How did FX Empire choose the best MetaTrader crypto trading forex brokers?

• We researched and checked the authorizations, licenses, and regulations of each broker.
• We ensured each broker provided access to MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms.
• We explored the number of cryptocurrencies available to ensure that there is a variety of major coins and altcoins to trade.
• We checked the crypto trading fees for each broker to ensure they are transparent and competitive.
• We ensured that the broker allowed trading cryptocurrencies using leverage.
• We researched the deposit and withdrawal options to check if cryptocurrencies can be used.
• We explored the broker’s market research and trading tools to see if they support crypto trading.

Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s explore the selected brokers.

How to choose the best forex broker to trade crypto on MT4/MT5?

Choosing a feature-rich, safe, and well-regulated broker is essential to competing in the world’s cryptocurrency market. Below are some extra tips on how you can choose the best broker to trade with.

How do you choose a safe crypto broker?

When choosing a crypto broker, safety and trustworthiness should be the most important factor. After all, the broker will be holding your trading funds and executing your trades, so you need to make sure they will keep your best interest in mind.

A regulated broker must adhere to strict rules, which, if broken, can result in fines or the loss of their license to operate. There are three tiers of financial regulators that we use to categorize regulatory status:

• Tier 1: These regulators are situated in well-known financial centers and include the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investment Commission (ASIC).
• Tier 2: These regulators are situated in established but smaller financial centers and include the Financial Markets Authority of New Zealand (FMA) and the Financial Sector Authority of South Africa (FSCA).
• Tier 3: These regulators are typically situated in offshore countries and include the International Financial Services Commission of Belize (IFSC) and FSA of Seychelles.
• Unregulated. These brokers are incorporated on an offshore island, are not subject to any regulations, and therefore offer no protection for your funds.

It is important to check which entity you are actually opening a trading account with and confirm what protections, if any, are available to you. This can be done by reading the broker’s terms and conditions document and confirming with customer support in writing.

Brokers regulated by Tier-1 financial regulators offer the highest level of protection. They are legally required to segregate client funds from their own to ensure that they are not using your funds to run the business. They also offer negative balance protection, which means that your account cannot go below zero due to adverse market movements.

The FCA and CySEC regulators take investor protection one step further by making it a legal requirement for brokers regulated by them to be part of a compensation scheme, which protects your capital up to a certain amount in the event of the broker becoming insolvent.

Check out our guides on Best CySEC-regulated forex brokers and Best FCA-regulated forex brokers.

However, the FCA has more stringent rules regarding cryptocurrency trading. They only allow brokers regulated by them to offer crypto trading to clients categorized as a professional, which means having several years of trading experience at an institution. Therefore, CySEC and ASIC-regulated brokers offer the highest level of protection for retail crypto traders.

Check out our comprehensive guide on the Best regulated forex brokers.

What fees should you be aware of when choosing a crypto broker?

There are a number of fees that you should be aware of when choosing a crypto broker to trade with. These fees can be categorized into trading fees and non-trading fees.

Trading fees

Trading fees are charged for opening, closing, and holding a trade. They include:

• Spread: The spread is the difference between the buy price and the sell price of a financial instrument. It is the main source of income for most crypto brokers. A low spread is best, as it means that you will pay less in fees when trading. See our guides for the best lowest spread and best zero spread forex brokers.
• Commission: Some crypto brokers charge a commission for each trade that you open and close. The commission is usually a percentage of the trade size. Again you want this to be as low as possible – some brokers will even offer commission-free trading.
• Swaps: Swaps are fees that are charged for holding a leveraged position overnight. The swap fee is based on the two different interest rates of the currency pair you are trading on, plus a broker’s markup. Discover Best low swaps forex brokers.

Non-trading fees

Some examples of non-trading fees include:

• Account maintenance: Some brokers charge a monthly fee for maintaining an account, even if you’re not trading. Usually, retail brokers do not charge such a fee, but it is more common among professional and institutional-grade brokers.
• Account inactivity: Some brokers charge a fee if your account is inactive for a certain period.
• Deposits and withdrawals: Brokers may charge fees for depositing and withdrawing funds. These fees can vary depending on the payment method that you use. See our comprehensive list of the best forex brokers accepting crypto payments.
• Conversion fees: If you try to fund your account in a different currency to which you opened it, the broker may charge you a conversion fee.

It is important to understand all of the fees that a broker charges before you open an account. You can find this information on the broker’s website or by contacting customer support.

Using a demo trading account can also be a good way to test the fees of a broker or start with the minimum deposit amount on a live account.

Read more about Best forex demo accounts.

What is the best type of a crypto trading account?

Most brokers offer a variety of trading accounts, which can usually be split into two main categories: commission-free accounts and commission-based accounts.

• Commission-free accounts. These accounts will typically offer higher spreads but zero commission to buy or sell. This is because the broker will mark up the spread to cover their costs.
• Commission-based accounts. These accounts typically offer the lowest spreads but a commission to buy or sell. Crypto brokers may charge a commission of 0.1% to 1% to buy or sell, but sometimes it may be higher.

Explore Best STP forex accounts and Best ECN forex accounts.

The type of account that you choose will depend on your trading style and your budget. If you are a beginner trader, then a commission-free account may be a good option. This is because it is a good way to learn the ropes of trading without having to worry about calculating and paying a commission on every trade.

However, if you are a more experienced trader, then you may want to consider a commission-based account with lower spreads. This is because you may prefer to prioritize executing a trade at the exact price you want to buy or sell at and see the commission as a cost of business when reviewing your performance at the end of the month.

It is important to note that each account type may come with a different minimum deposit. Generally speaking, the higher the minimum deposit is, the better the trading terms, products, and services will be. Therefore, it is important to investigate each account type thoroughly to find the one that aligns with your needs the most.

Usually, you can test each account first using a demo trading account before opening a live one. This offers a great opportunity to understand how the account operates and to ensure that it aligns with your trading needs.

What is the best leverage when choosing a crypto broker?

One reason why crypto trading has become so popular in recent years is the availability of CFD trading accounts. CFDs, or contracts for difference, allow you to speculate on the price movements of a financial instrument without actually owning it. This means that you can profit from both rising and falling markets with a relatively small amount of capital.

CFD trading accounts typically offer leverage, allowing you to control a position significantly larger than the amount of money you have deposited. For instance, if a broker provides 1:5 leverage, a trader with $1,000 in their account could control a $5,000 position. While this can amplify profits, it also has the potential to magnify losses.

The amount of leverage that a broker offers depends on the regulatory jurisdiction under which it operates. Tier-1 regulators such as the UK FCA have banned leveraged crypto trading for retail clients. However, other Tier-1 regulators such as CySEC and ASIC allow brokers to offer leveraged crypto trading to their retail clients but have restricted the amount of leverage to 1:2.

Professional clients may be eligible for higher cryptocurrency leverage, but they may lose some of the protections that are afforded to retail clients, such as negative balance protection and protection in a compensation scheme.

Some brokers offer very high crypto leverage, such as 1:100 or even higher. These brokers are typically unregulated or lightly regulated in an offshore jurisdiction. It is important to be aware of the risks associated with trading with high leverage and to only trade with brokers that are regulated by a reputable financial authority. You can check out FX Empire’s carefully selected list of the best forex brokers with high leverage.

What is the best trading platform to use when choosing a crypto broker?

MetaTrader 4 and MetaTrader 5 are the go-to trading platforms for forex and crypto traders. They are secure and reliable, coming packed with numerous features such as multiple chart types and timeframes, over 80 inbuilt technical indicators and drawing tools, algorithmic trading capabilities, and a high level of customization.

However, there are now many other platforms available to crypto traders that may also be worth investigating. I believe it’s beneficial for a broker to offer multiple trading platforms; just in case one goes down, you have another platform to trade from.

Some of the most common trading platforms include cTrader, TradingView, and the broker’s own proprietary trading platform. You can test each trading platform using a demo account to identify the one that is most suitable for you.

Read more about the platforms in our detailed guides on the best MT4, best MT5, best TradingView and best cTrader brokers.

What to avoid when choosing a broker?

When choosing a broker, it is important to be aware of the red flags that may indicate that a broker is not trustworthy. These include:

• Unregulated brokers: A regulated broker is subject to financial regulations, which help protect traders by ensuring that brokers operate in a fair and transparent manner. If a broker is unregulated, it can be a red flag, indicating that the broker might not be trustworthy. In such a case, there would be no help to get your money back if they simply run away with it.
• Lack of regulatory and fee transparency: A broker that is not transparent about its regulatory status and trading fees is a major red flag. This could be a sign that they are trying to hide something. Highly regulated brokers with very good trading fees will want you to know this information.
• No physical presence and live customer support: If a broker does not have a physical office where its staff is located, it is a red flag. If there is no live customer support and you cannot contact anyone by phone, then it is also a worrying sign the broker may not be legitimate.
• Promises of unrealistic profits: A broker that promises unrealistic profits is often trying to scam you. There is no such thing as a get-rich-quick scheme in the crypto market.

We’ve also compiled a comprehensive list of reliable brokers by jurisdiction here, to help you navigate the complex world of forex trading safely.

How to avoid crypto trading scams?

There are many scam crypto brokers out there, so it is important to be careful when choosing one. Here are some tips to help you avoid getting scammed:

• Choose a regulated broker: A regulated broker is one that is subject to financial regulations. These regulations help to protect traders by ensuring that brokers operate in a fair and transparent manner. You can check if a broker is regulated by searching the regulator’s online register.
• Check the broker’s physical address: A legitimate broker will have a physical address that you can verify. If the broker does not have a physical address or if the address is not in a well-known country or city, this is a red flag.
• Speak to customer support: A reputable broker will have responsive customer support that you can reach easily. If you have difficulty getting in touch with customer support, it is another red flag.
• Use a demo account first: A demo account is a free account that allows you to trade with virtual money. This is a great way to test out a broker and its platform before you commit any real money.
• Read the terms and conditions carefully: Before you open an account with a broker, be sure to read the terms and conditions carefully. This document will outline the broker’s fees, trading conditions, and other important information.
• Start with a small amount of capital: If you are new to crypto trading, it is a good idea to start with a small amount of capital. This will help you minimize your risk in case you make any mistakes.

By following these steps, you are more likely to protect yourself from falling victim to a scam crypto broker.

Our Methodology

FX Empire has been pioneering the broker rating review industry for over a decade. Our review process has evolved over the years to include 250 data points covering nine core categories:

• Trust: We evaluate the broker’s regulatory status, reputation, and licenses to operate around the world.
• Fees: We open live trading accounts to test the broker’s trading fees for competitiveness and transparency, as well as check non-trading fees.
• Platforms and tools: We assess the broker’s trading platforms and tools, focusing on ease of use, functionality, and features.
• Tradable instruments: We evaluate the broker’s selection of tradable instruments to ensure there is a wide and diverse range of assets to trade on.
• Customer service: We assess the broker’s customer service, examining responsiveness, helpfulness, and knowledge.
• Deposit and withdrawals: We evaluate the broker’s deposit and withdrawal methods, including associated fees and processing speed.
• Account types: We assess the broker’s variety of account types, analyzing features, execution methods, and minimum deposit requirements.
• Research: We evaluate the broker’s research offerings, including their market news and fundamental research.
• Education: We evaluate the broker’s education offerings, including webinars, tutorials, and e-books.

We have used this extensive database of research and data to identify the best MetaTrader crypto trading brokers to consider trading with this year, along with the following factors.

For this guide, we explored various aspects of cryptocurrency trading. We delved into the accessibility of crypto markets through both MT4 and MT5 platforms, highlighting the diverse range of cryptocurrencies available for trading. Our examination included the option of using leverage on cryptocurrencies, enhancing potential trading strategies.

Additionally, we considered the convenience of using crypto for both deposit and withdrawal purposes. An important aspect of our analysis focused on the low trading fees associated with cryptocurrencies. To provide a comprehensive view, we also included research and educational materials related to crypto trading.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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