What Are The Best MT4 Brokers In UK?

2. XTB: A Top MT4 Forex Broker For Trading CFDs

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:

• 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

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:

• Maximum leverage of 20:1 on the world’s 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. 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:

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 ReviewVisit XTB

3. THINKMARKETS: A Good MT4 Broker For Spread Betting

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:

• 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, 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.
ThinkMarkets ReviewVisit ThinkMarkets

4. FXCM: The Best Broker For Copy Trading With MT4 Platform

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.

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 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.

View FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

5. CITY INDEX: Great MT4 Risk Management Tools

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.

*Your capital is at risk ‘71% of retail CFD accounts lose money’

6. FXPRO: Best MT4 Technical Analysis Features

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: A third-party source of technical analysis 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 influence 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 in conducting research. Trading Central provides these technical analysis features:

• Sophisticated graphical analysis
• Mathematical indicators
• Support and resistance level analysis
• Candlestick charts
• Long-term 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 ReviewVisit FxPro

*Your capital is at risk ‘78.87% of retail CFD accounts lose money’

7. FOREX.com: The Best Forex Broker For Currency Pair Range

FOREX.com Provides Market Access to A Wide Forex Range On MT4

With over 90 FX pairs available on MT4, FOREX.com provides excellent market access compared to other United Kingdom forex 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 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.

View FOREX.com ReviewVisit FOREX.com

*Your capital is at risk ‘71% of retail CFD accounts lose money’

8. AVATRADE: Top MT4 Software For Mobile Trading

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:

• Forex
• Commodities
• Indices
• Shares

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.

Visit AvaTrade

9. IG: Best MT4 Demo Account

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:

• Customisable charts and layouts to simulate actual trading setups.
• A full range of technical indicators and drawing tools for comprehensive market analysis.
• The ability to test automated trading strategies using Expert Advisors (EAs).
• Full functionality on both mobile and desktop devices, replicating the flexibility of real trading.

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.

IG ReviewVisit IG

How To Choose The Best MT4 Forex Broker?

When it comes to trading in the Forex market using the MT4 platform, selecting the right broker is crucial for a successful trading experience. Here are key aspects to consider:

1. Regulatory Compliance

Regulatory compliance is a critical factor. One of the most respected and stringent regulatory bodies in the Forex market is the Financial Conduct Authority (FCA).

Importance of FCA Regulation

• Trust and Integrity: FCA-regulated brokers are held to high standards of operation, ensuring they act with integrity and in the best interests of their clients. This builds trust among traders.
• Financial Security: The FCA mandates that regulated brokers keep client funds in segregated accounts, separate from the company’s funds. This protects traders’ capital from misuse or insolvency risks.
• Compensation Schemes: Brokers regulated by the FCA are typically part of the Financial Services Compensation Scheme (FSCS), which can protect investments up to a certain limit in case the broker faces financial difficulties.
• Fair Practice: The FCA ensures that brokers provide clear and fair pricing, without hidden fees or misleading information. This transparency is crucial for traders to make informed decisions.
• Dispute Resolution: In case of disputes, traders dealing with FCA-regulated brokers have access to fair and impartial dispute resolution services.

Choosing an FCA-Regulated Broker

• Check Registration: Verify the broker’s registration with the FCA. This can usually be done through the FCA’s online register.
• Understand the Protections Offered: Familiarise yourself with the level of protection and compensation available under FCA regulation.
• Compliance with MiFID II: Ensure that the broker also complies with the Markets in Financial Instruments Directive II (MiFID II), which provides additional protections and transparency in financial markets.

2. Trading Conditions

These conditions directly impact your trading experience and profitability. Key aspects to consider include spreads, commission, leverage, and minimum deposit requirements.

Spreads

• Types of Spreads: Brokers typically offer either fixed or variable spreads. Fixed spreads remain constant regardless of market conditions, while variable spreads fluctuate based on market liquidity and volatility.
• Impact on Trading Costs: Tighter spreads can significantly reduce trading costs, especially for high-frequency traders or those who trade large volumes.

Commission

• Commission Structures: Some brokers charge a commission per trade, in addition to spreads. This fee can be a fixed amount per lot traded or a percentage of the trade volume.
• Evaluating Cost-Effectiveness: Compare the overall cost of trading, considering both spreads and commissions. In some cases, a broker with zero commission but wider spreads may not be as cost-effective as one with lower spreads and a reasonable commission.

Leverage

• Leverage Options: Leverage allows traders to control larger positions with a smaller capital outlay. However, it also increases the risk of significant losses.
• Risk Management: Choose a broker that offers flexible leverage options that align with your risk tolerance and trading strategy. Be cautious with high leverage, especially if you are a beginner.

Minimum Deposit Requirements

• Initial Capital: Minimum deposit requirements vary among brokers. Some may offer low or no minimum deposit, making it easier for new traders to start.
• Account Types: Often, different account types come with varying minimum deposit requirements. Premium accounts with more features might require a higher initial deposit.

3. Platform Features

MT4 is renowned for its customisation options, automation capabilities, and technical trading tools, which can greatly enhance your trading experience.

MT4 Customisation Options

• Personalised Trading Environment: MT4 allows you to customise the trading environment to suit your preferences. This includes changing the layout, colours, and even the data displayed.
• Custom Indicators and Scripts: One of the strengths of MT4 is its ability to support custom indicators and scripts. Traders can develop their own tools or download existing ones to tailor their analysis and trading strategies.

Automation

• Expert Advisors (EAs): MT4 is well-known for its automated trading capabilities through Expert Advisors. EAs can automate trading strategies, allowing for hands-free trading and the ability to take advantage of opportunities 24/7.
• Backtesting Capabilities: MT4 provides solid backtesting tools that allow traders to test their automated strategies on historical data. This is crucial for refining strategies and understanding potential performance without risking real capital.

Technical Trading Tools

• Advanced Charting: MT4 offers advanced charting capabilities, with a wide range of timeframes and chart types. This flexibility is essential for detailed market analysis.
• Technical Indicators: The platform comes with a comprehensive set of built-in technical indicators for analysing market trends, volumes, and dynamics. Traders can also add custom indicators to extend this functionality.
• Analytical Objects: MT4 includes various analytical objects like lines, channels, and shapes, which can be used to identify and mark key trading levels and patterns on charts.

4. Asset Offerings

The range of asset offerings is a crucial factor to consider when choosing an MT4 Forex broker. A diverse selection of assets can provide more opportunities for trading and portfolio diversification. Key asset types to look for include Forex pairs and Contracts for Difference (CFDs).

Forex Pairs

• Major Pairs: Ensure the broker offers all major Forex pairs, which include the most traded currencies like EUR/USD, GBP/USD, and USD/JPY. These pairs typically have the highest liquidity and lowest spreads.
• Minor and Exotic Pairs: A good broker should also offer a range of minor and exotic pairs. While these may have lower liquidity and higher spreads, they can offer unique trading opportunities and diversification benefits.
• Range of Currencies: The availability of a wide range of currencies, including emerging market currencies, can be advantageous for traders looking to explore different markets.

CFDs

• Commodities: Look for brokers that offer CFDs on a variety of commodities, such as gold, oil, and agricultural products. Commodities can provide good opportunities for diversification and are often used as a hedge against inflation.
• Indices and Stocks: CFDs on major global indices and stocks allow traders to speculate on the broader market movements and individual company performances without owning the underlying assets.
• Cryptocurrencies: With the growing popularity of digital currencies, many brokers now offer CFDs on cryptocurrencies like Bitcoin, Ethereum, and others. These can offer high volatility and unique trading opportunities.

5. Customer Service

Excellent customer service is a vital aspect of a good MT4 Forex broker, impacting your overall trading experience. When evaluating a broker’s customer service, consider factors like availability, language support, quality, and responsiveness.

24/5 Support

• Continuous Availability: Forex markets operate 24 hours a day, five days a week. Therefore, it’s crucial to have access to customer support throughout the trading week. Ensure the broker offers 24/5 support to address any issues that may arise during trading hours.
• Multiple Channels of Communication: Look for brokers that provide support through various channels such as live chat, email, and telephone. This ensures you can get assistance in the way that’s most convenient for you.

Language Support

• Multilingual Support: The best brokers offer customer service in multiple languages. This is particularly important if English is not your first language or if you prefer to communicate in another language.
• Cultural Understanding: Brokers who provide support in your native language are not only easier to communicate with but also tend to have a better understanding of your specific needs and cultural context.

Quality and Responsiveness

• Prompt Responses: Timely support is crucial, especially in situations where immediate assistance is needed. Check how quickly the broker responds to enquiries and resolves issues.
• Knowledgeable Staff: The quality of support is just as important as its speed. The customer service team should be knowledgeable about Forex trading, the MT4 platform, and the broker’s own policies and services.
• Personalised Assistance: The best customer service teams provide personalised support, taking the time to understand and address your individual needs and concerns.

6. Account Types

Different account types cater to various trading needs and preferences. Key account types to look for include Demo, ECN, and Islamic accounts.

Demo Accounts

• Risk-Free Practice: Demo accounts allow you to trade in a simulated environment using virtual funds. This is crucial for beginners to practice and for experienced traders to test new strategies without risking real money.
• Platform Familiarity: Using a demo account provides an opportunity to become familiar with the MT4 platform’s features and tools before engaging in live trading.
• Transition to Live Trading: A good demo account should closely replicate the live trading environment, making the transition to real trading smoother and more comfortable.

ECN Accounts

• Direct Market Access: ECN (Electronic Communication Network) accounts provide traders with direct access to other market participants, including banks and liquidity providers.
• Lower Spreads, Higher Transparency: ECN accounts typically offer lower spreads as they are derived from direct market prices. This can lead to more transparent pricing and cost-effective trading.
• Suitability for Experienced Traders: Due to their nature, ECN accounts are often more suited to experienced traders who can navigate the complexities of direct market access and are comfortable with the commission-based pricing structure.

Islamic Accounts

• Shariah-Compliant Trading: Islamic accounts, also known as swap-free accounts, are designed for traders who need to comply with Shariah law. These accounts do not incur swap or rollover interest on overnight positions, which is considered a form of riba (interest) and is prohibited in Islam.
• No Interest Charges: Instead of daily swap fees, Islamic accounts may have different fee structures, such as administration fees or wider spreads, to compensate for the absence of swap charges.
• Accessibility for Muslim Traders: These accounts ensure that trading is accessible and permissible for Muslim traders, allowing them to participate in the Forex market without compromising their religious beliefs.

7. Security And Safety

Security and safety are paramount when choosing an MT4 Forex broker. It’s essential to ensure that your funds and personal information are protected. Key areas to focus on include data encryption standards, negative balance protection, and the use of Virtual Private Servers (VPS).

Data Encryption Standards

• SSL Encryption: Look for brokers that use SSL (Secure Socket Layer) encryption. This technology secures the transmission of your personal and financial data over the internet, protecting it from unauthorised access.
• Two-Factor Authentication (2FA): 2FA adds an extra layer of security to your trading account. It typically involves something you know (like a password) and something you have (like a mobile device) to access your account.
• Data Privacy Policies: Ensure the broker has clear data privacy policies in place. This indicates how your data is used and protected, providing assurance about the confidentiality of your personal information.

Negative Balance Protection

• Risk Management: Negative balance protection is a safety feature that prevents your trading account from falling below zero. This is particularly important in highly volatile markets where sudden price movements can occur.
• Trader Safety: This feature protects traders from owing money to the broker in case of significant losses, ensuring that you cannot lose more than your initial investment.

Virtual Private Servers (VPS)

• Enhanced Stability: A VPS allows you to run your trading platform 24/7 with reduced risk of downtime. This is crucial for traders using automated trading systems or trading in different time zones.
• Speed and Efficiency: VPS hosting can provide faster execution speeds, which is beneficial for high-frequency trading or when using Expert Advisors (EAs).
• Remote Access: With a VPS, you can access your trading platform remotely from any location, ensuring that your trading activities are not limited to a single device or location.

8. Reputation And Reviews

The reputation and reviews of an MT4 Forex broker are indicative of their reliability and service quality. When evaluating a broker, it’s important to consider both user reviews and industry awards.

User Reviews

• Real Trader Experiences: User reviews provide insights into the experiences of real traders with the broker. Look for reviews on multiple platforms like Forex forums, social media, and independent review sites.
• Consistency of Feedback: Pay attention to consistent comments, whether positive or negative. Repeated mentions of issues like withdrawal problems or poor customer service are red flags.
• Balanced Perspective: Be wary of overly positive or negative reviews. Look for balanced reviews that discuss both the strengths and weaknesses of the broker.

Industry Awards

• Recognition of Excellence: Industry awards are a testament to a broker’s excellence in certain areas. These awards are often given for categories like customer service, trading platforms, educational resources, and innovation.
• Credibility of Awards: Consider the credibility of the awarding body. Awards from well-known and respected organisations in the Forex industry carry more weight.
• Consistency in Winning Awards: A broker that consistently wins awards over several years is likely to be more reliable and committed to maintaining high standards.

9: Educational Resources

Educational resources are a crucial aspect to consider when choosing an MT4 Forex broker, especially for new traders or those looking to enhance their trading knowledge. A broker that offers comprehensive educational materials can significantly contribute to your trading success. Key resources to look for include trading guides, webinars, and market analysis.

Trading Guides

• Foundation for Beginners: Trading guides are essential for beginners to understand the basics of Forex trading, MT4 platform functionalities, and trading strategies.
• Advanced Topics: Look for guides that also cover advanced topics for more experienced traders, such as complex trading strategies, risk management, and technical analysis.
• Accessibility and Clarity: Ensure that these guides are easily accessible and written in clear, understandable language. They should be structured in a way that allows for progressive learning.

Webinars

• Interactive Learning: Webinars offer an interactive way to learn, often featuring live presentations by experienced traders or industry experts. They provide an opportunity to ask questions and engage in discussions.
• Range of Topics: A good broker should offer webinars covering a wide range of topics, from introductory sessions on Forex trading to in-depth analysis of market trends and advanced trading techniques.
• Recording Availability: Check if the broker provides recordings of their webinars. This allows you to watch them at your convenience and revisit complex topics.

Market Analysis

• Informed Trading Decisions: Regular market analysis helps traders make informed decisions. This analysis should cover market trends, economic events, and potential trading opportunities.
• Expert Insights: Look for analysis provided by experienced market analysts. Their insights can add significant value to your trading strategies.
• Frequency and Timeliness: The market analysis should be frequent and timely, ideally daily, to keep you updated with the latest market movements and news.

What Is MetaTrader 4?

MetaTrader 4 (MT4) is a widely used electronic trading platform for retail foreign exchange (Forex) developed by the software company MetaQuotes. It is designed to provide traders with a user-friendly interface, advanced technical analysis tools, and the ability to automate their trading strategies using Expert Advisors (EAs). MT4 is known for its reliability and wide range of functionalities that cater to both novice and experienced traders.

Why Is MT4 The Most Popular Forex Trading Platform?

MT4 has gained immense popularity in the Forex trading community due to several key factors:

• User-Friendly Interface: MT4 offers an intuitive and easily navigable interface, making it accessible for traders of all experience levels.
• Advanced Charting and Analysis Tools: The platform provides comprehensive charting capabilities, numerous technical indicators, and analytical tools, allowing for in-depth market analysis.
• Automated Trading: MT4’s ability to support automated trading through Expert Advisors (EAs) is a significant draw. Traders can develop their own EAs or use pre-existing ones to automate their trading strategies.
• Customisation: The platform allows extensive customisation, enabling traders to tailor the trading environment to their specific needs.
• Community and Support: A vast community of users and abundant educational resources make it easier for traders to learn and share strategies.
• Broker Availability: Most Forex brokers offer MT4 due to its popularity, ensuring traders have wide access to this platform.

MT4 vs MT5: Which One Is Best?

While MT4 and its successor, MetaTrader 5 (MT5), are both developed by MetaQuotes, they cater to different trader needs:

• Target Audience: MT4 is primarily designed for Forex trading, whereas MT5 is aimed at a broader range of markets, including commodities, indices, and stocks.
• Technical Capabilities: MT5 offers more advanced technical indicators, graphical objects, and timeframes compared to MT4.
• Economic Calendar: MT5 includes an integrated economic calendar, providing traders with real-time news and economic events.
• Order Execution Types: MT5 supports more order types than MT4, giving traders greater flexibility in executing their strategies.
• Backtesting Speed: MT5 offers faster and more advanced backtesting capabilities for automated strategies.
• Market Depth: MT5 provides a depth of market features, which is not available in MT4.

In conclusion, the choice between MT4 and MT5 depends on the trader’s specific needs and market focus. MT4 remains the preferred choice for dedicated Forex traders due to its simplicity and robustness, while MT5 is better suited for traders looking for additional features and access to more markets.