Best MetaTrader 4 brokers in the UK

 

1. Pepperstone - Best MT4 Forex Broker In The UK
2. OANDA - Most Trusted MT4 Broker For UK Traders
3. CMC Markets - Top MT4 Broker For Beginners
4. AvaTrade - Good Risk Management With MT4 Account
5. Forex.com - Great MT4 Trading With 80 Currency Pairs
6. FXCM - Great Specialty Trading Tools
7. Tickmill - Low Commissions In The UK With MetaTrader 4 
8. City Index - Top 90-Day MT4 Demo Account
9. FxPro - Great Fixed Spreads And Instant Execution With MT4
10. Admirals - Good Automation With MT4 Expert Advisors

We researched and reviewed only online brokers licensed by the UK’s main financial services regulator: the Financial Conduct Authority (FCA). One function of The FCA is to oversee derivatives markets in the UK, which covers trading forex and CFDs (as well as spread betting and options trading).

The FCA also ensures that brokers follow regulations designed to protect client funds and works to develop rules that promote fair, transparent markets. 

Trading forex entails a certain degree of inherent risk, and there’s no way to guarantee financial success. That said, trading via an FCA-regulated forex broker provides the peace of mind that you won’t lose money to scams, fraud or market manipulation.

In the - unlikely - event that your broker mishandles your funds, you may also be eligible for compensation through the UK’s Financial Services Compensation Scheme (FSCS). 

1. Pepperstone - Best MT4 Forex Broker In The UK

Founded in Melbourne in 2010, Pepperstone has offices in Australia, Europe, the Middle East, Africa, and The UK, giving them a truly global presence. Today, Pepperstone is known for its impressive selection of trading platforms, competitive pricing and top-tier execution speeds.

 

Superfast Order Execution and Low Latency

Fast execution in forex trading enables traders to capitalise on fleeting market opportunities. Justin Grossbard of CompareForexBrokers.com explains, “In online trading, speed is paramount. Milliseconds mean the difference between winning and losing a trade. You need a broker with good execution speed to minimise that risk.”

Leading brokers understand the importance of low latency, particularly for high-volume traders. In the case of Pepperstone, the broker uses an electronic communication network (ECN) and VPS to source pricing and connect traders directly to liquidity providers. 

When we tested execution speeds for both market and limit orders, Pepperstone outpaced other FCA-regulated brokers by a significant margin. Pepperstone’s limit order execution speed of 77 ms is 23% faster than its nearest competitor:  City Index, which clocked in at 95 ms. Likewise, Pepperstone’s market order execution speed of 100 ms beat out City Index by 38 ms.

 

Trading Account Types and Trading Costs

UK derivatives traders can choose from two account types with Pepperstone: the spread-only, commission-free Standard account and the commission-based Razor.

 

• Standard. A solid choice for beginner traders with posted minimum spreads of 1.0 pips for most major currency pairs, including EUR/USD. According to our independent tests, typical spreads for EUR/USD hovered around 1.12 pips, but remained admirably consistent.

 

• Razor. Typical of commission-based accounts, Pepperstone’s Razor offers tighter minimum spreads than the standard. Posted minimums start from 0.0 pips for major currency pairs. When we tested spreads for the EUR/USD pair over a 24-hour period, the Razor account averaged 0.10 pips.

 

The straightforward account structure and transparency around spreads and pricing make Pepperstone an attractive choice for intermediate and experienced traders committed to the MT4 platform.

 

Financial Markets and Trading Products

Pepperstone provides access to a comprehensive range of financial markets for CFD trading. Beyond the forex market, you can trade commodities, indices, exchange-traded funds (ETF) and share CFDs.

The broker has 62 currency pairs, which is substantial by any measure, even though some (not many) brokers have more. Other products to trade include over 1,000 share CFDs, 25 indices and 25 hard and soft commodities.

 

Other Trading Platforms

If you like the sound of Pepperstone but aren’t entirely committed to MetaTrader 4 as your trading platform, Pepperstone provides plenty of other options, including MetaTrader 5, cTrader and TradingView.

Available on the Razor account with cTrader, TradingView combines elements of social trading with some of the most powerful charting tools available for what it calls a ‘social charting experience’. A basic package starts with five indicators per chart, but premium plans can go as high as 20. Interested in automated trading? You’ll need to master Pinescript, the platform’s coding language, to create automated trading bots.

cTrader also offers advanced charting but should appeal primarily to advanced traders looking to replicate an institutional trading environment. The platform offers depth of market visibility - a must for high-volume traders opening and closing large positions - as well as controlled order fills and optimised order processing.

 

Our Verdict on Pepperstone

One of the best forex brokers in the UK, suitable for beginner and experienced traders alike, Pepperstone boasts an attractive combination of competitive spreads and fast execution for low trading costs.

Note: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.3% 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. OANDA - Most Trusted MT4 Broker For UK Traders

Toronto-based broker OANDA has built a global brand on its status as one of the most reliable, trustworthy online brokers.

 

Excellent Global Reputation

Widely considered a ‘highly trusted’ broker amongst industry thought leaders, OANDA works hard to cultivate a reputation for transparency and fairness. Because it operates as a private company, OANDA isn’t subject to shareholder expectations for market performance, which allows the broker to make decisions based on client needs alone.

This broker also holds licenses from seven separate regulators around the world, including five Tier-1 regulators: The Commodities Futures Trading Commission (CFTC) in the United States, the Monetary Authority of Singapore (MAS), the Canadian Investment Regulatory Organisation (CIRO) and ASIC in Australia.

OANDA also stands out for its comprehensive customer support. In addition to a comprehensive library of guides and common questions, customers can reach a representative immediately via chatbot. Each market also enjoys a dedicated phone line staffed by agents on a 24/6 basis.

 

Trading Account Types and Trading Costs

Choosing an account type with OANDA really couldn’t be simpler: the broker only offers a single Standard account for retail traders. That said, according to our independent tests, it’s a cut above the usual standard account in terms of trading fees. Our test found the average spread across our five tested currency pairs was  0.7 pips, the lowest of any FCA-regulated broker.

OANDA doesn’t require a minimum deposit to begin trading, and other indirect trading costs are similarly low. You pay nothing to deposit or withdraw funds from your account, even when using a credit or debit card. However, The broker charges an inactivity fee after 12 months of dormancy, as well as overnight swap fees.

 

Financial Markets and Trading Products

OANDA’s selection of financial instruments to trade covers the expected markets, though we did note some surprising omissions. You can trade an expansive 69 forex pairs and a broad selection of hard and soft commodities and indices, but no share CFDs or ETFs.

 

Alternative Trading Platforms

If you’re curious about alternative forex trading platforms, OANDA also allows you to trade via its own platform, OANDATrade. Available on web browsers and mobile, this no-nonsense platform provides an accessible trading experience with some extras designed to appeal to advanced traders.

While a beginner using OANDATrade can easily configure a custom layout focused on just a few instruments, more advanced traders can configure a more powerful setup with advanced charting and powerful technical analysis.

For more advanced trading from charts, OANDA account holders have the option to trade directly from TradingView. Designed for intermediate and experienced traders with complex charting needs, TradingView dramatically increases the scale and scope of your charting with over 130 indicators, 12 chart types and 50 drawing tools, plus custom alerts.

 

Our Verdict on OANDA

A trusted broker with excellent risk management tools and a straightforward pricing structure, OANDA is well suited to new and intermediate traders who appreciate the peace of mind that comes with extensive oversight. 

3. CMC Markets - Top UK MT4 Broker For Beginners

With more than 34 years of experience in online trading and 100 million active users, CMC Markets can rightly claim to be amongst the world's largest and most trusted financial services providers.

Based in the UK, CMC Markets holds licenses from the FCA, ASIC, Germany’s BaFIN, New Zealand’s Financial Markets Authority (FMA), CIRO and the Monetary Authority of Singapore (MAS). Only IG Group (not reviewed) can claim more intensive Tier-1 oversight.

 

Great Educational Resources for New Traders

Though CMC Markets can rightly call itself a broker for serious traders, its educational materials are top-notch and eminently suitable for beginners and intermediate traders hoping to develop their skills further or branch out into new strategies.

The well-organised learning hub is easy to navigate and follows a progressive format. For example, a person new to spread betting would start with a series of suggested articles before downloading a free guide in e-book form. After learning how to open an account and place a bet, the learning hub would begin to feature advanced content, such as webinars and tutorials featuring specific strategies.

 

Trading Account Types and Trading Costs

CMC Markets’ account structure aims to provide traders with maximum flexibility but can seem confusing at first glance due to some unorthodox pricing language. Like other brokers, the broker offers two account types, unlike other brokers, CMC Markets distinguishes between these accounts based on trading products, as well as the pricing model used.

The CFD trading account, notwithstanding its name, allows you to trade forex, indices, commodities and other asset classes on a spread-only basis. Posted spreads for the EUR/USD currency pair go as low as 0.5 pips, and our independent tests showed only a slight increase: 0.8 pips.

You might opt for the FX Active account if you prefer tighter spreads and commission-based trading. As the name suggests, however, this account only allows forex trading. You’ll benefit from tight spreads starting from 0.0 pips on the six major currency pairs and a 25% spread discount on all other pairs. You’ll pay a £2.50 commission per side to execute your trades. That’s on the higher end but still a significant improvement over the most expensive brokers.

CMC Markets also charges minimal indirect trading fees. The broker has no minimum deposit requirement to begin trading and does not charge you to fund your account or make withdrawals. You will, however, pay a swap fee to hold a position overnight or place a guaranteed stop-loss order.  On the other hand, volume traders can benefit from Price+, a tiered discount scheme that reduces spreads for larger positions by up to 40%.

 

Financial Markets and Trading Products

With over 12,000 financial instruments and trading products, CMC Markets outstrips every other FCA-regulated forex broker we reviewed for this round-up. From 338 currency pairs to 9,000 share CFDs, 15 commodities, 1,000 ETFs and 82 indices, the broker truly has something for everyone. It also stands out for its extensive bond offering: 55 different treasuries and baskets.

The range of instruments to trade suits both generalist and specialist traders. The range of currency pairs allows forex traders to explore complex, interdependent strategies, and those who prefer a more diverse portfolio won’t feel constrained to a specific asset class. 

 

Alternative Trading Platforms

As an alternative to MetaTrader 4, CMC Markets account holders can trade on the broker’s web trader platform, NextGeneration (NGEN).

Notable features include a pattern recognition scanner that monitors over 120 financial instruments to identify emerging market trends and alert users to opportunities and advanced order types. In addition to guaranteed stop-loss orders, NextGeneration traders can leverage price ladder trading for larger orders and boundary orders for risk management.

Mobile traders can trade on the go with CMC Markets’ proprietary app, which includes 25 mobile-optimised charts and a user-friendly, customisable interface. The app also builds in sentiment analysis, a rare feature in mobile trading.

 

Our Verdict on CMC Markets

A top-of-the-line broke with an impressive product offering and low spreads, CMC Markets should appeal to MetaTrader 4 traders interested in exploring a variety of markets.

4. AvaTrade - Excellent Risk Management With MT4 Account

Founded in 2006, AvaTrade claims over 400,000 registered users and 2 million monthly trades. With headquarters in Dublin, Ireland, as well as offices in the UAE, Milan, Tokyo and Sydney, AvaTrade enjoys a truly global presence.

 

Top Risk Management Tools

While some brokers aim to appeal to traders intrigued by the mental challenge of forex trading, AvaTrade makes no bones about targeting novice and casual traders. Justin Grossbard explains, “You see this most clearly in AvaTrade’s risk management tools. They go the extra mile. It’s more than negative balance protection and guaranteed stop-loss orders.”

MetaTrader 4 users will find the Guardian Angel feature especially interesting. Designed to support new traders with real-time feedback, Guardian provides instantaneous suggestions and alerts based on trader behaviour, prompting you to take immediate action to manage excessive risk. Unlike other performance analytics tools, which focus on helping traders break down the behaviours that led to a loss after trades go wrong, Guardian intervenes in the moment to prevent a negative outcome.

If you choose to trade with AvaTrade’s WebTrader app or AvaGo mobile app, you can insure your trades through AvaProtect. Billed as a risk management tool, AvaProtect works like an insurance policy for your positions, with coverage of up to US $1 million. In exchange, you’ll pay a risk premium calculated based on the size of your position.

 

Trading Account Types and Trading Costs

A beginner-friendly broker to the core, AvaTrade removes most of the guesswork from choosing a retail investor account or a platform. Account holders can trade via MetaTrader 4, MetaTrader 5 or the broker’s platform.

Pricing remains the same regardless of platform and follows a commission-free, spread-only model. Variable minimum spreads typically start from 1.0 pips, which is slightly higher than comparable brokers and likely stems from AvaTrade’s market maker execution. However, the posted EUR/USD spread of 0.9 pips beats out several other top CFD brokers in the UK.

To begin trading, you’ll need to deposit ￡100 - and it must be British pounds. Unlike other top brokers, AvaTrade only allows UK traders to denominate their accounts in local currency.

If you’re looking for a top UK spread betting broker, AvaTrade also offers a spread betting account with excellent risk management.

 

Financial Markets and Trading Products

Besides risk management, AvaTrade distinguishes itself from other online brokers with its selection of financial markets and instruments to trade. For example, no other UK broker we reviewed offers options trading for CFDs.

AvaTrade’s collection of commodities is second to none. Instruments available to trade include nine energies, eight metals and ten agricultural or ‘soft’ commodities. That’s more than any other broker we reviewed.

 

Alternative Trading Platforms

AvaTrade’s WebTrader platform and AvaGo mobile app cater to traders without the time or inclination to master a more highly customised setup. Both platforms place market sentiment front and centre of the trading experience, at the expense of more sophisticated technical analysis. You’ll find all the basics here - trading from charts and basic order types, but no advanced market research, automated trading or advanced charting.

For automated trading, AvaTrade account holders will need to open an account with either MetaTrader 4 or MetaTrader 5. Because AvaTrade’s tradeable products don’t extend to real stocks or other exchange-traded assets, the question of whether to opt for MT4 or MT5 comes down to platform features. MT5 has fewer EAs, for example, but more technical indicators. 

Be aware that your choice of trading platforms narrows if you intend to trade options or engage in spread betting. AvaTrade only supports options trading through a proprietary platform called AvaOptions, and spread betting accounts must trade with MetaTrader 5. Interested in social trading? You’ll need to download the AvaSocial app or trade via the web trader with a Duplitrade plug-in.

 

Our Verdict on AvaTrade

For new traders and casual retail investors looking for maximum protection, AvaTrade’s suite of innovative risk management products may outweigh its higher trading costs.

5. Forex.com - Great MT4 Trading With 80 Currency Pairs

An American interloper in the British online trading space, Forex.com was founded across the pond in New Jersey in 2001. Authorised by the  Financial Conduct Authority (FCA) to operate in the UK since 2009, it now holds licenses from the CFTC in the US, CySEC and CIRO.

 

An Excellent Selection of Financial Instruments

While casual online traders may opt to specialise in a single market or financial instrument, more serious retail investors look for brokers with an extensive product offering. Exposure to more markets and symbols means more opportunities: for profit, risk management and diversification.

Forex.com’s 80 currency pairs surpass all but the largest global brokers and include all the majors, minors and some unique exotic crosses. You can also trade commodities, indices and metals on MetaTrader 4.

Trading Account Types and Trading Costs

In keeping with its straightforward, plain-dealing approach to online trading, Forex.com gives you a choice between two spread-only pricing accounts. The only difference? Your trading platform.

Standard account users will trade via the broker’s in-house platform. Variable spreads start from 1.0 pips; of course, you won’t pay any commissions.  MetaTrader 4 account users, as you might expect, will trade via the MT4 platform under identical conditions.

Both accounts require a minimum deposit of £100 to start trading, though Forex.com recommends £2,500 for maximum flexibility.

 

Financial Markets and Trading Products

Forex.com’s commitment to a comprehensive selection of trading products extends beyond Forex. In addition to 80 currency pairs, the broker provides exposure to shares, indices, commodities and ETFs.

The share CFD offering stands out for its breadth. At 2,500 symbols, few other brokers can compare. Forex.com account holders also have access to a wider range of metal commodities than with comparable brokers: six CFDs and two spots. 

 

Alternative Trading Platforms

As you might’ve surmised from the available account choices, Forex.com makes selecting a trading platform simple: you can choose the popular MetaTrader 4, TradingView or the Forex.com in-house platform.

The home-grown option comes in web trader, desktop and mobile app formats and includes some extra features not available with MetaTrader 4 and TradingView. These include access to news and updates from Reuters and Trading Central and trading tools like SMART pricing signals and Chasing Returns for performance analytics.

 

Our Verdict on Forex.com

For online traders focused primarily or exclusively on trading currency CFDs, Forex.com offers the best selection of pairs with competitive pricing.

6. FXCM - Great Speciality Trading Tools

Founded in 1999 in New York, FXCM has over two decades of experience in the online trading industry. Now based in London, the broker holds licenses from ASIC, CIRO, BaFIN and CySEC.

 

A Great Selection of Niche Trading Tools

FXCM goes the extra mile when it comes to nice trading tools. The broker’s selection of specialist platform add-ons extends beyond the usual social and copy trading apps to high-octane algorithmic trading and charting tools not offered by any other FCA-regulated broker.

 

• QuantConnect. Intended for programmers with an interest in trading, the cloud-based, open-source platform QuantConnect supports complex coding in multiple languages and intensive backtesting.
• MotiveWave. Provides access to specialist chart types like Elliott Waves not available with other platforms or packages.
• AgenaTrader. A professional-grade platform with over 130 built-in indicators and 14 chart types, AgenaTrader can handle up to 3,000 open charts at one time and provides depth of market visibility.
• SierraChart. Another professional trader platform capable of processing complex combinations of advanced order types. 

 

Trading Account Types and Trading Costs

The FXCM Standard account lives up to its name with a simple pricing model and minimal complexity. Posted spreads start from 1.1 pips with this commission-free account intended for retail traders, albeit those with serious intentions. The broker charges a ￡300 minimum deposit and ￡50 thereafter to fund the account.

While FXCM does offer a commission-based Active Trader account with variable spreads starting from 0.2 pips, the ￡25,000 minimum deposit required to begin trading makes it clear that the broker designed this platform with professionals in mind.

 

Financial Markets and Trading Products

FXCM traders have access to the usual range of markets - forex, commodities, indices and share CFDs - albeit in smaller quantities than one might expect from a broker of this calibre. FXCM can claim just 42 currency pairs, 219 shares and 11 commodities.

 

Alternative Trading Platforms

FXCM’s trading platform, TradingStation, recently upgraded to a more straightforward, uncluttered interface. The clean look doesn’t mean a downgrade in features, however. The platform includes a full complement of trading tools, including advanced charting through TradingView, real volume and sentiment analysis indicators and an app market stocked with hundreds of extras available for purchase.

If you’re interested in automated trading but don’t have the time or desire to learn to code, Capitalise.ai can bridge the gap. This no-code solution aims to make algorithmic trading accessible to all by eliminating the need for specialised knowledge. The platform translates natural language commands in English into custom bots that you can deploy through a TradingStation.

 

Our Verdict on FXCM

The absence of a raw-spread account option and higher than average trading costs may put off more budget-minded traders, but the speciality tools and platforms will likely entice advanced traders willing to pay a premium.

7. Tickmill - Lowest Commissions In The UK With MetaTrader 4 

British broker Tickmill has racked up an admirably large number of licenses from regulators around the world, making it one of the most rigorously monitored brokers we reviewed. In addition to the FCA and CySEC in Europe, it’s registered with the Dubai Financial Services Authority (DFSA) and the Financial Sector Conduct Authority (FSCA) in South Africa.

Great Trading Conditions with Low Commissions

Cost-conscious traders looking for a solid raw spread account will find a lot to like about the Tickmill Pro account. The broker charges £2.00 per side on a round-turn trade. That’s 50% lower than the most expensive brokers, which charge £3.00 per side and 17% lower than the industry average of £2.41.

 

Tickmill should also appeal to cost-conscious traders when it comes to spreads. We compared the broker’s tested minimums for top currency pairs to the industry average, and Tickmill posted impressive results. At 0.15 pips, the EUR/USD spread outperformed every other broker we tested.

 

Trading Account Types and Trading Costs

With Tickmill, you have the option to trade under either a spread-only or commission-based pricing model, depending on your account type. The Classic account charges only the spreads, with minimums starting from 1.6 overall.

The Pro account claims tighter spreads and charges a low commission of £2.00 per side on round-turn trades. That’s slightly lower than the industry average of £2.41 per side, making Tickmill good value for money.

Tickmill does require a minimum deposit of £100 to begin trading and charges a swap fee to hold positions open overnight, so keep that in mind when calculating your trading costs.

 

Financial Markets and Trading Products

With Tickmill, traders gain exposure to the forex, commodities, indices, commodities and bonds. MetaTrader 5 account holders can also trade stocks and ETFs.

The selection of forex is respectable at 62 currency pairs but not exceptional. Likewise, the commodities, bonds and shares offerings. You’ll have access to three energy commodities and four metals, along with four bonds and 23 ETFs. Tickmill certainly covers the bases, but you won’t find the range or depth of some other top UK forex brokers.

 

Alternative Trading Platforms

While Tickmill does offer its own mobile app compatible with the iOS and Android operating systems, it's otherwise an exclusively MetaTrader broker. Rather than invest in a custom-coded in-house platform, the broker handholds users through the process of installing and navigating MetaTrader 4 and MetaTrader 5 with the goal of helping even advanced traders take full advantage of the platform’s functionality.

It’s a unique approach that certainly sets beginners up for success, but it doesn’t disguise the fact that Tickmill account holders will trade on a standard MT4 or MT5 setup. This means there are none of the enhancements or add-on packages found with other top brokers, besides market news and analysis from Trading Central, Tickmill doesn’t include advanced features or integrations.

 

Our Verdict on Tickmill

If you’re looking for a solid MetaTrader 4 broker with tight spreads and low commissions, Tickmill fits the bill. Those with elaborate trading strategies or who prefer a wide selection of financial instruments, however, may find the broker wanting.

8. City Index - Top 90-Day MT4 Demo Account

Founded in London in 1983, City Index remains one of the most well-known and venerable British online brokerages. It holds licenses from the FCA, ASIC and MAS in Singapore.

 

Excellent Demo Account

For those entirely new to online trading and with no prior experience, a demo account is the best way to experiment with different trading tools and get to know individual brokers. What seems straightforward in a training module or a textbook might prove more challenging to implement than anticipated, and it’s easier to learn some of the tough lessons when you don’t have real money on the line.

While most brokers offer a demo account as a marketing tool, it's rare to find one that offers a taste of the complete trading experience with no limitations. City Index is that broker with a 90-day trial account that includes all the bells, whistles and advanced features you’d get with a live account.

City Index also doesn’t restrict the number or type of demo accounts a prospective trader can open. Still not sure if you’re ready to trade live after 90 days? City Index allows you to open a new demo account. Prefer to experiment with multiple platforms? City Index permits multiple open demo accounts at once, provided you use different trading platforms.

 

Trading Account Types and Trading Costs

City Index offers a straightforward choice between two account types: Standard and MetaTrader 4. Pricing for the two account types is identical, however, meaning that you’ll benefit from the same trading conditions regardless of whether you opt to trade via the broker’s own platform or MT4.

Both accounts use a spread-only pricing model with minimum spreads from 0.6. The EUR/USD currency pair starts at 0.7 pips, and the broker posts a solid advertised average of 1.24 pips across the major pairs we test with. When we tested, however, spreads for the EUR/USD pair were closer to 1.16 pips, and the overall average of 1.79 pips; a 44% increase.

 

Financial Markets and Trading Products

City Index boasts an impressive range of markets and financial instruments - more than 13,000 tradeable symbols across forex, indices, shares and commodities. MT4 traders don’t have access to share CFDs, however. 

The collection of forex pairs includes major, minors and some exotic crosses not found with any other broker on this list. Likewise, its share offering of 47,000 different stocks surpasses any other MT4 broker in the UK that we covered for this article.

 

Alternative Trading Platforms

Beyond MetaTrader 4, City Index account holders can choose between the broker’s own platform and TradingView. The broker also allows you to combine its in-house platform with an advanced charting package from Tradingview, which arguably gives you the best of both worlds.

For beginner traders transitioning away from a demo account, the City Index web trader serves as an excellent entry point into trading without some of the limitations of other beginner-friendly platforms. The clean, modern design helps keep distractions to a minimum and makes the process of opening and closing positions straightforward. 

The performance analytics suite of tools likewise breaks down complex data points into easily digestible, actionable information new traders can easily apply to their trading skills.

News and market research from Trading Central provides a solid foundation for understanding and predicting price movements, while a proprietary package of SMART signals monitors 36 markets simultaneously to identify patterns and opportunities.

For the more advanced, City Index allows traders to trade directly from TradingView or integrate its charting features into the web trader application. This platform, which styles itself as a ‘social charting platform’, incorporates sophisticated charting tools and an active community of chart enthusiasts.

Our Verdict on City Index

9. FxPro - Good Fixed Spreads And Instant Execution With MT4

Established in the UK in 2006, FxPro first operated pursuant to a license from CySEC before obtaining regulatory approval from the FCA in 2010. Today, it holds licenses from four major regulators and operates around the world.

 

Excellent Trading Conditions with Fixed Spreads

 

Fixed spread accounts - where the broker guarantees a specific spread for a given currency pair regardless of market conditions - are a rarity amongst major brokerages. While they provide an attractive degree of stability and consistency for traders, only the most liquid and well-established brokers can afford to take on the risk of covering low spreads when the market moves upwards.

Along with AvaTrade, FxPro is one of just two FCA-regulated brokers to offer fixed spreads across ten select currency pairs. It’s an ideal setup for new or conservative traders, particularly when combined with instant execution that guarantees no price variation.

 

Trading Account Types and Trading Costs

FxPro offers a few variations on the Standard account structure for MetaTrader 4 and MetaTrader 5 account types. The FxPro MT4, FxPro MT5, MT4 Instant, and MT4 Fixed all use a spread-only pricing model with floating variable spreads.

FxPro doesn’t publish minimum spreads, but our independent testing found that the broker averaged 2.22 pips across the major currency pairs and 1.59 pips for the EUR/USD pair.

Spread betting is available through the FxPro Edge account.

 

Financial Markets and Trading Products

All of FxPro’s MetaTrader trading accounts will give you access to forex, metals, indices, energies and futures, regardless of whether you opt for MetaTrader 4 or MetaTrader 5.

If you trade forex, the 70 available currency pairs should meet your needs, but FxPro may better suit those who value a more diverse portfolio. The futures offering, in particular, stands out. It’s a less common market, and FxPro includes a solid selection of agricultural commodities and indices.

 

Alternative Trading Platforms

In addition to MetaTrader 4 and 5, FxPro account holders can trade with cTrader and the broker’s own platform.

If you’re an algorithmic trader, cTrader stands out for the cTrader Automate feature. cBots, similar to Expert Advisers (EAs), open and close positions on your behalf based on pre-set conditions. However, unlike EAs, you don’t need to learn to code to build your cBot. cTrader also excels when it comes to order execution.

The FxPro proprietary platform turns in a solid, if not remarkable, trading experience. While it includes all the standard features you’d expect from a top forex broker, it’s not nearly as comprehensive as other in-house tools. It offers just six chart types, for example, and only 50 indicators. 

 

Our Verdict on FxPro

FxPro is a great choice for conservative forex traders looking for the certainty of fixed spreads and guaranteed pricing.

10. Admirals - Good Automation With MT4 Expert Advisors

Founded in 2001, Estonian forex broker Admirals has grown to become a global presence in the online trading space. Licensed by four Tier-1 regulators, including ASIC, CySEC and CIRO, it’s a trusted financial services provider with an excellent track record.

 

Solid Tools for Automated Trading

Algorithmic trading, sometimes called automated trading, refers to the practice of using custom-coded algorithms or ‘bots’ to place orders on your behalf when certain market conditions are met. Proponents cite the ability to continuously monitor price movements and trade from logic as benefits, and it’s become a popular style of trading.

Admirals’ MetaTrader Supreme package of add-ons and tools includes a number of special features you can leverage to maximise the impact of your automated strategy. The indicator package, for example, includes custom technical indicators unique to Admirals, which the Tick Chart Trader tool gives you intensive visibility on even the smallest price movements.

The Mini Terminal feature allows you to automate even initial trading tasks with pre-set stop-loss, take-profit and trailing stop orders. You’ll also have access to advanced technical analysis tools from Trading Central. While not strictly automation tools, they’re essential for the solid market analysis that underpins any algorithmic strategy.

 

Trading Account Types

Admirals provides a selection of account types for MetaTrader 4 and MetaTrader 5, each tailored to a particular trading budget. The Trade.MT4 and Trade.MT5 accounts, for example, roughly parallel the terms of Standard accounts with other brokers. Minimum variable spreads start at 0.5 pips, and you pay no commission.

The Zero.MT4 and Zero.MT5 accounts have tighter minimum spreads that start at 0.0 pips, but you’ll pay commissions from US $1.80 to $3.00 to open and close your positions.

No matter your account type, you’ll need to pony up £250 as a minimum deposit to start trading. That’s a hefty entry fee, but potentially worth it for access to the superior MetaTrader trading experience.

 

Other Financial Markets and Trading Products

In addition to forex, you can trade indices, stocks, bonds and commodities CFDs with Admirals. Be aware, however, that the range of financial instruments available to trade varies depending on your account type.

The Trade.MT4 offers 37 currency pairs, stock CFDs and bond CFDs as well as energies and metals. The Zero.MT4 account, by contrast, has 45 currency pairs but only metal, cash index and energy CFDs.

 

Alternative Trading Platforms

If you’re interested in diversifying your portfolio with exchange-traded assets, Admirals also offers MetaTrader 5. That said, forex traders should note that the Trade.MT5 and Zero.MT5 accounts include 80 currency pairs - double what’s available with MetaTrader 4.

For mobile trading, there’s the in-house developed Admirals Mobile app, but only for Trade.MT5 and Zero.MT5 account holders. The app also lacks popular features common to other apps, such as one-tap trading and price alert notifications.

 

Our Verdict on Admirals

If you’re a dedicated MetaTrader user in search of extra tools and features, Admirals has what you need. It’s an especially solid choice for algorithmic trading.

FAQ - Top MetaTrader 4 Brokers in the UK

Is MetaTrader 4 available in the UK?

Yes, UK residents can trade forex, CFDs and other financial instruments using MetaTrader 4. 

In general, trading platforms like MetaTrader 4, MetaTrader 5, TradingView and cTrader are available around the world. The brokers offering each platform, the trading costs and types of financial instruments available to trade may vary across jurisdictions, however.

How do I choose a MetaTrader 4 broker?

Choosing an MT4 broker is a personal process that should take into account your experience level, trading budget and overall trading style.

It’s tempting to focus exclusively on trading costs, but in our experience, this can lead to a mismatch between a trader’s overall needs and the broker’s offering. Tight spreads may sound attractive, for example, but won’t save a new trader much money if you’re still learning the ropes and paying a commission to open and close every position.

Can I use MetaTrader 4 without a broker?

No, you cannot use MetaTrader 4 without a broker. MT4 is a trading platform designed to help you develop and implement your trading strategy. It does not have direct access to financial markets, however, which means it can’t actually execute your trades.

To trade via MetaTrader 4, you’ll need to select a UK forex broker that offers the platform with account terms that fit your trading budget.

Is MetaTrader 4 or MetaTrader 5 better?

Whether MetaTrader 4 or MetaTrader 5 better supports your trading goals depends on a number of factors, including the markets you’d like to trade and your particular style and strategy.

If you intend to trade primarily forex and CFDs and prefer automated trading, then MT4 may better align with your needs. If, on the other hand, you intend to diversify your portfolio with stocks, ETFs and other exchange-traded funds, you’ll need MT5.

Can I trade cryptocurrency on MetaTrader 4?

No, as a retail trader you cannot trade cryptocurrency on MetaTrader 4. The platform does support crypto CFDs in some jurisdictions, but not the UK. In 2021, the FCA determined that crypto trading carried too much risk to retail traders, citing high volatility and lack of market transparency. Professional traders, however can trade crypto with MT4.