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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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.

The Best 7 MetaTrader 4 (MT4) Brokers in the UK

The Best 7 MetaTrader 4 (MT4) Brokers in the UK

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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.

Top 7 MetaTrader Brokers

1. Pepperstone

Pros

  • Great customer service
  • Low trading fees
  • Free deposits and withdrawals

Cons

  • No investor protection outside the EU/UK
  • Basic news information
  • Limited trading streams

Minimum deposit: £200
Regulators: FCA, CySEC, BAFIN, ASIC, CMA, DSFA, SCB
Multi-platform: Yes

Pepperstone originated in Melbourne in 2010, and with offices around the world, it offers award-winning multi-lingual customer support 24/5.

Regulated in many countries, it segregates client funds in Tier 1 banks and supports more than 89,000 users.

With over 1,200 trading instruments across forex, indices, gold and US shares, beginners can get support thanks to Pepperstone’s educational resources and tools.

Visit Pepperstone

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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.

2. Plus500

Pros

  • Easy to use
  • Simple account opening (demo accounts – more requirements required for real accounts)
  • Great customer support

Cons

  • Education is limited
  • Few research tools
  • Limited product range

Minimum deposit: £100
Regulators: FCA, ASIC
Multi-platform: Yes

Plus500 is a successful CFD broker. It offers tight spreads with no commission.

As a UK company with global offices, Plus500 is listed on the London Stock Exchange and has advanced tools (stop limit, stop loss and trading stop) as well as educational video guides.

Plus500 was founded in 2008 and deals with shares, forex, options, indices, ETFs, commodities and cryptocurrencies.

Opening a demo account is simple, quick and easy. To open a real trading account you will have to submit some documents (ID, Residence verification). There are also several documents to read and a questionnaire.

Visit Plus500

77% 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.

3. Vantage FX

Pros

  • Regulated by FCA and ASIC
  • Low Forex Fees
  • No Inactivity Fee
  • No Withdrawal or Deposit Fee
  • Good MetaTrader Add-ons
  • Social Trading

Cons

  • Not Available to US Clients
  • High CFD Fees
  • No Investor Protection

Vantage FX was founded in 2008 to be a transparent forex broker and has grown to include 44 forex pairs and 290 CFDs (including cryptocurrency, shares, commodities and indices).

As a broker, Vantage FX is well-regarded and considered safe thanks to regulation by ASIC and the FCA.

Vantage FX offers access to the markets through the popular MT4 and MT5 platforms, and a feature-stuffed mobile app.

There are three account types:

  • Standard STP. Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.4 pips. The minimum deposit is $200.
  • Raw ECN. Designed for more experienced traders, this account charges commission at $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
  • Pro ECN. This is for professional, high volume traders, and offers commission at $2 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage FX is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

Trading on MT4 with Vantage FX is simple and easy.

The interface is almost entirely customisable – you can change the layout, size and position of tabs and charts, with access to all basic order types available on both the desktop platform and the WebTrader application.

Vantage FX offers fast execution of trades on MT4, making it suitable for use with EAs and other algorithmic trading robots.

Vantage FX is also integrated with the MT4 mobile trading app for iOS and Android too so you can place trades wherever you are.

Visit Vantage FX

Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

4. FXCM

Pros

  • Low minimum deposits
  • Wide range of trading platforms
  • Volume discounts

Cons

  • Limited products
  • Higher than average spreads
  • No US clients

With the mantra of 'Client First. Trader Driven', FXCM is a British zero commission broker that offers trading in shares, CFDs and Forex for clients around the globe.

Although it does not offer services to traders in the USA, Hong Kong, New Zealand and a few other countries, FXCM is well regulated by FCA, ASIC, CySEC and FSCA.

FXCM has a long history, founded in 1999 – and although there have been some legal problems in the past, it is considered to be a reliable broker.

With FXCM you can trade the following instruments:

  • 45 currency pairs
  • 15 stock index CFDs
  • 7 cryptocurrency CFDs
  • 12 commodity CFDs
  • 219 Stock CFDs
  • 1 bond CFD

There are two types of account – a Standard account with a minimum deposit of $50, or an Active Trader account that must maintain at least $25,000.

The only real difference between these account types is that the cost of the spread is slightly better for the trader with an Active Trader account.

FXCM does not charge a commission, and the cost of trading is built into the spread. There are also no fees to open an account, deposits are free from bank accounts as well as credit and debit cards, and although there is an inactivity fee, it doesn’t kick in until the account has been untouched for more than 12 months.

Withdrawals are free to a credit or debit card, but you can expect withdrawal fees if you are moving funds to your bank account.

FXCM works with some of the most popular trading platforms, like MetaTrader 4, ZuluTrade and NinjaTrader, but it has a decent proprietary platform that is available as a web and desktop trader as well as a mobile app.

The Trading Station web platform is simple and user-friendly, with great customisation and search facilities.

You can make several different order types on this platform, including time orders. However, you cannot receive any price alerts or notifications, and the research tools are not integrated – you need to open another web page to use them.

The desktop platform is just as easy to use, but there are a lot more order types available and you can set price alerts and notifications.

The mobile version of Trading Station is available for both iOS and Android. It too is simple to use, but the search function is a bit clunky and doesn’t have the most intuitive interface – and surprisingly, it does not support any notifications or price alerts.

One of the best parts of the FXCM platform is the wealth of educational materials. Alongside the useful demo account, there is an extensive library of video, webinar and downloadable PDF content that has all the information a beginner needs to feel confident in trading.

The research provided includes charts, technical analysis and a news feed. There is also a market screener and great trading ideas.

FXCM might have limited instruments, but with low fees and no commission with good education and research, it is a great broker for beginner traders.

Visit FXCM

5. XTB

Pros

  • Low forex fees
  • Easy account opening
  • Free deposit and withdrawal

Cons

  • High CFD fees
  • Limited historical and fundamental data

Minimum deposit: £0
Regulators: FCA, KNF, CySEC, IFSEC
Multi-platform: Yes

XTB claims to be one of the largest stock exchange-listed brokers in the world.

With more than 15 years of experience in trading, XTB offers exceptional customer support and education.

It offers multiple trading options, including forex, indices, commodities, stock, ETFs and CFDs, as well as for cryptocurrencies like bitcoin.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

6. Admiral Markets

Pros

  • Highly regulated
  • Advanced trading tools
  • Account protection
  • Low trading fees

Cons

  • No US clients
  • Inactivity fee
  • Minimum deposit of $100

Admiral Markets, rebranding to 'Admirals', describes itself as a ‘full-spectrum financial hub’.

In practice, Admirals is a broker that offers several forex and CFD trading instruments in most currencies.

Founded in 2001, Admiral Markets is regulated by JSC, FCA, EFSA and CySEC, and offers traders access to both MetaTrader 4 and 5, with the opportunity to have several active accounts with different base currencies to take advantage of price instability.

There are several account types available, depending on the platform that you want to use.

On MT4, you can choose a standard account known as Trade.MT4. The minimum deposit for this account is 100 USD/EUR/GBP or equivalent, and you can trade 37 currency pairs as well as metal, energy, future, stock and bond CFDs.

In this account, the trading fees come from the spread, apart from with single share or ETF CFDs, which have a standard commission of 0.02 USD.

The Zero.MT4 account offers tighter spreads, with more currency pairs (45) but fewer CFD options.

The commission on forex and metal CFDs is 1.8 to 3 USD per lot, cash indices are 0.5 to 3 USD per lot, and energy CFDs are 1 USD per lot.

If you prefer the upgraded MT5, you can also have an Invest.MT5 account, alongside the Trade.MT5 and Zero.MT5. MetaTrader 5 accounts have access to more trading instruments in both Trade and Zero, but the Invest.MT5 is designed purely for buying stocks and ETFs, with more than 4,350 stocks and 200 ETFs available and a minimum deposit of 1 EUR/USD/GBP.

Deposits are free using bank transfer, card, PayPal or Klarna, but there is a 0.9% fee (or $1 minimum) for deposits made using e-wallets like Neteller or Skrill. You can have one free withdrawal a month as a bank transfer, but two if you use PayPal or e-wallets.

Admirals is available as a trading app on mobile as well as web and desktop, and the user interface and real-time trading that is available across platforms offer a seamless user experience.

The research and analytics are extensive, with technical and fundamental analysis alongside trading news, market sentiment and a market heat map. Access to MetaTrader Trading Central and a weekly trading podcast is also provided.

In terms of education, there are articles and tutorials, eBooks, trading videos, webinars and seminars as well as a FAQ and a handy glossary.

Admirals takes learning seriously with two separate courses aimed at beginner traders. The Zero to Hero course consists of 20 video lessons, a Q&A and a live session as well as a well-crafted trading strategy. Forex 101 is a three-stage course to take beginners through to experts using a structure that includes a video lesson with detailed notes and a quiz to check knowledge.

Admirals offers simple access to MetaTrader 4, but also has a Supreme Edition available which has upgraded tools for a better trading experience with advanced analyst inidicators and global opinions.

The mini terminal allows in-window trades to take place simply, and you can get real-time news updates directly to your dashboard. This is an upgraded version of MetaTrader 4.

Visit Admiral Markets

Forex & CFDs are complex products, not suitable for everyone and come with the high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MetaTrader 4 (MT4) Brokers
MetaTrader 4 (MT4) Brokers

What Is MetaTrader 4?

MetaTrader is a popular online trading platform offering flexible trading systems including forex, CFDs, commodities and stocks.

When you are considering the best forex broker for beginners in the UK, choosing a popular trading platform makes it easier to access the markets.

Designed by MetaQuotes in 2005, MetaTrader 4 (MT4) offers a simple user interface combined with advanced technical analysis that is most often associated with forex trading.

MetaTrader 4 remains popular as it is straightforward to use – even for beginners – and allows a high level of customisation including third-party scripts and expert advisors.

MetaQuotes created a proprietary scripting language (MQL4/5) which is used to help support algorithmic trading – the ability to automatically trade using predetermined parameters – as well as a standalone system that brokers can use to manually manage trades.

The multi-platform capabilities also allow users to work on PC, Mac, iPhone and Android.

MetaTrader 4 offers the highest security standards, including encrypted data exchanges between the client terminal and platform servers, and support of RSA digital signatures (a form of public-key cryptosystem).

MetaTrader 4 is considered the gold standard among trading platforms. Even though an updated version (MetaTrader 5) is now available, MT4 is the preference for both experienced and beginner traders.

Why Should I Use the MT4 Trading Platform?

The MT4 trading platform is perfect for beginners because of its multi-functional trading abilities and technologies that allow for additional services like expert advisors.

Alongside the technological ease of use, there are thousands of tutorials and lots of information available, including open-source software, making it simple for the beginner to get started in trading.

The platform’s interface is easy to read and understand.

The main reason that MT4 is the perfect platform for the beginner trader is that almost every major forex broker provides it as part of their offering.

How Is MT4 Different to MT5?

MetaTrader 5 (MT5) is an updated version of the trading platform, so it may seem strange that it is less popular than MT4.

The differences introduced in MT5 are mainly aimed at more experienced traders who are interested in additional features.

MT4 is a 32-bit mono-threaded system, whereas MT5 is 64-bit multi-threaded and uses multiple servers for resource optimisation. A separate server for access, trade, history and backup makes MT5 more versatile.

MT5 allows traders to trade in both centralised and non-centralised markets like stocks and futures as well as forex, while MT4 does not. The embedded chat function could be useful for experienced traders to discuss strategy.

Having access to the history of trades means that backtesting becomes simpler. In MT5 you can see the real volume of lots that have been traded, rather than the number of changes (tick volume), and then you can download the tick history for backtesting.

Things to Consider When Choosing an MT4 Broker

Almost all brokers offer MetaTrader 4, so how do you choose the right one for you?

Although we have rounded up some of the best brokers below, your choice should be based on the specific benefits they can offer you.

There are a few things that should inform your decision:

Security

There are two security factors that you need to be sure of with your chosen broker:

  • Make sure they offer the right level of encryption and online security.

  • To protect your money, it is important that your chosen broker is regulated by agencies throughout the world. These might include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the National Futures Association (NFA) in the US. Credible brokers will be regulated by one or more of these agencies.

Transaction Costs

Brokers need to make money from your business, and they do this in several ways:

  • Some charge commission
  • Some have a transaction cost
  • Others charge you for withdrawing

Although it might seem prudent to choose the cheapest, you may find that the low-cost options might be lacking in other departments like security or what solutions they can offer.

Try and find a broker with a good balance of costs and features.

Ease of Deposits and Withdrawals

When you are making trades, you want to be able to get money in and out of your account simply – and without crippling fees or wait times.

In some cases, there might be a long wait, a charge or a minimum balance for withdrawals, so it is always wise to check that the broker makes it easy for you to access your money.

The same goes for deposits – look for brokers that accept deposits in multiple ways (card, bank transfer, etc.) for ease.

Trading Platform

While MT4 is the perfect trading platform for beginner and expert traders alike, there are other platforms available, including proprietary platforms created by the brokers themselves.

The option to trade on other platforms as well as MT4 gives extra flexibility. Choose the one that best suits your needs.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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.

Demo Accounts and Learning Opportunities

For those new to trading, it’s important to have access to educational material about making trades, terminology and what to expect.

Some brokers offer an extensive collection of educational materials like seminars, tutorials or how-to guides – and some even offer one-to-one tuition.

Pair education with a demo account to try out new methods without risking your capital, learning as you go.

Fast Execution

When making trades, you want to get the best price straight away. Any delay could be the difference between a winning trade – and a loss.

This can be mitigated by offering multi-platform options so that you can make trades wherever you are, or by offering a VPS (virtual private server) service for areas with a poor internet connection.

Customer Service

Even as an experienced trader, there will be times when you will need extra support. Finding a broker that offers excellent after-sales attention is important.

For the best experience, look for 24/5 customer service in both account and technical support issues. Some providers also offer multi-lingual support.

Frequently Asked Questions

No. MetaTrader 4 is a platform that brokers use to perform trades.

Once you have downloaded the MetaTrader 4 platform, you will need to join it with your chosen broker and transfer funds to your account. You will then be able to trade on markets, monitor your investments and analyze market data.

To withdraw money from the platform, simply go to your account and select ‘withdraw’. You will then be able to withdraw your funds to the bank account you have allocated.

Yes, you can connect to Olymp Trade on MT4.

It depends on the type of trading you are hoping to do. MT4 tends to be more suited to individuals who trade on the Forex markets.

The two things are different. MetaTrader 4 isn’t a broker, it is a platform that brokers use to buy, sell and make trades.

MetaTrader 4 is a platform that you link to your broker to trade. In effect, the platform itself doesn’t use money, but the broker does. If you want to get to grips with trading without losing money, then the best thing to do is to use a demo account.

Once you have downloaded MetaTrader 4, you simply need to sync it with your chosen broker and transfer funds. Then you will be able to begin trading.

No. You can’t make any real trades unless you have a live account with a broker.

MetaTrader 4 is the software that is used to perform trades, it isn’t a broker. The deposit is required by the broker, not the software.

There are several indicators to choose from including:

  • MACD
  • On-Balance Volume
  • CCI

There is no cost for downloading or using MetaTrader 4 software. Fees are, instead, charged by the broker.

Final Thoughts

MetaTrader 4 is the platform of choice for traders – whether you’re just entering the world of forex or are an experienced trader.

The popular online trading platform still outperforms its successor (MT5) because it is simple and easy to use.

The highly customisable Windows-based application works well with third-party scripts and expert advisors to create a personalised algorithmic trading experience.

When it comes to choosing a broker that works on MetaTrader 4, the choice is more personal as so many brokers use the platform. When deciding on the right broker for you, consider how secure they are, how much it will cost to use them and how much the broker themselves can support you to become a better trader.

Looking into the security and regulation of the broker will give you confidence that they are trustworthy. You may be looking for a low-cost broker, but the cheapest may not be the most appropriate for your needs.

Choose the best broker for you to make the most of your trading experience on MetaTrader 4.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal capital.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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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