The MetaTrader 4 (MT4) platform has become a leading platform for Forex trading worldwide, including in the UK. With its user-friendly interface, advanced technical analysis tools, and automated trading capabilities, MT4 has become a popular choice for UK traders of all experience levels.
FxPro
Axi
CMC Markets
Pepperstone
IG
ActivTradesBelow, we provide more information about the best MT4 trading platforms in the UK:
- FxPro, an FCA-authorised broker, supports MetaTrader 4 on desktop, browsers, and mobile devices, providing clients with full access to technical indicators, Expert Advisors (EAs), and various scripting tools.
- Axi, an FCA-regulated broker, offers MT4 as a free download for desktop computers, smartphones, and tablets. Clients can also access the platform directly through desktop or mobile browsers using its WebTrader version.
- CMC Markets, an FCA-authorised broker, supports MT4 trading on desktop and mobile devices, offering advanced charting, automated trading, and one-click execution on the go.
- Pepperstone, an FCA-authorised broker, offers full support for MetaTrader 4, allowing clients to automate their trading using the platform’s Expert Advisors (EAs). In addition to using the built-in technical indicators, traders can create their own using the MQL4 programming language.
- IG, a broker overseen by the FCA, supports MetaTrader 4 on desktop computers and mobile phones, offering spread betting and CFD trading to UK clients.
- ActivTrades, another FCA-regulated broker, supports MT4 and gives clients access to Expert Advisors (EAs) and the option to develop custom technical indicators. The platform comes with a strategy tester, price alerts, trailing stops, 9 timeframes, and 50 ready-to-use indicators.
In this guide, we explore MT4, its features and benefits, and how to connect the platform to an account with a reliable broker serving UK clients. Here is a brief overview of what we cover:
- What MetaTrader 4 is
- Connecting your trading account to MT4
- Key features of MT4, including supported assets, chart types, and order types
- Comparison of MT4 and MT5
- Additional services, including signals and market analysis
- Costs of using MT4
- How to select a reliable MT4 broker in the UK
- Frequently asked questions
What Is MetaTrader 4?
MetaTrader 4 (MT4) is a popular online trading platform developed by MetaQuotes Software Corporation. Released in 2005, it has become one of the most widely used trading platforms, with millions of users worldwide. MT4 is designed primarily for Forex and CFD trading and is known for its ease of use, flexibility, and advanced technical analysis tools. It is available on Windows, Mac, and mobile devices, allowing traders to access it on the go.
MT4’s popularity stems from its:
- User-Friendly Interface: Easy to navigate, even for beginners.
- Advanced Charting: Over 30 built-in indicators and 31 graphical objects.
- Automated Trading: Supports Expert Advisors (EAs) for algorithmic trading.
- Multi-Device Access: Available on desktop, web, and mobile.
In the UK, MT4 is widely used thanks to its compatibility with FCA-regulated brokers and its ability to cater for both retail and institutional traders. Its flexibility and extensive customisation options make it a popular choice for traders of all experience levels.
Connecting Your Trading Account to MetaTrader 4
To start trading with MetaTrader 4, you first need to find a reliable broker that supports the platform. This is relatively straightforward, as nearly all brokers serving UK clients support MT4. Here are the steps to connect your trading account to this third-party platform.
- Choose a Broker: Research and choose a broker that supports MT4 and is regulated by the FCA, the UK financial regulator.
- Download MT4: Download the MT4 platform from the broker’s website or the MetaQuotes website. Alternatively, you can use the browser-based WebTrader version, which requires no additional downloads.
- Install MT4: Install the MT4 platform on your computer or mobile device.
- Open an Account: Open a trading account with the broker, a process that typically takes no more than 15 minutes.
- Receive Login Details: Receive your login details, including your username, password, and server name.
- Launch MT4: Launch the MT4 platform and enter your login details to access your trading account.
- Configure MT4: Configure the MT4 platform to suit your trading needs, including setting up your charts, indicators, and trading parameters.
- Fund Your Account: Fund your trading account with the broker using a payment method such as bank transfer, credit card, or an e-wallet such as PayPal.
- Start Trading: Start trading with MT4, using the platform’s advanced technical analysis tools and automated trading features.
You should also complete the following steps:
- Verify Your Account: Verify your trading account with the broker by providing identification and proof of address. FCA requirements stipulate that all new clients must undergo identity checks and provide evidence of their source of funds. This is standard procedure aimed at preventing money laundering, terrorist financing, and other illegal activities.
- Set Up Two-Factor Authentication: Set up two-factor authentication to add an extra layer of security to your trading account.
- Download Additional Tools: Download additional tools and plugins, such as Expert Advisors (EAs) and custom technical indicators, to extend the platform’s capabilities.
Following these steps allows you to connect your trading account to MT4 and start trading with one of the most popular and widely used trading platforms in the world.
Key Features of MT4
MetaTrader 4 remains a leading trading platform in the UK, favoured by both new and experienced traders for its user-friendly design, powerful charting tools, and extensive support for automated trading. Its widespread adoption by FCA-regulated brokers reflects its broad functionality and capabilities.
- User-Friendly Interface
- Intuitive layout with customisable charts, indicators, and workspaces.
- Suitable for both beginners and experienced traders.
- Advanced Charting Tools
- Supports 9 timeframes (from 1 minute to 1 month).
- Over 30 built-in technical indicators, including moving averages, RSI, and Bollinger Bands.
- 31 graphical objects for drawing trendlines, Fibonacci retracements, and more.
- Automated Trading
- Expert Advisors (EAs): These trading bots enable you to automate your strategies using algorithms written in MQL4.
- Backtesting: You can test trading strategies using historical data to refine their performance.
- Market Execution
- Instant order execution with minimal slippage.
- Supports multiple order types, including market orders, pending orders (buy limit, buy stop, sell limit, and sell stop), stop-loss orders, and take-profit orders.
- Multi-Asset Trading
- Primarily used for Forex trading, the platform also supports CFDs on commodities, indices, and cryptocurrencies. However, offering leveraged cryptocurrency derivatives to retail clients is prohibited under FCA rules.
- Mobile and Web Access
- Available as a desktop application (Windows/macOS), mobile app (iOS/Android), and web platform (WebTrader).
- Security
- Encrypted data transmission.
- Supports two-factor authentication (2FA) for account security.
- RSA digital signatures.
- Regular updates and security patches.
MetaTrader 4 Average Execution Speed
MT4 vs MT5
MT4 and MT5 are both popular trading platforms developed by MetaQuotes Software Corporation. While MT4 is the more established version, MT5 was released in 2010 and offers UK traders a range of additional features and improvements. Here is a side-by-side comparison of the two platforms.
| Feature | MT4 | MT5 |
| Release Date | 2005 | 2010 |
| Primary Focus | Primarily Forex trading | Designed for multi-asset trading |
| Typical Assets | Forex, CFDs on indices and commodities | Forex, shares, indices, commodities (including energies), futures, options |
| Native Asset Support | Primarily focused on Forex & CFDs | Broader native support for a range of asset classes |
| Chart Types | Line, bar, candlestick | Line, bar, candlestick, Heiken Ashi, Renko, point and figure, line break |
| Timeframes | 9 | 21 |
| Graphical Objects | 31 | 44 |
| Built-In Indicators | 30 | 38 |
| Order Types | Market, pending (buy/sell limit, buy/sell stop), stop-loss, take-profit | Market, pending (buy/sell limit, buy/sell stop, buy stop limit, sell stop limit), stop-loss, take-profit |
| Order Execution | Primarily instant execution | Supports both instant and exchange execution, depending on the broker |
| Programming Language | MQL4 | MQL5 |
| Automated Trading | Yes (Expert Advisors, or EAs, written in MQL4) | Yes (Expert Advisors, or EAs, written in MQL5) |
| Depth of Market (DOM) | Typically broker-dependent, with less integration | Integrated depth of market (Level II pricing) available |
| Hedging | Supported | Supported |
| Netting | Not natively supported | Natively supported; may be mandatory depending on the broker |
| Economic Calendar | Not built in; requires external tools and plugins | Built-in economic calendar |
| Strategy Tester | Single-threaded, basic testing | Multi-threaded, with faster and more detailed testing capabilities |
While MT4 remains popular for its simplicity, reliability, and support from a large user community, UK traders’ interest is gradually shifting towards MT5. This shift is driven by MT5’s advanced features, improved charting and technical analysis tools, and broader support for additional asset classes.
Additional Services
MT4 offers a range of additional services, including:
- Signals: MT4 allows traders to copy the positions of experienced signal providers. This feature may suit UK traders who want to diversify their portfolios and potentially generate profits without placing trades themselves.
- MetaTrader Market: The MetaTrader marketplace offers over 2,100 technical indicators and 1,700 Expert Advisor bots, with the option to test products before purchasing them.
These additional services may suit UK traders who want to develop their trading and access a range of advanced tools and features through MT4.
Costs of Using MT4
Brokers typically provide the MetaTrader 4 (MT4) platform free of charge, but traders should understand the potential costs associated with using it. Beyond direct trading expenses such as spreads and commissions, other fees may apply depending on how you trade and your chosen broker. This overview explains these potential costs, helping you gain a clearer picture of the overall expense of trading through MT4.
- Data Feed Fees: Access to real-time market data is usually included, but some brokers may charge a separate fee for advanced or professional data feeds.
- Virtual Private Server (VPS) Costs: If you plan to run automated trading strategies with EAs continuously, you may want to consider a VPS hosting service. This allows the platform to run 24/7 without your computer needing to remain switched on, but it usually involves a monthly fee charged by the VPS provider.
- EA Purchase Costs: If you decide to use custom Expert Advisors on MT4, you may need to purchase them from developers.
Please Note: This list focuses on costs directly related to using the MT4 platform or its associated services. Spreads, swap charges, and commissions are the primary ways brokers earn revenue from trades, but this section specifically covers MetaTrader-related expenses.
To minimise costs, it is essential to:
- Choose a reputable broker with competitive spreads and commissions.
- Understand the broker’s fee structure and terms.
- Use a demo account to test the platform and broker before opening a live account.
- Monitor your trading and adjust your strategy as needed.
Costs can vary depending on the broker and your account type. Always review the broker’s terms and conditions before opening an account.
How We Select Reliable MT4 Brokers for the UK
For UK traders, choosing a dependable MT4 broker is essential for a secure and smooth trading experience. With so many brokers serving the UK market, making the right choice requires careful consideration. In this section, we outline the key factors we assess when selecting reliable MT4 brokers for the UK, helping you make informed decisions and trade with confidence.
- FCA Authorisation: Authorisation from the FCA is essential. We look for brokers authorised and regulated by the FCA, as this indicates adherence to high standards of transparency, fairness, and client money protection. We verify each broker’s current FCA authorisation status to check compliance with the regulator’s stringent requirements.
- Overall Reputation: A broker’s reputation is an important consideration. We research each broker’s history using reviews and ratings from various sources, including Trustpilot, and check for any disciplinary action or unresolved complaints. A reputable broker will have a solid track record of client satisfaction and regulatory compliance.
- Competitive and Transparent Pricing: Costs directly affect trading returns. We examine the broker’s pricing model, including spreads, commissions where applicable, swap rates, and other charges. Our reviewers look for brokers with competitive, clearly disclosed fees and no hidden costs. We also consider the availability of ECN or STP account types, which can offer tighter spreads.
- Responsive Customer Support: Efficient customer support is vital. We evaluate the support team’s responsiveness, availability during UK trading hours, and communication channels (phone, email, live chat). Ideally, support should be readily available around the clock, including at weekends.
- Educational Resources: A reliable broker should help clients develop their trading knowledge. We assess the quality and relevance of brokers’ educational materials, including webinars, tutorials, and market analysis tailored to the UK market.
- Range of Tradable Forex Pairs: Access to a broad selection of currency pairs, including majors, minors, and potentially exotic pairs involving pounds sterling, is important for portfolio diversification.
FAQs
What is the typical minimum deposit for an MT4 account in the UK?
The minimum deposit for an MT4 account in the UK generally ranges from £0 to £500, although the threshold varies between brokers.
Can I use MT4 on my mobile phone or tablet in the UK?
Yes, MetaTrader 4 has native mobile apps for both iOS and Android devices, allowing you to trade on the go from anywhere.
What are the main differences between MT4 and MT5 for a UK trader?
While both are MetaQuotes platforms, MT5 is newer and offers more features, including additional order types and timeframes. However, MT4 remains popular in the UK thanks to its user-friendly interface and large library of custom indicators and Expert Advisors (EAs). MT5 may be more suitable for traders interested in share dealing or a broader range of asset classes, as MT4 is primarily Forex-focused.
Can I use automated trading strategies (EAs) with MT4 in the UK?
Yes, MT4 is widely used for automated trading in the UK and supports Expert Advisor (EA) bots programmed in MQL4.
What is the Signals feature in MT4, and how can a UK trader use it to copy trades?
The Signals feature in MT4 enables you to automatically copy the positions of experienced traders in real time. You must enable Signal Trading and select your preferred signal providers from Signal Explorer. Once you find a suitable provider, click subscribe and configure your preferred settings, such as the investment amount and risk parameters. MT4 will then automatically copy the selected provider’s trades into your account according to those settings.