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5 Best UK MetaTrader 4 (MT4) Brokers List

By Stefano Treviso , Updated on: Aug 29 2022.

Here’s our selection of the 5 Best UK MetaTrader 4 (MT4) brokers for the year 2022:

Broker Reason
Pepperstone Best in low commissions
Capital.com Best in no commissions
Oanda Best for beginner to intermediate traders
CMC Markets Best for professional traders
IG Best for high net worth traders

All the above brokers are required to possess a financial license from FCA (Financial Conduct Authority). This grants UK traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology.

1. Pepperstone - Best in low commissions

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74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Key data
Total Asset Offering1650
EUR/USD SpreadDynamic - From 0 to 0.77 Pips
Commissions
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn
Minimum Deposit$200
Financial Regulators
  • BaFin (Germany)
  • FCA (UK)
  • ASIC (Australia)
  • DFSA (United Arab Emirates)
  • CySec (Cyprus)
  • SCB (Bahamas)
  • CMA (Kenya)
MT4Yes
MT5Yes
cTraderYes
TradingViewYes
Proprietary PlatformNo

Pepperstone holds 7 financial licenses from which 4 belong to high value financial regulators (BaFin, FCA, ASIC and DFSA). They are one of the most popular multi-platform brokers out there due to their well-crafted account offering that lets traders choose between a no-commission environment with great spreads and a commission-driven approach with spreads from 0 pips.

The GoodThe Bad
  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips on their Razor account
  • Avaliable asset offering is not that comprehensive
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

Pepperstone offers over 1,600+ assets along with MetaTrader 4 & 5, cTrader and TradingView. They are considered one of the best RAW spreads and fast execution brokers out there. If you’re looking for good trading conditions and MetaTrader 4, Pepperstone is definitely a great choice.

2. Capital.com - Best in no commissions

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83.45% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

Capital.com is a global broker founded in 2016 that specialises in CFDs trading with an offering of more than 4,000 different assets along with several trading platforms (TradingView, MT4, MT5 and their own).

Key data
Total Asset Offering5000
EUR/USD SpreadDynamic - From 0.8 Pips
CommissionsNo
Minimum Deposit$, €, £ - 20
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • ASIC (Australia)
  • NBRB (Belarus)
MT4Yes
MT5No
cTraderNo
TradingViewYes
Proprietary PlatformYes

Capital.com holds 4 financial licenses from which 2 are high value ones. In their early stages their specialty was developing their own A.I driven platform with a commission-free offering. As time passed, they evolved to provide other trading platforms such as TradingView and MetaTrader 4.

The GoodThe Bad
  • Beginner friendly platforms
  • Customisable or removable leverage (Not available in Australia)
  • Integration with TradingView
  • Lack of advanced research and analysis tools
  • No multi-charting capabilities on their propietary web platform
  • Trailing-stop order not available

Capital.com offers over 4,500+ financial instruments to trade with no commissions and competitive spreads. If you’re looking for an option that gives you regular access to a great variety of assets (including IPOs) then using Capital.com with their MetaTrader 4 can be a great choice for you.

3. Oanda - Best for beginner to intermediate traders

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78.3% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Key data
Total Asset Offering100
EUR/USD SpreadDynamic - From 0.8 Pips
Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Minimum Deposit$, €, £, - 0.
Financial Regulators
  • CFTC (U.S)
  • NFA (U.S)
  • ASIC (Australia)
  • FCA (UK)
  • MAS (Singapore)
  • IIROC (Canada)
  • FFAJ (Japan)
  • BVI (British Virgin Islands)
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformYes

Oanda holds 6 high value financial licenses and is considered one of the most trusted currency brokers in the world. Interestingly enough, they are also the industry benchmark for currency exchange rates, meaning that they provide the data for currency conversions via API for many big businesses as well.

The GoodThe Bad
  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs
  • Extremely limited offering of assets (104)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

The issue with Oanda is that they are exclusively an FX specialised broker. While its true they do offer a few other assets, it’s barely nothing when compared to their competitors. If you’re looking for a great MT4 broker and currencies are your preferred asset to trade, Oanda is a great choice for you.

4. CMC Markets - Best for professional traders

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78% of retail CFD accounts lose money.

CMC Markets is a global broker headquartered in the U.K that holds 6 high value financial licenses and offers CFD trading on stocks, etfs, commodities, currencies, bonds and cryptocurrencies.

Key data
Total Asset Offering11500
EUR/USD SpreadDynamic - From 0.7 Pips
Commissions

Yes and they vary per share exchange location. For U.S shares, there is a minimum $10 in-and-out commission. 

Minimum Deposit0
Financial Regulators
  • ASIC (Australia)
  • FCA (UK)
  • IIROC (Canada)
  • MAS (Singapore)
  • BaFin (Germany)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

CMC Markets hold 5 high value financial licenses. Their asset offering is well above 10,000+ financial instruments and their proprietary platform is one of the most powerful ones out there.

The GoodThe Bad
  • Comprehensive asset offering with more than 12,000+ tradable assets and the possibility to add data connections to exchanges to add more
  • Powerful professional platform with customisable layouts and integrated reuters feed
  • High commissions on stocks and ETFs
  • Platform is not beginner friendly

CMC Markets has a commission-driven structure for their equity related derivatives (such as in-and-out) commissions. On the other hand, for currencies and commodities, they don’t charge commissions and offer competitive spreads as well.

If you’re looking for a broker that provides a massive variety of assets and also offers MetaTrader 4, CMC Markets can be a great choice for you assuming you’re willing to operate under their commission structure.

5. IG - Best for high net worth traders

IG is a global broker established in 1974 that holds 10 reputable financial licenses and provides CFD trading on stocks, commodities, ETFs, indices, cryptocurrencies, bonds, futures, options along with real stocks through their share dealing account.

Key data
Total Asset Offering13000
EUR/USD SpreadDynamic - From 0.9 Pips
Commissions

Yes, they charge depending on the client’s account base currency and exchange location of the shares being traded. For example, for some clients US shares can have a minimum charge of $10 in-and-out.

Minimum Deposit

0 for Bank Transfers, 300 € for Paypal and Debit / Credit cards.

Financial Regulators
  • ASIC (Australia)
  • FCA (UK)
  • NFA (United States)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • FSCA (South Africa)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

IG holds 8 financial licenses from which 7 belong to high value financial regulators. Their asset offering is well above 10,000+ financial instruments with the possibility of adding more and their reputation definitely precedes them as one of the most powerful and well-known brokers out there.

The GoodThe Bad
  • Broad platform offering with high customisability and integrated news feeds
  • Comprehensive asset offering with more than 10,000 + CFDs or real stocks and ETFs
  • There are too many small costs such as custody, in-and-out-commissions in some cases, management fees, etc
  • Their standard contracts can be too large some times for low volume traders

If you’re looking for a high reputation MetaTrader 4 broker with a massive asset offering then IG can be a great choice. On the other hand, the negative point of IG is that their contract structures are complicated to understand for beginners and they charge several types of fees or commissions (such as in-and-out) which makes them an attractive choice for low-volume traders.

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