The financial markets have been a part of the country since 1875! Following over 200+ years of buying, selling, and trading of stock, ETFs, commodities, and forex, we’ve come across new and better technologies over time. Today, things stand different as we no longer rely on the pen, paper, or phone call methods to book our trades; the industry has switched to established crypto exchanges for their operations.
Given the sphere of development that the entire scenario is, we get to see new and better technological features being introduced to traders. One of which is the MetaTrader 4, often touted as the next phase of advanced trading.
But what exactly is the MetaTrader 4 platform? Why do the investors in the UK and worldwide want to be a part of the platform? Or, what sets it apart from the others? Let’s find out in the blog, which discusses what MT4 brokers are, and their perks, followed by a list of the best MT4 forex brokers in UK.
MT4 Traders: What Is It?
Let’s face it, every trader needs to be backed by a reliable platform that is not only secure but simplifies their trading practice and strategies! This is where MetaTrader steps in as a revolution against the traditional trading platforms used by everyday traders and investors.
Designed by MetaQuotes in 2005, MetaTrader 4, also known as MT4, brings out a simple UI combined with advanced technical analysis to bring the best out of strategies primarily concerned with forex trading. This popular online trading platform introduces a change by bringing flexibility to trading systems, including commodities, CFDs, forex, and stocks.
In terms of operations, the program has set a benchmark for traders and investors in the industry, thanks to the flexibility and reliability that it adds to everyday trading. The software platform comprises two essential components: the client and server. Traders using the MT4 platform utilize the client component, which can be downloaded across multiple devices. On the other hand, Brokers utilize the server component for their operations.
Besides the server and client functionality, MetaTrader 4 can also be utilized for pending and market orders. In case of pending orders, the platform holds a deal until the price of a given asset reaches a certain level and is at the suggested price level. On the contrary, market orders are considered a more dynamic option as they can help with instant executions, exchange execution, and request execution.
However, that’s not all! When it comes to the different MetaTrader 4 brokers in the UK, you get access to a slew of features that make it reliable for beginners. And if you’re on the lookout for a reliable MT4 broker, you might want to know of the different perks these platforms add to everyday trading.
Let’s check out some of the best MT4 broker UK features in the following section.
Why MT4 For Forex?
MT4 trading brings in a slew of multi-functional trading technologies and capabilities which allows users to tap into advanced features. Some of which include expert advisers, simple UI, and hundreds of courses and tools to get started with trading.
When combined, all of these features add on to make the most reliable MT4 trading platform for novices.
Besides, here are some other features that make the platform unique:
MT4 or the MetaTrader 4 stands out in its safety. Stringent security measures back this reliable and safe trading platform. Some of which include Rivest-Shamir-Adleman (RSA) digital signatures and the exchange of encrypted data between client terminals and servers. Furthermore, users also get an extranet of safety via encrypted IP addresses of the platform.
These features add to the simplicity of doing transactions by their users. Consequently, traders can easily trust the platform with their funds and credentials.
Automation in trading platforms might seem new for its functionality, but this is where the MetaTrader 4 technology stands out. Both beginner and experienced traders can utilize the automation trading tool present in the MT4 platform. This platform allows the traders to make maximum profits from the current market events without monitoring the movements manually.
Real-Time Access to Market Prices
Next feature on our list is real-time access to market prices. Here, traders of the forex markets get to utilize real-time forex estimations to execute their transactions. Additionally, users also get a real-time view of the performance of different currency pairings. What’s more? Users can also access additional securities alongside their real-time bids in the watch window.
Additionally, traders can also access other trading parameters like contract size, margin currency, and the required spread. MT4 also provides a ‘Market Depth’ functionality which notifies traders of market activities in real-time, including the likes of purchase orders on given crypto pairs.
Stability is another feature that sets out the MT4 traders. The platform provides a unique consistency and speed of executing trades with the platform. This way, the platform deals with minimal risk of slippage. Additionally, the platform can be accessed on multiple devices, including tablets, smartphones, and PCs, to trade anytime.
This mobile version of the MT4 software comprises all the required features in its desktop version, including communicative charts, mechanical analysis tools, and real-time forex estimations via the software.
Now that you know of the different features which make the MetaTrader 4 stand out, we understand that your next immediate step would be to find out the best MetaTrader 4 brokers in UK. However, given how there are numerous MT4 brokers in the UK, you might end up confused with the different functionalities and fee structures they have.
Therefore, to help you find the best mt4 forex broker in UK, let’s check out the different platforms in the country.
Best MetaTrader 4 Brokers In UK
- CMC Markets
The first platform in our list of best MT4 brokers UK is Pepperstone. The platform has been around for over a decade, with its initial launch dating back to 2010. Over this span, Pepperstone has offices in varied locations around the world. The platform also has an exquisite reputation for delivering unmatched customer support 24/7 in different languages.
Pepperstone provides traders with 60 different currency pairs for forex trading and an option to create two different types of accounts. The standard accounts in the platform market average spread and commission fees are not a matter here. On the contrary, the Razor accounts have additional commission fees and come with lower market spreads.
Pepperstone does not use any distinct platform for MT4 trading. Instead, it uses third-party platforms such as MT4/MT5, cTrader, Zulutrade, etc. So you get the flexibility to choose from the platform of your choice based on your preferences. Besides, Pepperstone has super-fast execution speeds enabling you to execute a trade in under 60ms. If you are a high-volume trader, this is an ideal platform for you.
There are no minimum deposit limits with Pepperstone. Yet, they recommend starting with a minimum of £500 to offset any initial losses. This means you can enjoy greater value with standard accounts but have to make do with limited trading options.
Founded back in 2007, eToro has worked its way to become one of the most trusted and effectively best MT4 forex brokers in the UK. Thanks to the heavy regulation laid by the Financial Conduct Authority (FCA), eToro offers very few risks. You can even test out all the platform’s features by simply opening a demo account without any additional charges.
eToro allows you to reap the benefits of wide-ranging trading alternatives and control them all from a single user-friendly interface. This intuitive interface is called Copy Trading, which allows you to follow successful traders and use their best practices to drive better returns. So it is much easier for beginners to get started with forex trading on eToro.
The user interface of eToro is one of its best-selling points that allows investors to access 47 different currency pairs. Additionally, the demo account will help you get started with a £ 100000 fake currency. So this makes it much easier for you to acquaint yourself with the ins and outs of forex trading before you are knee-deep into trading.
While eToro does not charge any fees for opening an account, you will still need to deposit an amount of £200 to access the Copy Trading feature. Besides that, there is a £5 withdrawal fee along with a minimum of £23 if a withdrawal is made in the first place. Additionally, the default currency for using eToro is USD, and conversion will cost you a 0.025% fee.
If competitive spreads are what you are looking for, CityIndex is the MT4 broker UK you need to work with. Starting as a subsidiary of GAIN Capital in 2014, CityIndex has made great strides since then. The platform also provides a proprietary platform with special spreads for all the majors.
Currently, CityIndex offers 84 currency pairs which is much higher than what you get from any other forex broker in the UK. This includes minor, major, and even exotic currencies such as cryptocurrencies.
The highly customizable functionalities make carrying out your forex trading much easier with no hassle. However, the platform’s usability could benefit from some enhancements in certain aspects. But using CityIndex on a desktop will rarely cause any usability issues. If you are comfortable, you might even consider using the MT4 platform for ease of use.
The spreads offered by the platform are relatively tighter, from 0.5 to 0.8 points. Yet you can get a much valuable experience with the platform’s high-quality and diverse research tools. These platforms allow you to understand the granular aspects of their forex trades.
Starting your forex trading on CityIndex requires a minimum deposit of £100. Besides, the CFD trading fees charged by the platform are relatively small, but this should not be your concern if forex trading is all you need. Overall, CityIndex is an excellent choice for beginners as opening an account and getting started is relatively easier.
Next on the list of the best MT4 broker UK is Plus500. The Israel-based platform offers Forex CDFs while earning an extensive reputation for its unmatched reliability and adherence to all relevant regulations Plus500 was initially established back in 2008. The most defining characteristic of the platform is its Webtrader.
Webtrader is a unique platform that acts as a portal to the services and other details associated with Plus500. Additionally, the platform is optimized for both mobile and desktops, so you can always enjoy easy access. You can also access various things from a single window, such as place trades or analyze charts.
When it comes to adhering to regulations, not many can match what Plus500 offers. The platform is regulated by many international bodies, including the FCA in London, FMA from New Zealand, AISC of Australia, and FSCA of South Africa. However, the notable absentees from this list are the SEC and other regulatory bodies from the US.
Plus500 offers some of the most amazing features to its users, such as guaranteed stop-loss orders on specific things. And you need not pay any trading commission as the platform’s profit is primarily backed into the spread and different fees they charge.
Further, Plus500 does not offer any phone-based customer support, but you can reach them through email and chats at any time and day. The competent support staff will resolve your issue in time to ensure you can enjoy hassle-free forex trading.
Of all MetaTrader 4 brokers UK in the list, FxPro is one of the most recent additions. Starting back in 2007, the platform now offers 70 currency pairs and numerous types of accounts. Also, different account types offer different spreads and commission rates, so there is no way you can avoid these commission fees.
Nonetheless, FxPro is an excellent trading platform for experienced forex traders with strategy or style. Since the platform works with only the full MetaTrader suite that includes MT4 and MT5, it is ideal for experienced traders. You can also access the proprietary platform of FxPro that goes by the name FxPro Edge.
But that’s not all because you also get access to another third-party platform called the cTrader. This platform has something for everyone, so you will find at least one thing that matches your requirements, no matter your style or preference. Yet there are not many beginners who can benefit from these platforms.
FxPro provides precise research analytics, trading controls, and even direct channels to the brokers for strategic directions for beginners. This can be very helpful for a beginner trader.
Coming to the fees charged by FxPro, the platform recommends one to make a minimum deposit of £ 500. However, this can be a steep deposit for a first-time trader, so they can get started with a £ 100 deposit.
Lastly, FxPro is a platform best suited for veteran traders who have the skills and knowledge to navigate the world of forex trading. First-time traders can certainly try their luck, but it does not make sense given there are other platforms better suited for beginners.
If you are looking for a forex trading broker with extensive experience in the field, CMC Markets is the right choice for you. The platform backs its claims with 30 years of experience, and they can even help you with a CFD broker. Additionally, FCA also regulates them, so safety and security should not be your concern when trading on this platform.
You can get three different types of accounts from CMC Markets that include CFD, Corporate, and spread betting. No matter the alternative you choose, you still benefit from the capability to trade on over 9000 instruments. This number also includes numerous forex trade options, which amount to 300 in total. Also, the spreads are on a low with around 0.7 on majors and with an ability to occasionally leverage up to 30:1.
CMC Markets also provides you with a separate proprietary platform that goes by the name Next Generation. The platform is available in both desktop and mobile versions, with the mobile version earning the name of one of the best forex trading platforms. This makes it easier to control and manage your trade wherever you are.
Furthermore, the user interface offered by CMC Markets is highly intuitive, so no matter how experienced you are in forex trading, everyone can benefit from the interface. You can also use MT4 if that is what you are comfortable with.
The best part about trading with CMC Markets is you do not need any minimum deposit to get started. This makes it an ideal platform for everyone dabbling their foot in forex trading for the first time. You also get access to numerous resources to ensure your success and better returns.
This is one of the oldest forex trading platforms on the list, established in 1974. The platform is ideally suited for premium traders as it comes equipped with an extensive list of assets. IG provides you with an option to choose from over 16000 markets, and all of these markets are primarily suited for expert and advanced traders.
Additionally, the platform is regulated by both FCA and London Stock Exchange. You can access many competitive spreads and tools for many of the most prominent forex currency pairs.
What’s more, the IG platform is seamlessly customizable along with a user-friendly interface that has amazing features in the most appealing layouts. This allows you to customize the pages and view your content whichever way you deem fit. Other than that, IG also provides you with access to numerous highly effective educational materials to make forex trading easier for you.
More importantly, the platform is equipped with tools to carry out real-time technical analysis for every trader on the platform. This includes detailed charts and real-time streaming of news. The offers by IG are also highly competitive, where USD/EUR is about 0.7, which means you get access to over 90 currency pairs.
However, the platform does require you to make a minimum deposit of £250, but besides this, you need not worry about any high inactivity fees. Also, the inactivity period is two years which is very long compared to other platforms on the list.
Founded back in 1999, FXCM is another amazing forex broker platform that offers users an extensive range of forex currencies. Yet one cannot help but take notice of the downside here, where you get only 39 currency pairs. Also, the available spreads are mostly higher than what is available in the market.
But if you are someone interested in big trades, then FXCM is the right platform for you as they offer significantly high trade volumes. Besides that, the platform is also very well-regulated, and it gives you access to multiple tools that serve both experienced and beginner traders. Yet there remains one catch because FXCM does not accept any client from the US for regulatory complications.
FXCM allows its users to trade using two different account types: the starter and the active trader. The active trader account is the more interesting one here because it offers excellent spread options and highly competitive commission rates. Besides that, you also get access to different trading platforms such as MT4, Zulu Trade, and NinjaTrader.
Like most other forex brokers on the list, even FXCM comes with its own proprietary platform called the Trading Station. This is a very user-friendly platform and comes well equipped with numerous educational sections that will benefit both experienced and beginner traders.
You will need to make a minimum deposit of £300 to get started with an FXCM account. But if you are a trader with an active trader account, you will need an amount of £25000. However, the fees can vary based on different factors.
To sum up the differences between the two platforms, here’s a comparative table:
|MT4 Broker||Deposit Fees||Real-time Customer Support||Currency Pairs|
|Pepperstone||No deposit fees||Yes||60|
|eToro||No deposit fees||Yes||47|
|Plus500||No deposit fees||Yes||70|
|CMC Market||No deposit fees||Yes||300 Forex Currencies|
Questions To Ask Your Crypto Brokers
There’s no second thought to the incredible pace at which MT4 Trading is moving ahead! While many traders have already migrated, and many continue to do so. Estimates suggest that over 50% of users already use the platform for Forex trading.
Since there’s no one broker solution to fit all, we understand the need to search for the ideal crypto broker in UK. Therefore, to help you better understand, we have listed some crucial points that you should keep in mind while selecting the ideal broker to trade with.
With which regulatory authority is your company registered?
This is probably the most important question which you should be asking. When it comes to MT4 platforms, registered brokers are trustworthy and respected. Additionally, every country has its own set of rules and regulations. It is usually advisable to register an account with a broker regulated by a financial body.
How long has your broker been in this line?
Isn’t it true that experience counts for something? As a result, you should always inquire about your broker’s experience and the number of clients they have dealt with. This also adds to the reliability of your platform.
What kind of services do you provide?
This is a good question to ask to see what kind of trading platforms, customer support, education, and other services your selected forex broker offers. Because you are entrusting your wealth and financial progress to the broker, the quality of service is crucial.
What are the benefits of having an account?
Before you sign up with your MT4 broker, it’s crucial that you verify the margins, commission, fee structure, commission, leverage, and spreads. Besides, users also need to look at different functionalities connected to withdrawals and deposits before signing up with any broker. All of these features vary depending on the broking company.
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Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.