Many forex brokers offer the MetaTrader 4 (MT4) forex trading platform in the UK. When choosing an MT4 broker, look for an FX broker that offers fast execution, a range of CFDs and currency pairs and low spreads.
Our broker reviews are reader supported and we may receive payment when you click on a partner site. For more information, visit our About Us page.
Our top UK forex broker offering MetaTrader 4 list is,
| Broker Review | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Visit Broker |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Read review ›
|
98 |
FCA CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
Read review ›
|
46 |
FCA CySEC, BaFin |
0.9 | 1.4 | 1.3 | 0.9 | 0.14 | 0.13 | - |
|
|
|
160ms | $250 | 49+ | 16+ | 30:1 | 500:1 |
|
Read review ›
|
68 |
FCA CySEC |
1.1 | 1.3 | 1.1 | 0.1 | 0.3 | 0.2 | $3.50 |
|
|
|
161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
|
Read review ›
|
70 |
FCA BaFin, CySEC |
1.3 | 1.4 | 1.7 | 0.30 | 0.90 | 0.40 | $3.00 |
|
|
|
150ms | $300 | 42+ | 7+ | 30:1 | 500:1 |
|
Read review ›
|
66 |
FCA ASIC, MAS |
0.70 | 1.1 | 2.2 | - | - | - | - |
|
|
|
95ms | $150 | 84+ | 25+ | 30:1 | 500:1 |
|
Read review ›
|
61 |
FCA CySEC |
1.32 | 1.7 | 1.95 | 0.32 | 0.37 | 0.51 | $3.50 |
|
|
|
151ms | $0 | 69+ | 30+ | 30:1 | 200:1 |
|
Read review ›
|
61 |
FCA CySEC, CIRO |
1.2 | 1.6 | 1.4 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | 8+ | 30:1 | 400:1 |
|
Read review ›
|
64 |
CySEC CBI, KNF |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
Read review ›
|
71 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
Forex Panel Score
Average Spread
EUR/USD = 0.1 GBP/USD = 0.4 AUD/USD = 0.2
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Why We Recommend Pepperstone
We recommend Pepperstone because it offers one of the lowest RAW spreads of just 0.1 pips for the EUR/USD pair. This, combined with the low commission of £2.25 makes Pepperstone a very cost-effective forex broker with MetaTrader 4 as well as with the MetaTrader 5, cTrader and TradingView trading platforms.
In our tests done by Ross Collins on the broker’s performance with MT4, we discovered that Pepperstone has one of the fastest order execution speeds of just 77ms for limit orders.
Pepperstone also received a perfect 10/10 score in our customer service test thanks to its highly responsive and helpful support team that’s available 24/7.
Pros & Cons
Broker Details
Pepperstone Uses MT4’s Trading Tools And Features To Avail Of Low Spreads On The Wide Array Of Financial Products
Pepperstone is a MetaTrader 4 (MT4) broker that is regulated by top-tier financial authorities including the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), the Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission (CySEC) as well as in Kenya (CMA), Germany (BaFin), and the Bahamas (SCB).
The broker also offers MetaTrader 5 (MT5) as a trading platform option along with cTrader – you can learn more about the difference between MetaTrader 4 vs MetaTrader 5 and cTrader vs MT4, but MetaTrader 4 (MT4) is generally the most popular choice due to its large forex community, professional-grade trading environment and sophisticated range of tools and features. Overall, Pepperstone is the best MT4 broker due to three key strengths:
1. Tight ECN-Like Spreads
When trading with Pepperstone, customers can choose from two main trading accounts. The Standard Account is commission-free and has spreads from 1.0 pips, and the Razor Account, with tighter spreads starting from 0.0 pips, requires you to pay a flat rate commission fee of £4.59 round turn for each standard lot. Pepperstone recommends an initial minimum deposit of $200 for both account types.
Additional features available to both Standard and Razor trading accounts using MetaTrader 4 include:
Pepperstone’s Razor Account
The broker’s ECN-style account is suited to those executing scalping, day trading and Expert Advisor trading strategies or those wanting Pepperstone’s lowest trading costs. As spreads are ultra-tight, Razor account holders pay commission fees on top of the spread as compensation to Pepperstone for facilitating trading. Commission costs are £4.59 round turn per 100,000 traded.
Pepperstone offers the lowest spreads across all five major currency pairs compared to the best forex brokers. For instance, Pepperstone customers can trade average spreads of 0.13 pips for the USD/JPY FX pair, while those trading with the London Capital Group is offered at 0.40 pips.
With tight spreads and competitive commission fees, Razor account holders pay low trading costs. Overall, Pepperstone’s Razor Account is great for UK traders wanting access to an institutional-grade trading environment with ECN pricing.
|
Pepperstone Razor: Average Spreads
|
|||||
|---|---|---|---|---|---|
|
0.20 | 1.00 | 0.40 | 0.60 | 0.60 |
|
0.17 | 0.30 | 0.14 | 0.25 | 0.50 |
|
0.20 | 0.50 | 0.20 | 0.30 | 0.50 |
|
0.20 | N/A | 0.20 | 0.30 | 0.50 |
|
0.42 | 0.30 | 0.20 | 0.83 | 0.50 |
|
0.30 | 0.68 | 0.24 | N/A | N/A |
|
0.40 | 0.70 | 0.30 | 0.70 | 0.60 |
|
0.50 | 0.80 | 0.30 | 1.10 | 1.10 |
|
0.50 | 0.40 | n/a | 0.30 | 0.70 |
|
1.23 | 1.23 | 0.77 | 1.41 | 1.17 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
Calculate Your Trading Costs Below
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Pepperstone’s Standard Account
Standard Account types are excellent for those new to trading who want easy entry into forex and CFD markets. With no commission fees, Standard account holders can avoid complex fee calculations and easily forecast trading costs. As Pepperstone’s compensation is included in the spread, Standard accounts trade with wider spreads than commission-based Razor accounts.
As shown below, Pepperstone’s commission-free spreads are significantly tighter than competing forex brokers. For the EUR/USD currency pair, brokers such as FXTM offer 2.00 pips, while Pepperstone clients can trade average spreads of 1.13 pips. Likewise, Pepperstone averages 1.33 pips for the USD/JPY FX pair, while XM offers 3.30 pips – nearly 2 full pips wider.
|
Pepperstone Standard: Average Spreads
|
|||||
|---|---|---|---|---|---|
|
|
1.10 | 1.20 | 1.40 | 1.60 | 2.00 |
|
|
1.90 | 2.00 | 2.20 | 3.10 | 2.30 |
|
2.00 | 1.40 | 1.46 | 1.54 | 2.13 |
|
1.20 | 1.30 | 1.20 | 2.70 | 1.70 |
|
1.32 | 1.95 | 1.40 | 3.19 | 1.87 |
|
|
1.10 | 1.20 | 1.30 | 1.40 | 1.40 |
|
1.20 | 1.80 | 1.60 | 2.80 | 2.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
Swap Rates And Swap-Free Accounts
As with most forex brokers, Pepperstone charges overnight financing fees (swap rates) on positions held open for longer than one day. Swap rates are interest-based fees and credits calculated using the interest rate differentials of each currency involved in the trade.
For those following Islamic finance practises and unable to pay or receive interest-based payments, Pepperstone offers a Swap-free Account (similar to an Islamic trading account). Swap-free accounts follow the broker’s standard account structure, with minimum spreads of 1.0 pip and no commission fees. Although account holders do not incur interest-based swap charges, positions held longer than ten days will have an admin charge between 1-50 USD, depending on the currency pair held.
2. Trading Conditions And Execution
Pepperstone is a no dealing desk (NDD) broker that executes orders with straight-through-processing (STP). As an NDD and STP broker, Pepperstone fills clients’ orders using external liquidity providers such as top-tier banks and financial institutions. Using quality and external sources of liquidity enables the broker to offer institutional-grade pricing to retail investor accounts.
As well as ECN-style spreads, Pepperstone partnered with the Equinix Data Centre to ensure ultra-fast order execution on the MT4 platform. Equinix hosts Pepperstone’s servers in New York’s financial district, with low latency reducing slippage and increasing execution speeds.
Pepperstone execution infrastructure uses the best fibre optic cable to achieve average execution speeds of 30ms. Fast execution reduces the likelihood of slippage, which means you will likely get the buy and sell price quoted by the provider.
3. MetaTrader 4 Trading Tools And Features
One feature that makes MetaTrader 4 (MT4) so popular is the automated trading features and advanced analysis tools. Depending on your preferred trading device, MT4 is available as a desktop platform, mobile app, or WebTrader platform online.
As a Pepperstone client using MT4, you gain access to most financial products the broker offers. Apart from Share CFDs, Pepperstone’s entire product range includes forex, indices, and commodity CFDs. Due to recent changes to FCA forex trading rules, retail traders can no longer trade cryptocurrencies in the UK. Crypto trading with products such as Bitcoin or Bitcoin Cash is restricted to professional traders only.
Automated Trading Strategies
MT4 users can develop and run Expert Advisors (trading robots/algorithms) or use MT4 or third-party social-copy trading services to automate trading. Both algorithmic and social-copy trading can significantly reduce the time spent conducting technical analysis and researching financial markets. As well as saving time, automated trading removes the emotion from trading, which may benefit beginner traders about to start.
Expert Advisors
To execute algorithmic trading strategies using Expert Advisors (EAs), Pepperstone’s MT4 customers can write and develop their own using the MQL4 programming language or download free or paid EAs from MetaTrader’s Marketplace online.
To optimise Expert Advisors, the MT4 platform offers backtesting features where traders can test EAs against historical data. MT4’s backtesting is single-threaded, and only one currency pair can be tested simultaneously.
Social-Copy Trading
Social-copy trading is an excellent option for novice traders wanting to learn more about forex trading from experienced investors. MetaQuotes proprietary account mirroring service, MetaTrader Signals, is available to all Pepperstone UK customers using MT4. You can copy seasoned traders’ trades, strategies and signals, eliminating the constant need to monitor financial markets while learning from the best.
Charting Tools
The wide range of trading tools (such as charting, technical analysis, and risk management tools) allow users to develop complex strategies on the MT4 platform. Inbuilt technical analysis, charting, and risk management tools include:
As well as the pre-installed trading tools, Pepperstone offers MT4 add-ons such as additional indicators and the broker’s Smart Trader Tools package. To supplement MT4’s pre-installed charting tools, users can download 2,000 free and 700 paid technical indicators from the MetaTrader Marketplace online.
Pepperstone’s MT4 Smart Trader Tools
The broker’s Smart Trader Tools is a free add-on package for Pepperstone MT4 users. Comprising 28 additional technical indicators and Expert Advisors, Smart Trader Tools enhance your trading environment with different order and risk management tools and market data and analysis features. To learn how to use the broker’s various add-ons, you can explore Pepperstone’s educational resources, which range from tutorials to webinars.
Pepperstone’s Demo Account
A demo account is available to explore the MT4 platform and unique trading tools offered by Pepperstone. MT4 users can access demo accounts for 30 days, with the broker providing $50,000 in virtual funds. The virtual account balance allows beginner and experienced traders to practise different trading CFDs and forex within a risk-free environment before signing up for a live account.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.9 GBP/USD = 1.4 AUD/USD = 1.3
Trading Platforms
MT4, xStation 5
Minimum Deposit
$0
Why We Recommend XTB
Our tests found that XTB offers some of the lowest RAW spreads on the market like 0.09 pips average for EUR/USD and 0.13 pips average for GBP/USD. Not only are spreads low, but the broker promises no requotes for transparency.
Trading can be via MT4 or xStation 5 but regardless of the platform, you can trade choose from 71 currency pairs, 33 indices, 28 commodities, 40 crypto among others.
Pros & Cons
Broker Details
XTB Allows Trading Of Various CFD Products With MT4
When trading CFDs with XTB, you can choose three asset classes – forex, indices, and commodities. Although the broker also offers shares and ETFs, these asset classes are only available on the broker’s proprietary trading platform (xStation 5), not MetaTrader 4 (MT4).
The broker offers two account types depending on your desired commission fee structure. If you want to trade forex with simple pricing, XTB’s Standard Account is commission-free. The broker’s Pro account is charged flat-rate commission fees, yet you can access tighter spreads.
Forex
XTB provides access to over 57 different forex markets when using MT4. As discussed above, the broker’s two account types offer different average spreads:
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
Like forex trading, XTB’s Pro account holders trading commodities and indices are charged a round-turn commission fee of £6. Standard accounts can trade commodities and index CFDs commission-free.
Over 37 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 products. For example:
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. 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 Bonds can use maximum leverage of 5:1. XTB’s full range of commodity CFDs is shown in the table below:
| Gold | Silver | Platinum | Palladium | Aluminium |
| Zinc | Copper | Cocoa | Coffee | Corn |
| Cotton | Soybean | Sugar | Wheat | TNOTE (Treasury Note, US Govt) |
| BUND10Y (10 Yr Bond, German Govt) | SCHATZ2Y (2 Yr Bond, German Govt) | NICKEL | Oil | OIL.WTI (Crude Oil) |
| EMISS (C02 Emissions) | NATGAS (Natural Gas) |
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.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.1 GBP/USD = 0.3 AUD/USD = 0.2
Trading Platforms
MT4, MT5, ThinkTrader
Minimum Deposit
$0
Why We Recommend ThinkMarkets
ThinkMarkets is a no-dealing desk broker that offers a low average RAW spread of just 0.1 pips for the EUR/USD pair.
Ross Collins from our team also tested its ThinkZero account and the broker was at zero pips spread 97.93% of the time, outside of the rollover period.
While the minimum deposit for ThinkZero is high, we do like the ability to trade using MT5, MT5 and the in-house developed Thinktrader. Overall we gave them a score of 66/100.
Pros & Cons
Broker Details
ThinkMarkets Allows Tax-Exempt Gains From Spread Betting On MT4
ThinkMarkets FCA regulated branch offers spread betting to the United Kingdom and Northern Ireland residents. Similarly to CFD trading, spread betting allows investors to speculate on the 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). On the other hand, profits from spread betting are exempt from both stamp duty and CGT. You can learn more on the best MT4 spread betting broker page.
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:
MT4 And Spread Betting
When spread betting on MT4 with ThinkMarkets, which is included in our list of best spread betting platforms in the UK, 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 your best trading style, ThinkMarkets offers a demo account for MetaTrader 4.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.3 GBP/USD = 0.9 AUD/USD = 0.4
Trading Platforms
MT4, TradingView, Trading Station, Capitalise.ai
Minimum Deposit
$300
Why We Recommend FXCM
With FXCM, you’ll get a $25 rebate for every million USD you trade in a month, at tier 5. So, if you trade 400 million, you’ll get $10,000 back, which would cover a significant portion of your trading costs such as commission. Because of this, we recommend the broker to high-volume MT4 traders.
At 0.6 pips, FXCM also has an average RAW spread for the EUR/USD pair that is 0.6 pips lower than the industry average.
Pros & Cons
Broker Details
FXCM Clients Copy Trade Using MT4’s Account Mirroring Services
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 your copy trading provider, FXCM offers two main pricing structures.
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:
Beginners and seasoned traders can enjoy the benefits of copy trading with ZuluTrade on MT4. Newbie traders 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 use MetaQuotes’ proprietary social-copy trading network to automate trading. As the social-copy trading features are inbuilt into the MT4 trading platform, you can easily find strategies to follow based on signal providers’ past trades, risk profiles, and success rates.
FXCM allows you to explore the benefits of Trading Signals via a demo or live account through the ‘Signals’ tab on the MT4 platform.
Forex Panel Score
Average Spread
EUR/USD = 0.07 GBP/USD = 0.011 AUD/USD = 0.8
Trading Platforms
MT4, TradingView, Web Trader
Minimum Deposit
$0
Why We Recommend City Index
With average spreads of 0.7 pips for EUR/USD and 1.1 for GBP/USD and EUR/GBP with no commissions, we think CIty Index spreads are impressively low. MT4 with City Index comes with Expert Advisors for automated trading, advanced indicators from FX Blue and integrated news and analysis to keep you up to date on the latest trading new news.
Owned by the StoneX group which is listed on the NYSE (SNEX), we scored the broker 83 for reputation and 86 for the positive online review they have.
Pros & Cons
Broker Details
City Index’s MT4 Users Have Order Types To Manage High Trading Risk
When trading with City Index MetaTrader 4 clients gain access to over 80 foreign exchange markets. There is no choice of account types or ECN-style pricing, with all spreads commission-free, averaging 1.8 pips for the GBP/USD FX pair.
The broker offers two key risk management features – order types and a demo account to minimise losses and maximise gains. As forex and CFDs are complex instruments, it is crucial 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 trading risk. The three basic order types that City Index freely offers are stop-loss, limit, and trailing stop orders. A premium order type (guaranteed stop loss) is available, yet traders must 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 enormous losses, you 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)
Premium order types for a small fee guarantee that an order will be executed at your specified price. While basic order types may be performed at a different price from what you desire because of gapping, guaranteed stop-loss orders ensure an order will be filled at a price specified regardless of price gapping.
MT4 Demo Account
Whether you are a beginner starting with no forex trading background or a seasoned trader with years of experience, demo accounts are an excellent risk management tool for all experience levels.
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 for a live account with a high risk of losing money, demo accounts allow you to learn in a risk-free environment in real-time.
Forex Panel Score
Average Spread
EUR/USD = 0.2 GBP/USD = 0.2 AUD/USD = 0.5
Trading Platforms
MT4, MT5, cTrader, FxPro Trading Platform
Minimum Deposit
$0
Why We Recommend FxPro
FxPro is different to other brokers on this list because you can trade with fixed spreads for ten currency pairs and or choose instant execution meaning you can accept or reject any requotes.
Fixed spreads include 1.96 pips for the EUR/USD, 2.34 for AUD/USD and 2.19 pips for EUR/GBP, while these may seem high compared to variable, the spreads are no affectived by slippage. This make FxPro a good choice to scalpers who need predictable spreads for their trading strategy.
Pros & Cons
Broker Details
FxPro Saves You Time And Effort With Its Free Access To Trading Analysis Tools
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 essential analysis tools FxPro offers are:
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 in conducting research. Trading Central provides these technical analysis features:
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.
Forex Panel Score
Average Spread
EUR/USD = 0.8 GBP/USD = 0.8 AUD/USD = 1.7
Trading Platforms
MT4, MT5, FOREX.com Trading Platform
Minimum Deposit
$100
Why We Recommend FOREX.com
FOREX.com offers above-average spreads for its standard account. For example, it has a 1.4 pips spread for the AUD/USD pair which is 0.14 pips below the industry average. Similarly, its spread for the EUR/GBP currency pair is 0.16 pips below the industry average as well.
Still, we think FOREX.com has some good features, namely good educational and research resources such as complete courses, quizzes, and in-depth guides.
FOREX.com also supports MetaTrader 5 and has its own platform FOREX.com which includes a guaranteed stop loss.
Pros & Cons
Broker Details
FOREX.com Provides Market Access to A Wide Forex Range On MT4
With over 90 FX pairs available on MT4, FOREX.com offers exceptional market access compared to many of the best forex brokers in UK. 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:
If you prefer an ECN-style account over commission-free pricing, you can sign up for a DMA Account. Direct market access (DMA) allows commission account holders to access tighter spreads and view multiple pricing levels from top-tier liquidity sources (market depth).
As well as the 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 practice trading currencies on MT4, FOREX.com offers a demo account with a $10,000 virtual balance and access granted for 30 days.
Forex Panel Score
Average Spread
EUR/USD = 0.9 GBP/USD = 1.5 AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
We like AvaTrade for the low fixed spreads when trading popular currency pairs. You will find there is a 1.5 pip spread for GBP/USD which is 0.64 pips below the industry average. Other pairs include 1 pip for the USD/JPY pair and 0.9 pips for EUR/USD.
Other features of AvaTrade that we liked is the inclusion of 3rd part copy trading tools like AvaSocial which leverages the MetaTrader Signals community and DupliTrade. Both unusual offerings for a market maker.
Pros & Cons
Broker Details
AvaTrade Allows Trading CFDs On The MT4 Mobile App
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. In contrast, 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, which many brokers do not offer on MT4:
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.
Forex Panel Score
Average Spread
EUR/USD = 0.16 GBP/USD = 0.59 AUD/USD = 0.29
Trading Platforms
MT4, IG Trading Platform, L2 Dealer, ProRealTime
Minimum Deposit
$0
Why We Recommend IG Group
We think it hard to go past an online broker that is not only one of the oldest but also the largest. IG Group’s range of markets is impressive, with over 17,000 markets including forex pairs, commodities, indices, cryptocurrencies, stocks and even futures and options.
IG Group has an average spread of 0.32 pips spread when you combine the spreads for the 5 major currency pairs which is 0.12 pips below the industry average so you can also trade these markets with low RAW spreads.
Pros & Cons
Broker Details
IG’s MT4 Demo Account: A Gateway to Risk-Free Trading Mastery
IG is recognised as a top choice for traders seeking an exceptional MT4 demo account experience. With its expansive market reach and intuitive interface, IG’s MT4 platform is not just versatile and high-performing, but also an ideal training ground for both new and experienced traders. Here’s why IG’s MT4 demo account is a standout:
Comprehensive Market Access
IG offers access to over 17,000 markets, including a diverse range of forex pairs, commodities, indices, and cryptocurrencies. This wide selection is particularly beneficial for demo account users, who can practise trading strategies across various market conditions within the MT4 platform.
Advanced Trading Platforms
Beyond its acclaimed MT4 platform, IG also offers other platforms like ProRealTime and its own IG Platform. These are equipped with advanced charting tools and technical indicators, providing a rich environment for analysis and strategy development in the demo account.
Features of IG’s MT4 Demo Account
IG’s MT4 demo account is specifically designed to mirror the real trading environment, offering:
Strong Regulatory Standards
IG’s adherence to strict regulatory standards in multiple jurisdictions ensures a secure and reliable trading environment. This is crucial for traders practising on the demo account, as it provides a realistic sense of security and operational integrity.
Exceptional Support and Educational Resources
IG is known for its excellent customer support and extensive educational resources. These are particularly useful for demo account users, offering insights into market analysis, trading strategies, and platform functionalities.
IG’s MT4 demo account is an excellent choice for traders looking to hone their skills in a risk-free environment. Its extensive market access, realistic trading platform features, stringent security measures, and comprehensive educational support make it the ideal platform for mastering MT4 trading.
Pepperstone is the best MetaTrader 4 broker in the UK based on its excellent trading conditions and range of markets to trade. We particularly like the 3rd party tools to use with MT4 including Smart Trader Tools which includes extra indicators and drawing tools for MT4 and Capitalise.ai for code free automation. You can also use MT4 Trading Signals and DupliTrade for copy trading.
The MetaTrader 4 (MT4) platform is a software system for currency trading developed by MetaQuotes in 2005. Traders can use MT4 to design, develop, and test strategies before placing orders that are then executed by an online broker.
You can trade thousands of CFD markets with MT4 including the forex market, commodities, shares, indices, ETFs, and more. However, the specific financial markets you’ll have access to will depend on your broker.
To choose the best MT4 forex broker for your needs, you’ll want to consider a number of factors. Different experience levels and different trading styles call for different trading tools. You’ll also want to think about how frequently you plan to trade and the volume of those trades.
As a starting point, we recommend taking into account the following when choosing a broker:
The most popular MT4 tools include Expert Advisors (EAs), custom indicators, scripts, trade panels, pattern recognition tools, and risk management orders.
EAs are algorithms that help you monitor financial markets according to your defined parameters. In the event parameters are met, EAs can either notify you of the opportunity or automatically open a position for you.
To use MetaTrader 4 for forex trading, you’ll need to download the trading platform and connect it to your brokerage account. Some brokers simplify the process by creating your MT4 account when you open your account.
If you trade forex, MT4 is best; however, if you’re looking for stocks and exchange-traded assets, then MT5 is best since MT4 is designed for decentralised trading.
Broadly speaking, MT5 offers all the trading tools MT4 has and more. This means more indicators, more charts and order types. This is not to say MT4 does not have some advantages. MT4 has a larger trading community and more ready-made EAs to choose from. Some traders may prefer the lower 32-bit processing power with MT4 if they don’t own a powerful computer.
Whether MT4 or MT5 is your best platform will depend on your overall goals and the financial markets you want to trade.
Pepperstone is the MetaTrader 4 broker in the UK with the lowest spreads. According to our independent tests done by Ross Collins where the following pairs were tested over 24 hours – EURUSD, AUD/USD, GBP/USD, USD/CAD, USD/CHF and USD/JPY Pepperstone’s RAW pips averaged across the major currency pairs 0.36 pips overall. Making them the top-ranking FCA broker. If you’re looking for more options, our comprehensive guide on the lowest spread forex brokers in UK might be of interest.
| Tested Raw Spreads | ||
|---|---|---|
| Broker | Combined for major pairs we tested | |
| Pepperstone | 0.36 | |
| GO Markets | 0.46 | |
| ThinkMarkets | 0.46 | |
| Tickmill | 0.47 | |
| Eightcap | 0.5 | |
| Axi | 0.73 | |
| CMC Markets | 0.73 | |
| Admirals | 0.79 | |
The pros and cons of MetaTrader 4 (MT4) include its straightforward and intuitive trading environment combined with powerful trading tools. Beginners will appreciate the gentle learning curve, while those with experience benefit from advanced charting and an extensive collection of trading tools.
Yes, you can trade with leverage on MetaTrader 4 (MT4) if your broker offers it. FCA-regulated brokers allow traders access to leverage at rates of 30:1 for major currency pairs and 20:1 for minor pairs.
Many top forex brokers, including IC Markets and Pepperstone, offer mobile apps powered by MT4.
MetaTrader 4 is the most popular forex trading platform due in part to its longevity. First launched in 2005, MetaQuotes has spent nearly two decades refining the platform. Algorithmic traders dominate online trading, and they appreciate the enormous selection of Expert Advisers (EAs).
Forex traders prefer MT4 for its enhanced trading experience because it has an easy-to-use interface and also a social trading aspect to it because it has a large community.
You should use the MetaTrader 4 platform because it’s the world’s most popular, most trusted, and best-known forex trading platform. Designed specifically for trading on the Forex markets, it has all the technical indicators, drawing tools, and advanced charting you need, regardless of your trading style.
The amount of money you need to trade with MT4 depends on your forex broker and trading account. Some brokers require a minimum deposit, and others have no deposit requirements. You will still need to meet margin requirements when trading.
If you are a beginner trader, we recommend you start trading with small amounts and increase your account funds as you become more confident in your trades.
Yes, many top brokers offer a MetaTrader 4 demo account without having to use real money. Note that, as a trading platform, MT4 does not itself, offer trading accounts. If you want to open a demo account with MetaTrader 4, you’ll need to find a CFD broker that offers this combination. You can then experiment with forex trading and see the trading fees and financial instruments (e.g., forex, equities, crypto) for yourself.
If you prefer automated trading with Expert Advisors, MT4 is better. If, on the other hand, you’re interested in copy trading, cTrader and its cTrader Copy tool are best suited to your needs. The answer to the question of cTrader vs MT4 depends on your particular trading style.
If you rely heavily on charts for your technical analysis, TradingView is the better platform. If, on the other hand, you need access to tools like market sentiment indicators and moving averages, MetaTrader 4 is the best choice. Learn more about the Best TradingView Brokers.
| MetaTrader 4 | TradingView | |
|---|---|---|
| Indicators | 30 built-in indicators, 2,000+ free custom indicators, and 1000s of paid ones | 100+ built-in indicators, including user-created alternatives |
| BackTesting | Yes With Strategy Tester | Yes |
| Trading Execution | Depends on broker (market maker, NDD, STP, ECN) | Depends on broker (market maker, NDD, STP, ECN) |
| Availability | Widely available | Less that 20 brokers |
| Costs | Free | 6 Subscription levels |
| Community | 50M+ trading registered trading account | 600,000k+ account and 50M users. |
| Coding Language | MQL4 | Pine Script |
| Create Bots for automation | Yes with EAs (leader in the industry) | Yes (cBots) |
| Copy Trading | Yes | No |
| Social Trading | No | Yes |
| Stock screeners | No | Two stock screeners, one ETF screener, two crypto screeners, and one Forex screener |
Yes, MetaTrader 4 supports copy trading in the UK with their Trading Signal service. 3200+ free and commercial signals are available for you to subscribe to, all sorted by their trading results.
Popular UK forex brokers like Pepperstone also offer add-ons and integrations for copy trading, including DupliTrader and MyFxBook.
Yes, MetaTrader 4 is one of the best automated trading platforms in the UK. You can add Expert Advisors (EAs) to your trades which are MT4-specific automated trading add-ons written in MQL4 coding language.
No, there are no MT4-specific regulations in the UK. FCA Regulated Brokers are overseen by the Financial Conduct Authority, which regulates online brokers and other financial services providers that handle orders and hold funds, but not the platforms traders use to develop and execute strategies.
Yes, MetaTrader 4 is considered one of the best forex trading platforms for beginners if you take the time to practice with a demo account and familiarise yourself with the interface. It has a user-friendly interface, fast execution speeds to minimise slippage and offers great mobile functionality.
Trading with a forex and CFD platform that the Financial Conduct Authority (FCA, formally the FSA) regulates provides UK traders with various investor protection policies such as negative balance protection, close-out margins, and access to the Financial Services Compensation Scheme (FSCS) if needed.
Although online trading platforms provide risk management tools like order types, forex and CFDs are complex derivative instruments with a high risk of losing money. Regulators such as the FCA (UK), ESMA (Europe), and CySEC (Cyprus) enforce strict forex trading rules to ensure retail traders are protected from significant losses. If you trade forex and CFDs with an offshore broker, you will not receive strong protections as in the UK.
To check if the FCA licences a particular broker, you can check the broker’s registration number against the regulator’s register.
Ask an Expert