MetaTrader 4 (MT4) remains one of the most widely-used platforms in the UK among forex and CFD traders. MT4 allows users to analyse and trade financial markets in a fast, secure environment. It also lets them customise the trading experience and build a set of unique technical indicators to suit their preferred markets.
MT4 also supports demo trading, a crucial tool for beginners and experienced pros alike. We analysed and ranked the best MT4 brokers in the UK by fees, available markets, features, account minimums, and security. Read our guide to see our top picks:
The top UK MT4 brokers ranked
According to our research, these are the best MT4 brokers for UK traders:
- Pepperstone: The Melbourne-based company offers trading in forex and cryptocurrencies, plus CFD trading in stocks, indices, metals, and commodities.
- FP Markets: The Sydney-based global low-spread broker offers CFD trading for forex, stocks, indices, commodities and cryptocurrencies. Beside MT4, it also offers the MetaTrader 5 (MT5) platform, TradingView, cTrader and mobile apps.
- Admiral Markets: The London-based company offers CFD trading on forex, cryptocurrencies, ETFs, indices, stocks, commodities and bonds and single-share trading on stocks and ETFs.
- Trade Nation: The platform, based in London, is good for beginner and intermediate-level traders and allows CFD trading in forex, stocks, cryptocurrencies, commodities and indices.
- IG: The London broker was one of the early adopters of forex trading and has a strong reputation for educational resources, including analytical tools. It offers CFD trading in crypto, forex, indices and commodities, as well as direct stock and ETF investing.
- CMC Markets: Founded in 1989, the London-based broker offers more than 12,000 tradable assets. It also offers automated trading bots (expert advisors, or EAs) designed for those who are looking for passive investing or algorithmic trading.
- Forex.com: One of the largest global MT4 brokers with more than a million customers, the US-based brokerage is part of the StoneX Group.
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Reviewing these top-ranked MT4 brokers in the UK
Let’s take a look at the leading UK-based MT4 trading platforms in more detail. Read on for our comprehensive reviews.
Note: Under FCA rules, all brokers working in the UK, including FP Markets that has no FCA licence, must cap their retail leverage at 30:1. To access higher limits, you need to qualify as a professional client.
1. Pepperstone: Trade via a spread betting account for tax-free advantages
- Minimum GBP/USD Spread: 0.9 pips (spread betting account)
- Trading Fees: 0% commission on all markets
- Min Deposit: £0
- FCA licence: Yes
Pepperstone is a popular MT4 broker that’s authorized and regulated by the FCA. It’s a great option for spread betting trading, which comes with 0% stamp duty and capital gains tax. No commissions are charged, so it’s only the spread that must be covered.
The minimum spread on GBP/USD is 0.9 pips when opening a spread betting account. At Pepperstone you have access to MetaTrader 4, MetaTrader 5, and cTrader. Each has a web, desktop, and mobile version.
The platform supports a wide array of assets, including commodities, cryptocurrencies, ETFs, forex, indices, and stocks, all executed with impressive speed. Pepperstone waives fees connected with account maintenance, deposits, and withdrawals.
With a Standard, Razor or Managed account, you will have the following MetaTrader 4 platforms available:
MetaTrader 4 Mobile App – both for Android and iOS
MetaTrader 4 WebTrader – works from your browser of choice
MetaTrader 4 Desktop – desktop client for Windows and Mac
MetaTrader 4 MultiTerminal – helpful extension to execute trades in multiple accounts, only for Windows
Traders can deploy leverage of up to 1:30, depending on the market. Long and short trading is supported too. This is in addition to over 90 forex pairs. No minimum deposits are required when joining, and payment methods include PayPal, Visa, and MasterCard.
Pepperstone is a member of the FSCS and client funds are held in segregated bank accounts. This ensures a safe trading experience. Pepperstone also supports CFD instruments, which is a great alternative to spread betting. These can be traded via Pepperstone’s razor account, which offers minimum spreads of 0.0 pips. A demo account is also available to first-time users.
Pros
- Good number of alternate platforms
- Easy to use copy trading
- Demo account and no minimum deposit requirement
Cons
- Low fees for account management
- Does not allow direct share trading
2. FP Markets: A great MT4 brokerage option for low forex spreads
- Minimum GBP/USD Spread: 0.0 pips (raw account)
- Trading Fees: $3 per traded lot, per slide
- Min Deposit: £100
- FCA licence: No, but regulated in other jurisdictions
FP Markets is one of the best MT4 brokers for forex trading. Those opening a raw account will secure ECN pricing, with spreads starting from 0.0 pips. Put in another way, you’ll get the same competitive prices as financial institutions. FP Markets charges a $3 commission per traded lot, per side. More than 70 forex pairs are available, including a wide selection of minors and exotics.
FP Markets also offers a commission-free account, which is aimed at casual traders. However, the minimum GBP/USD spread is 1.8 pips. Both accounts have a £100 deposit requirement, with payment methods including Visa and MasterCard. In addition to being a forex broker, FP Markets supports other popular markets. This includes commodities, stocks, indices, ETFs, and bonds.
FP Markets also offers an MT4 demo account. This comes with $100,000 in virtual funds. MT4 compatibility includes desktop software, smartphones, and tablets. It also supports expert advisors (EAs), meaning automated trading via MT4. FP Markets offers UK retail clients leverage of up to 1:30 when trading major forex pairs. Other asset classes come with lower limits.
Pros
- One of the best UK forex brokers for MT4
- Offers more than 70 currency markets
- Spreads start from 0.0 pips
- Supports desktops, smartphones, and tablets
- Get a free demo account with $100,000 in virtual funds
Cons
- The standard account has high spreads
- Some features aren’t available to UK traders
3. Admiral Markets: MT4 broker offering plenty of forex pairs, CFD and non-CFD trading
- Minimum GBP/USD Spread: 0.54 pips (raw account).
- Trading Fees: Ranges from $0.50 to $3 per lot, depending on the asset traded.
- Min Deposit: £100
- FCA licence: Yes
Admiral Markets permits trading on forex and CFDs on indices, metals, energies, agriculture, commodities, crypto, stocks, ETFs and bonds, but also has actual stocks and ETFs for direct investing. CFD trading is also available on commodities futures and index futures.
The broker was one of the first to offer MT4 and it enables an array of MetaTrader platforms, including MT4, MT5, MetaTrader WebTrader, and a MetaTrader Supreme Edition. Admiral Markets also offers Parallels for Mac devices. Admiral’s MT4 platform offers 45 forex pairs, three metal CFDs, 10 cash index CFDs and three energy CFDs.
Admiral has a demo account that lasts 30 days and becomes unlimited if you open a live account. Its educational resources include videos, tutorials, Admiral Academy articles, e-books and a trader’s glossary. Some of its top features include fractional trading and negative balance protection.
Pros
- Above-average number of forex pairs
- Has other MetaTrader platforms, giving a trader flexibility for growth or change
- Supports fractional trading
Cons
- The demo account is somewhat limited
- Does not support copy trading
4. Trade Nation: UK MetaTrader 4 broker with no minimum deposit and fixed spreads
- Minimum GBP/USD Spread: 0.7 pips
- Trading Fees: Costs are built into the spread.
- Min Deposit: £0
- FCA licence: Yes
The broker focuses on CFD trading and offers slightly more than 1,000 tradeable instruments, a relatively small number that includes 46 forex pairs. It does focus on low-cost spreads, as it charges a minimum of 0.3 pips on a EUR/USD trade and 0.7 pips on a GPB/USD pair.
Trade Nation’s MT4 platform comes with a copy trader option for novice traders who want to mimic what experienced traders are doing. Some of Trade Nation’s top features include no minimum deposit requirement, fixed spreads and an easy-to-use web site. It also offers advanced charting through ChartIQ.
The broker also has a demo account with $10,000 in virtual currency attached. It also sponsors a knowledge base that includes articles, videos and podcasts, daily reports and real-time news. It also allows fractional trading.
Pros
- Allows fractional trading
- No minimum deposit requirement
- Advanced charting through ChartIQ
Cons
- Demo account is somewhat limited with only $10,000 in virtual currency
- Relatively limited amount of tradable assets
5. IG – Regulated online broker supporting 17,000+ financial Instruments
- Minimum GBP/USD Spread: 0.9 pips
- Trading Fees: 0% commission on all markets apart from stocks. Variable stock commissions depending on the exchange
- Min Deposit: £50 (bank transfer), £250 (debit/credit cards)
- FCA licence: Yes
IG is a leading UK broker with a track record spanning multiple decades. It’s authorized and regulated by the FCA, and a member of the FSCS. The standout feature is IG’s sizable asset library; over 17,000 financial instruments are supported. This includes dozens of major, minor, and exotic forex pairs. Not to mention commodities like gold, wheat, corn, oil, and natural gas.
Indices from around the world can be traded, too, including those from Hong Kong, Germany, France, China, India, Australia, and the US. These markets are ideal for gaining exposure to specific countries without being overexposed to individual companies. That said, IG also supports thousands of stocks, including US powerhouses like Google, Netflix, Amazon, and Apple.
All tradable markets are commission-free, apart from stocks. UK and European stocks, for example, attract a 0.1% commission. US stocks are traded at $0.02 per share. IG has a minimum deposit of £50 (bank transfers) or £250 (debit/credit cards). A free demo account is available for MT4. Do note that IG offers CFDs and spread betting, plus traditional investments like funds and trusts.
Pros
- One of the most established UK brokers
- Supports over 17,000 tradable instruments
- 0% commissions on all assets (except stocks)
- Minimum GBP/USD spreads of 0.9 pips
- Also offers traditional investments
Cons
- UK stock commissions are 0.1% (£10 minimum)
- High minimum deposit when using a debit/credit card
6. CMC Markets: Fast execution speeds of 61ms and support for EAs
- Minimum GBP/USD Spread: 0.9 pips
- Trading Fees: 0% commission on all markets
- Min Deposit: £50 (bank transfer), £250 (debit/credit cards)
- FCA licence: Yes
CMC Markets is another FCA-regulated broker with an FSCS membership. It offers full support for MT4 trading, including automated EAs. The average trade execution speed is just 61ms when connecting to MT4. This makes CMC Markets a good choice for intraday and scalping strategies. What’s more, CMC Markets offers 0% commissions on standard accounts.
Spreads are tight, too, with GBP/USD starting at just 0.9 pips. CMC Markets offers over 12,000 tradable markets. This includes over 330 forex pairs, meaning you can trade a wide range of exotic currencies. It also offers UK and intentional stocks, not to mention ETFs and treasuries. Traders can also access commodities, including precious metals like gold and silver.
No minimum deposit requirements are needed, ensuring beginners are welcome. A free demo account is also available, preloaded with £10,000 in virtual funds. CMC Markets also stands out for its comprehensive education center. This includes guides, explainers, videos, and even webinars.
Pros
- Has automated Expert Advisors for MT4 users
- 0% commissions on standard accounts
- Fast execution speed on trades
Cons
- Demo account is limited to £10,000 in virtual funds.
- High minimum deposit when using a debit/credit card
7. Forex.com: Great for educational resources, currency choices
- Minimum GBP/USD Spread: 1.5 pips
- Trading Fees: Spreads as low as 1.2 pips, with no commission.
- Min Deposit: $100
- FCA licence: Yes
Account platforms include MT4, MT5, Expert Advisors and MT5 VPS Hosting. Its MT4 platform comes equipped with Reuters news and free VPS hosting. However, its MT4 platform only has 600 tradable assets, compared to more than 5,000 on its non-MetaTrader platforms. Crypto is available through CFD only.
Forex.com has a great number of educational resources, including videos, its Trading Academy, as well as a Daily Market Update and Weekly Technical Outlook.
The broker has a demo account, but that has limitations compared to some other brokers. It provides $50,000 in virtual funds but demo accounts with the MetaTrader 4 platform last only 90 days and are available only 30 days unless there are open trades in the demo account.
Forex.com offers more than 80 currency pairs with spreads as low as 1.2 pips in its MT4 account. Its MT5 account has spreads as low as 0 pips, but with commissions of $7 per $100,000 traded. It also pays 5% interest on your average daily available margin balance up to $500,000.
Pros
- Pays 5% interest on uninvested funds
- More than 80 currency pairs available for trading
- Good assortment of educational materials
Cons
- Demo account is limited to $50,000 in virtual funds and lasts only 90 days.
- Limited number of assets to trade in MT4
MT4 trading platforms compared
Let’s summarize our MT4 broker reviews by comparing the key points:
MT4 broker | Demo account | VPS available | Mobile app | Raw GBP/USD spread (Min) | Standard GBP/USD spread (Min) |
Pepperstone | Yes | Yes | Yes | 0.0 pips | 0.9 pips (spread betting) |
FP Markets | Yes | Yes | Yes | 0.0 pips | 1.8 pips |
Admiral Markets | Yes | Yes | Yes | 0.54 | 1.0 pips |
Trade Nation | Yes | No | Yes | n/a | 0.7 pips |
IG | Yes | Yes | Yes | n/a | 0.9 pips |
CMC Markets | Yes | Yes | Yes | 0.0 pips | 0.9 pips |
Forex.com | Yes | Yes | Yes | n/a | 1.5 pips |
What is MT4?
Launched in 2005, MT4 is a trading platform that supports forex and CFD instruments. It’s not a brokerage dealer, so it doesn’t directly execute positions. Instead, traders need to use MT4 through a partner broker, such as FP Markets, Admiral Markets or Pepperstone.
MT4 supports multiple device types and operating systems. Most traders opt for the Windows or Mac desktop software. A mobile app for iOS and Android is also available. Crucially, traders often prefer MT4 over in-house brokerage platforms for the advanced features it offers.
For example, MT4 is packed with traditional and custom technical indicators, drawing tools, and customizable charting screens. It’s also widely used for automated trading bots, such as forex EAs. MT4 is also a popular choice for demo trading. This enables traders to practice in live market conditions without risking real money.
Why is MT4 a popular trading platform?
Millions of active traders use MT4 across hundreds of partnered brokers. Read on to learn why it’s the go-to trading platform for many successful forex and CFD traders.
Advanced and customizable charting tools
One of the main benefits of MT4 is its advanced charting tools. These almost always exceed what brokerages offer via their in-house platforms. For a start, MT4 supports customizable charting screens. This enables traders to build their preferred setup, whether that’s having multiple charts on the same screen or customizing the color scheme.
MT4 also supports nine charting time frames and 23 analytical objects. This ensures MT4 is suitable for all trading strategies, including scalping, intraday, and swing. MT4 comes preinstalled with just 30 technical indicators. However, traders can import their own indicators from other sources. Ultimately, those relying on technical analysis will find that MT4 offers everything they need.
Automated trading
MT4 is one of the best platforms for automated trading. This includes support for automated bots, also known as EAs. These come with pre-configured strategies and automatically place orders on the trader’s behalf.
What’s more, MT4 bots operate 24/7, so traders can make profits even when they sleep. In addition, MT4 also supports copy trading. This is another automated tool, allowing users to copy experienced pros.
Where to get automated bots for MT4?
The best place to get automated bots for MT4 is MQL5. This is an online marketplace supporting thousands of bot strategies. Some strategies are free, but the best ones charge a one-time fee. This can range from a few dollars to over $1,000.
MQL5 is also the go-to place for MT4 copy trading. Most traders charge a monthly subscription, averaging $30-50. Bots and copy trading strategies are transparent, with MQL5 revealing key metrics like past performance and maximum drawdown.
VPS trading
MT4 also supports virtual private servers (VPS). This is crucial when deploying automated strategies like forex EAs. The VPS ensures continuous trading, 24 hours per day, 7 days per week – even when the desktop device is switched off.
It also ensures relatability, stability, and fast execution speeds. Many MT4 brokers offer a free VPS for registered users.
Demo trading
Another benefit of MT4 is it supports demo trading. This means traders can practice without risking real money. The market activity shown will mirror actual prices, ensuring a realistic experience.
Do note that a demo account is first needed with a partnered broker. It takes seconds to register, and only basic personal information is needed. The broker will then provide login details for MT4 demo trading.
Multi-device support
MT4 supports the most popular device types. Technical traders typically download the desktop software. This provides the best user experience, especially when analysing charts and market trends. Available operating systems include Windows, Mac, and Linux. Moreover, only the desktop software supports automated bots.
That said, many traders will also download the MT4 app for iOS, Android, or Huawei. This enables traders to track, open, and close positions without needing access to a desktop device. The best MT4 brokers in the UK also offer a web version. This enables traders to access MT4 directly from their browser.
Pros & cons of MetaTrader 4
Our research shows that MT4 comes with the following advantages and limitations:
Pros
- Offers highly customizable charting screens
- Supports thousands of CFD and spread betting markets
- Comes pre-installed with drawing tools and technical indicators
- A great option for automated bots and copy trading
- Dedicated software for desktops and mobiles
- Supports VPS compatibility for 24/7 uninterrupted trading
- Partnered with hundreds of online brokers
Cons
- Comes with fewer charting features than MT5
- Doesn’t support ‘real’ assets (derivatives only)
- Beginners might initially find the platform intimidating
- Customer support must go through the connected broker
- Doesn’t directly execute trading positions
- Demo trading isn’t available without a brokerage account
What assets can you trade on MetaTrader 4?
MT4 supports thousands of financial instruments. Available markets broadly fall into three categories:
- Forex: The most commonly traded asset on MT4 is forex. The number and type of pairs available will depend on the partnered broker. For example, FP Markets supports over 70 forex pairs. This covers all majors and a broad selection of minors and exotics.
- CFDs: The best UK MT4 brokers support thousands of CFDs. These track popular assets in real-time, meaning you’re trading derivatives rather than taking ownership. CFDs cover multiple classes, including precious metals, energies, stocks, ETFs, and indices.
- Spread Betting: Some MT4 brokers also support spread betting. These cover similar assets to CFDs. The main difference is that you don’t pay tax on spread betting profits in the UK. Instead, they fall within the remit of gambling.
Ultimately, the assets you can trade on MT4 will depend on the broker. After all, MT4 is a third-party platform, meaning it doesn’t directly offer brokerage services.
Can I trade cryptocurrencies on MT4?
MT4 supports the most popular cryptocurrencies, such as Bitcoin, Solana, and Dogecoin. However, cryptocurrencies on MT4 are available to trade as CFDs.
And, as per the FCA, UK retail clients can’t trade cryptocurrency CFDs. This also covers other cryptocurrency derivatives, including financial spread betting and futures.
How to choose an MT4 broker
Comparing multiple MT4 trading platforms in the UK can be a chore. This is why we’ve created the following checklist. It covers the most important metrics to look at when choosing an MT4 broker.
- Trading fees: We’ve established that MT4 doesn’t offer brokerage services. This means trading fees depend on the connected broker. Leading MT4 brokerages such as Admiral Markets and Pepperstone offer commission-free trading. This means the only cost of a trade is the spread. However, experienced traders prefer ‘raw’ accounts. These often provide zero spreads for a small commission.
- Customer support: MT4 doesn’t provide real-time customer support. This means queries and issues must go through the chosen broker. As such, ensure the broker offers 24/7 support, preferably via live chat. This step is crucial to ensure a good user experience.
- Available assets: Supported assets will depend on the chosen MT4 broker. The best providers support everything from forex, stocks, and bonds to commodities, indices, and ETFs. You can easily see which markets are available by visiting the broker’s website.
- Server uptime: The average server uptime is another important factor to explore. This should be as close to 100% as possible. Experiencing server downtime can be catastrophic, especially during volatile market conditions. After all, you won’t be able to enter or exit trades.
- MT4 VPS: It makes sense to use a VPS for enhanced stability and reliability. Especially when deploying automated bots for 24/7 trading. The best MT4 brokers, including FP Markets and Pepperstone, offer a free VPS directly for MT4 trading.
- Technical Indicators: MT4 comes preinstalled with just 30 technical indicators, including the RSI and MACD. However, some traders will seek additional indicators. Some MT4 brokers offer custom indicators that can be imported into the MT4 software. They also sometimes offer custom drawing tools for increased flexibility.
- Licensing: One of the most important considerations when choosing an MT4 broker is safety. Pepperstone, for example, is authorised and regulated by the FCA. FP Markets is regulated by the Australian Securities and Investments commission and by the Cyprus Securities and Exchange commission in Europe, but this doesn’t include the UK. Nonetheless, FP Markets legally accepts UK traders.
- Account types: Some MT4 brokers offer multiple account types. For instance, FP Markets offers a commission-free account with higher spreads. It also offers an account with minimum spreads of 0.0 pips, plus a $3 commission. This ensures traders of all levels are catered for.
- Minimum deposits: It’s also wise to check the minimum deposit requirement when choosing an MT4 broker. FP Markets requires £100. IG requires £250 when using a debit/credit card. In contrast, Pepperstone doesn’t require a minimum deposit.
Can you trade with leverage on MT4?
Yes, MT4 is commonly used to trade with leverage. However, like many facets, leverage is provided by the partnered broker. What’s more, UK retail clients are limited in how much leverage they can apply. This is determined by the asset class and market.
For example, stocks can be traded with a leverage of 5:1. The highest leverage accessible is 30:1, available only for major forex pairs (e.g., GBP/USD and EUR/USD). Minor forex pairs and gold can be traded at 20:1 leverage.
The only way to get higher limits is by meeting professional-client requirements, as explained in the FCA handbook.
How to start trading using MT4
It takes just a few minutes to start trading on MT4. Just follow the steps outlined below:
Step 1: Open an account with an MT4 broker:
You’ll need an account with a broker that offers the MT4 platform. We are walking you through the process using our top-rated UK MT4 broker Pepperstone as an example. Pepperstone has 0% commission trading, competitive spreads, and free demo tools. To sign up with Pepperstone, click ‘Join now,’ and complete the registration form. Then, choose your account type and the platform (MT4).
Step 2: Download MT4:
Now, download MT4 through Pepperstone’s MT4 page. Choose the preferred device type and operating system. We’d suggest starting with MT4’s desktop software, as this offers the best trading experience.
Step 3: Connect Broker Account to MT4:
The next step is to connect the Pepperstone account to MT4. Open the MT4 software, and click ‘File’ followed by ‘Login to Trade Account’. On the mobile app, click on ‘Login to an existing account’ and find your broker. Type in the username, password, and server, as provided by Pepperstone. You can find this on your Pepperstone account page.
Step 4: Deposit funds:
Now go back to the Pepperstone account to make a deposit. There’s no minimum deposit on Pepperstone. Payment methods include debit/credit cards, e-wallets, and bank transfers. The broker doesn’t charge deposit fees.
Step 5: Search for market you want to trade on MT4:
Next, you’ll need to find a market on MT4. Click the ‘Market Watch’ button and look for the preferred asset. Double-clicking it will reveal the pricing chart. You can also search for a market manually.
Step 6: Place orders:
The final step is to place orders on MT4. This includes a buy or sell order, depending on whether you’re long or short. MT4 also supports stop-losses, take-profits, and other advanced order types. The orders will then be diverted to the partnered broker and executed accordingly.
FAQs on MT4 brokers
Can UK traders legally use MetaTrader 4?
Is MT4 free to use?
Do I need a broker to use MT4?
Which is better, MT4 or MT5?
Is MT4 beginner-friendly?
What MT4 brokers are available in the UK?
What are the drawbacks of MT4?
References
- CASS 7.13 Segregation of client money FCA handbook (FCA)
- FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers (FCA)
- Memorandum of understanding between the Gambling Commission and the Financial Conduct Authority (FCA)
- COBS 3.5 Professional clients, FCA handbook (FCA)