Best broker for MetaTrader 4 (MT4) [Updated 2024]
Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.
As a forex trader, you can bolster your success rate by automating your trading. Using computer coded platforms to trade foreign currency removes human emotion to result in efficient trades.
Trading platforms such as MetaTrader 4 require you to have a trading account that you can open with a forex broker.
If you are new to trading, you may find it helpful to have a MetaTrader 4 demo.
You can do this by creating a ‘MetaTrader 4 demo account’ on the platform. This account is a great way to explore MetaTrader 4 online and have your first trading experience without commitment.
In this article, we will outline everything you need to know about the best broker for MetaTrader 4. You will also find guidance on broker benefits, and what to consider when choosing a MetaTrader 4 broker.
The Best MT4 Brokers in 2023
Pepperstone – Best for customer service
AvaTrade – Educational content
ActivTrades – Advanced technology
Vantage Markets – Metatrader add-ons
FXCM – Low minimum deposits
To get the most out of your trading experience, it is sensible to choose a reputable, reliable broker. They all have different features, and pros and cons, so you can choose the one that appeals to you.
Below we have listed the five best MT4 brokers UK to help you decide which broker best suits you.
1. Pepperstone
Advantages
Excellent customer service
Free deposits and withdrawals
Low trading fees
Disadvantages
No investor protection outside of the EU and UK
Offers basic news information
Limited trading streams
Founded in Melbourne in 2010, Pepperstone has branched out of Australia and now has offices around the world. It boasts over 1,200 trading instruments across forex, indices, gold and US shares.
Pepperstone is regulated in many countries by FCA, CySEC, BAFIN, ASIC, CMA, DSFA, and SCB. Supporting more than 400,000 users, the broker segregates its global client funds in Tier 1 banks.
The commission for Pepperstone are $3.50 per lot.
With multi-lingual support available 24/7, Pepperstone also offers a bank of educational resources to guide beginners on their trading journey.
A commitment to customer care is a feature that makes Pepperstone one of the best MT4 brokers Metatrader platforms on the market.
81.7% of retail investor accounts lose money when trading spread bets and CFDs.
2. AvaTrade
Advantages
Regulated across the world
Includes educational content
Disadvantages
Not possible to buy stocks
There are quarterly and annual inactivity fees
US clients not accepted
With benefits such as a 20% welcome bonus up to $10,000 and a wide range of payment methods, AvaTrade is among the best MT4 forex broker UK options.
The CFD Regulated broker started life in 2006 and now has over 400,000 registered clients from novices to professional traders.
AvaTrade is worldwide regulated but trading is not possible in the US, North Korea, New Zealand, Iran or Belgium.
With a minimum deposit of $100, there is no withdrawal limit and no fees. These conditions place AvaTrade in the range of best crypto broker for MT4.
You can trade with more than 250 instruments on AvaTrade, including the following:
Commodities such as gold, silver, sugar, and coffee
Stocks
Shares
Metals
Forex
Bonds
Oil
Options
ETFs
FX Options
3. ActivTrades
Advantages
Customer support via email, chat and telephone, available in 14 languages
More than 1,000 CFDs
Optimal trading execution
Disadvantages
Not available for clients in the US
No bonus for EU-based clients
No copy trading
Founded in 2001, ActivTrades is a MetaTrader 4 broker UK firm that can be used to trade Forex. It is authorised and regulated by the FCA, CSSF and SCB.
ActivTrades uses advanced technology to provide an efficient service where users can automate trades, build integrations, and design trading apps.
There is no account fee but there is an inactivity fee if the account is not used for over 1 year and contains a remaining balance. ActivTrades also has a currency conversion fee of 0.3%.
ActivTrades is committed to developing educational materials, which is a bonus for users wanting to build trading knowledge and experience.
With no minimum first-time deposit and a range of payment methods available, it is an ideal broker for beginner traders.
4. Vantage Markets
Advantages
Low Forex fees
Social trading
Good MetaTrader Add-ons
Disadvantages
Not available to clients in the US
$200 needed to start trading
CFD trading carries risks
Vantage Markets was founded in 2008 and now has 44 forex pairs and 290 CFDs, including cryptocurrency, shares, commodities and indices.
It is well-regarded as a safe broker as it is regulated by ASIC and the FCA.
Vantage Markets is one of the best forex brokers with MT4 platform and the MT5 platform. It is a scalper broker, meaning it is possible to buy and sell forex within minutes of each other, to take advantage of small price movements in the market.
Vantage charges the lowest commissions among brokers, making it the best MT4 broker for scalping.
When joining Vantage Markets, you can choose from three account types:
Standard STP: The perfect account for novices, this commission-free account works across all trading instruments with a minimum spread of 1.4 pips. It includes a minimum deposit of $200
Raw ECN: This middle-level account is designed for more experienced traders. It charges commission at $3 per lot per side but the low spreads start at 0.0 pips. The minimum deposit is $500
Pro ECL: The top-tier Pro account is for professional, high-volume traders. It offers commission at $2 per lot per side, with spreads from 0.0 pips. The minimum deposit for this account is $20,000
The different account types make Vantage Markets ideal for traders of all experience levels. Thanks to its no inactivity fee and low Forex fees, Vantage Markets is one of the best MT4 forex broker options for casual traders.
5. FXCM
Advantages
Compatible with a wide range trading platforms
Offers volume discounts
Low minimum deposits
Disadvantages
Limited products to trade
Spreads are higher than average
Not available for US clients
This British broker, founded in 1999, FXCM is a British zero commission broker. It offers trading in CFDS, Forex and shares for its clients around the world.
With a motto of ‘Client First. Trader Driven’, FXCM is considered a reliable broker and is well-regulated by FCA, ASIC, CySEC and FSCA.
You can use FXC to trade the following instruments:
45 currency pairs
219 Stock CFDs
Seven cryptocurrency CFDs
15 stock index CFDs
12 commodity CFDs
One bond CFD
There are two types of account you can open with FXCM: a Standard account or an Active Trader account.
The Standard subscription requires a minimum deposit of $50, while the Active Trader account must maintain at least $25,000.
There is minimal difference between the two accounts, except that the cost of the spread is slightly better with an Active Trader account.
With 7 crypto CFDS available to trade, FXCM can be regarded the best MT4 broker for cryptocurrency.
FXCM is commission-free as the cost of trading is built into the spread. There is also no charge to open an account or deposit funds.
There is an inactivity fee, but this doesn’t apply until the account has been inactive for more than 12 months.
The low fees and no commission, combined with useful educational resources, make FXCM one of the best brokers for MT4 UK beginner traders.
What Is MetaTrader 4?
Developed by MetaQuotes in 2005, MetaTrader 4 is a trading platform commonly used in the forex space. If forex is your commodity of choice, read on to find out what we think is the best forex broker UK Metatrader has to offer.
What makes MT4 so popular is the fact it can be customised to your individual trading needs.
Depending on how you want to trade, you can apply parameters and MT4’s algorithms will open and close positions to suit your preferences.
MetaTrader4 is easy to use, making it ideal for beginner traders. But it is far from basic, as it provides a data-rich experience for traders of all levels.
Below we will look at where MetaTrader 4 excels, and where it is lacking certain features that may be important to you.
Advantages of MetaTrader 4
User-friendly design to those new to trading and investing
Ease of deployment
Compatible with several operating systems such as Linux, Mac, and Windows. MetaTrader 4 can also be used on iOS and Android.
Disadvantages of MetaTrader 4
MetaTrader 4 does not provide comprehensive historical data for back testing
Slower execution speed means MT4 is not suitable for high-frequency trading
MetaTrader 4’s charting package does not provide for a custom timeframe
What Are the Benefits of MetaTrader 4 Broker?
There are many benefits to using a MetaTrader 4 broker, some of which we will explore below.
Metatrader 4 Brokers Are Easy To Deploy
Offering everything you need to start your online trading journey, MetaTrader 4 brokers are a great choice for beginner investors.
They offer reliable trading platforms that are easy to download and install.
There Are Lots of Platforms To Choose From
We have named just five of the best MetaTrader 4 online brokers in this article, but there are so many more to choose from.
With a range of membership conditions such as minimum deposit and trading fees, you can find a broker that best suits your needs.
There Is the Option To Use Additional Advisors for Help
MetaTrader4 brokers include an Expert Advisor feature—programs that can be used to automate the trading process. They act as your eyes and ears to analyse price data and manage your trading data based on that information.
With Expert Advisors, you can leave the manual work to the program and enjoy the fun of trading.
They Provide Educational Resources
The best UK brokers for MT4 offer a bank of educational material to help you on your trading journey. With this informal training, you can learn a host of tips and tricks to get ahead in the world of forex.
Things to Consider When Choosing a MT4 Broker
In summary, there are several things you should consider when choosing a MetaTrader 4 broker. Researching brokers with the following features in mind will help you make the best choice for your trading.
Platform Security
When it comes to trading with money, you should ensure the broker you use has robust security measures to protect your assets.
It is a good idea to choose a broker with two-factor authentication as this will prevent hackers from accessing your trading accounts.
In the case that your password is hacked, the second layer of security will stop criminals from getting any further.
Of course, you can avoid anyone guessing your account entry details by choosing a strong password. Choose a long password that is a combination of uppercase and lowercase letters, numbers and special symbols such as punctuation. A strong password can be the fortress to keep your account safe.
A broker’s security measures will be explained on their website, but it is also a good idea to read customer reviews to see how their protection works in practice.
Customer Support
In online trading, good customer care is essential. Some brokers have support available 24/7, others 24/5, so think about what’s right for you before committing to a broker.
If you have a question about trading, or an issue with your account, you will want a customer service agent on hand to help get you back on track.
Platform Regulation
It is crucial that the broker you choose is regulated by a known and trusted body. Most brokers in the UK are regulated by the Financial Conduct Authority (FCA).
Brokers overseen by the FCA are audited regularly to ensure they provide protection to traders.
Transaction Cost
While using MetaTrader 4 is free, the broker you use may charge a fee. Each broker has different spreads—the difference between the ‘buy’ and ‘sell’ price of an asset.
A larger spread means you could lose money as you may have a wait before you are able to resell the asset.
Deposit and Withdrawal Rules
To start trading with a MetaTrader 4 broker, you must deposit funds into your account. Some brokers have a minimum deposit rule, so it is up to you how much you are happy to deposit up front.
Similarly, there may also be a minimum withdrawal rule, so you cannot take out any funds until you have reached a certain amount. To avoid being stuck with terms that do not suit you, make sure you research a range of brokers.
Frequently Asked Questions
What is the best broker for MT4?
There are many brokers compatible for use with MetaTrader 4, and our top picks are Pepperstone, AvaTrade, ActivTrades, Vantage Markets and FXCM.
We have listed the pros and cons of each broker in this article to help you decide the platform for you.
Can I trade without a broker on the Meta Trader 4 platform?
No, you will need to choose a broker to trade on MetaTrader 4. You can create an MT4 demo account to test out the platform, but you will need to open an account with a broker to trade with actual funds.
Is the Meta Trader 4 platform safe?
MetaTrader 4 is a very safe platform. It encrypts your data and conceals your IP address so you can make trades and investments with peace of mind that your funds and personal information are secure.
How to choose an MT4 broker?
When choosing an MT4 broker, you should consider which features you want when trading. In the article we have explored the profile of the top 5 brokers, along with pros and cons, to help you choose.
What is the difference between MT4 and MT5 platforms?
The main difference between MT4 and MT5 is that MT4 includes the markets of forex and CFDs, while MT5 also offers futures, stocks, bonds, and the options market.
Although MT5 has more functionality, MT4 is a great choice for beginners and forex traders.
Is Meta Trader 4 good for beginners?
MetaTrader 4 is an excellent trading platform for beginners. It has a simple interface that is easy to use, an important feature for those new to trading.
What is the most popular MT4 broker?
The most popular MT4 broker is Pepperstone. The Australian platform provides uncomplicated trading for all levels and was named Investopedia’s Best Forex Broker for Trading Experience in 2020.
Are MT4 trading platforms regulated by law?
Yes, MetaTrader 4 trading platforms are regulated by a wide range of regulatory organisations across the world. One of the most common regulators is the Financial Conduct Authority (FCA).
What are the key factors to consider when choosing an MT4 broker?
The key factors to consider are platform security, customer support, regulation, transaction cost, and deposit and withdrawal terms. We have explored these features in this article for your reading.
What is the safest MT4 broker?
Our top picks for safe MT4 brokers are Pepperstone, AvaTrade, ActivTrades, Vantage Markets and FXCM. They have robust security measures and are all regulated by reputable authorities around the world.
What MT4 brokers offer demo accounts for practice?
There are several brokers that offer MT4 demo accounts for practice. These include FOREX.com, eToro, AvaTrade, IG Markets and FXCM.
What is the minimum deposit for Meta Trader 4 trading platforms?
All MetaTrader 4 platforms have varying terms and conditions, including minimum deposit rules. Typically, the minimum deposit across brokers is £10.
Final Thoughts
Overall, MetaTrader 4 brokers are a great tool to automate your trading and make efficient transactions.
The range of brokers available offer different benefits which will each be best suited to different types of traders.
The most important thing to do when choosing a broker is research to find one that is aligned with your trading habits.
Look for a broker that meets your needs on the following features: platform security, customer support, regulation, transaction cost, and deposit and withdrawal terms.
When you find a MetaTrader 4 broker you like, simply sign up and make a deposit. Happy trading!