Best MT4 Forex Brokers

We review the top MetaTrader 4 brokers in Britain.

Updated: May 21, 2024
Matt Crabtree

Written By

Matt Crabtree

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Read on for a comprehensive breakdown of MT4's features and our recommendations for reputable FCA-regulated brokers that support the platform.

MetaTrader 4, a popular trading platform, includes technical analysis tools, automated trading techniques, and customisable indicators to assist forex traders in making educated choices.

Traders of all experience levels will appreciate the platform's friendliness and simplicity. It’s especially good for forex trading.

Because of its sophisticated tools and reliable back-testing, MetaTrader 4 (MT4) has remained one of the most widely used third-party applications among forex traders. Because of this, several forex brokers have integrated with MT4 so that traders may initiate and cancel trades without leaving the platform.

There are a number of resources available to traders, such as technical analysis and daily market updates. A superior Forex trading platform does not exist.

  • Modifications that are easy and fast to implement
  • Detailed investigations
  • Fantastic resources for learning 
  • Winner of a slew of awards

In this article, we'll take a look at some of the top MT4 brokers for foreign exchange traders, discussing their costs, features, and asset offerings, and then we'll show you how to use one of them to trade currencies without having to pay any spreads.

Best Meta Trader Forex Brokers (2024)

*Pepperstone Disclaimer: Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

*1. Pepperstone★★★★★Click Here
2. XTB★★★★★Click Here
3. Vantage Markets★★★★★Click Here
4. AvaTrade★★★★★Click Here
5. FP Markets★★★★★Click Here
6. CMC Markets★★★★Click Here
7. ThinkMarkets★★★★Click Here
8. Skilling★★★★Click Here
9. FXCM★★★★Click Here

1. Pepperstone — Best MT4 Broker for Forex

Metatrader 4, which is available via Pepperstone, is often considered a top choice among trading platforms. The Forex trading community universally agrees that it is the best trading platform available.

Great Access

As a result of its adaptability and user-friendliness, MT4 has quickly become the go-to platform for traders. This is why, despite the release of MT5, seasoned traders still prefer MT4.

Quotes may be analysed using MT4's tools, and users can put their trading techniques to the test and make real-world trades with the platform. Last In First Out (LIFO) and Hedging are two methods that traders might employ to limit their exposure to risk. It's completely subjective.

Pepperstone logo

Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

When it comes to hedging, some alternative platforms like MT5 rely on last-in, first-out (LIFO) ordering instead. Pepperstone offers eleven different platforms, MT4 being one of them.

As compared to MT5, it has lower hardware requirements and requires less memory on a personal computer. As MT4 allows users to see market information in their preferred language, it is a popular choice among international traders. In the course of business, merchants may transmit:

  • 2 market orders 
  • 4 open orders
  • 2 modalities of execution
  • 2 stops 
  • A trailing stop 

Charts may be more easily read with the help of predefined templates that traders can customise in terms of colours and styles. Moreover, traders may remove unneeded components and quickly get access to supplementary trading materials.

There is a wealth of resources, including trading examples, for MT4 on the internet because of how widely used it is. The Pepperstone trading platform is intended to improve traders' results by giving them access to a trading environment that can be tailored to their specific needs.

Winner of Many Awards 

Pepperstone is a global brokerage, thus it is governed by two sets of authorities: the UK's Financial Conduct Authority (FCA) and Australia's Australian Securities and Investments Commission (ASIC). Pepperstone has won several honours over the previous few years, including first place for customer service and client satisfaction as well as many more.

Awards have also been given in the past for things like the speed at which tasks are executed, the dependability of the platform, and the user-friendliness of the platform.

While Pepperstone does provide CFDs and futures, options, and stocks, foreign exchange (Forex) trading is its main focus. Therefore it can give its whole attention to Forex trading, which will ultimately benefit its customers. Investigations towards improving Forex trading are still under progress.

Pepperstone has been praised for its absence of a minimum deposit requirement and its streamlined account establishing process. The company's website serves its purpose and is straightforward to use.

Consistently positive feedback is received on the customer service team's speed and accuracy in responding to questions. All of Pepperstone's trading platforms, including MT4, are feature-rich and easy to use.

Pepperstone receives FX top honours for:

  • Supplementary instructional resources
  • Quick time to take out cash
  • Fraud prevention 
  • Spreads
  • Quality for the price

Read more here: Pepperstone Review

2. XTB — Overall Strong MT4 Broker 

XTB's two platforms are well-suited to traders and shareholders who value speed and simplicity without sacrificing access to powerful analytical tools.

Traders using XTB have the option of using either the desktop xStation 5 or the mobile xStation mobile platform. Traders have the option of using either a mobile app, desktop software, or the online trading platform.

You can get quick executions and competitive forex spreads using this platform.

The typical spread for a widely traded pair like EUR/USD is 0.1 pips. Furthermore, XTB platforms provide leverage of up to 1:30 for traders.

Cryptocurrencies, equities, indices, commodities, and exchange-traded funds (ETFs) are just some of the 2100 markets that may be accessed through the platform.

MT4 is Ideal for Forex 

XTB offers CFD trading on three different types of assets: currency pairs, indexes, and commodities. Nevertheless, unlike Forex, stocks and ETFs may only be traded on the broker's own trading platform (xStation 5), and not on MetaTrader 4. The broker provides two account options, each with a different commission cost structure. 

For straightforward foreign exchange rates, XTB's Basic Account is the way to go. Tighter spreads are available to those who sign up for the broker's Pro account, but you'll have to pay a fixed commission rate to do so.

XTB gives you access to more than 57 distinct currency markets. As was previously mentioned, the broker has two account categories, each with a unique average spread:


22 distinct commodity contracts for differences are available with XTB. Users of MT4 do not incur overnight financing costs while trading commodities, with a few exceptions (gold, emissions, and government-issued financial assets). Leverage o f 20:1 is the highest permitted.

We enjoy:

  • Web, mobile, desktop versions
  • Fast executions
  • Over 2,100 markets

3. Vantage Markets — Top Advanced MT4 Broker 

Vantage, which has been around since 2009, is a well-liked CFD trading platform that allows users to trade currency pairings, cryptocurrencies, commodities, shares, and indices.

Investors may have access to the widely traded EUR/USD pair at speeds as low as 0.2 pips with a Raw ECN account. Moreover, CFD trading is commission free with the Vantage STP account.

With Vantage's MT4 trader, you may trade currency pairs quickly and easily. The MT4 brokerage provides investors with access to hundreds of charting & customisation options with Vantage, giving them a leg up on the worldwide markets.

For users of this well-liked trading platform, MT4 is made accessible on the web, desktop, and mobile devices through the Vantage app (iOS and Android).

If you don't have the time to open trades manually, MT4's forex robots, or Expert Advisors, may do it for you. Vantage utilises MT4 to conduct trades in a safe, reliable, and timely manner, and the platform's state-of-the-art optic network, which is connected to the platform's worldwide servers, ensures a 99.99% uptime.

Traders may take use of the finest available tactics to open FX trades with MT4 on Vantage's more than 3,200 trading signals. But you can also find stocks and shares for favourite names like Tesla (TSLA) and Amazon (AMZN).

Built for Affordable Speed

Vantage Markets advertises on their site that they have worked with the MT4 developers to improve their version of the software. Users of MT4 may now get the most out of Vantage Markets' ultra-fast fibre-optic network thanks to these adjustments.

It's a terrific marketing phrase, at the very least. Vantage Markets, on the other hand, publicly asserts that using forex robots on their network results in increased stability.

The 44 currency pairs available for trading and the STP order processing included in Standard make it ideal for beginners. Vantage Markets has a low £150 opening deposit requirement and no commission fees.

The minimum deposit for Raw, an ECN platform, is £350, while the minimum deposit for Pro is £15,000. There was an initial spread of 0 pips for each.


Vantage Markets has earned the confidence of traders because it consistently delivers on its promises. The Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) monitor the activities of this trading platform. Every major trading app is available on this platform. 

  • Zero deposit fees
  • Trading on social networks
  • A long history
  • Licensed broker with multiple awards

4. AvaTrade — Best MT4 Broker for Custom Trades

In our opinion, AvaTrade is the best broker for MT5 traders because of their extensive support for the platform.

AvaTrade is an industry-leading CFD broker that gives traders access to more than 50 different currency pairings and the industry's top virtual private server (VPS) for forex trading.

This customisable broker has served the market for over 15 years and is supervised by a number of authoritative organisations, including the Central Bank of Ireland.

AvaTrade, like many other CFD-focused MetaTrader 4 brokers, includes its trading costs within the bid/ask spread rather than charging separate commissions on trades. With the EUR/USD pair, spreads may be as low as 0.9 pips, while leverage can go as high as 30:1.

AvaTrade also makes it easy to fill your account by accepting bank transfers, credit/debit cards, and a variety of e-wallets with no deposit fees.

For those interested, AvaTrade provides a free download of MT4, albeit it does not work with Mac. After downloading, customers may start trading right away with only a $100 initial investment. Those who are interested in trading a wider variety of assets may appreciate AvaTrade's provision of the MT5 trading platform.

When comparing trading platforms, it all comes down to the tools provided. Vantage Markets has earned the confidence of traders because it consistently delivers on its promises. The Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) monitor the activities of this trading platform.

Every major trading app is available on this platform. If MT4 or MT5 is used. These programmes are available via Vantage Markets. As a result, Vantage Markets is unrivalled among other MetaTrader 4 brokers.

Traders may choose from a large pool of symbols using this broker. Tools and technical indicators are also readily available. These trading platforms provide traders access to the world's best underlying assets in the form of FX, cryptocurrencies, and more.

Traders who use MT4 and are interested in improving their expertise will find several useful tools at Vantage Markets. With all the brokers available in MetaTrader 4, traders may choose Vantage Markets by following the instructions below.

  • Broker who is heavily regulated
  • Offers custom trading in options (AvaOptions)
  • Free money withdrawals and deposits

5. FP Markets — Solid MT4 Broker

FP Markets is an Australian company that started out as a forex and CFD broker in 2005. It lets you trade more than 10,000 financial instruments and more than 70 different currencies.

The most leverage that can be used is 30:1, which is the most that the FCA will allow. The Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) keep an eye on it.

There are two ways to price commissions and fees on FP Markets. The average mark-up for the GBP/USD on the Standard account, which doesn't charge any fees, is 2.3 pips. For the GBP/USD, the raw spreads for the alternative that is based on a fee are 1.2 pips. Also, there are no fees for not trading.

Over time, the learning tools have gotten better. For example, the FP Markets Traders Hub gives daily research and trading ideas. MT4 and MT5 can be used to trade with FP Markets. You can get them on the web, as a desktop client, or through a mobile app.

  • Public on the LSE 
  • Low exchange rates
  • A lot of research and learning resources
  • Great service to customers

6. CMC Markets — Well-Established MT4 Broker

When it comes to foreign exchange brokerage houses, CMC Markets, which was created in 1989, is a major participant. It has survived for a long time and adapted to its new surroundings as the UK’s credit rating gets dashed.

The fact that it is publicly listed and backed by a solid history make it a reliable broker subject to regulation by the Financial Conduct Authority (FCA).

It boasts a minimal minimum spread of 0.9 pips for the GBP/USD currency pair, making it a good option for those looking for inexpensive foreign exchange expenses.

There are no fees associated with opening an account, making a deposit, or withdrawing funds from your account at CMC Markets. However, after 12 months of inactivity, there is a £10 monthly cost.

CMC Markets is renowned for its extensive research, and its teaching resources are excellent as well. For the benefit of the novice investor, there is a sizable collection of books aimed squarely at traders and a variety of introductory texts.

Excellent support is accessible at any time of day or night. In contrast, it would be convenient if it was available at all hours. Overall, CMC Markets is a top choice among UK MT4 brokers.

  • Low exchange rates
  • Great websites and apps for phones
  • New tools for research and learning

7. ThinkMarkets — Best MT4 Broker for Spreads

Spread betting is available to citizens of the United Kingdom and Northern Ireland via ThinkMarkets' FCA-regulated branch.

Spread betting is another way for investors to speculate on the price of a financial instrument like a stock or bond without actually purchasing or selling the asset.

Spread betting, in contrast to CFD trading, has significant tax advantages. Stamp duty is not applicable to any money made by trading CFDs, but capital gains tax still applies (CGT). Alternatively, spread betting winnings are free from both stamp duty and CGT.

ThinkMarkets' spread betting pricing is identical to that of the broker's regular account type, in that traders just pay the spread. The spread betting platform supports four different types of assets. 

Spread Betting Using MT4

ThinkMarkets, a platform we've placed in our list of the top spread betting platforms in the UK, offers spread bettors access to the same technical analysis and trading tools as MT4 CFD traders. ThinkMarkets provides a MetaTrader 4 demo account so you may try out their trading platform before committing to it for real money.

8. Skilling — Popular MT4 Broker

Skilling is a well-known MetaTrader 4 broker because it has low spreads. Because of this, many people think that Skilling is one of the best algorithmic trading platforms.

The low-cost “Premium” account lets you trade more than 70 FX pairs. Even though this account has low spreads, each trade is charged a fee.

Users can also choose the “Standard” account, which has spreads of about 1.2 pips for EUR/USD.

Skilling also works perfectly with MT4, so users can use “Expert Advisors” to automate the trading process. Lastly, Skilling has very fast execution times, taking an average of only 0.05 seconds per position.

  • 46 major, minor, and “exotic” currencies
  • 3500+ shares & ETFs available
  • 15+ indices

9. FXCM — Reliable MT4 Broker

Although using social-copy trading platforms may cut down on the amount of effort spent on strategy development and implementation, it is gaining in popularity. While trading with FXCM and MetaTrader 4, clients have access to two automated trading options: ZuluTrade and Trading Signals.

Trading Signals is MetaTrader's in-house account-mirroring service, whereas ZuluTrade is an external social-copy trading network that can be connected with MT4.

FXCM has two primary price tiers, independent of the copy trading supplier you choose to use. Trading in the Basic Account is free of charge, and spreads begin at 1.3 pips (EUR/USD).

High-volume traders might benefit from rebate pricing and lower spreads. FXCM clients may take use of copy trading tactics inside the MT4 platform by connecting to ZuluTrade, a leading account mirroring service.

Successful traders may be followed and copied via ZuluTrade's social network, removing the need for time-consuming technical research and regular market monitoring. Customers of FXCM may use trade automation. 

ZuluTrade for MT4 makes copy trading accessible to both inexperienced and seasoned investors. In the foreign exchange market, both novice traders and seasoned pros may benefit from learning from the experts and gaining self-assurance, respectively.

Market Indicators

FXCM MT4 users also have the option of automating their trades using MetaQuotes' unique social-copy trading network. Users may quickly and easily locate methods to copy based on the trades, risk profiles, and success rates of signal providers, all of which are publicly available on the MT4 trading platform thanks to the social-copy trading capabilities. 

  • Cloning transactions of certain traders
  • Combo-copying involves mimicking a collection of trading tactics used by experienced traders
  • Test out FXCM's Trading Signals demo

Best MT4 Broker: Buying Guide

Pepperstone is a popular option for customers looking for a UK broker authorised by the Financial Conduct Authority, thanks to its rapid order execution on MetaTrader 4 (MT4), narrow spreads, and extensive suite of trading tools.

Pepperstone's Razor Account holders benefit from the broker's top-tier liquidity sources and NDD execution to trade with spreads as low as 0.0 pips on MT4.

Pepperstone offers competitive spreads and a variety of other benefits, including the ability to automate your trades using Expert Advisors or social-copy tools, conduct in-depth technical analysis, and customise your MT4 trading platform.

Pepperstone is a leading forex broker that provides demo accounts so that traders may test out the platform's advanced MT4 features risk-free. Below is a summary of our findings about Pepperstone's pricing, trading platforms, and services.

Comparing Platforms

But if you’re still unsure of who to choose, the first thing you should do when opting to trade with MT4 is to compare brokers. Traders can choose the ideal option for their needs by weighing the pros and cons of various brokers. Trading software evaluation is a crucial step in choosing a broker. 

Pepperstone offers a widely used platform, MT4, for users of Windows 2000, Vista, and 7. Pepperstone also offers a fully working MT4 native macOS installation of their trading platform.

The Macintosh version of MT4 was originally not intended for use by the general public. But, with Pepperstone MT4 for OSX, Mac traders may use the platform without investing in pricey third-party software.

Brokers that want to attract clients must provide a friendly, helpful trading atmosphere. Their dedication to satisfying their clients is evidence of this. In recognition of its outstanding dedication to its customers, Pepperstone has been awarded first place.

The business takes great pride in its highly individualised customer service performance, for which it has earned several honours.

It might be tough to create an account with many brokers since they want a large initial payment. Pepperstone makes it easy and convenient to start trading by creating an account. The broker has no account minimum and provides an extensive set of ways to fill your account for a low cost.

What is MT4?

Since it is such a sophisticated trading platform, experienced Forex traders often use MT4 even when their computer is turned off. Features include real-time data on currency prices, a user-friendly interface, and a variety of technical analysis tools for predicting market trends.

Trading can be fully automated using the sophisticated platform known as MetaTrader 4. As an added bonus, it can do in-depth market analysis. In 2005, MetaQuotes released a forex trading platform that they licence to brokers so that their customers may use it to trade currencies with little friction.

Users may access real-time data on currency pairs, see charts, make orders, manage existing ones, and set up automated trades. The software is available at no cost and provides users with a safe, quick, and dependable platform for trading.

Trading that is entirely automatic

Traders may now take advantage of price fluctuations without having to constantly monitor the market. Even more so, MT4 expert advisers allow traders to use automated trading techniques. The MT4 platform supports a class of programmes known as “Expert Advisors”, or “EAs”, that are designed to monitor and trade the financial markets using algorithmic strategies.

Expert Advisors (EAs) and technical indicators may be customised to meet the needs of individual traders. Finally, you may use MT4's Strategy Tester to put your plan through its paces and fine-tune it to maximum effect. The tester will tell you whether your Forex trading strategy is any good.

Access to market data and liquidity in real-time

With MT4, you may monitor market conditions and make transactions in real time. Details such as a currency pair's spread, margin, contract size, and number of buy and sell orders are also available for viewing.

The market is said to be bullish if the bid price is higher than the ask price. As a result, the trader might raise their buy of that specific currency pair because of the enhanced market conditions. As a result, this aids their use of scalping and other short-term techniques.

Abundant resources for analysing costs

Many charts, technical indicators, and other price research tools are included right into MT4. More than 30 indicators are available, including powerful volume and trend analysis instruments, and an infinite number of charts may be examined in parallel. In all, nine time periods from minutes to months are shown for each currency pair on the site.

It also provides traders with the ability to undertake in-depth chart research by way of price analysis, mathematical tools, and sketching objects. Each trader's charts are tailored to their own needs.

Support and resistance levels, price movement forecasts, entry and exit locations, and stop-loss levels may all be determined with the aid of these charts for the Forex market.

Able to accommodate a wide variety of orders

You can manage two market orders, four pending orders, and three trade execution modes simultaneously in MT4. Due to the fully automated nature of MT4, even part-time traders have the same option.

Reduces slippage

With market orders and stop-loss orders, ‘slippage’ occurs when the order is closed at a different price than expected. In highly volatile markets, this is common and may be disastrous. But, MT4's blazingly quick execution and rock-solid stability greatly reduce the likelihood of this occurring.

Alert function

There is an alert feature in MT4 that notifies users of important price changes in the various marketplaces. The market is very sensitive to economic news on a national and international scale.

This causes erratic price fluctuations, which may be detrimental to your financial well-being. To counteract this, MT4 notifies you of any and all price changes by email and smartphone alerts.

The use of algorithms and robots in trade

By using MT4's EA feature, you may implement a number of different algorithms. Traders may design their own automatic and algorithmic trading methods with the help of the programming language included with EAs.

Our Conclusion…

Forex traders use MetaTrader 4 more than any other software. It can be changed in any way you want, has expert advisors, and has advanced charting features. So, when looking for an online platform to invest in forex, it makes sense to choose one that works with MT4.

We listed the best MT4 brokers in the UK in this article. We looked at the platforms, the fees, the customer service, and how the trading experience was as a whole.

Opening an account with one of the best MT4 brokers listed here is the best way to make sure you get the best service, experience, research tools, customer service, and fees. To have the best trading experience possible, you should do a lot of research and read reviews.

We hope that the information was helpful, but you shouldn't take it as financial advice. Every investor should do their homework and only put in as much money as they can afford to lose.

Good day!

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Do you have to pay taxes on MetaTrader 4?

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Is it safe to use MetaTrader 4?

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