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Pepperstone is the best of the eight FCA-regulated MT4 brokers we compare here, on tight advertised raw spreads, fast execution and full expert-advisor support. ThinkMarkets and FXCM follow. MetaTrader 4 is free; the broker’s spread and commission are the whole cost, so we ranked on all-in GBP cost.
Who is the best MT4 broker in the UK?
Pepperstone is the best MT4 broker in the UK on the balance of cost, execution and EA support, with ThinkMarkets and FXCM close behind. Every broker here is FCA-authorised and still offers MetaTrader 4. One well-known name is missing on purpose: XTB removed MT4 from its UK offer.
Our eight picks, ranked:
- Pepperstone: Razor from 0.0 pips plus £2.25 per side, advertised.
- ThinkMarkets: ThinkZero from 0.0 pips plus US$3.50, advertised.
- FXCM: MT4 plus Trading Station, cost in the spread.
- City Index: MT4 beside its proprietary platform, from 0.7 pips indicative.
- FxPro: MT4 with NDD execution, Raw+ from 0.0 advertised.
- Forex.com: MT4 within the StoneX group.
- Admirals: MT4 with the Supreme Edition toolkit.
- ATC Brokers: commission-based ECN MT4.
Jump to Comparison table · Broker reviews · What MT4 does well · Where it falls short · How to choose · FAQs
Quick comparison: top MT4 brokers in the UK
Every ranked broker holds FCA authorisation under the Firm Reference Number shown. The spreads and commissions are the brokers’ advertised rates from their own sites, accessed 10 July 2026, not spreads we recorded on a live account: the cost figures here are a desk-based assessment of each broker’s advertised UK pricing. Expert-advisor permission and free-VPS terms are the brokers’ stated policies and change over time, so confirm the current figures on the account you open before relying on any number below.
| Broker | MT4 account | EUR/USD advertised spread | Commission (per side) | EAs allowed | Free VPS | FCA FRN |
|---|---|---|---|---|---|---|
| Pepperstone | Razor (raw) | From 0.0 pips | £2.25 per lot | Yes | Available (terms apply) | 684312 |
| ThinkMarkets | ThinkZero (raw) | From 0.0 pips (indicative) | US$3.50 per lot | Yes | Confirm with broker | 629628 |
| FXCM | Standard | No advertised minimum published | None (in the spread) | Yes | Confirm with broker | 217689 |
| City Index | Standard | From 0.7 pips (indicative) | None (in the spread) | Yes | Confirm with broker | 446717 |
| FxPro | Raw+ | From 0.0 pips (indicative) | US$3.50 per lot | Yes | Confirm with broker | 509956 |
| Forex.com | Standard | From 0.7 pips (indicative) | None (in the spread) | Yes | Confirm with broker | 113942 |
| Admirals | Trade.MT4 / Zero.MT4 | From 0.0 pips on Zero.MT4 (indicative) | On Zero.MT4 (raw) | Yes | Confirm with broker | 595450 |
| ATC Brokers | ECN (raw) | Not published | Per lot (ECN) | Yes | Confirm with broker | 591361 |
City Index and Forex.com sit within the same StoneX group but under different FCA entities: City Index is StoneX Financial Ltd (FRN 446717) and Forex.com is Gain Capital UK Limited (FRN 113942). They are sister brands under one corporate group rather than a single FCA firm, so treat them as one counterparty if you are diversifying. XTB does not appear on this list: it removed MT4 from its UK offer in March 2024 and moved traders onto its own xStation platform (broker site, accessed 10 July 2026). Beyond the ranked names, CMC Markets, Axi, Tickmill, Trade Nation and HYCM also offer MT4 on their FCA-regulated UK entities.
1. Pepperstone: the UK MT4 all-rounder
EUR/USD spread
From 0.0 pips on Razor plus £2.25 per side
Platforms
MT4, MT5, cTrader, TradingView
Best for
Raw MT4 pricing with GBP commission
Why it ranks first: the tightest advertised raw pricing in this set, with commission billed in GBP and no restrictions on expert advisors.
Why we recommend Pepperstone
Pepperstone Limited (FCA FRN 684312) pairs the tightest advertised raw pricing on this list with commission billed in GBP and no limits on automated trading. The Razor account advertises spreads from 0.0 pips on EUR/USD plus a fixed £2.25 per side, and the same account runs on MT4, MT5, cTrader or TradingView. Our UK review scored it 90 out of 100.
The trade-off is that raw pricing only compares fairly once you add the commission back in, and the standard-account spread is wider than the raw rivals below. Pepperstone publishes a retail loss figure of 72.9%, in line with the rest of this set. For a trader whose workflow is built around MT4 and expert advisors, it is the rational first stop.
Pros & cons
- GBP commission on a raw MT4 account
- Full expert-advisor support with a VPS option
- Five platforms if you outgrow MT4
- Raw pricing needs commission added to every comparison
- No fixed spreads
- Standard-account spread is less competitive
2. ThinkMarkets: raw MT4 pricing on ThinkZero
EUR/USD spread
From 0.0 pips on ThinkZero (indicative)
Platforms
MT4, MT5, proprietary
Best for
Low advertised raw commission
Why it ranks second: a raw MT4 account advertised from 0.0 pips plus a low US$3.50 per lot per side.
Why we recommend ThinkMarkets
TF Global Markets (UK) Limited (FCA FRN 629628) runs MT4 on its ThinkZero account, advertised from 0.0 pips plus US$3.50 per lot per side. Commission in dollars on a GBP account adds a small conversion step, but the headline cost competes with anything on this list. Our UK review scored ThinkMarkets 79 out of 100.
MT5 sits on the same account for a trader who wants depth of market or the faster strategy tester later. The main watch-outs are the US-dollar commission on a sterling balance and the narrower platform range next to the all-rounder above.
Pros & cons
- Raw pricing on MT4 through ThinkZero
- Low advertised commission per lot
- MT5 available on the same account
- Commission is quoted in US dollars on a GBP account
- Raw pricing still needs the commission added in
- Fewer third-party platforms than Pepperstone
3. FXCM: MT4 with a charting pedigree
EUR/USD spread
Built into the spread, no advertised minimum
Platforms
MT4, Trading Station, TradingView
Best for
EAs without a commission line
Why it ranks third: spread-only MT4 pricing paired with the Trading Station and TradingView charting stack.
Why we recommend FXCM
FXCM, trading as Stratos Markets Limited (FCA FRN 217689), builds its cost into the spread with no separate commission, and pairs MT4 with its own Trading Station platform and TradingView charting. It suits a trader who wants MT4's expert-advisor library without managing a commission line. Our UK review scored it 75 out of 100.
Because FXCM does not publish an advertised minimum spread, the all-in cost is harder to benchmark than a raw account, and spread-only pricing tends to cost more once you trade often. For automation with a deep charting set around it, the platform mix is the draw.
Pros & cons
- No separate commission to track
- Strong charting stack around MT4
- API access for automation
- No advertised minimum spread published
- Spread-only pricing costs more at high frequency
- Standard account may be market-made, so check the type
4. City Index: MT4 beside a strong proprietary platform
EUR/USD spread
From 0.7 pips (indicative)
Platforms
Web Trader, TradingView, MT4
Best for
MT4 with a large UK footprint
Why it ranks fourth: MT4 alongside the Web Trader platform under a NASDAQ-listed StoneX parent.
Why we recommend City Index
StoneX Financial Ltd (FCA FRN 446717) offers MT4 alongside its Web Trader platform, with EUR/USD advertised from 0.7 pips, commission-free. It suits a trader who wants MT4 for automation but a broker with a large UK footprint and a long trading record behind it. Our UK review scored City Index 78 out of 100.
The advertised spread sits wider than the raw accounts above, and there is no raw MT4 option, so cost-focused scalpers will pay less elsewhere. City Index and Forex.com share the StoneX group, so compare the two before opening with either.
Pros & cons
- Commission-free standard pricing
- Wide market range beyond forex
- TradingView connectivity alongside MT4
- Wider advertised spreads than raw rivals
- No raw MT4 account
- Overlaps with sister brand Forex.com
5. FxPro: NDD execution across four platforms
EUR/USD spread
From 0.0 pips on Raw+ (indicative)
Platforms
MT4, MT5, cTrader, TradingView
Best for
Raw or all-in MT4 pricing
Why it ranks fifth: a choice of raw or all-in MT4 pricing with no-dealing-desk execution.
Why we recommend FxPro
FxPro UK Limited (FCA FRN 509956) runs MT4 with no-dealing-desk execution, advertised from 0.0 pips on Raw+ plus US$3.50 per lot, or from 1.2 pips all-in on Standard. The four-platform stack of MT4, MT5, cTrader and TradingView gives a trader room to move without changing broker. Our UK review scored FxPro 77 out of 100.
The two pricing models mean you have to decide whether raw-plus-commission or a wider all-in spread suits your frequency, and the Raw+ commission is billed in US dollars on a sterling account. For a trader who wants MetaTrader beside cTrader, the platform choice is the reason to look.
Pros & cons
- Raw+ from 0.0 pips or Standard all-in from 1.2 pips
- No-dealing-desk execution
- Four platforms including cTrader and MT5
- Raw+ commission is quoted in US dollars
- Two pricing models take some setup to compare
- Standard spread wider than a pure raw account
6. Forex.com: forex-focused MT4 in the StoneX group
EUR/USD spread
From 0.7 pips (indicative)
Platforms
MT4, MT5, TradingView, proprietary
Best for
Forex-centric MT4 tooling
Why it ranks sixth: forex-focused MT4 tooling under the same StoneX group as City Index.
Why we recommend Forex.com
Forex.com operates through Gain Capital UK Limited (FCA FRN 113942), part of the same StoneX group as City Index, with EUR/USD advertised from 0.7 pips. The two brands run under different FCA entities inside one group, so choosing between them is a platform-and-interface decision rather than a regulatory one. Our UK review scored Forex.com 79 out of 100.
Forex.com's account tools are the more forex-centric of the pair, which is the reason to pick it over City Index. As with its sister brand, the standard spread is wider than the raw accounts higher up, so active scalpers will pay less on a raw account.
Pros & cons
- Forex-centric account tools
- Commission-free standard pricing
- MT5 and TradingView on the same brand
- Wider spreads than a raw account
- Shares the StoneX group with City Index, so no diversification between them
- No raw MT4 account
7. Admirals: MT4 with the Supreme Edition toolkit
EUR/USD spread
From 0.0 pips on Zero.MT4 (indicative)
Platforms
MT4, MT5, proprietary
Best for
Traders staying on MT4 long term
Why it ranks seventh: the MetaTrader Supreme Edition plugin, which layers extra tools onto the standard MT4 install.
Why we recommend Admirals
Admiral Markets UK Ltd (FCA FRN 595450) is a MetaTrader-first broker whose MT4 offer is built around the MetaTrader Supreme Edition plugin, a bundle of extra indicators, a mini-terminal and correlation tools that layers onto the standard install. Two MT4 account types cover both pricing models: Trade.MT4 for spread-only and Zero.MT4 for raw plus commission. Our UK review scored Admirals 76 out of 100.
Confirm the current Supreme Edition bundle, the account-type names and the pricing against the broker's UK site before you rely on them, as the offer has changed over time. For a trader who intends to stay on MT4 for the long term, Admirals gets more out of the platform itself than brokers that treat it as a legacy option.
Pros & cons
- Enhanced MT4 through the Supreme Edition add-on
- Two MT4 account types for spread-only and raw pricing
- MT5 available on the same brand
- Current UK Supreme Edition bundle and account terms need confirming
- Raw Zero.MT4 pricing still adds a commission
- Less price-competitive than the raw leaders above
8. ATC Brokers: commission-based ECN MT4
EUR/USD spread
Raw ECN, not published
Platforms
MT4, proprietary (MT Pro)
Best for
Experienced MetaTrader traders
Why it ranks eighth: a commission-based ECN MT4 account with the MT Pro toolset, aimed at traders who already know MetaTrader is their platform.
Why we recommend ATC Brokers
ATC Brokers Limited (FCA FRN 591361) runs a commission-based ECN MT4 account for traders who have already settled on MetaTrader, paired with its MT Pro add-on tools. Our UK review scored it 71 out of 100.
Because the broker publishes no pair-level spreads, treat any cost comparison with care and confirm the commission and minimum deposit before funding. It is a specialist pick for committed MetaTrader users rather than a first account for a newer trader.
Pros & cons
- Commission-based ECN execution on MT4
- MT Pro add-on tools for MetaTrader
- Suits experienced raw-pricing traders
- No pair-level spreads published, so cost comparisons are harder
- Higher stated minimum deposit than most on this list
- Narrower platform range than the leaders
What MT4 still does well
MT4’s strengths have barely moved in a decade, which is exactly the point. The expert-advisor and custom-indicator library is the largest in retail trading after twenty years of community MQL4 code, and nothing on MT5 or cTrader replaces a specific legacy tool. Broker support is near-universal, so you can change broker without changing platform. The interface is light enough to run on old hardware, and the learning curve is the gentlest of the MetaTrader pair. If your workflow is built on a particular expert advisor or indicator set, MT4 remains the rational choice.
Where MT4 falls short
The age shows in four places. Backtesting is single-threaded, so optimising an expert advisor across years of tick data is slow next to MT5’s multi-thread tester. You get nine timeframes against MT5’s twenty-one. There is no depth of market, which matters if you trade raw accounts and care about the order book. And there is no native economic calendar, so news risk lives in a browser tab. None of these is fatal, but together they are why the MT4 vs MT5 question keeps coming up, and why some traders move to the best MT5 broker UK once they need the extra capability.
FCA regulation: what it covers for MT4 traders
MetaQuotes builds MT4; your broker runs it and holds your money, so FCA authorisation attaches to the broker, not the platform. On a UK retail MT4 account that means segregated client money, negative balance protection, leverage capped at 30:1 on major currency pairs and on relevant sovereign debt (government bonds issued by the UK, a eurozone member state, the US, Japan, Canada or Switzerland), FSCS compensation up to £85,000 if the firm fails, and access to the Financial Ombudsman Service for disputes. Check the broker’s Firm Reference Number on the FCA register before funding, because clone firms imitate MT4 brokers precisely because the platform looks identical everywhere. What FCA regulation does not cover is your trading losses, slippage inside the broker’s execution policy, or anything you do on a non-UK entity of the same brand.
Setting up MT4 with a UK broker: quick walkthrough
Opening MT4 with an FCA-regulated broker takes six steps.
- Open the account with the FCA-regulated broker and complete the UK identity checks.
- Download MT4 from the broker’s own site rather than a generic download, so the build connects to the broker’s live and demo servers.
- Log in with the account number and server name from the broker’s welcome email, and check the server suffix matches the account type, since raw accounts often use a separate server.
- Confirm your account currency is GBP if that is what you opened, and set the quote display to suit.
- Add expert advisors or indicators through the Open Data Folder menu, and enable Algo Trading only after testing on the demo server.
- Fund in GBP and place a minimum-size first trade to confirm execution and commission posting before you scale up.
How to choose an MT4 forex broker
Cost and execution decide it. A raw or zero MT4 account shows a near-zero spread and charges a commission per lot, while a standard MT4 account shows a wider spread and no commission. Match the account to your frequency, since a raw account usually wins for active traders while a standard account suits occasional ones. Check that the broker permits expert advisors and offers a VPS if you run automation around the clock, and confirm the current terms rather than assuming, as they vary by broker.
MT4 vs MT5: which is best?
MT4 has the larger expert-advisor library and a simpler interface; MT5 adds multi-asset support, more timeframes, depth of market and a built-in economic calendar. A trader who relies on a specific legacy expert advisor or indicator usually stays on MT4, while one who wants multi-asset charting and the faster strategy tester moves to MT5. The full breakdown sits on the MT4 vs MT5 page.
Which MT4 broker has the lowest spreads?
Among MT4 brokers, the raw-account names lead on spread, then add a commission you have to count in. On one standard lot of EUR/USD, a 0.10 pip spread costs roughly £0.79 and a raw account charging around £2 per side adds about £4 for the round turn, so the all-in cost is near £4.79. A commission-free standard account at a wider spread can land close to that, which is why the headline-tightest spread is not always the cheapest. The lowest spread forex broker UK guide ranks the cost properly.
Compare brokers by the factor that decides it
Different traders rank on different things. Start from the factor that decides it for you.
Start with the overall ranking
Our main UK list scores every FCA-regulated broker on cost and execution.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
Your strategy decides it
Pick your trading software first, then compare the brokers that carry it.
You are starting out
Simple platforms and demo accounts to learn on before any money is at risk.
What you trade decides it
Each market carries its own FCA leverage cap, so the by-asset pages rank brokers per instrument.
FAQs
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Related pages
About the author
Justin Grossbard is the co-founder and head of research at CompareForexBrokers. He has traded forex since 1998, leads UK broker research and has personally reviewed every FCA-regulated broker on this site. His work has appeared in Forbes, Kiplinger and Finance Magnates, and he holds a Bachelor of Commerce (Honours) and a Master's in Marketing.