MetaTrader 4 is the most widely used forex and CFD trading platform in the world. Multiple brokers support MT4 for trading. Choose from the best MT4 brokers in the UK.
Metatrader 4 is the most widely used online trading platform for forex and CFD trading globally. It was launched in 2005 by MetaQuotes Software and is still used by thousands of traders worldwide.
If you wish to trade with MT4 trading platform in the UK, you will need to register with a broker that supports MT4 trading platform. The trading conditions, instruments availability, and contract specification at the MT4 trading platform will be different with each broker.
We have listed the best forex brokers in the UK that allow trading on the MT4 trading platform. We have listed the brokers that will be best suited to trade on MT4 trading platform.
List of Best MT4 Brokers in the UK
Following are the brokers that are the best choice if you want to trade on the MT4 trading platform. These brokers are listed in unranked order with an honest short description. Traders must choose MT4 brokers in the UK according to their suitability.
Pepperstone is among the best forex and CFD brokers in the UK as they allow trading through 3 major trading platforms namely MT4, MT5, and cTrader with 2 different pricing structures.
Pepperstone Limited is FCA-regulated and authorized forex and CFD broker based in London. They hold the FCA license under license number 684312. Pepperstone is also regulated in Germany, Cyprus, Australia, the United Arab Emirates, the Bahamas, and Kenya. It can be considered safe for trading in the UK.
Pepperstone has two different account types with different fee patterns. The Standard account incurs spreads and swaps with spreads starting from 0.6 pips. The Razor account involves a trading commission of GBP 4.5 per round trade of standard lot apart from the low spreads.
The average spread for the EUR/USD currency pair at Pepperstone is 0.09 pips with the Razor account and 0.69 pips with the Standard account type.
More than 700 financial instruments can be traded at Pepperstone with the MT4 trading platform including 62 currency pairs.
Pepperstone allows trading through MT4, MT5, as well as cTrader platform. The availability of 3 major trading platforms with GBP as the base currency and different fee structures allows traders to customize their trading accounts.
CMC Markets is an FCA regulated forex and CFD broker that allows trading through MT4 and the NextGen trading platform for all types of devices.
CMC Markets has been in the spread betting business since 1989 and has two separate entities regulated by the FCA of the UK. CMC Markets UK PLC holds license number 173730 while CMC Spreadbet LLC holds license number 170627.
CMC Markets is also regulated by several other regulatory authorities in the jurisdiction of Germany, Canada, Australia, New Zealand, Singapore, and the United Arab Emirates.
They offer a single account type for types of traders in which the trading fee is comprised of spreads and swaps. No trading commission is charged for any instrument apart from stock CFDs.
MT4 is the most preferred trading platform at CMC Markets but they also support a modern-looking platform with a user-friendly interface called NextGen Platform.
CMC Markets allows trading on more than 12000 financial instruments including 300+ forex pairs. The number of available forex pairs on MT4 with CMC Markets is the highest in the UK.
CMC Markets Pros
CMC Markets Cons
City Index is FCA-regulated forex and CFD broker that allows trading at low cost on the various financial instrument on the MT4 trading platform.
City Index is the trading name of the legal entity StoneX Financial Limited regulated by the FCA under license number 446717. StoneX Group is US based financial services provider and is also listed on the NASDAQ with the ticker symbol SNEX.
City Index has been operating since 1983 and is licensed by FCA since 2006. They are also regulated by ASIC of Australia, MAS of Singapore, and CFTC, NFA in the USA.
Spreads and swaps are the only components of trading fees at City Index in the UK. Trading commissions are only incurred on stock CFDs. The spreads start from 0.5 pips and the average spread on EUR/USD is 0.6 pips. This is lower than many other FCA-regulated brokers in the UK.
MT4 is the only available trading platform at City Index. The account can be opened with GBP as the base currency. More than 4700 financial instruments can be traded at City Index including 84 currency pairs.
City Index Pros
City Index Cons
FXTM is an FCA-regulated forex and CFD broker that allows trading through MT4 and MT5 platforms with multiple pricing structure.
FXTM is the trading name of the legal entity Exinity UK Ltd which is regulated by the FCA of the UK under license number 777911. They are also regulated by the FSCA of South Africa and CySEC of the European Union. Hence can be considered safe to trade in the UK.
FXTM has 3 different account types to offer for UK clients namely Micro, Advantage, and Advantage Plus account type. MT4 can be chosen as a trading platform with all three account types while MT5 can only be chosen with the Advantage and Advantage Plus account types.
The Micro account can be opened with a minimum deposit of GBP 10 but it only allows trading on limited instruments. The Advantage and Advantage Plus accounts give access to all the instruments but have a minimum deposit requirement of GBP 500.
MT4 and MT5 are the options for trading platforms. Traders can either trade with a spread-only pricing structure or commission with the low spreads pricing structure. The average spreads for EUR/USD currency pair at FXTM is 1.8 pips that are higher than the average among FCA-regulated forex and CFD brokers.
IG Markets is an FCA-regulated forex and CFD broker that has been offering trading services since 1974. It is the oldest MT4 broker regulated by FCA in the UK.
IG Markets is regulated by the FCA of the UK, ASIC of Australia, FSCA of South Africa, and NFA, CFTC in the US. They are regulated by all the top-tier regulatory authorities with the strictest regulation in leveraged CFD trading. The FCA license is held by the name IG Markets Limited under license number 195355.
There are no choices of account types at IG Markets and the average spread for the EUR/USD currency pair is 1 pip. GBP can be chosen as the base currency of the account but the minimum deposit amount is slightly high GBP 300.
Apart from MT4, IG Markets also allows trading through ProRealTime and L2 Dealer trading platforms. However, MT4 is the most chosen trading platform at IG Markets.
They allow trading on more than 12000 financial instruments including 90 currency pairs.
IG Markets Pros
IG Markets Cons
There are several pros and cons of choosing the MT4 trading platform over other platforms.
Pros of Trading with MT4
Cons of Trading with MT4
If you have made up your mind to trade with the MT4 trading platform, you will need to open an account with a broker that supports the MT4 trading platform. There are more than 100 brokers that allow trading on the MT4 trading platform. Traders need to look out for the following major aspects before opening their account with any MT4 brokers in the UK.
The safety of your funds is the top priority while trading online through any platform. Financial Conduct Authority (FCA) is the financial regulatory authority in the UK that overlooks the activities of regulated entities and safeguards the interest of traders and investors.
Traders must ensure that the forex and CFD broker that they are choosing in the UK is regulated by the FCA. The FCA regulation makes brokers safe for traders in the UK and greatly reduces third-party risk.
Traders can search for the FCA regulation details on the website of the brokers and can also enquire about the same through customer support services. The regulation details can also be cross-checked through the official website of FCA.
Each forex and CFD broker that allows trading through MetaTrader 4 trading platform incurs different trading and non-trading fees. Traders must check and compare every component of the fee before they open their accounts.
The commonly incurred trading fees on forex and CFDs include spreads, trading commissions on each trade, and overnight charges. The non-trading charges include an inactivity fee, account opening fee, maintenance fee, deposit/withdrawal fee, currency conversion fee, etc.
Deposit and Withdrawal
Each broker that supports the MT4 trading platform, accepts transactions through different methods. It is important to ensure that the chosen broker accepts deposits and withdrawals through the method preferred by the trader.
Traders must also check the associated fees for deposits and withdrawals, minimum and maximum limits, and the time taken for each method to process the deposits and withdrawals. This can be compared with other brokers that support the MT4 platform to choose the best MT4 broker in the UK.
After opening an account and making a deposit into your trading account, you can open trading positions on the MT4 trading platform through the website, mobile, and desktop applications.
Step 1: Login into Your Account
Step 2: Select the Instrument you wish to trade
Step 3: Place new Order
The new order can be placed directly by entering the lot size in the tab at the top left corner of the graph. However, it is always advisable to open a trading position with stop loss and take profit limits. To do this, press the new order tab or simply press the f9 key if using the desktop version of MT4.
Step 4: Configure the Order
It is essential to select the lot size of the trading position and select the stop loss and take the profit limit. These are the extreme limit at which the position will get closed if triggered. Once configured, the long and short positions can be opened by buy and sell tabs respectively.
Step 5: Monitor, Modify, or Close the order
Once a trading position is opened, its details can be viewed from the trade book at the bottom of the trading platform window. Any order can be closed or the limits can be modified at any moment whenever required.
|Spread Betting Platform||Typical EUR/USD Spread||Minimum Deposit||Max. Leverage|
Each broker offers different services and incurs a different fee for the same. Hence, the suitability of an MT4 broker in the UK depends on traders. According to our analysis and comparison, Pepperston, CMC Markets, and City Index are the best MT4 forex brokers in the UK.
Yes, MetaTrader 4 or MT4 is an electronic trading platform that redirects the orders placed by online traders to the broker. You need to open an account with a broker that supports the MT4 trading platform to trade through MT4.
Pepperstone, IG Markets, FXTM, etc can be considered good for the beginners with MT4 trading platform. Beginners should look for brokers that have low minimum deposit requirements, friendly support services, and low spreads with no additional commission.
Pepperstone, CMC Markets, City Index, etc can be considered best for trading forex and CFDs in the UK. Each broker is ideal for different types of traders. It is important to check and compare every pros and cons of a broker before opening an account and making a deposit.
No, MT4 is not a money-making software. MT4 is a trading platform that can be used to trade on forex pairs and CFDs after opening an account with a broker. Traders can make money or lose money by trading on MT4 depending on their skills.
MT5 and cTrader can be considered better than MT4 for some traders. However, MT4 is the most chosen trading platform. MT5 has better features and more tools to work with good automation features. cTrader has a better-looking interface. Each trading platform has its own pros and cons and a particular trading platform can be considered best for all types of traders.
MT4 or MetaTrader 4 is an authentic forex and CFD trading platform that was developed by MetaQuotes Software Ltd in 2005. It is the most widely used forex and CFD trading platform globally. The broker that offers trading on MT4 platform can be real or fake.
Traders must choose an FCA-regulated broker with the MT4 trading platform. Apart from FCA regulation, traders must also check and compare the fees, available instruments, customer support, deposits and withdrawal methods. Pepperstone, CMC Markets, FXTM, City Index, etc are among the best brokers to use with MT4 platform.
Yes, MT4 is legal in the UK for trading forex and CFD instruments. Several brokers in the UK support MT4 as the trading platform. However, traders must only choose a broker that is regulated by the FCA of the UK.
The minimum deposit amount depends on the broker you have opened your account with. Each broker that supports the MT4 trading platform can have a different minimum deposit requirement. Pepperstone has no lower limit on minimum deposits and offers an MT4 trading platform.