Best MT4 Brokers for FOREX trading

There is little doubt that MT4 is one of the best independent trading platforms around.  Most established brokers offer MetaTrader 4 as well as their own in house platform.  But with over 600 MT4 brokers offering MetaTrader 4 to their clients to trade FOREX how do you know which one is best?

Forex is one of the most popular asset classes to trade on MT4 or MetaTrader 4 because it is highly liquid, trades 24 hours a day for 5 days a week and can also be traded on Sunday evenings.  It is also the most heavily traded market in the world.  There are hundreds of brokers you should avoid and only a handful that offer the appropriate protection, service and expertise to make it worth opening an account with.

Here are the most important things when looking for a top mt4 broker:

Who are they regulated by?

This is the most important to look out for.  The regulator body that regulates a broker has a direct impact on how well you are protected as a customer.  The FCA regulates brokers in the Uk and as such client funds are protected under the FSCS.  Which means if your broker goes bust the scheme will cover your account balance upto a certain amount.  You can find out more on the limits from the FSCS website here.

Where are they based?

There is a differnce between being regulated by the FCA and being registered by the FCA. Brokers that are not based in the UK can be registered by the FCA by passporting their local regulation.  For example a broker based in Cyprus can be regulated by the CYSEC and registered by the FCA.  This does not provide UK clients with any protection at all.  Make sure that you choose a broker that has it’s head quarters in the UK, preferably London.

Are they established and well capitalised?

Being FCA regulated and based in the UK is a good indication that a broker worth doing business with.  Being regulated by the FCA means they have a minimum amount of capital and you can check their history on the FCA register.  You can also search for employees and what permissions they have for providing financial services.  A well capitalised broker has less chance of going into default and a well established broker will have lots of experience and a good approach to looking after their customers.

Here are some of the top Metatrader 4 brokers for trading FX and why:

IG are one of the biggest private client brokers in the UK.  They are well capitalised and currently listed on the London Stock exchange with a market cap of over £2bn.  They started life in the 80s offering spread betting on gold, but now have one of the most comprehensive offerings for clients wanting to trade FX on MT4.  They also offer a stockbroking facility if you want to buy physical stock and have some excellent analytical and sentiment tools.

Saxo Capital Markets – most people don’t associate Saxo with MT4, but they do infact have one of the strongest MT4 offerings around. Although they do push their own CFD platform more.

ETX Capital have been around since 1965 are FCA regulated and members of the London Stock Exchange.  They offer MT4 as well as three other platforms (Trader, Pro & MT4) so they have a wide scope of products on offer.  They are consistently ranked at the top of MT4 brokers for customer service and added value.  ETX Capital have an institutional pedigree as they started life as a professional FX broker, before opening up their infrastructure to private clients.

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Trading Risk Warning

ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”