The MetaTrader 4 (MT4) platform has become the gold standard for forex trading globally, and the UK market is no exception. With its user-friendly interface, advanced technical analysis tools, and automated trading capabilities, MT4 has become the go-to platform for UK traders of all levels.
FxPro
Axi
CMC Markets
Pepperstone
IG
ActivTradesBelow you can find more information about the best MT4 trading platforms in the UK:
- FxPro, an FCA-licensed broker, supports MetaTrader 4 for desktop, browser use, and mobile devices, providing customers with full access to technical indicators, Expert Advisors (EAs), and various scripting tools.
- Axi, a broker regulated by the UK financial authority, offers MT4 for free download on desktop computers, smartphones, and tablets, although customers also have the option to access the platform directly through their desktop or mobile browsers via its WebTrader version.
- CMC Markets, a brand authorised by the FCA, enables MT4 trading on desktop and mobile devices, allowing advanced charting, automated and one-click trading on the go.
- Pepperstone, a broker licensed by the FCA, boasts full support for MetaTrader 4 to the benefit of customers looking to engage in automated trading with the platform’s trademark Expert Advisors (EAs). Apart from built-in technical indicators, users can create their own in the MQL4 programming language.
- IG, a broker overseen by the FCA, provides the option to use MetaTrader 4 on desktop computers and mobile phones, offering spread betting and CFD trading to UK customers.
- ActivTrades, another brand operating under FCA regulations, supports MT4 and provides clients with 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 publication, we will delve into the world of MT4, exploring its features and benefits and how to connect the platform with a reliable UK-friendly broker. Here is a brief overview of what we cover.
- What is MetaTrader 4
- Connecting your broker 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 the 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, making it accessible to traders 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 due to its compatibility with FCA-regulated brokers and its ability to cater to both retail and institutional traders. Its flexibility and extensive customisation options make it a preferred choice for traders of all experience levels.
Connecting Your Broker Account to MetaTrаder4
To start trading with MetaTrader 4, you need to first find a reliable broker that supports the platform. This is a relatively easy task as nearly all UK-friendly brokers have adopted MT4. Here are the steps to connect your trading account to the third-party platform.
- Choose a Broker: Research and choose a broker that supports MT4 and is regulated by the local financial watchdog, the Financial Conduct Authority (FCA).
- Download MT4: Download the MT4 platform from the broker’s website or the MetaQuotes website. Alternatively, you can use the browser-based version WebTrader that 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 requires no more than 15 minutes.
- Receive Login Credentials: Receive your login credentials, including your username, password, and server name.
- Launch MT4: Launch the MT4 platform and enter your login credentials 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 e-wallets like PayPal.
- Start Trading: Start trading with MT4, using the platform’s advanced technical analysis tools and automated trading features.
Additionally, you should go through 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 onboarding customers must undergo obligatory identity checks and submit proof of their source of funds. This is a standard procedure aiming to prevent 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 enhance your trading experience.
By following these steps, you can connect your broker 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 robust support for automated trading. Its widespread adoption by FCA-regulated brokers underscores its high functionality and powerful 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 based on historical data to refine their performance.
- Market Execution
- Instant order execution with minimal slippage.
- Supports multiple order types, including Market, Pending (Buy Limit, Buy Stop, Sell Limit, and Sell Stop), Stop Loss, and Take Profit orders.
- Multi-Asset Trading
- Primarily used for Forex trading, the platform also supports CFDs on commodities, indices, and cryptocurrencies. Note that offering leveraged crypto derivatives to retail clients is disallowed under FCA regulations.
- 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 safety.
- RSA digital signature
- Regular updates and security patches
MetaTrader 4 Average Execution Speed
MT4 vs. MT5
MT4 and MT5 are both popular trading platforms developed by the MetaQuotes Software Corporation. While MT4 is the more established version, MT5 is a more recent release from 2010 that offers a range of additional features and improvements to UK traders. Here is a side-by-side comparison of the two platforms.
| Feature | MT4 | MT5 |
| Release date | 2005 | 2010 |
| Primary Focus | Primarily forex trading | Intended for multi-asset trading |
| Typical Assets | Forex, CFDs on indices and commodities | Forex, stocks, indices, commodities (including energies), futures, options |
| Native Asset Support | Primarily forex & CFD focused | Broader native support for diverse 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 – EAs in MQL4) | Yes ( EAs in MQL5) |
| Depth of Market (DOM) | Typically broker-dependent, less integrated | Integrated Depth of Market (Level II pricing) is available. |
| Hedging | Supported | Supported |
| Netting | Not natively supported | Natively supported; can 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, more detailed and faster testing capabilities |
While the MT4 remains highly sought-after for its simplicity, reliability, and larger community support, there is a shift in UK traders’ interest to the MT5. This shift is driven by the MT5’s advanced features, improved charting and technical analysis tools, as well as support for more 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 is ideal for UK users who want to diversify their portfolios and potentially generate profits passively.
- 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 make MT4 an ideal platform for UK traders who want to take their trading to the next level and access a range of advanced tools and features.
Costs of Using MT4
While the MetaTrader 4 (MT4) platform itself is typically provided free of charge by brokers, understanding the potential costs linked to its use is essential for traders. Beyond the direct trading expenses like spreads and commissions, several other fees might apply depending on your trading activity and chosen broker. This overview outlines these potential costs, helping you gain a clearer picture of the overall expenses associated with utilising the MT4 platform for your trading endeavors.
- Data Feed Fees: Access to real-time market data is usually included, but some brokers might 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 might consider using a VPS hosting service. This allows the platform to run 24/7 without needing your computer to be constantly on, but it usually involves a monthly fee from a VPS provider.
- EA Purchase Costs: If you decide to use custom Expert Advisors on MT4, you might need to purchase them from developers.
Side Note! This list focuses on costs directly related to using the MT4 platform or the services associated with it. Costs like spreads, swap fees, and commissions are the primary ways brokers make money on trades, but this section is specifically about 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 activity and adjust your trading strategy as needed.
Keep in mind that costs can vary depending on the broker and the type of account you have. 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 fundamental for a secure and smooth trading experience. Given the multitude of brokers serving the British 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, empowering you to make informed decisions and trade with confidence.
- FCA Seal of Approval: A license by the Financial Conduct Authority (FCA) is paramount. We look for brokers authorised and regulated by the FCA, as this indicates adherence to high standards of transparency, fairness, and client fund security. We verify the current FCA licensing status of each broker to ensure compliance with the regulator’s stringent guidelines.
- Overall Reputation: A broker’s reputation speaks volumes. We research their history through reviews and ratings from various sources, including TrustPilot, checking for any disciplinary actions or unresolved complaints. A reputable broker will have a solid track record of client satisfaction and regulatory compliance.
- Competitive and Transparent Pricing: Costs directly impact your bottom line. We examine the broker’s pricing model, including spreads, commissions where applicable, swap rates, and other charges. Our reviewers seek brokers offering competitive and clearly outlined fees without any hidden costs. The availability of ECN or STP account types, which can offer tighter spreads, is also considered.
- 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 on weekends.
- Educational Resources: A reliable broker will always assist customers in advancing their trading knowledge. We assess the quality and relevance of the brokers’ educational materials, including webinars, tutorials, and market analysis tailored to the UK market.
- Range of Tradable Forex Pairs: Access to a diverse selection of currency pairs, including majors, minors, and potentially exotics involving the pound sterling, is important for portfolio diversification.
FAQ
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 across different brokers.
Can I use MT4 on my mobile phone or tablet in the UK?
Yes, MetaTrader 4 has native mobile applications for both iOS and Android devices, allowing you to trade on the go from any location.
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 widely popular in the UK due 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 broader asset classes, as MT4 is primarily Forex-focused.
Can I use automated trading strategies (EAs) with MT4 in the UK?
Yes, MT4 is highly popular for automated trading in the UK, supporting the use of Expert Advisors 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 desired settings, such as investment amount and risk parameters. The MT4 platform will automatically copy the trades of the selected signal provider into your account according to your configured settings.