Best MetaTrader 4 Brokers in the UK

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Thomas Drury
Thomas Drury

Thomas Drury

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Seasoned finance professional with 10+ years' experience. Chartered status holder. Proficient in CFDs, ISAs, and crypto investing. Passionate about helping others achieve financial goals.

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Dom Farnell
Dom Farnell

Dom Farnell

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Dom is a Co-Founder and of TIC. A passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management.My goal is to empower individuals to make informed investment decisions through informative and engaging content.

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Last Updated 22/03/2024
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Please bear in mind that trading involves the risk of capital loss. Between 68% and 86% of retail investor accounts lose money when trading CFDs with the providers below. Prior to proceeding, it is important to assess whether you are financially capable of withstanding the high risk of potential losses.

Quick Answer: Which is the Best Broker for Metatrader 4 in the UK?

Pepperstone is renowned for its low spreads and fast execution, making it an excellent choice for experienced traders. AvaTrade is also a good option, particularly for beginners, thanks to its comprehensive educational resources and user-friendly interface tailored to new traders.

Here are the Top 7 Metatrader Brokers

  1. Pepperstone: Best for low spreads and ultra-fast execution.
  2. AvaTrade: Great for extensive automated trading and beginners.
  3. IG: Excellent for broad market access with advanced charting.
  4. XTB: Ideal for user-friendly experience and superior customer support.
  5. Admiral Markets: Outstanding for MetaTrader Supreme Edition with advanced tools.
  6. CMC Markets: Top choice for wide instrument range and competitive spreads.
  7. Trade Nation: Perfect for transparent pricing with a simple platform.

MT4 Broker Comparison Chart

5/5
74-89% of retail CFD accounts lose money
5/5
71% of retail CFD accounts lose money
4.5/5
69% of retail CFD accounts lose money
4/5
82% of retail CFD accounts lose money
3.5/5
77% of retail CFD accounts lose money
3.5/5
64% of retail CFD accounts lose money
3.5/5
81% of retail CFD accounts lose money
FX Pairs
61+
50+
82
48+
44+
30+
multiple
Other Assets
CFDs on Indices, Commodities, Shares, Crypto
CFDs on Options, Bonds, ETFs
Stocks, Shares, Indices, Options, Crypto
Stocks, ETFs, CFDs
Stocks, ETFs, CFDs
Stocks, Shares, Indices, Bonds
Stocks, bonds, indices, cryptocurrencies, commodities
EUR/USD Spread
Raw (0.0 pips + commission)
Variable
Variable
0.8 pips (Standard)
Variable
0.9 pips (Standard)
From 0.0 pips
Account Types
Standard, Razor (ECN)
Standard, Spread Betting, AvaProtect™
Standard, Premium
Standard, Pro
Standard, Zero.MT4, Invest.MT4
Standard, Premium
Standard – 0% commission trading / Raw – $3.50 per lot
Account Fees
Inactivity fee only
Inactivity fee only
No account fees
Inactivity fee only
Inactivity fee only
No account fees
No account fees
Max. Leverage
30:1 (EU), 500:1 (others)
400:1 (EU), 2000:1 (others)
30:1 (US), 200:1 (others)
30:1 (EU), 400:1 (others)
30:1 (EU), 500:1 (others)
30:1 (EU), 500:1 (others)
30:1 (EU), 500:1 (others)

7 Best MetaTrader 4 Brokers​

Pepperstone Logo Blue and White linking to Pepperstone homepage
5/5

TIC Score 5/5

Pepperstone - Best for low spreads and ultra-fast execution.

Pepperstone offering versatile MetaTrader 4 trading on multiple devices including mobile and desktop.

Pepperstone is a globally recognized forex and CFD broker known for its low spreads and fast execution speeds. Their MT4 platform offering is enhanced with Smart Trader Tools, providing traders with advanced management and analytical tools to enhance their trading strategies.

Pros

Cons

81.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pepperstone enhances its MT4 platform with a package of Smart Trader Tools, including trade simulation capabilities, advanced indicator packages, and an economic calendar directly integrated into the platform. This makes it a preferred choice for active traders looking for an edge in forex and CFD trading.

5/5

TIC Score 5/5

AvaTrade - Great for extensive automated trading and beginners

AvaTrade MT4 platform image with advanced features for optimal online trading.

AvaTrade is a leading online broker offering a wide range of trading instruments. Their MT4 platform is accessible to traders of all levels, equipped with automated trading capabilities and comprehensive charting copy trading tools.

Pros

Cons

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

AvaTrade differentiates itself with a comprehensive suite of automated trading solutions and advanced charting tools on MT4 proprietary platform. Additionally, traders can access AvaTradeGO, the broker’s mobile app, which integrates seamlessly with MT4 popular trading platform, offering a unified trading experience across devices.

IG logo red for summary table
4.5/5

TIC Score 4.5/5

IG - Excellent for broad market access with advanced charting

IG MetaTrader 4 (MT4) trading platform interface showcasing forex trading capabilities and technical analysis tools.

IG is a world-leading online trading and investments provider offering access to over 17,000 markets. With its MT4 platform, IG provides traders with customizable charts, a suite of free indicators, and the ability to trade directly from charts.

Pros

Cons

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG’s MT4 platform stands out for its direct integration with IG’s extensive market access, allowing traders to benefit from competitive pricing and fast execution across a wide range of markets. Additionally, IG offers exclusive MT4 add-ons, including advanced charting tools and custom indicators, enhancing the trading experience.

xtb logo
4/5

TIC Score 4/5

XTB - Ideal for user-friendly experience and superior customer support

XTB MetaTrader 4 trading interface showcasing easy navigation and advanced trading tools.

XTB is one of the largest stock exchange-listed FX and CFD brokers in the world, offering trading on over 1,500 instruments. Their MT4 platform is known for its user-friendly interface and customization options, catering to both novice and experienced traders.

Pros

Cons

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

XTB differentiates its MT4 offering with superior customer support and educational resources, making it an ideal choice for traders new to the platform or forex trading. Additionally, XTB provides a seamless trading experience with its custom integration, allowing traders to use MT4 alongside XTB’s award-winning xStation platform.

admirals logo
3.5/5

TIC Score 3.5/5

Admiral Markets - Outstanding for MetaTrader Supreme Edition with advanced tools

AvaTrade MT4 platform image with advanced features for optimal online trading.

Admiral Markets is renowned for its comprehensive offering of trading tools and educational resources. Their MT4 platform is enhanced with the MetaTrader Supreme Edition, offering advanced features like technical analysis tools, global opinion widgets, and integrated trading ideas.

Pros

Cons

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Admiral Markets elevates the MT4 trading experience with its MetaTrader Supreme Edition, providing traders with exclusive tools like the Mini Terminal, Trade Terminal, market sentiment indicators, and advanced order functionality. This makes it an attractive option for those looking to maximize their MT4 trading capabilities.

cmc markets logo
3.5/5

TIC Score 3.5/5

CMC Markets - Top choice for wide instrument range and competitive spreads

CMC Markets MetaTrader 4 platform details with competitive spreads and algorithmic trading options.

CMC Markets is a well-established UK-based broker that offers a vast selection of over 10,000 trading instruments. Their MT4 platform integration allows traders to access global markets with advanced charting tools, automated trading capabilities, and competitive spreads.

Pros

Cons

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

CMC Markets distinguishes itself by offering an exceptionally wide range of instruments on the MT4 platform, coupled with competitive pricing and a robust set of analytical tools. This broad market access combined with MT4’s powerful trading capabilities makes CMC an attractive choice for traders looking to explore global financial markets.

Trade Nation Logo
3.5/5

TIC Score 3.5/5

Trade Nation - Perfect for transparent pricing with a simple platform

Trade Nation's guide on MetaTrader 4 platform showcasing ease of trading online.

Trade Nation is a relatively new player in the online brokerage space, known for its transparent pricing model and straightforward trading platform. Their integration with MT4 provides traders with access to Trade Nation’s competitive spreads and reliable execution speeds on a familiar and widely used platform.

Pros

Cons

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Trade Nation’s unique offering for MT4 includes a blend of very competitive trading fees, fixed spreads, a commitment to transparency, and a focus on customer satisfaction. This combination, along with their regulatory rigor, makes them a strong choice for traders who value simplicity and clarity in their trading platform.

What is MetaTrader 4 (MT4)

MetaTrader 4 (MT4), developed by MetaQuotes Software, has established itself as the premier platform for trading Forex, offering an array of analytical opportunities for traders. It combines a user-friendly interface with powerful features, making it a favorite among beginners and experienced traders alike.

Overview of MetaTrader 4

MT4 stands as a testament to the evolution of online trading. Its real-time access to market prices and liquidity, coupled with robust security measures, offers retail traders a comprehensive environment for executing trades in the dynamic forex market.

History and Development

Launched in 2005, MT4 quickly rose to prominence by addressing the needs of traders in a rapidly expanding online forex market. Its developers focused on creating a platform that was both efficient and adaptable, allowing for extensive customization and automated trading through the use of Expert Advisors (EAs).

Core Features of MT4

  • Expert Advisors (EAs): Automated trading scripts that execute trades based on predefined criteria.

  • Advanced Charting Tools: Real-time access to charts and indicators for in-depth market analysis.

  • Technical Indicators: Over 50 built-in indicators to help predict future market movements.

  • Customizability: Allows for the creation of custom indicators and tools through its proprietary MQL4 programming language.

User Interface and Experience

MT4 is renowned for its simplicity and ease of navigation. The interface is designed to provide traders with quick access to the most critical features, including market quotes, charts, and their live trading account and history, without overwhelming them with information. This focus on user experience makes MT4 an enduring choice for traders around the world.

In conclusion, MetaTrader 4’s enduring popularity lies in its combination of sophisticated trading tools, customizability, and user-friendly interface. Whether you’re new to forex trading or an experienced trader looking for a reliable platform to begin trading on, MT4 offers a solid foundation for achieving your trading goals.

What are the Pros and Cons of MT4

MetaTrader 4 (MT4) stands as a titan in the world of online trading platforms, celebrated for its accessibility, versatility, and comprehensive technical analysis tools. Developed by MetaQuotes Software in 2005, MT4 quickly ascended to become the platform of choice for retail forex traders. Its enduring popularity is a testament to its reliability, depth of features, and the continuous support and updates it has received over the years.

Advantages of Using MetaTrader 4

The platform’s user-friendly interface caters to both novice and seasoned traders, making complex trading operations seem straightforward. Among the myriad of features that set MT4 apart are:

  • Accessibility and Ease of Use: With support for multiple languages and a customizable interface, MT4 ensures that barriers to entry are minimal.

  • Customization and Expert Advisors (EAs): MT4’s programmable nature allows traders to automate their strategies through Expert Advisors, providing a significant edge in the fast-paced trading environment.

  • Technical Analysis Tools: MT4 is equipped with an impressive array of analytical tools and indicators for technical analysis, allowing traders to thoroughly analyze market trends and movements.

Disadvantages of Using MetaTrader 4

Despite its strengths, MT4 is not without its limitations. Some areas where the platform could improve include:

  • Limitations Compared to MT5: Its successor, MetaTrader 5 (MT5), offers advanced features such as more timeframes, economic calendars, and enhanced order types that MT4 lacks.

  • Lack of Native Support for Certain Instruments: MT4 primarily caters to forex traders, and those looking to trade a broader range of instruments might find the platform’s offerings limited.

In conclusion, MetaTrader 4’s robust framework practice trading itself, enriched with powerful analytical tools and the ability to automate trading strategies, establishes it as a leading platform in the trading community. However, traders seeking advanced features or broader instrument support might consider exploring newer platforms, including its own successor, MT5.

MT4 vs MT5 – What is the Difference?

In the dynamic world of online trading, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are titans, each offering unique capabilities tailored to different trading needs. Understanding the nuances between MT4 and both MT4 brokers #5 is crucial for traders aiming to leverage these platforms’ full potential.

Interface and Usability

Both platforms boast user-friendly interfaces, yet MT5 offers a more modern look with additional features. MT5’s interface is designed to facilitate access to more advanced trading and analysis tools, reflecting its more recent development.

Available Financial Instruments

  • MT4 is predominantly forex-focused, offering an extensive range of currency pairs.

  • MT5 broadens the horizon with additional financial instruments, including stocks, futures, and commodities, making it a more versatile platform for traders looking to diversify their portfolios.

Technical and Fundamental Analysis Tools

MT5 outshines MT4 in the realm of analysis tools:

  • MT4 offers an impressive set of 30 built-in indicators and 24 analytical objects.

  • MT5 takes it further with 38 indicators, 44 analytical objects, and an integrated economic calendar, enhancing both technical and fundamental analysis capabilities.

Timeframes and Order Types

  • MT4 provides 9 timeframes, which is sufficient for many traders but can be limiting for those seeking more granularity.

  • MT5 offers 21 timeframes, along with more order types and execution modes, allowing for a more flexible and precise trading strategy development.

Compatibility and Community Support

  • MT4 enjoys widespread adoption, with a vast community and plethora of custom indicators and Expert Advisors (EAs) developed over the years.

  • MT5, while newer, is steadily growing its user base and support community, with increased compatibility with newer trading instruments and technologies.

In essence, MT4 remains the go-to for forex traders who value simplicity and the wealth of community-generated tools and resources. In contrast, MT5 caters to traders seeking more sophisticated analysis tools, a wider range of tradable assets, and greater flexibility in trading operations. The choice between MT4 and the best MT4 brokers.5 ultimately hinges on the trader’s specific needs, preferences, and trading style.

How to Choose the Best MT4 Broker for Your Needs

Selecting the ideal MT4 broker is crucial for optimizing your trading experience. The choice involves more than just comparing spreads; it requires a comprehensive evaluation of the broker’s offerings, ensuring they align with your trading strategy and goals. Here’s a succinct guide to making an informed decision:

  • Regulation and Security: Foremost, ensure the broker is regulated by a reputable authority. This not only affirms the legitimacy of the broker but also provides a level of security for your investment.

  • Account Types and Spreads: Different brokers offer various account types, each with unique features, such as commission-based or spread-only accounts. Assess these options to find one that suits your trading style and cost preferences.

  • Leverage and Margin Requirements: Leverage can amplify your profits but also your losses. Evaluate the leverage options and margin requirements to ensure they match your risk tolerance and trading strategy.

  • Broker Fees and Commission Structures: Beyond spreads, consider other potential fees, including withdrawal fees, inactivity fees, and commissions. These can significantly impact your net trading costs.

  • Customer Support and Educational Resources: A broker that offers robust customer support and comprehensive educational resources can be invaluable, especially for novice traders. These resources can enhance your trading knowledge and skills, while reliable customer support ensures assistance is readily available when needed.

By meticulously assessing these criteria, you can identify a broker that not only offers a superior MT4 trading environment but also aligns with your individual trading needs and objectives.

How Does MT4 Work?

MetaTrader 4 (MT4), a behemoth in the trading software arena, remains the gold standard for retail forex traders around the globe. Its intuitive design coupled with powerful trading capabilities makes it an indispensable tool for those looking to navigate the complex forex markets. Understanding how MT4 works is crucial for leveraging its full potential to enhance trading strategies.

Installation and Setup

Setting up MT4 is a straightforward process, designed to be accessible to traders of all levels. Once downloaded from a broker’s website, installation takes mere minutes, leading users to a world of trading possibilities. The setup process allows for customization of multiple trading accounts and environment preferences, ensuring traders can hit the ground running.

Opening and Managing Trades

At its core, MT4 facilitates the smooth opening and managing of trades. With just a few clicks, traders can enter and exit the market, adjust positions, and set stop-loss and take-profit orders to manage risk. This ease of trade management empowers traders to react swiftly to market changes.

Using Indicators and Analytical Tools

MT4 shines in its offering of indicators and analytical tools. The platform provides:

  • A vast library of indicators for technical analysis

  • The ability to overlay analytical objects on charts These tools are vital for traders aiming to make informed decisions based on historical data and current market trends.

Automating Trades with Expert Advisors

One of MT4’s standout features is its support for Expert Advisors (EAs), allowing for the automation of trading strategies. EAs can monitor the market and execute trades based on predefined conditions, offering traders a hands-off approach to manage their portfolios with low trading costs.

Customizing the MT4 Platform

The true power of MT4 lies in its customization capabilities. Traders can tailor the platform to their needs by:

  • Adding custom indicators

  • Modifying the interface

  • Utilizing scripts for enhanced functionality This level of customization ensures that MT4 can adapt to the evolving needs of the trading community.

In essence, MetaTrader 4’s blend of user-friendly design, advanced algorithmic support automated trading systems and tools, and customization options cements its status as the preferred platform for traders worldwide. Whether you’re executing your first trade or leveraging complex algorithms, MT4 offers the resources and flexibility needed to achieve trading goals.

What are the Fees and Costs of Using MT4?

Navigating the financial landscape of MetaTrader 4 (MT4) involves understanding the various fees and costs associated with its use. While MT4 itself does not charge users, the brokers offering the platform often have a range of fees that can impact your trading strategy live account, and overall profitability.

Brokerage Fees and Spreads

The primary cost for most traders using MT4 comes from trading fees and from brokerage fees and spreads:

  • Spreads are the difference between the buy and sell price of a currency pair or other instrument, with tighter spreads generally preferred.

  • Brokerage fees can vary widely between brokers, making it crucial to select a broker that offers competitive rates.

Commission Charges

Some brokers also charge a commission on trades, which is usually a fixed fee per lot traded. These commission charges are in addition to spreads and can vary depending on the brokerage account and type and the financial instruments being traded.

Swap Fees and Overnight Charges

Traders holding positions overnight need to be aware of swap fees or overnight charges. These are interest fees charged or credited to your account, depending on the direction of your trade and the interest rate differential between the two currencies involved.

Account Maintenance Fees

While not universal, some brokers may charge account maintenance fees for the upkeep of your trading account. These fees can often be avoided by maintaining a minimum account balance or by executing a minimum number of trades per month.

Costs of Additional Services and Tools

Brokers may offer additional services and tools to enhance the trading experience on MT4, such as:

  • Advanced analytical tools

  • Access to expert advisors

  • Premium customer support These services can come at an additional cost, but for many traders, the investment is worth the enhanced trading capabilities.

In summary, while MetaTrader 4 itself does not impose fees, the costs associated non trading fees along with using the platform through a broker can vary significantly. Traders should carefully review and consider these fees when choosing a broker to ensure they align with their trading strategy and financial goals.

What Tools are Available on MT4?

MetaTrader 4 (MT4) is renowned for its comprehensive suite of tools designed to enhance trading strategies, whether you’re a novice or an experienced trader. Its arsenal of features facilitates both technical and fundamental analysis, more automated trading systems, and effective risk management.

Technical Analysis Tools

MT4 is equipped with an array of technical analysis tools that enable traders to analyse market trends and potential opportunities. These include:

  • Charts and Indicators: MT4 offers multiple chart types and timeframes, along with over 30 built-in indicators for analysing market trends and patterns.

  • Drawing and Analysis Tools: Traders can use lines, shapes, and annotations to draw on charts, aiding in the visualization of technical analysis concepts.

Fundamental Analysis Resources

For those who base their trading decisions on economic indicators and news, MT4 provides:

  • Economic Calendars: Integrated calendars highlight important economic events and announcements that can affect market volatility.

  • News and Market Updates: Real-time news feeds and market updates are available directly within the platform, keeping traders informed of the latest market developments.

Automated Trading Tools

MT4 is particularly valued for its automated trading capabilities, which include:

  • Expert Advisors (EAs): These are programs that automate trading and analytical processes, allowing for the execution of trades based on predefined criteria without manual intervention.

  • Scripts and Custom Indicators: Traders can develop their own custom indicators and scripts or download them from the vast MT4 community, further enhancing the platform’s functionality.

Risk Management Tools

Effective risk management is crucial in trading, and MT4 provides several tools to help manage and mitigate risk:

  • Stop Loss and Take Profit Orders: These orders can be set to automatically close positions at specified levels to lock in profits or limit losses.

  • Trailing Stops: This feature automatically adjusts the stop loss level as the market moves in favor of your position, helping to protect gains.

  • Margin Alerts: MT4 can alert traders if their account equity falls to a level where open positions are at risk of being automatically closed due to insufficient margin.

In conclusion, MetaTrader 4’s robust selection of tools caters to a wide range of trading strategies and styles. From in-depth market analysis to automation and risk management, MT4’s features support informed decision-making support automated trading, and strategic trading execution.

FAQs

Yes, you can trade forex using a demo account before committing real money. Many forex brokers offer free demo accounts that simulate real trading conditions, allowing you to practice strategies without financial risk.

When looking for a forex broker, consider factors such as the broker’s regulatory compliance, the spreads and commissions charged, the range of currency pairs offered, the quality of customer support, and the availability of educational resources.

To start with algorithmic trading in forex, you’ll need to have a basic understanding of programming and trading strategies. Most traders use platforms like MetaTrader 4 or 5, which support algorithmic trading through Expert Advisors (EAs). You can either develop your own EAs or use pre-made ones.

Yes, it’s possible to use a third-party trading platform with your current forex broker if the broker supports such integration. Platforms like MetaTrader 4 and 5 are widely supported by various brokers, allowing for a seamless trading experience across different services.

Yes, MetaTrader supports copy trading through its Signals service, where traders can automatically copy the trades of other successful traders. Accessing this feature requires a MetaTrader account, and you can subscribe to signals directly from the MetaTrader platform.

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