One of the most important things for online traders is the trading platform. MetaTrader 4 (MT4) is the most used third-party software for forex traders, thanks to its expert advisors, advanced charting features and robust security. Not all brokers offer MT4 integration, so we dug deep to help you in your quest. In this article we will reveal the best MT4 brokers in the UK.
Minimum Deposit UK: $200
Currency Pairs: 60+
Maximum Leverage: 30:1
Regulatory entities: FCA in the UK
Demo Account? Yes
When investing, your capital is at risk
Minimum Deposit UK: £100
Currency Pairs: 70+
Maximum Leverage: 30:1
Regulatory entities: ASIC, CySEC
Demo Account? Yes
When investing, your capital is at risk
Minimum Deposit UK: £0
Currency Pairs: 150+
Maximum Leverage: 30:1
Regulatory entities: FCA in the UK
Demo Account? Yes
When investing, your capital is at risk
Minimum Deposit UK: £100
Currency Pairs: 50+
Maximum Leverage: 30:1
Regulatory entities: FCA, FSCA, FSA, FSC, ASIC
Demo Account? Yes
When investing, your capital is at risk
MT4 is highly customizable, allowing you to create templates with your desired charts, and price comparisons. All in all, MetaTrader 4 has excellent advanced technical analysis tools. Therefore, we will present to you our top picks for the best MT4 brokers in the UK.
Let’s get started.
Best MT4 Brokers in the UK
1. Pepperstone
Minimum Deposit UK: $200
Currency Pairs: 60+
Maximum Leverage: 30:1
Regulatory entities: FCA in the UK
Demo Account? Yes
Pros
✔️ Low FX spreads
✔️ Fully regulated by 7 national regulators
✔️ Fast order execution
✔️ Multiple platform add-ons and customizations
Cons
❌ High minimum deposit
❌ Demo account only allows to trade for one month
Pepperstone Overview
Pepperstone is an Australian broker founded in 2010. It specialises in CFDs and forex trading. With Pepperstone you can trade over 60 currency pairs and an overall of more than 1400 financial products. It is fully regulated by seven different local authorities, including the FCA in the UK.
One interesting feature that Pepperston offers is the integration with multiple social trading platforms such as Myfxbook, MetaTrader Signals and DupliTrade. It’s great to learn and copy more experienced traders.
We consider the commission and fees to be low. There are no withdrawal and inactivity fees. With the razor account, you can expect to pay an average of £3.50 commission per lot per trade plus spread cost. 0.8 pips.
In sum, Pepperstone is a great broker, with an extensive track record, multiple-countries regulation and low FX fees. Feel free to try Pepperstone with a demo account (although it only lets you trade for one month) and see for yourself!
2. FP Markets
Minimum Deposit UK: £100
Currency Pairs: 70+
Maximum Leverage: 30:1
Regulatory entities: ASIC, CySEC
Demo Account? Yes
Pros
✔️ Vast offer of tradable financial instruments
✔️ Great customer support
✔️ Tier-1 jurisdiction and tier-2 jurisdiction regulation
✔️ Excellent education resources
Cons
❌ Social Trading portal could offer more advanced functionalities such as eToro
❌ The amount of financial instruments can be overwhelming to beginners
FP Markets Overview
FP Markets is an Australian forex and CFD broker founded in 2005. It offers more than ten thousand tradable financial instruments, and over 70 currency pairs. The maximum leverage allowed is 30:1, which is the maximum permitted by the FCA. It is regulated by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).
In terms of commissions and fees, FP Markets has two pricing models. The commission-free Standard account has an average mark-up of 2.3 pips for the GBP/USD. The commission-based alternative has raw spreads of 1.2 pips for the GBP/USD. On top of this, there are no non-trading fees.
The educational tools have been improving over the years, with the FP Markets Traders Hub offering daily research and trading ideas. Trading with FP Markets can be performed with MT4 or MT5. They are available on the web, desktop client, and a mobile app.
3. CMC Markets
Minimum Deposit UK: £0
Currency Pairs: 150+
Maximum Leverage: 30:1
Regulatory entities: FCA in the UK
Demo Account? Yes
Pros
✔️ Publicly listed on the London Stock Exchange
✔️ Low forex fees
✔️ Extensive research educational resources
✔️ Great customer service
Cons
❌ High stock CFD fees
CMC Markets Overview
CMC Markets, founded in 1989, is a top player in terms of forex brokerage firms. It has been around for some time and has been able to evolve in this ever-changing environment. It is considered a safe broker, as it is regulated by the FCA, is publicly traded and has a great track record.
The forex fees are low, as it has a minimum spread of 0.9 pips for the GBP/USD. Moreover, CMC Markets does not charge an account, deposit, or withdrawal fee. However, there is a monthly fee of £10 after 12 months of inactivity.
There is a notorious research within CMC Markets, and the educational content is also great. There is a vast trader’s library, to aid the beginner investor, and there are also introductory guides. Customer service is available 24/5 and it is great. However, it would be nice if it operated 24/7. All in all, CMC Markets is one of the best MT4 brokers in the UK!
4. AvaTrade
Minimum Deposit UK: £100
Currency Pairs: 50+
Maximum Leverage: 30:1
Regulatory entities: FCA, FSCA, FSA, FSC, ASIC
Demo Account? Yes
Pros
✔️ Extensive range of products
✔️ Excellent research tools
✔️ Beautiful platforms
✔️ Fast account opening
✔️ No withdrawal fee
Cons
❌ Inactivity fees charged
❌ Average forex fees
AvaTrade Overview
AvaTrade was founded in 2006, and it is a famous forex and CFD broker. It has over 300,000 registered customers from more than 150 countries. AvaTrade is regulated by seven different countries (but not the FCA), so we can say that it can be considered safe.
AvaTrade features no deposit or withdrawal fees. However, we consider the forex fees to be average. The forex fees are low, as it has an average spread of 1.5 pips for the GBP/USD. Moreover, CMC Markets does not charge an account, deposit, or withdrawal fee. However, there is a monthly fee of £10 after 12 months of inactivity.
The educational tools provided are way above average. The platform offers extensive educational articles, great video tutorials, and correct trading rules. They also feature a demo account that lets you practise before you put your own money to the test. Besides this, AvaTrade also features daily market news and analysis, complemented with daily Vimeo and Youtube videos. In short, this is an excellent option for a MT4 broker!
Conclusion
MetaTrader 4 (MT4) is the most used software for forex traders. It offers endless customization possibilities, expert advisors, and advanced charting features. Hence, when choosing an online platform to invest in forex, it is normal to go for one that offers MT4 compatibility.
In this article we lined up the best MT4 brokers in the UK. We took into account the platforms, fees, customer service and the overall trading experience. The best way to make sure you’re getting the best service, experience, research tools, customer service and fees is by opening an account with one of the best MT4 brokers, as listed here. Make sure you research extensively and read reviews to have the best trading experience possible.
We hope that the information was valuable, but you should not interpret this as financial advice. Every investor should perform their research and invest only what they are willing to lose
Happy trading!
FAQs
Can MT4 make money?
Yes, MT4 has the potential to make money. However, it is important to note that trading with MT4 requires. New traders should start trading on a demo account and study the best practices before investing real money.
Is MT4 good for beginners?
Yes, MT4 can be good for beginners as it offers a great range of trading tools and features. It also has an intuitive interface that makes the learning process much easier.
Do I need to pay a fee to use MT4?
No, MT4 is free of charge. However, you may have to pay fees when trading with a broker that offers MT4 trading services. Be sure to check their fees before signing up.
Is MetaTrader 4 tax free?
No, you have to pay tax on any profits gained through trading with MT4. It is best to check with your local tax authority to ensure that you are compliant with the applicable tax laws.
How much money do you need for MT4?
It depends on the broker and type of account you choose. Some brokers require a minimum deposit for opening an MT4 trading account, while others do not. Check with your chosen broker to see what requirements they have.
Is MetaTrader 4 safe?
Yes, MetaTrader 4 is a safe and secure platform for forex trading. It encrypts all data and financial transactions, guaranteeing that your information is always kept secure. However, it is best to check with your chosen broker to see what safety measures they have in place before signing up.
Can You Use MT4 With eToro?
No, sadly eToro does not support the MT4 platform. You can check eToro MT4 alternatives above.
Can You Use MT4 With Interactive Brokers?
No, sadly Interactive Brokers does not support the MT4 platform. You can check Interactive Brokers MT4 alternatives above.
Can You Use MT4 With Plus500?
No, sadly Plus500 does not support the MT4 platform. You can check Plus500 MT4 alternatives above.
Can You Use MT4 With TD Ameritrade?
No, sadly TD Ameritrade does not support the MT4 platform. You can check our article on TD Ameritrade UK alternatives.
Can You Use MT4 With Hargreaves Lansdown
No, sadly, Hargreaves Lansdown does not support the MT4 platform. However, you can check our Hargreaves Lansdown alternatives to look for a platform that suits your needs.