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MetaTrader 4 is a popular trading tool that boasts tens of millions of users. It’s a top choice for many for good reasons. For starters, it strikes an ideal balance between reliability, functionality, and accessibility. This tool has a user-friendly interface, runs smoothly, supports diverse asset classes, and has many other outstanding positive attributes.
If you’d like to take your trading experience to the next level with MT4, this guide is for you. In it, you’ll find reviews of the best MT4 brokers in the UK. I handpicked them after spending weeks researching and testing countless service providers that cater to traders in this region. They stood out when it comes to what matters the most, from trustworthiness and reliability to affordability and support.
MetaTrader 4 Brokers List
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1
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Risk WarningDerivative products are highly leveraged, carry a high level of risk and may not be appropriate for all investors.
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2
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Risk Warning86% of retail investor accounts lose money when trading on margin with this provider. You should consider whether you understand how margin trading works and whether you can afford to take the high risk of losing your money.
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3
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Risk Warning76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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4
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Risk Warning71% 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.
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5
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Risk Warning74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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In This Guide
Comparison Table
While choosing the best broker for MT4, you should pay close attention to several factors, which I call the “holy grail” of broker selection. They range from licensing and regulation to demo availability and money insurance. I always consider them while vetting every service provider because, based on my extensive experience, they are key to safe, smooth, and hassle-free trading.
I’ve highlighted what I consider to be the most essential factors to consider in the table below. Additionally, I’ve broken down the basics of each of the best MT4 brokers based on the highlighted elements. Use the side-by-side comparison to get a rough idea of what to expect from each service provider before we dive into the mini-reviews.
| Best MT4 Brokers | Licence & Regulation | Minimum Deposit | Commission and Spreads | Support Service | Software | Payment Method | Demo Account | Money Insurance |
|---|---|---|---|---|---|---|---|---|
| FP Markets | FSCA, ASIC, CySEC | £100 | From 0.0 pips | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes | No |
| Pepperstone | FCA, ASIC, DFSA, CySEC, SCB, BaFin | £0 | From 0.0 pips | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social Trading | Visa, Mastercard, Bank transfer, Neteller, Skrill, PayPal | Yes | Yes |
| Forex.com | FCA, CFTC, CIRO, CySEC, FSA, ASIC | £100 | From 0.0 pips | 24/5 | WebTrader, Mobile App, MetaTrader 4, MetaTrader 5, TradingView | Credit/ debit cards, PayPal, Wire transfer | Yes | Yes |
| IG Markets | FCA, BaFin, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, CySEC | £0 | From 0.1 points | 24/7 | Online Platform, Trading apps, MT4, ProRealTime, L2 Dealer, US options and futures | Credit/debit cards, Bank transfer, Apple Pay | Yes | Yes |
| FxPro | FCA, ASIC, CySEC, FSCA, SCB | £100 | From 0.0 pips | 24/5 | FxPro Mobile App, MT4, MT5, cTrader, FxPro WebTrader | Credit/debit cards, Bank wire transfer, Neteller, Skrill, PayPal | Yes | Yes |
Mini Reviews
Let’s dig into each broker’s strengths and drawbacks. In this section, I’ll introduce you to what each of the best MT4 brokers has in store for you. Each mini-review is based on my first-hand experience and days of extensive research. That said, I recommend testing each platform with a demo account before opening and funding a live account.
1. FP Markets – Best MT4 Broker for CFD Trading
I consider FP Markets the best MT4 broker for CFD trading for several reasons. First, its clients have access to one of the most impressive asset collections in the UK. I opened an account with the official platform and got the opportunity to trade 10,000+ financial assets, including forex pairs and CFDs on shares, commodities, crypto, and more.
FP Markets is also among my most trusted and respected CFD service providers due to its platform variety. Besides MT4, this service provider offers MT5, TradingView, and cTrader, alongside its proprietary web and mobile trading platforms. While trading with FP Markets, you can use TradeMedic to assess your performance and detect critical issues that can undermine your efforts, such as overstimulation, emotional errors and poor trade timing.
I also strongly recommend FP Markets because it’s very pocket-friendly. As a new user, you get to sign up and deposit as little as £100. And you don’t have to worry about charges eating into your capital – FP Markets has no deposit fees, plus the company guarantees to cover all internal bank fees.
FP Markets
✔10,000+ tradeable financial instruments
✔Free deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
- Also offers MT5, cTrader, and other platforms
- No minimum deposit requirement
- CFDs on 10,000+ assets
- Excellent tools like TradeMedic
- Tight spreads from 0 pips on Raw
- Copy trading is available
Cons
- Most assets are CFDs
- Not covered by the FSCS
Before going any further, note that the FP Markets minimum deposit is £100. You can’t fund your account with anything less than the mandated amount. Also, as a trader, expect to cover stipulated FP Markets fees and commissions. Let’s expound on that.
FP Markets has different trading and non-trading fees. However, the costs you will likely incur depend on where you are from. Take London as an example. If you’re from this city, you’ll incur a 0.10% commission per side while trading equity CFDs. You’ll also have to pay a £60 monthly fee if you use Iress Trader or ViewPoint.
But here’s the good news. You won’t incur additional costs while depositing or withdrawing money from your FP Markets trading account. Moreover, unlike many other brokers, this service provider doesn’t have inactivity fees for dormant accounts.
Please visit FP Market’s official site for a comprehensive overview of all fees and commissions.
2. Pepperstone – Best MT4 Broker for Low Spreads
Pepperstone has ultra-low raw spreads from 0.0 pips on Razor. In other words, the spreads you’ll encounter while trading with this broker for MetaTrader 4 will be the same ones offered by liquidity providers, with no markup. But beware: Pepperstone also has Standard accounts, whose spreads start from 1.0 pips.
Trading with Pepperstone was also a fulfilling experience because of the broker’s elite tech. In addition to trading with MT4, I also had ample opportunity to leverage automation and other top-tier tools offered by MT5. Not to forget, I was in the perfect position to exploit TradingView’s robust charting capabilities and cTrader’s advanced order types.
Pepperstone’s asset collection, as I discovered, might not be as extensive as some of the broker’s peers, but most popular options are available. I traded forex pairs on the platform and had the opportunity to diversify my portfolio with CFDs on over 1,000 financial instruments, including shares, ETFs, and commodities.
Pepperstone
✔24/7 customer support
✔No inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- Tight spreads from 0 pips on Razor
- MT5, cTrader, and Trading are also offered
Rapid support 24/7 - The Autochartist market scanner is available
- Traders can also engage in spread betting
- No inactivity fee
Cons
- Limited number of assets compared to its peers
- Doesn’t offer guaranteed stop-loss orders
After evaluating Pepperstone, we opened a trading account for conducting extensive tests. The process was quick and easy.
But what impressed us most was the Pepperstone minimum deposit requirement. This platform has no minimum deposit, which makes it ideal for low-budget and high-budget traders. If you are a beginner, joining this broker is advisable since you can start with a low amount and increase your stakes with time. To top it off, Pepperstone supports free deposits and withdrawals. This broker allows you to use diverse payment methods for free, from Visa debit and credit cards to PayPal and domestic bank transfers.
When it comes to spreads and commissions, Pepperstone is very cost-friendly. You can open a Razor account with this broker and enjoy 20 commission-free trades. Pepperstone’s Standard accounts also have zero commissions. On the other hand, spreads start from as low as 0.0 pips for forex pairs like EUR/USD and 0.5 for commodities like XAUUSD.
Finally, unlike most of its peers, Pepperstone charges zero inactivity fees. However, any positions you hold overnight with this platform are subject to swap rates. Visit Pepperstone’s pricing page for a detailed account of how this broker calculated swap rates for different financial instruments.
3. Forex.com – Best MT4 Broker for Forex Traders
As the name suggests, Forex.com’s forte. I came across over 80 currency pairs while trading with this broker, from majors like GBP/USD, EUR/USD, and USD/JPY to minors such as GBP/JPY and EUR/GBP. I also discovered that Forex.com is one of a handful of brokers for MetaTrader 4 that offer spreads as low as 0.0 pips.
Note that Forex.com has 3 different types of accounts. Choose the Raw account option if your top priority is cutting costs with the tightest spreads from 0 pips. Keep in mind that, in addition to the lowest spread offers you’ll get, you’ll also be required to pay a reasonable commission of £5 for every £100 you trade. If you go with a Standard account, expect a higher threshold, from 0.8 pts.
MT4 isn’t the only third-party platform hosted on Forex.com. I also discovered that this broker supports TradingView, a tool that allows avid traders to leverage powerful charts and interact with millions of like-minded individuals. While trading forex pairs with this service provider, you can diversify with CFDs on a wide variety of financial instruments, such as stocks, indices, crypto, and commodities.
Forex.com
✔Intuitive design platform
✔Low trading fees
Pros & Cons
Fees
Trading Assets
Pros
- Forex traders have access to 80+ currency pairs
- Offers CFDs on stocks, commodities, and other assets
- MT4 and TradingView are available
- Low spreads from 0.0 pips
- Free online academy for newbies
Cons
- Limited financial assets for UK traders
- £12 monthly fee after 12 months of inactivity
Forex.com UK has a transparent fee structure you will find on its official website. There are no hidden costs based on our analysis. This makes us conclude that it enables users to budget accordingly without worrying about additional charges.
Note that signing up for a trading account at this broker’s site is free. Forex.com minimum deposit requirement is £100, which we believe is among the lowest in the industry. And the best part is that Forex.com does not impose deposit and withdrawal charges.
When it comes to trading at Forex.com, expect to incur low spreads, starting from 0.8 pips on major currency pairs. Commission also applies to share trading, starting from 8 basis points. The best part is that Forex.com features an Interest Payment Scheme. This allows users to earn interest on their tradable account funds. However, this scheme comes with specific requirements that you must meet to qualify.
Another fee to expect with Forex.com is overnight charges for positions left overnight. You will also incur inactivity fees of £15 monthly should your trading account remain dormant for over 12 months.
4. IG Markets – Best MT4 Broker for Institutional Traders
I highly recommend IG Markets to institutional traders with good cause. This broker for MetaTrader 4 has a significant number of assets, totalling 17,000. I discovered CFDs on a substantial number of securities on the platform, from forex, commodities, and shares to indices, bonds, and ETFs. Most of the assets that CFD traders consider essential are offered here.
What makes IG Markets stand out the most is digital assets. You can buy, hold, and sell real cryptocurrencies with an IG Markets account. I assessed the crypto assets on the platform and discovered 35+ popular options, including Bitcoin, Ethereum, and Dogecoin. The other commendable feature is that the broker charges a flat, transparent 1.49% spread on all crypto trades.
That’s not everything you’ll enjoy after signing up with this exceptional MT4 broker. In addition to crypto, you’ll have the opportunity to invest in over 11,000 shares and ETFs. You can either choose your own assets if you’re an experienced investor or work with one of IG Market’s expert-managed smart portfolios. Investing will never get easier than that.
IG Markets
✔Zero minimum deposit requirements
✔17,000+ available products
Pros & Cons
Fees
Trading Assets
Pros
- 17,000+ financial instruments available
- Traders can invest in crypto, stocks, and ETFs
- Prime tailored offers for institutional traders
- Expert support available 24/7
- Caters to a wide range of institutional traders, including introducing brokers, hedge funds, and asset managers
Cons
- £12 monthly fee after 2 years of inactivity
- No proprietary copy trading platform
Opening an IG Markets account doesn’t cost a dime. Moreover, this broker has no minimum deposit, so you don’t have to worry about compromising your budget. You can also enjoy significant savings by trading with IG Markets since it offers tight spreads, starting from 0.1 points on commodities and 0.6 points on popular currency pairs.
With that in mind, IG Markets charges overnight funding for cash CFD positions and daily funded bets (DFBs) that remain open past 10 pm UK time. The broker also requires traders to cover a small guaranteed stop fee. The fee kicks in every time the guaranteed stop feature is triggered. You should also expect to incur additional when shorting stocks and augmenting your trading experiences with premium services like live data streams.
Luckily, deposits and withdrawals are free on IG Markets. The broker only requires traders to pay a 0.5% standard currency conversion fee. Furthermore, the platform has zero inactivity fees, though your account will be terminated if it remains dormant for 24 consecutive months.
5. FxPro – Best MT4 Broker for Multi-Platform Access
If you often leverage multiple platforms besides MT4, signing up with FxPro will do you a world of good. Once your account is verified and funded, you can start trading with several other outstanding systems. The list includes cTrader, which goes above and beyond when it comes to market analysis, and MT5, which has everything offered on MT4 and additional features such as Depth of Market (DOM).
I also urge UK traders to try FxPro due to its super-tight spreads. Raw account users get sweet offers from 0.0 pips on FX majors like GBP/USD and USD/CAD. Speaking of forex, 70 major and minor currency pairs are available on FxPro’s trading platform. The broker’s clients can hedge against risk with 2,000+ assets, including CFDs on shares, indices, and futures.
Finally, FxPro is committed to helping you win in online trading. The broker’s official site has numerous materials that explain everything from the sunk cost fallacy and novice trader mistakes to avoid to the basics of trading and risk management. FxPro users also get unlimited access to educational materials from the infamous CME Group.
FxPro
✔User-friendly platform
✔Low minimum deposit requirement for UK clients
Pros & Cons
Fees
Trading Assets
Pros
- Users have access to MT4, MT5, and cTrader
- Sharp spreads from 0.0 pips
- Top-tier, free educational materials
- CFDs on many assets, from forex to shares
- Free deposits and withdrawals
Cons
- High inactivity charges
- Most available assets are CFDs
From our broker analysis and comparisons, we find FxPro to be one of the most affordable brokers for Ul clients. For starters, this broker has a free account opening procedure that takes minutes to complete. Moreover, it has a £1000 minimum deposit requirement, though you can deposit as little as £100. And when it comes to transaction costs, FxPro doesn’t impose any. We believe this makes it suitable for newbies who are sceptical about spending a lot of money and low-budget traders.
When it comes to trading charges, FxPro imposes low fees compared to other brokerage firms. For instance, forex trading attracts low fees, starting from 0.0 pips on major currency pairs. However, expect to incur additional costs for positions left overnight. There is also an inactivity fee of £10 monthly should your account remain dormant for over six months.
Factors to Consider Before Starting
Before trading with any of the best MT4 brokers in the UK, I urge you to consider several factors that can make or break your career. They include:
Regulation
Reputation
Costs
Assets
Support
Respected organisations like the FCA, ASIC, and CySEC regulate all of the service providers on my MetaTrader 4 brokers list. I never trade with platforms that aren’t authorised or supervised by such authorities because I know that increases my odds of encountering crippling issues such as stolen personal details, ignored withdrawal requests, and manipulated charts.
Follow my lead and always consider every broker’s regulatory and licensing status. And don’t just take a service provider’s claims at face value. Get the license number from the company’s site and check if it’s legit based on official registries.
There’s a big difference between buzz and actual reputation. A broker might use every resource at its disposal to market itself, but the buzz it will generate won’t necessarily translate into reputability and trustworthiness. While vetting different service providers, consider the actual reputation built over time.
A reputable broker should have a good track record and a long-standing presence. The best MetaTrader 4 brokers are those that have operated for over half a decade and maintained a good image from the start. They also have high ratings and positive testimonials on Trustpilot, official app stores, and other review sites.
Check every MT4 broker’s cost structure before committing. Verify if your chosen service provider has deposit and withdrawal fees. The best brands offer free deposits and super-low withdrawal fees, so settling for a broker with high transaction charges shouldn’t be on your bucket list.
Don’t forget to assess spreads and commissions – after all, they can undermine your profitability over time. Lastly, check if your chosen broker has charges many traders often overlook, including swap and inactivity fees.
MT4 was originally optimised for forex trading. But that doesn’t mean you have to trade currency pairs alone while using this platform. You can also include CFDs on diverse assets in your portfolio, such as commodities, indices, and shares.
Prioritise signing up with service providers that offer a variety of financial assets, even while searching for the best MT4 forex brokers. That is crucial because you’ll need access to additional products besides currency pairs to enjoy the benefits of optimum portfolio diversification.
As a trader, you’ll likely encounter a significant number of issues at least once, such as technical glitches and account login issues. Their resolution will more often than not demand professional intervention. To ensure such problems don’t cause a significant hurdle, you should register with an MT4 broker with quality support.
How can you tell if a broker has good support? First, go through past user reviews and check if pertinent problems have been responded to promptly. Then, get in touch with the company’s support team and ask a question like, “Do you have inactivity fees?” If your query isn’t addressed in good time, don’t commit – that’s a sign of poor support.
What is the Best Account Type for MT4?
The best MetaTrader 4 brokers have a wide variety of accounts, from Standard to Raw. The best option for you will depend on several factors, including your experience, preferences, and risk appetite. Here’s an overview of the most popular and who they are best for:
- Standard: This is the most common, and it’s tailored for “standard” retail traders. Typically, they are commission-free, but their users have to cover higher spreads than those using Raw accounts. Standard accounts’ straightforward pricing makes them ideal for casual traders and newbies who don’t want to worry about the complexities of dealing with commissions.
- Raw: Raw accounts’ crowning feature is their ultra-tight spreads. Most brokers associate these accounts with offers as low as 0.0 pips. The flip side is that their users have to pay a predetermined commission for every trade. Since Raw accounts have lower costs than their counterparts, I consider them perfect for scalpers and active traders.
- Islamic: As you may have surmised, Islamic accounts are for Muslim traders. They are crucial because Sharia law prohibits Muslims from paying interest (Riba). Islamic accounts are for Muslim traders who can’t pay swap, earn interest on uninvested balances, etc.
- Professional: Popularly known as Pro accounts, these are tailored primarily for experienced traders. They often come with unique perks absent in accounts for regular retail traders, including lower spreads/commissions and dedicated support. Note that most brokers have strict eligibility requirements for Pro accounts, often related to portfolio value and experience.
Final Thoughts
Before you start trading with the best MT4 brokers, research and understand pertinent taxation rules. The government will likely consider your profits capital gains, requiring you to pay CGT. But if trading is a full-time job for you, your gains will be regarded as income, meaning you’ll need to pay income tax. If you’d like to enjoy tax-free gains, try spread betting with any of the recommended brokers that support this activity.
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