Best MT4 Brokers in the UK February 2024

Authored by:
Thomas Drury
Thomas Drury

Thomas Drury

Co-Founder

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

Co-Founder

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 07/01/2024
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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 are the Best MetaTrader 4 Brokers in the UK?

  1. Avatrade Best for beginners and overall

  2. IG – Best for advanced charting tools

  3. Pepperstone – Best for Forex Fees

Image representing the concept of 'best MT4 Broker UK.' Visual elements include financial charts, modern trading platform interface, British landmarks, and symbols of excellence and trust in the financial industry. The image conveys professionalism, reliability, and innovation associated with top MetaTrader 4 brokers in the United Kingdom.

MT4 Broker Comparison

4.5/5
71% of retail CFD accounts lose money
4/5
69% of retail CFD accounts lose money
4/5
74-89% of retail CFD accounts lose money
Fee Score
3.8
3.5
4.1
Platform Score
4.8
4.9
3.5
Account Opening Score
5
4.5
3.5
EURUSD Spread
0.9
0.6
0.1
Withdrawl/ Deposit Fee
No
No
No
Minimum Deposit
$100
$0
$0
MT4 Available
Yes
Yes
Yes
FCA Regulated
No (CBI In Ireland)
Yes
Yes
FSCS Protection of £85K to UK Clients
No
Yes
Yes

Top 3 Best MT4 Brokers

4.5/5

Avatrade - Best for Beginners

AvaTrade is a leading online CFD provider in the UK that provides access to a wide range of financial instruments, including stocks, currencies, commodities, and indices.

  • Available to use in the UK: Yes

  • Investor Protection: None to UK

  • Minimum Deposit: $100 (in order to use the account)

  • Time to open account: 1 day or less

  • World-class educational tools and resources

  • Multiple platforms: Desktop, web and mobile

  • 1,000 + types of financial instrument

  • Multi award winning provider

  • Negative balance protection

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.

 

Pros

Cons

IG - Best Easy to Use Platform

IG is a world-leader in online trading and investments – and the No.1 provider of spread betting and CFDs globally). IG have more than 40 years of experience in the financial markets together, and are an established and respected FTSE 250 company with a robust balance sheet.

  • Over 45 years Market Experience

  • 17,000 + trading assets

  • FCA regulated

  • Award winning trading platform

  • Low commission rates and management fee’s

  • £0 Minimum deposit

  • IG smart portfolio’s

  • Advanced trading tools

  • User Friendly interface

  • Reliable Customer Service

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.

Pros

Cons

Pepperstone - Best Availability of Platforms

Pepperstone is a prominent player in the financial industry, offering innovative trading solutions to individuals and institutions worldwide. With its commitment to transparency, competitive pricing, and cutting-edge technology, Pepperstone has gained a reputation as a trusted broker.

  • Minimum Deposit £0

  • Market Spread from 0.1% (UK Stock CFDs)

  • Market Spread from 0.6 pips (Forex)

  • FCA regulated

  • Use of TradingView

  • Use of Meta Trader

  • Access to 25 major stock indices, 900+ shares CFDs, 21 cryptocurrencies, 62 forex, 17 commodities and 100+ ETF all in CFD form

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.

Pros

Cons

UK’s Top MetaTrader 4 Brokerage Firms: A Direct Comparison

In the dynamic realm of forex trading, the right forex broker can make a significant difference in trading outcomes. MetaTrader 4, fondly abbreviated as MT4, remains a popular trading platform across the UK, thanks to its user-friendly interface, advanced trading tools, and robust capabilities. Given the sheer number of MT4 forex brokers now available, here’s a direct comparison of the leading names:

  1. Avatrade: A standout among MT4 brokers in the UK, Avatrade boasts a solid reputation for platform stability and extensive educational resources. Their commitment to ensuring both beginner traders and experienced traders feel at home is commendable. Their algorithmic trading support and automated trading strategies cater to those who prefer a tech-forward trading approach.

  2. Pepperstone: Known for its razor-sharp spreads and efficient execution, Pepperstone has positioned itself as a top choice for those keen on reducing trading costs. With a focus on transparent pricing and a vast array of financial instruments, Pepperstone offers both MT4 and other trading platforms to suit diverse trading styles.

  3. IG: As one of the veteran names in the industry, IG prides itself on offering a comprehensive MT4 experience. Their range of forex pairs is vast, making them ideal for traders looking to diversify. Coupled with advanced charting tools and regular market news updates, IG remains a preferred choice for many UK traders.

Choosing Your Ideal CFD and Forex MT4 Broker: Key Considerations

When venturing into the world of Trading CFDs and forex trading, it’s crucial to align with a broker that complements your trading style and objectives. Here are some key considerations to keep in mind:

  1. Trading Costs: Understanding the spread and other associated fees is paramount. Look for brokers offering low spreads and transparent fee structures to ensure maximum profitability.

  2. Asset Offerings: While many traders focus primarily on major currency pairs, some might be interested in trading minor currency pairs or exploring other asset classes. Choose a broker with a diverse offering to meet your trading aspirations.

  3. Regulatory Compliance: Ensure your chosen broker is regulated by reputable authorities such as the Financial Conduct Authority (FCA) in the UK. This provides an added layer of security and trustworthiness.

  4. Platform Stability: A reliable MT4 platform experience is crucial for effective trading. Research reviews and testimonials to gauge platform performance during high market volatility.

  5. Educational Resources: Especially for novice traders, resources like webinars, articles, and demo accounts can be invaluable. These tools help in refining trading strategies and understanding market nuances.

  6. Customer Support: In the fast-paced world of forex and CFD trading, timely support can be a game-changer. Opt for brokers known for their responsive and knowledgeable customer service.

Remember, while features and offerings of regulated mt4 brokers are crucial, aligning with a broker that fits your unique trading needs and style is paramount. With the right research and assessment, you’ll find your ideal MT4 brokerage match in the UK.

Understanding MT4: A Beginner's Guide

MetaTrader 4, commonly referred to as MT4, is a trading platform that has won the hearts of many a forex broker and traders worldwide. But what makes MT4 so preferred by forex brokers, especially for those just starting out in the financial markets?

  1. User-Friendly Interface: One of the standout features of MT4 is its intuitive design. Even for beginner traders, navigating through its dashboard, executing forex trades, or setting up alerts is straightforward.

  2. Technical Analysis Tools: MT4 boasts a suite of advanced charting tools, allowing traders to perform in-depth technical analysis. These tools are crucial for predicting potential price movements in the forex market.

  3. Automated Trading: The platform supports algorithmic trading, allowing traders to implement automated trading strategies. Known as Expert Advisors (EAs), these tools can execute trades on your behalf based on predefined criteria.

  4. Mobile Trading: In today’s fast-paced world, being able to trade forex on the move is a boon. MT4 offers a mobile trading option, ensuring you never miss a market opportunity.

  5. Demo Account: MT4 typically comes with an option for a demo account. This allows novice traders to practice their trading skills without risking real money, gaining confidence before diving into live trading.

  6. Global Community: The MT4 community is vast, offering a plethora of forums, tutorials, and resources for traders to learn and share insights.

     

    For those just starting their journey in the forex markets, MT4 provides a robust yet accessible platform to kickstart their trading ambitions.

Dollar - Euro - Yuan symbols

Venturing into Forex Trading with MT4

Trading forex, or the foreign exchange market, of one currency for another, is a complex yet rewarding venture. And with MT4, the process becomes streamlined and efficient.

  1. Diverse Forex Pairs: MT4 brokers typically offer a vast range of forex pairs, including major, minor, and exotic pairs. This diversity enables traders to capitalize on global currency movements.

  2. Leverage: Most MT4 brokers in the UK provide leverage, allowing traders to control a larger position with a smaller amount of money. However, it’s essential to remember that while leverage can amplify profits, it can also increase losses.

  3. Real-Time Market News: MT4 integrates real-time market news and updates, ensuring traders are always informed about global events impacting forex markets.

  4. Safety and Security: The MT4 platform employs advanced encryption techniques, ensuring that trader details and transactions remain secure.

  5. Customization: Traders can tailor the MT4 interface to their liking, setting up specific charting configurations, indicators, and more. This personal touch ensures a comfortable trading environment tailored to individual preferences.

  6. Copy Trading: Some MT4 brokers offer copy trading options, allowing less experienced traders to mimic the trades of professional traders, learning and potentially profiting simultaneously.

When beginning your forex trading journey with MT4, remember to start small, use the platform’s educational resources, and continuously refine your trading strategies. The world of forex trading is vast, and with MT4 as your companion, the journey can be both exciting and profitable.

Diving into Derivative Trades on the MT4 Platform

Derivatives trading is a captivating realm of the financial markets, enabling traders to speculate on the price movements of underlying assets without actually owning them. The MetaTrader 4 (MT4) platform, renowned for its forex capabilities, also caters proficiently to derivative traders. Let’s delve deeper:

Triangle picture showing how leverage works in trading
  1. What are Derivatives?: At its core, a derivative is a financial instrument that derives its value from an underlying asset, which could be stocks, commodities, indices, or currency pairs. Common derivatives include CFDs (Contracts for Difference), futures, and options.

  2. CFD Trading on MT4: Among the most popular derivatives are CFDs. When trading cfds on MT4, you’re essentially speculating on the price movement of an asset. The platform allows for comprehensive technical analysis, automated trading strategies, and real-time market news integration, ensuring CFD traders have all the tools they need.

  3. Leverage and Margin: Derivative trades on MT4, especially CFDs, often come with the advantage of leverage. This means traders can control a larger position with a relatively small amount of capital. But remember, while leverage amplifies potential profits, it also increases potential losses.

  4. Expert Advisors (EAs): MT4’s automated trading bots, known as Expert Advisors, can be particularly useful for derivative trading. EAs can monitor the market continuously, executing trades based on pre-defined algorithms, even during periods of high market volatility.

  5. Advanced Charting Tools: Given that derivative trading often involves intricate strategies and rapid decision-making, MT4’s advanced charting tools are invaluable. Traders can use these tools to spot potential entry and exit points, set alerts, and more.

  6. Safety and Regulation: Ensure your MT4 broker is regulated by recognized bodies, like the Financial Conduct Authority (FCA) in the UK. This ensures fair trading practices and protection for retail investor accounts. It’s worth noting that derivative trading is complex, and a significant percentage of retail investor accounts lose money when trading CFDs.

  7. Demo and Live Accounts: MT4 typically offers both demo and live trading accounts. For those new to derivatives, a demo account allows for risk-free exploration, while the live account is for real-time trading with actual capital at stake.

Diving into derivatives on MT4 is both a challenge and an opportunity. With the platform’s vast resources, analytical tools, and community support, traders are well-equipped to navigate the intricacies of derivative markets.

Always remember to trade responsibly and educate oneself continuously, leveraging MT4’s extensive educational resources.

Mastering MT4: An 8-Step Quick Start Guide

Embarking on your trading journey with MetaTrader 4 (MT4)? This trading platform, favored by both novice and experienced traders, offers a plethora of tools and features to enhance your trading experience. Here’s a step-by-step guide to get you started:

Installation and Setup:

For Desktop: Visit the official website of your chosen MT4 broker (such as AvaTrade, Pepperstone, or IG) and download the MT4 platform. Install and run the software.

For Mobile: Search for ‘MetaTrader 4’ in your mobile app store and download. Ensure you’re downloading the version affiliated with your broker.

Creating an Account:

Open the platform and select ‘File’ then ‘Open an Account’.

Input the relevant details to set up either a demo or live trading account. Make note of the login credentials provided.

Navigating the Interface:

Familiarize yourself with the various panels: ‘Market Watch’ displays live forex quotes, ‘Navigator’ provides access to accounts and technical analysis and indicators, and ‘Terminal’ displays your trading history, among others.

Executing a Trade:

From the ‘Market Watch’ window, right-click on the desired forex pair or asset. Select ‘New Order’.

Input your trade details, including volume (lot size), stop loss, and take profit levels. Click ‘Buy’ or ‘Sell’.

Applying Technical Analysis:

Click on the desired forex pair or asset to open a chart. Use the toolbar at the top for adding various indicators, lines, and other charting tools to assist in your technical analysis.

Setting Up Expert Advisors (EAs):

In the ‘Navigator’ panel, expand the ‘Expert Advisors’ section. Drag and drop your desired EA onto the chart. Ensure that automated trading is enabled by checking the ‘Auto Trading’ button.

Using Advanced Trading Tools:

MT4 provides a suite of advanced trading tools, like ‘One-Click Trading’ and custom charting configurations. Spend time exploring these tools under the ‘Tools’ menu and customize your trading workspace to fit your trading style.

Monitoring and Optimization:

Regularly check the ‘Terminal’ window to monitor your open trades, account balance, and margin levels. Additionally, back-test your strategies using MT4’s ‘Strategy Tester’ to refine and improve your trading approach.

Mastering MT4 doesn’t happen overnight, but with consistent practice, exploration copy trading together, and utilization of the platform’s vast resources, you’ll be well on your way to making the most of what this popular trading platform offers. Happy trading!

MT4 Brokerage FAQs

Forex trading involves speculating on the price fluctuations of currency pairs. MT4 provides an intuitive platform to trade forex with comprehensive charting tools, live market feeds, and automated strategies to assist traders in their decision-making processes.

Yes, like most trading platforms, MT4 brokers may charge spreads, commissions, or overnight financing (swap) fees. It’s essential to review the trading costs associated with your chosen broker before commencing trading.

While trading forex focuses solely on currency pairs, trading CFDs on MT4 allows traders to speculate on the price movement of various financial instruments like commodities, indices, and stocks without owning the actual asset. The mechanics of the trade are similar, but the underlying assets differ.

Absolutely! Copy trading is a feature on MT4 where traders can automatically replicate the trades of successful professionals. By linking their account to a copy trading their chosen trader’s profile, they can mirror their trades in real-time.

As with all forms of trading, there’s a risk of loss. A significant percentage of retail investor accounts lose money when trading forex and CFDs. Factors like market volatility and leverage can amplify both profits and losses. It’s crucial to trade responsibly and only invest funds you can afford to lose.

When choosing among the best MetaTrader 4 brokers around, consider factors such as regulation, trading costs, available assets, customer service, and additional features like educational resources and research tools. Remember, it’s essential to choose a broker that aligns with your trading style and objectives.

Trading inherently involves risk, and factors like market volatility, inadequate risk management, lack of knowledge, or high leverage can result in losses. Statistics reveal that a significant number of retail investor accounts lose money when trading CFDs and forex. It’s paramount to educate oneself and employ sound trading strategies.

Yes, most MT4 brokers offer demo accounts where traders can practice trading with virtual funds, helping them understand the platform’s features and the mechanics of trading without any financial risk.

Forex trading on MT4 provides an optimal environment for all traders. Beginners appreciate the user-friendly interface and educational resources, while professionals leverage advanced trading tools and algorithmic strategies. The platform’s versatility makes it one of the leading choices for forex trading globally.

MT4 forex brokers have carved a niche because of the platform’s reliability, a vast array of tools for analysis, and the support for automated trading strategies. Additionally, many MT4 brokers offer competitive spreads and leverage, further enhancing their appeal to forex traders.

Trading CFDs on other assets shares similarities with trading forex, such as the use of leverage and the ability to go long or short. However, traders should be aware of the unique market dynamics and factors influencing commodities and indices compared to currency pairs.

Yes, copy trading is not restricted to just forex. With many MT4 brokers, traders can replicate strategies across various asset classes, including CFDs on commodities, stocks, and indices. It offers a hands-off approach, especially for those new to trading or those who want to diversify their strategies.

This warning emphasizes the inherent risks associated with leveraged trading. Market volatility, combined with leverage, can lead to significant losses. Many other retail traders and investor accounts lose money because they might not have adequate risk management strategies in place or might be influenced by emotions. It serves as a reminder to trade responsibly.

Not all MT4 brokers are regulated, but it’s crucial to choose one that is. Regulated brokers are monitored by financial authorities, ensuring transparency, security of funds, and adherence to strict operational standards. This provides an added layer of protection for traders.

By understanding these frequently asked questions, traders can better navigate the intricacies of forex and CFD trading on the MT4 platform and make informed decisions.

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Epilogue

Who Created This Content: This guide was authored by Thomas Drury is an experienced financial trader in leverage intruments, crypto and general investing.

He has over a decade experience in finance and holds Chartered Status in the financial industry, Thomas’s specialty is trading CFDs, Forex and Day Trading.

His crypto portfolio is heavily weighted towards BTC and Eth, but enjoys trading low cap crypto’s with higher volatility. Thomas’s favourite trading strategy is break out Trading.

How This Content Was Created: Our assessment of the best broker for MT4 is rooted in rigorous research and firsthand experience. Here’s our methodology:

  • Platform Testing: We actively tested multiple platforms over a span of six months, analysing their functionalities, ease of use, and reliability.

  • Fee Analysis: Each platform’s fee structure was dissected to ascertain its competitiveness in the market.

  • User Feedback: We engaged with real users and considered their reviews and experiences, lending a holistic perspective to our evaluation.

  • Market Dynamics: Regular updates from industry news, changing regulations, and market dynamics ensure the guide remains current and reliable.

  • AI-Assistance: While human judgment and expertise are at the core of our assessments, we utilized AI tools to improve structure, critique our work.

Note: Our use of AI tools is strictly for data gathering and content assistance. All conclusions drawn and recommendations made are based on human analysis and judgment.

Why This Content Was Created: The primary driving force behind this guide is our commitment to empower you, the trader. Whether you’re a seasoned trader or just starting, our goal is to arm you with unbiased, comprehensive, and actionable insights.

The day trading landscape can often appear intricate and overwhelming. This guide serves as a beacon, shedding light on the most critical aspects and breaking down complexities.

While visibility on search engines is desirable, our ethos is rooted in authenticity and value. We remain steadfast against any practices that compromise the integrity of our content.

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