UK Forex Brokers With MT4

XTB – Top MT4 Forex Broker For Trading CFDs

When trading CFDs with XTB you have the choice of three asset classes – forex, indices and commodities. Although the broker also offers shares, ETFs and cryptocurrencies, these asset classes are only available on the brokers proprietary trading platform (xStation 5) and not MetaTrader 4 (MT4).

Depending on your desired commission fee structure the broker offers two account types. If you want to trade forex with simple pricing, XTB’s Standard Account is commission-free. The brokers Pro account is charged flat-rate commission fees yet you can access tighter spreads.

Forex

XTB provides access to over 48 different forex markets when using MT4. As discussed above, the broker’s two account types offer different average spreads:

• Standard Account: Average spreads of 0.7 pips (EUR/USD) with no commission fees.
• Pro Account: Average spreads of 0.3 pips (EUR/USD) + £6 round turn commission fee.

Due to the high-risk nature of forex trading, the FCA allows higher leverage for frequently traded major currency pairs and enforces lower leverage caps for less commonly traded forex pairs. When trading major forex pairs with XTB, such as the GBP/JPY, EUR/USD and GBP/CAD, maximum leverage is capped at 30:1, while minor and exotic currency pairs such as the NZD/CHF or USD/PLN, the maximum leverage offered by XTB is limited to 20:1.

Indices

Similar to forex trading, XTB’s Pro account holders trading commodities and indices are charged a round turn commission fee of £6. Standard account can trade commodity and index CFDs commission-free.

Over 42 index CFDs derived from major financial exchanges around the globe are offered by the broker. Although the FCA allows maximum leverage of 20:1 when trading indices, limits vary between financial product. For example:

• Maximum leverage of 20:1 on the worlds largest indices, i.e. UK100, US500 and JAP255.
• 10:1 leverage for less commonly traded indices such as ITA40, SPA35, RUS50, NED25 and USCANNA (US Cannabis Index).
• 5:1 for high-risk indices like VOLX (Volatility Index) and the USDIDX (US Dollar Index).

Commodities

XTB offers access to 22 different commodity CFDs. Apart from a few specific asset classes (gold, emissions and government-issued financial securities), MT4 users are not charged overnight financing fees when trading commodities. A maximum leverage of 20:1 available.

Commodity CFDs derived from Gold permit leverage up to 20:1, while those trading emission contracts,  T-Notes or Bunds can use maximum leverage of 5:1. XTB’s full range of commodity CFDs is shown in the table below:

MT4 Demo Account

To practise trading forex, commodities and indices on MT4, XTB offers an excellent demo account with a £100,000 virtual trading balance.

XTB Review >>Visit XTB >>

ThinkMarkets – Good MT4 Broker For Spread Betting

ThinkMarkets FCA regulated branch offers spread betting to residents of the United Kingdom and Northern Ireland. Similarly to CFD trading, spread betting allows investors to speculate on price movements of a financial instrument without buying or selling the physical asset.

Benefits of Spread Betting

The key difference between spread betting and trading CFDs is that spread betting is more tax efficient. While any profit from trading CFDs is exempt from stamp duty, the gains are subject to Capital Gains Tax (CGT). Profits from spread betting, on the other hand are exempt from both stamp duty and CGT.

MT4 Spread Betting Product Range

When spread betting with ThinkMarkets, the pricing structure is similar to the broker’s standard account type, where traders pay no additional commission fees on top of the spread. Spread betting is offered for four asset classes, with the following financial instruments available:

• Major currency pairs: Minimum spreads of 0.8 pips with 30:1 leverage:
  • EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, GBP/CAD, GBP/CHF, GBP/JPY and USD/CAD.
• Minor and exotic fx pairs: Minimum spreads from 0.8 pips with 20:1 leverage:
  • AUD/CAD, EUR/NOK, EUR/NZD, GBP/AUD, GBP/NZD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, USD/CNH, USD/NOK, USD/SGD, USD/TRY and USD/ZAR.
• Indices: Target spreads starting from 0.9 pips with 20:1 maximum leverage:
  • ASX, CAC, DAX, FTSE, S&P, DOW, ESTX and Nikkei.
• Metals: Average spreads of 20 cents with a maximum leverage of 20:1 for Gold and average spreads of 3 cents with max leverage of 10:1 for Silver:
  • XAU/USD and XAG/USD.
• Commodities: Spreads averaging 0.04-0.05 points with 10:1 maximum leverage:
  • WTI Crude Oil and Brent Crude Oil.

MT4 and Spread Betting

When spread betting on MT4 with ThinkMarkets, traders gain access to the same technical analysis and trading tools as those using the platform for CFD trading. To establish whether CFD trading or spread betting is the best style of trading for you, ThinkMarkets offers a demo account for MetaTrader 4.

View ThinkMarkets Review >>Visit ThinkMarkets >>

FXCM – Best For Copy Trading With MT4 Platform

Social-copy trading is becoming increasingly popular as it reduces the time one needs to develop and execute trading strategies. As an FXCM client using MetaTrader 4 (MT4), there are two ways to automate trading via account mirroring services – ZuluTrade and Trading Signals.

ZuluTrade is a third-party social-copy trading network that can be directly integrated into the MT4 platform while Trading Signals is MetaTrader’s proprietary account mirroring service. Regardless of the copy trading provider you use, FXCM offers two main pricing structures.

1. Standard Account: offers commission-free trading with spreads starting from 1.3 pips (EUR/USD).
2. Active Traders: Those trading high-volumes receive discounted spreads with rebate pricing.

ZuluTrade

ZuluTrade, one of the most popular account mirroring providers, enables FXCM customers to implement copy trading strategies directly within the MT4 platform.

ZuluTrade’s established social network allows you to follow and copy the strategies of successful traders, eliminating the need for lengthy technical analysis and constant monitoring of financial markets. FXCM clients can automate trading by either:

1. Copying the trades of individual traders.
2. Copying a bundle of different traders strategies, known as Combos.

Beginners and seasoned traders alike can enjoy the benefits of copy trading with ZuluTrade on MT4. Those new to forex trading can learn from the best while building confidence and experienced investors gain the opportunity to earn additional profits by developing strategies for others’ to copy.

Trading Signals

Alternatively, FXCM MT4 customers can automate trading using MetaQuotes proprietary social-copy trading network. As the social-copy trading features are inbuilt into the MT4 trading platform, users can easily find strategies to follow based on signal providers past trades, risk profiles and success rate.

FXCM allows users to explore the benefits of Trading Signals via a demo or live account, through the ‘Signals’ tab on the MT4 platform.

View FXCM Review >>Visit FXCM >>

City Index – Good MT4 Risk Management Tools

When trading with City Index MetaTrader 4 clients gain access to over 80 foreign exchange markets. No choice of account types or ECN-style pricing is available, with all spreads commission-free, averaging 1.8 pips for the GBP/USD fx pair.

To minimise losses and maximise gains, two key risk management features are offered by the broker – order types and a demo account. As forex and CFDs are complex instruments, it is important to utilise risk management tools while acknowledging the broker’s various risk warnings.

MT4 Order Types

As a City Index MT4 user, four order types can be used to manage the high risk of trading. The three basic order types that are freely offered by City Index are stop-loss, limit and trailing stop orders. A premium order type (guaranteed stop loss) is available yet traders are required to pay a fee.

Stop-Loss Order

Stop losses can be used to minimise losses when markets move in unfavourable directions. To eliminate the risk of large losses, traders can specify a price (worse than the market price) where the trade will be automatically closed.

Limit Order

To lock in profits, limit orders automatically close trades when a preset price, that is better than the current price is met.

Trailing Stop Loss Order

Similar to a standard stop loss, those using trailing stops specify a particular number of pips away from the current price, allowing the stop to move with the current market price. By trailing the current price by a certain amount, profits are protected while gains are not limited.

Guaranteed Stop Loss (Premium Order)

For a small fee, premium order types provide guarantees that an order will be executed at the price you have specified. While basic order types may potentially be executed at a different price to what the trader desires because of gapping, guaranteed stop-loss orders ensure an order will be filled at the price specified regardless of price gapping.

MT4 Demo Account

Whether you are a beginner starting out with no forex trading background or a seasoned trader with years of experience, demo accounts are an excellent risk management tool for all levels of experience.

With 12 weeks access and a £10,000 virtual trading balance, MT4 demo account users can explore different financial markets, practise trading strategies and learn to use the wide range of technical analysis tools available on MT4. Before signing up to a live account that carries a high risk of losing money, demo accounts allow you to learn in a risk-free environment, in real-time conditions.

FxPro – Great MT4 Technical Analysis Features

As conducting research and technical analysis can be time-consuming, choosing a broker with strong technical analysis tools can help you easily stay up to date with forex and CFD markets.

While MetaTrader 4 offers advanced inbuilt technical analysis tools, FxPro provides online and third-party resources that can save you time and effort when trading. The four key analysis tools offered by FxPro are:

• Trading Central: A third-party source of technical analysis that is freely available to FxPro’s MT4 customers.
• Market Holidays: As holidays can affect market volatility, you can check out upcoming trading holidays online.
• Market News: The broker’s online newsfeed provides free articles explaining the latest news regarding financial markets.
• Economic Calendar: FxPro’s economic calendar outlines upcoming releases of reports and information that will affect exchange rates, CFD pricing and market volatility.

Trading Central

The third-party technical analysis provider uses multiple sources of information to monitor and analyse a range of financial instruments, saving you time and effort conducting research. Technical analysis features provided by Trading Central include:

• Sophisticated graphical analysis
• Mathematical indicators
• Support and resistance level analysis
• Candlestick charts
• Longterm and intraday forecasts

Trading Central is fully compatible with MetaTrader 4. Although the third-party service usually costs a subscription, FxPro MT4 users gain free access to the technical analysis features.

FxPro’s economic calendar, market news and holidays can be viewed on the broker’s website, while MT4’s features and tools can be trailed via a demo account.

View FxPro Review >>Visit FxPro >>

Forex.com – Best Forex Broker For Currency Pair Range

With over 80 fx pairs available on MT4 Forex.com provides excellent market access compared to other brokers. Competitors such as IC Markets and Plus500 offer less than 60 currency pairs, with fewer minor and exotic fx pairs available to trade than Forex.com.

With a wide range of currency pairs yet limited CFDs, Forex.com is best-suited to those wanting to focus on forex trading as products such as Share CFDs are not accessible.

Forex Spreads and Account Types

Forex.com’s standard account and pricing structure are commission-free, with no additional fees charged on top of the spread. Examples of minimum and typical spreads for commonly traded fx pairs are:

• AUD/USD: Average spread 1.6 pips, minimum spread 0.8 pips.
• EUR/GBP: Average spread 1.9 pips, minimum spread 1.0 pip.
• EUR/USD: Average spread 1.3 pips, minimum spread 0.8 pips.

If an ECN-style account is preferred over commission-free pricing, traders can sign up to a DMA Account. Direct market access (DMA) allows commission account holders to access to tighter spreads, with the ability to view multiple levels of pricing from top-tier liquidity sources (market depth).

As well as depth of market pricing, DMA Accounts are rewarded with reduced commission fees for trading high volumes. Unfortunately, though you can trade lower spreads with potentially discounted commission charges, DMA Accounts cannot trade Forex.com’s full forex range, with only 58 currency pairs available.

To practise trading currencies on MT4, Forex.com offers a demo account with a $10,000 virtual balance and access granted for 30 days.

View Forex.com Review >>Visit Forex.com >>

AvaTrade – Broker With Top MT4 Platform For Mobile Trading

AvaTrade is an MT4 broker that offers the software as a desktop trading platform, webtrader or mobile trading app. An excellent option for those trading on the go, AvaTrade requires a low minimum deposit of $100 to start trading CFDs on the MT4 mobile apps. Likewise to MT4’s webtrader and desktop platforms, advanced technical and fundamental analysis tools can be used to identify trading opportunities, while order types can be used to manage the high risk of CFDs.

As well as trading CFDs derived from a range of asset classes, AvaTrade’s MT4 users based in the UK and Ireland can execute tax-efficient spread betting strategies that are not liable to Capital Gains Taxes (CGT). Regardless of whether you are trading CFDs or spread betting, you can access over 60 financial markets including shares and crypto, which many brokers do not offer on MT4:

• Forex
• Commodities
• Indices
• Shares
• Cryptocurrency

Mobile trading apps are available on iOS and Android devices and can be downloaded via Apple’s app store or Google Play. Desktop, webtrader and mobile apps can all be used to access the broker’s demo accounts that are funded with a $100,000 virtual trading balance.

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IG Markets – Good Broker For Cryptocurrency and Bitcoin Trading

As well as foreign exchange markets, IG Markets UK offers access to a wide range of CFDs including an excellent selection of Cryptocurrencies. IG Markets MT4 users can choose from 7 Crypto products for spread betting or CFD trading strategies.

Cryptocurrencies accessible to IG Markets MT4 traders include:

• Bitcoin
• Ethereum
• Ripple
• Litecoin
• Bitcoin Cash
• Stellar
• NEO
• EOS

Those residing in the UK or Ireland may prefer to execute spread betting strategies rather than trading CFDs due to the tax benefits. While any profit made from trading CFDs is subject to Capital Gains Tax (CGT), spread betting profits are CGT exempt. As shown below, IG Markets forex spreads are the same whether you are spread betting or trading CFDs on MT4.

Bitcoin Trading

The two main advantages of trading Bitcoin CFDs rather than purchasing the Bitcoin through a financial exchange are leverage and short selling. While short selling is difficult via an exchange, those trading CFDs can buy long and sell short. Additionally, in accordance with FCA regulation, leverage is available but capped at 2:1 when trading cryptocurrencies such as Bitcoin.

To enhance clients’ experience trading Bitcoin and other Cryptocurrencies on MetaTrader 4, IG Markets provides a wide range of educational materials to assist traders. An IG Academy plus educational articles, webinars, tutorials and seminars are freely available on the broker’s website. To help you choose which Crypto to trade, comparison tables, in-depth articles and how-to guides are provided.

Demo accounts can also be used for educational purposes. With £10,000 in virtual funds, you can practise buying and selling cryptocurrency CFDs in real-time market conditions yet with no risk of losing real money.

View IG Markets Review >>Visit IG Markets >>

AxiTrader – Great For Automated Trading With Expert Advisors

When implementing Expert Advisors (trading robots) tight, ECN-like spreads will help forex traders maximise profits. AxiTrader offers institutional-grade pricing via its Pro Account, making it a great choice for those wanting to focus on algorithmic trading.

As Pro Account holders are offered ultra-tight spreads starting from 0.0 pips, AxiTrader charges a flat rate commission fee as compensation for facilitating trading ($7 USD round turn).

Alternatively, if a commission-free pricing structure is preferred, AxiTrader offers a Standard Account type with spreads starting from 0.4 pips. Both Standard and Pro accounts are available through MetaTrader 4 (MT4)

Expert Advisors (EAs)

You can either develop your own EAs or download existing programs from the MetaTrader Marketplace online. As well as automating technical analysis, EAs can be used to automatically enter and exit markets, saving time researching and placing trades.

When using MT4, EAs are written using the MQL4 programming language, with backtesting features available to optimise EAs prior to execution.

As well as algorithmic trading with Expert Advisors, AxiTrader customers using MT4 gain access to the following features:

• Commission and commission-free account types.
• Free access to Autochartist and myfxbook AutoTrade.
• Over 140 financial products including forex, commodities, indices, metal and cryptocurrency CFDs.
• Available as a desktop platform (PC or Mac), online via webtrader or mobile trading apps for Android and iOS devices.

If you are wanting to practise developing and implementing EAs, or purely wanting to explore MT4’s features AxiTrader offers a free demo account. The free trial comes with a $50,000 virtual balance along with 30 days access.

View AxiTrader Review >>Visit Axitrader >>