Best MT4 forex broker UK – Top 10 in 2020

MetaTrader 4 (MT4) is one of the most renowned forex trading platforms across the world. It is a third party trading platform developed by MetaQuotes Software Corporation that brokers can customize to fit their needs. Therefore, although the majority of brokers have it as one of their trading platforms, the financial instruments, trading tools and other features on the MT4 platform differ from one broker to the other. Hence, traders, especially those trading from the UK, should look for the best MT4 forex broker UK.

MT4 trading platform is also one of the oldest trading platforms, having been around for over a decade. It has a user-friendly interface and traders find it easier to trade on it making it a great factor when choosing a forex broker.

The Best MT4 forex brokers offer access to the best features of a trading platform through MetaTrader 4 and offer the MT4 platform several varieties (desktop, web trader and mobile trader).

How to find the best mt4 forex broker: our criteria

With almost every forex broker providing a MetaTrader 4 trading platform, you need to be extra vigilant when looking for the best MetaTrader forex broker.

We have come up with a list of the 10 best MT4 forex brokers in the UK following the following criteria:

  • Range of markets available from the broker :
    The types of markets and trading instruments that you shall be able to trade on the MetaTrader 4 platform depends on what your broker offers. For example, you will find brokers offering forex, commodities, indices, ETFs, futures and shares while others could omit one or two of that.
    Most importantly, you should ensure that the broker offers the specific financial instruments that you are looking forward to trading once you open an account with them.
  • Market analysis tools :
    It is also important to determine the type of market analysis tools that the broker’s MT4 platform has and whether you can and custom tools. Among the tools to look out for include technical indicators, libraries and scripts.
  • Automated trading :
    MetaTrader 4 platform is one of the best forex trading platforms when it comes to automated trading. You can easily create an automated trading strategy using the MQL4 programing language through the MT4 MQL4 terminal. Besides you can also test the developed expert advisors (EAs) to determine their profitability before using them on your live trading account.
    However, some brokers allow automated trading while others don’t. Therefore, if you want to do automated trading, you may consider looking for a broker that allows it.
  • Variety of MT4 platforms offered by the broker :
    MetaQuotes provides MetaTrader 4 desktop platforms for Windows and Mac operating systems, and mobile platforms for iPad and Android operating platforms. However, you will have to look at the variety of MT4 trading platforms that your broker offers to understand which platform you shall be able to access. For example, some brokers do not have desktop trading platforms and as a result, if you choose such a broker, you shall not be able to use the desktop version of the MetaTrader 4 platform. Other brokers do not offer mobile trading services and it may be difficult to use the mobile MT4 trading platform if you choose such a broker.
  • Types of trading accounts :
    MetaTrader allows the use of demo and live trading accounts. However, the availability depends on whether the broker offers it.
    Also, different brokers offer different live trading accounts that have different features. As a result, you shall only be able to access those MT4 trading platform features that your broker specifies for the specific trading account that you choose to open.

AvaTrade: EU regulated CFDs broker

AvaTrade was established in 2006, making it one of the oldest Forex brokers in the world. AvaTrade is the trading name of the AVA Group of companies that comprises of the AVA Trade EU Ltd, AVA Trade Ltd in the British Virgin Island, Ava Capital Markets Australia Pty Ltd, Ava Trade Japan K.K., and Ava Capital Markets Pty in South Africa.

The AVA trade has offices in Japan, British Virgin Island, Ireland, and Australia.

Recently, the broker also entered into a partnership with Manchester City, which is one of the leading football clubs at the English Premier League.

Features

  • Regulations: AVA Trade Ltd is registered with the B.V.I Financial Services Commission. AVA Trade EU Ltd is regulated by the Central Bank of Ireland under License No.C53877. Ava Capital Markets Australia Pty Ltd is registered with the ASIC under License No.406684. Ava Trade Japan K.K. is regulated by the FSA under License No.1662 and also by the FFAJ under License No.1574. Ava Capital Markets Pty is registered with the South African Financial Sec-tor Conduct Authority (FSCA) under License No.45984.
  • Type of broker: Market Maker
  • Maximum Leverage: 1:30
  • Minimum initial Deposit: 100 AUD, 100 USD, £ 100, or € 100
  • Base currencies: AUD, USD, EUR, and GBP
  • Trading Platforms: AvaTradeGo (mobile app), MT4 (for desktop and iOS and Android mobile devices) MT5, Web trading, Mac trading, AvaOptions, and DupliTrade.
  • Trading Accounts: Real Account, Professional Trading Account, AvaTrade MAM Ac-counts, and Islamic account
  • Demo account: Yes
  • Deposit and withdrawal options: credit/debit cards Bank Wire Transfers, PayPal, NETELLER WebMoney, and Skrill
  • US Customers: No
  • Financial instruments: Forex and CFDs on indices, stocks, cryptocurrencies, commodi-ties, options, and ETFs
  • Automated trading: Yes

Pros of trading with AvaTrade

  1. It is regulated by several top tier regulators thus making it a secure MT4 forex broker for UK trader.
  2. It allows automated trading.
  3. The base currency is a hundredth of either of the base currencies. Therefore, if you want to use the AUD, you just deposit 100 AUD which is slightly lower than having to depos-it the equivalent of $100 in USD as most brokers do.
  4. It offers competitive spreads.

Cons of trading with AvaTrade

  1. To use AUD and GBP as base currencies, you have to be an Australian citizen or a UK citi-zen respectively.

FPmarkets: a regulated ECN forex broker

FPmarkets is the trading name of First Prudential Markets Pty Ltd, which is an Australian forex and CFD brokerage firm headquartered in Sydney. The firm was founded in 2005 making it among the oldest forex brokerage firms around the world.

First Prudential Markets secured a sponsorship deal in 2018 with ASM Academy, which is a South African golf academy. The brokerage founder, Mathew Murphie is a board member at the Australian CFD & FX Association.

Features

  • Regulations: First Prudential Markets Pty Ltd is licensed by ASIC under License No. 286354. It is also licensed by the Cyprus Securities and Exchange Commission (CySEC).
  • Type of broker: STP, ECN, Market Maker
  • Maximum Leverage: 1:500
  • Minimum Deposit: 100 AUD (or equivalent in base currencies)
  • Base currencies: USD, AUD, and EUR
  • Deposit and withdrawal options: Bank Wire, credit/debit cards, BPAY, PayTrust88, Neteller, Ngan Luong, Poli, PayPal, FasaPay, Skrill, and UnionPay
  • Platforms: IRESS, MT4, MT5, and Wedtrader
  • Trading Accounts: Standard Account, Raw account, Islamic Account, MAM Accounts, and PAMM Accounts.
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex and CFDs on equities, commodities, futures, indices, and Bitcoin
  • Automated trading: Yes

Pros of using FP Markets

  1. It allows traders to deposit by transferring funds from other existing brokers.
  2. It allows scalping.
  3. Allows automated trading using Expert Advisors and also by using Myfxbook and Auto-chartist platforms.
  4. The minimum initial deposit of 100 AUD or its equivalent is relatively low and affordable by most traders especially beginners.
  5. it offers ECN accounts

Cons of using FP Markets

  1. For Raw accounts, there is a Commission per Lot of $3 per 100,000.

XTB: all-rounded forex and CFD broker

XTB is a forex and CFDs broker that was founded in 2002 as X-Trade. Then, in 2004 it rebranded to XTB in 2004 with its headquarters in Warsaw, Poland. Over the years the broker has expanded its presence to another 11 countries most of which are in Europe. These countries include the UK, Germany, France, and Cyprus among others.
XTB is a Warsaw Stock Exchange-listed company. It conducted an IPO in 2016 that pushed its market value to about $350million.

The broker is recognised for its xStation 5 trading platform which is quite customizable and user friendly.

Features

  • Regulations: XTB International Limited is regulated by the IFSC under license No. IFSC/60/413/TS/17. X-Trade Brokers DM SA is regulated by the KNF. XTB Sucursal is regulat-ed by the CNMV. XTB Limited is regulated by the FCA under License No. 522157 and by CySEC under license No. 169/12.
  • Type: Market Maker
  • Maximum Leverage: 1:500
  • Minimum initial Deposit: $ 250
  • Base currencies: EUR, GBP, and USD
  • Deposit and withdrawal options: Bank transfer, credit/debit cards, Paysafe (formerly known as Skrill), SafetyPay and Neteller.
  • Platforms: MT4, xStation 5 and xStation mobile
  • Trading Accounts: Standard, Pro and Islamic
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex and CFDs on stock indices, commodities, ETFs, and crypto-currency
  • Automated trading: No

Pros of trading using XTB

  1. Its traders can do copy trading.
  2. Its trading platform has a user-friendly interface.
  3. It has a wide range of trading portfolio including ETF and CFDs.

Cons of trading using XTB

  1. Depositing using the allowed electronic payment options attract some fee. 2% for De-positing using Paysafe (Skrill). 1.5% for using SafetyPay and 1% for using Neteller.
  2. Withdrawals that are less than $50 are charged an additional $30.

IG: webtrader-only forex and CFD broker

IG is the trading name of IG Group Holdings Plc. The company was founded in 1974 and its headquarters are located in London, UK.

IG Group Holdings Plc. Has a number of subsidiaries which include the IG Markets Limited, GmbH, IG Europe, IG Bank SA, and DailyFX.

It offers forex and CFDs trading as well as spread betting.

Features

  • Regulations: Financial Conduct Authority (FCA), the Federal Financial Supervisory Au-thority (BaFin), the Bermuda Monetary Authority in Bermuda under License No. 54814, the Swiss Financial Market Supervisory Authority (FINMA) in Switzerland, the Australian Securi-ties and Investment Commission (ASIC), the Dubai Financial Services Authority (DFSA) in UAE, the Financial Markets Authority (FMA) in New Zealand, the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the USA, the Japanese Finan-cial Services Authority (FSA), Monetary Authority of Singapore (MAS), and the Financial Sec-tor Conduct Authority (FSCA) in South Africa.
  • Type: Market Maker
  • Maximum Leverage: 200:1
  • Minimum initial Deposit: $0. However, if you want to make a deposit using credit/debit cards or PayPal you will need to deposit at least $300
  • Base currencies: USD, GBP, AUD, EUR, SGD, and HKD
  • Deposit and Withdrawal options: bank transfers, Debit cards (Maestro, Visa, Electron, MasterCard), and Credit cards (Visa, and MasterCard).
  • Platforms: mobile and web trading platforms
  • Trading Accounts: it only has one general account (but the financial instruments that a trader can trade depends on which country he/she is from)
  • Demo account: Yes
  • US Customers: Yes (to only trade cryptocurrencies)
  • Financial instruments: Forex, CFDs, Options, shares, indices, and cryptocurrencies
  • Automated trading: No

Pros of trading using IG broker

  1. It allows hedging.
  2. It educational resources including free videos are great learning tools, especially for be-ginners.
  3. It has very competitive spreads starting from 0.3 and its commission on shares are also relatively low.
  4. It offers a full suite of alerts and risk management tools to ensure that traders can properly manage their trading accounts.

Cons of trading using IG broker

  1. It does not offer a desktop trading platform.
  2. It does not offer negative account protection for its clients’ accounts. Therefore, ac-counts can be negative in case the account is wiped out.

Pepperstone: a regulated ECN forex broker

Pepperstone is the trading name of Pepperstone Group Limited, which is an Australian based forex and CFD broker. Its headquarters are in Melbourne, Australia.

It was founded in 2010 and it has maintained a close network with banks through Equinix.

Features

  • Regulations: Pepperstone Limited Licensed by the FCA under License No. 684312. Pep-perstone Group Limited is licensed by the ASIC under License No. 414530.
  • Type of broker: ECN, Market Maker
  • Maximum Leverage: it has been allowed to issue leverage of 500:1 by the ASIC and 30:1 by the FCA
  • Minimum initial Deposit: $ 200
  • Base currencies: USD, AUD, EUR, JPY, GBP, CAD, CHF, SGD, NZD, and HKD.
  • Deposit and withdrawal options: Bank transfer, Visa, Mastercard, POLi, BPay, PayPal, Neteller, Skrill, and Union Pay.
  • Platforms: MetaTrader 4 (including desktop, iPhone/iPad, Android), MetaTrader 5 (desktop), cTrader (including a web platform, cAlgo, cTrader mobile)
  • Trading Accounts: Razor account, Standard account and PAMM accounts
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex and CFDs on indices, commodities, cryptocurrency
  • Automated trading: Yes

Pros of trading with Pepperstone

  1. It offers fast trade executions.
  2. Its clients can do social trading.
  3. Traders can hedge and scalp.
  4. It rewards high volume traders with daily cash rebates.
  5. It offers tight spreads.

Cons of trading with Pepperstone

  1. Withdrawals made via Bank Wire Transfer take 3-5 working days to reach the client’s ac-count. This is relatively long compared to other brokers.

XM: offering free daily technical analysis

XM is the trading name of Trading Point Holdings Ltd, a Cyprian company based in Limassol. It was founded in 2009.

Trading Point Holdings have several subsidiaries that include the XM Global Limited, Trading Point of Financial Instruments Pty Ltd, Trading Point of Financial Instruments Limited, Trading Point MENA Limited and Trading Point of Financial Instruments UK Limited.

Besides XM.com, Trading Point Holdings operates a group of brokerage sites that include the Trading.com, PipAffiliates.com, XM.co.uk, XMTrading.com and XMSina.com.

Features

  • Regulations: Trading Point of Financial Instruments Pty Limited is licensed by ASIC un-der License No. 443670. Trading Point of Financial Instruments UK Limited is licensed by the FCA under License No. 705428. Trading Point Of Financial Instruments Ltd is licensed by the CySEC under License No. 120/10.
  • Type of broker: Market Maker
  • Maximum Leverage: 1:500
  • Minimum initial Deposit: $ 5
  • Base currencies: USD, GBP, EUR, JPY, CHF, ‎ HUF, PLN, AUD, RUB, SGD, and ZAR
  • Platforms: MetaTrader 4 (desktop, web, iOS, Android), MT5 (desktop, web, iOS, An-droid)
  • Trading Accounts: Micro Account, Standard Account, Islamic Account, XM Ultra-Low Ac-count, and Shares Account
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: forex and CFDs on indices, commodities, stocks, metals, and en-ergies
  • Automated trading: Yes

Pros of trading with XM

  1. The broker provides each of their clients with personal assistance.
  2. It provides its clients with free technical analysis daily.
  3. It also provides access to daily forex trading signals.
  4. Allows scalping and hedging.
  5. It provides negative balance protection.

Cons of trading with XM

  1. Withdrawals take between 2-5 business days to reflect in the client’s bank account.

FXTM: allows direct trading in stocks

FXTM, the ForexTime Limited trading name, is Cyprus based forex and CFDs broker. Its head-quarters are located in Limassol.

Besides Limassol, Cyprus, the broker has other offices in the UK, Mauritius and South Africa. It operates under different subsidiaries in each of these countries. In the UK, the broker operates as ForexTime UK Limited. In Mauritius, it operates as Exinity Limited. In Cyprus, it operates as Forex-Time Limited.

Features

  • Regulations: In Cyprus, ForexTime Limited is licensed by CySEC under License No.185/12. ForexTime Limited is also licensed by the FSCA under license No. FSP No. 46614 and FCA under license No. 600475. ForexTime UK Limited is licensed by the FCA under li-cense No. 777911. FT Global Limited is regulated by the IFSC under license Nos. IFSC/60/345/TS and IFSC/60/345/APM.
  • Type of broker: Market Maker
  • Maximum Leverage: 1:1000
  • Minimum initial Deposit: $ 5
  • Base currencies: USD, EUR and GBP
  • Platforms: MetaTrader 4 (desktop, mobile and web), MT5 (desktop, mobile and web), MyFXTM (Android, iOS)
  • Trading Accounts: Standard Account, Cent Account, ECN Zero Account, Stock CFDs Ac-count, ECN Account, and FXTM Pro Account.
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex and CFDs on shares, commodities, indices and spot met-als
  • Automated trading:

Pros of trading with FXTM

  1. It offers a variety of account to fit every type of broker. The cent account allows traders with small investments to also benefit from forex and CFD trading.
  2. It offers fast trade executions
  3. FXTM is known to offer regular contest and promotions to its clients.

Cons of trading with FXTM

  1. FXTM charges a withdrawal fee for most withdrawal options.

ActivTrades: volatility-optimised trading experience

ActivTrades is the trading name of ActivTrades PLC, which was founded in Switzerland in 2001 before its headquarters were moved to London, the UK in 2005.

ActivTrades PLC is registered in England and wales.

ActivTrades PLC has a subsidiary called ActivTrades Corp that operates in the Bahamas. Ac-tivTrades Corp is an internationally recognised company registered in the commonwealth of Baha-mas.

Features

  • Regulations: ActivTrades Corp is authorised and regulated by The Securities Commis-sion of the Bahamas. ActivTrades PLC is licensed by the Financial Conduct Authority under registration No. 434413.
  • Type of broker: Non-Dealing Desk FX CFD and Futures Broker
  • Maximum Leverage: 1:400
  • Minimum initial Deposit: 100 USD
  • Base currencies: EUR, GBP, USD or CHF
  • Deposit and withdrawal options: bank transfer, credit/debit card, Neteller, Skrill and PayPal
  • Platforms: ActivTrader, MetaTrader 4 and MetaTrader 5
  • Trading Accounts: individual account, Institutional account, and Islamic account
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex and CFDs on shares, commodities, indices and ETFs
  • Automated trading: Yes

Pros of trading with ActivTrades

  1. It offers tight spreads.
  2. It offers negative balance account protection.
  3. It issues additional insurance of up to $1,000,000 to protect its clients.
  4. It offers private online coaching.

Cons of trading with ActivTrades

  1. The maximum allowed leverage changes depending on the account balance. Clients with high account balance are allowed to use lesser leverage. Accounts with less than 25000 EUR can use a leverage of 1:400, accounts with between 25001 and 50000 EUR can use maximum leverage of 1:200, while those with a balance of more than 250000 can use maximum leverage of 1:100.

Tickmill: MT4 only forex broker

Tickmill is the trading name of Tickmill Group of companies that was founded in 2014.

Tickmill is recognised as a leading forex and CFDs broker in Europe.

The Tickmill Group of companies comprises of several subsidiaries namely Tickmill Europe Ltd, Tickmill UK Ltd, Tickmill Ltd and Procard Global Ltd.

Features

  • Regulations: Tickmill Ltd is regulated by the Seychelles Financial Services Authority un-der Licence No. SD008. Tickmill UK Ltd is regulated by the Financial Conduct Authority (FCA) under FCA Register No. 717270. Tickmill Europe Ltd is regulated by the Cyprus Securities and Exchange Commission under Licence No. 278/15. It is also regulated by BaFin Federal Finan-cial Supervisory Authority in Germany, Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy, Autorité de Contrôle Prudential (ACPR) in France and Comisión Nacional del Mercado de Valores (CNMV) in Spain.
  • Type of broker: Market Maker
  • Maximum Leverage: 1:500
  • Minimum initial Deposit: $100 but $50000 for VIP accounts
  • Base currencies: USD, EUR, and GBP
  • Deposit and withdrawal options: Bank transfer, debit/credit cards, Skrill, Neteller, STICPAY, FasaPay, UnionPay, Ngan Luong, QIWI, and Webmoney.
  • Platforms: MetaTrader 4 (Desktop, mobile and webtrader)
  • Trading Accounts: Classic Account, Pro Account, VIP Account and Islamic Account
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Forex, Stock Indices and Oil, Precious Metals and Bonds
  • Automated trading: Yes

Pros of trading with Tickmill

  1. It allows copy trading through myfxbook.
  2. It offers a variety of promotions to its clients.
  3. It provides its clients with a wide variety of educational tools.

Cons of trading with Tickmill

  1. If you choose to use the $30 bonus, you can only withdraw the profit made on the bo-nus and not the bonus amount itself.

CMC Markets: MT4-only UK based CFD and Forex broker

CMC markets is European based forex, CFDs and spread betting broker that was established in 1989.

The brokerage firm has several subsidiaries operating in different countries. These subsidiaries include the CMC Markets UK plc and CMC Spreadbet plc that operate in the UK, the CMC Markets Canada Inc. that operates in Canada, CMC Markets Asia Pacific Pty Ltd that is based in Australia and operates in the Asian Pacific, CMC Markets NZ Limited Company that operates in New Zealand, and the CMC Markets Singapore Pte Ltd.

CMC Markets is also listed on the London Stock Exchange.

Features

  • Regulations: CMC Markets UK plc and CMC Spreadbet plc are regulated by the Financial Conduct Authority (FCA) in the United Kingdom under license Nos. 173730 and 170627 re-spectively. CMC Markets Canada Inc. is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
  • Type of broker: Market Maker
  • Maximum Leverage: 30:1
  • Minimum initial Deposit: $0
  • Base currencies: USD, GBP, EUR
  • Deposit and withdrawal options: Bank transfer, credit and debit cards
  • Platforms: MetaTrader 4
  • Trading Accounts: only has one general live account (which can either be a CFDs ac-count or a Spread betting account)
  • Demo account: Yes
  • US Customers: No
  • Financial instruments: Spread betting, Forex, and CFDs of Indices, Cryptocurrencies, Commodities, Shares, ETFs and Treasuries
  • Automated trading: Yes

Pros of trading with CMC Markets

  1. It offers a highly-regarded trader education program.
  2. Provides clients with advanced risk management tools.
  3. If offers tax-free spread betting profits.
  4. Traders do not need a minimum deposit to activate account.
  5. It has Competitive spreads
  6. It provides negative balance protection to its clients.

Cons of trading with CMC Markets

  1. It has very limited deposit and withdrawal options

Frequently Asked Questions (FAQ)

What is MetaTrader4 (MT4)?

MetaTrader 4 (MT4) is an electronic trading platform that enables retail forex traders to specu-late and trade. It was developed and released in 2005 by MetaQuotes Software.

MT4 software is normally licensed to the forex broker who then provides it to its clients for use in trading. The software consists of a server and client component. The server component is run by the broker providing the platform while the client component is given to the user (trader).

The client component has an interface where the trader can track the market prices of different financial instruments through a chart, place orders and also close orders. It also allows traders to use technical analysis tools like technical indicators to analyse the markets.

One of the main special features of MT4 is the ability for traders (users) to write their trading scripts and trading robots (expert advisers).

How to choose a MetaTrader broker?

A MetaTrader broker is a broker that provides the MetaTrader platform to its clients so that they can trade on it. Majority of forex, CFD and spread betting brokers are MetaTrader brokers.

To choose the best MetaTrader Forex broker UK, you will have to consider several factors. Some of these factors include the availability of a demo account, the ability to use expert advisers, the ability to do scalping and hedging, the type of markets offered by the broker and the minimum trading volume among others.

A MetaTrader broker with a demo account gives traders the advantage of learning about the trading platform before investing real money into trading.

Pros and cons of MetaTrader?

The advantages of MetaTrader trading platform range from a user-friendly user interface, the ability to use technical analysis tools (technical indicators), ability to use scripts, ability to use expert advisers, ability to use risk management tools like stop losses, take profit and trailing stops to the ability to analyse the different financial markets under different timeframes.

The main disadvantage of MetaTrader is that a trader will have to learn the MQL4/5 program-ming or other programming languages to be able to write his/her scrip, indicator or expert adviser.

What are the alternatives of MetaTrader?

There are two versions of the MetaTrader platform; the MetaTrader 4 (MT4) and the Meta-Trader 5 (MT5). The MT5 is an updated version of the MetaTrader 4 (MT5).

Some forex and CFDs broker offer other alternative trading platforms. These alternatives to the MetaTrader platform include:

  1. cAlgo
  2. cTrader
  3. xStation 5
  4. Robinhood
  5. TradingView
  6. Protrader
  7. thinkorswim
  8. Morningstar
  9. Sierra Chart

Conclusion

Choosing the best MT4 platform for Forex trading means choosing the best MT4 broker, which requires you to thoroughly review the services offered by the brokers.

We have done a review of the top 10 MetaTrader brokers in the UK and you could go through the list to choose that broker that best suits your trading needs.

Theforexbroker.co.uk
Risk disclaimer - Forex trading involves risk of loss. It is not suitable for all investors.