In this review, I’ll outline the best MT4 brokers traders should be choosing.
When it comes to online trading platforms, MetaTrader 4 (MT4) is hard to beat.
With its powerful suite of analytical technologies and sophisticated trading tools, it’s easy to see why it’s consistently named the world’s most popular trading platform – and why it’s offered by so many CFD and forex brokers.
Here’s my view on the top-rated UK MT4 brokers.
Capital at risk. T&Cs apply.
- Ultra-tight forex spreads
- CFD trading
- Spread betting
Best for New Traders
Capital at risk. T&Cs apply.
- CFD trading
- Spread betting
- Regulated across six continents
Best for Market Range
Capital at risk. T&Cs apply.
- Spread betting, CFDs, and real stocks
- IG Academy
- Out-of-hours trading
Pepperstone was voted Broker of the Year 2022 in the TradingView Broker Awards and Best MetaTrader 4 Broker in the Good Money Guide Awards 2023.
- Excellent choice of trading platforms: Access to MetaTrader 4, MetaTrader 5, TradingView, and cTrader
- 1,200+ financial instruments: Including forex, commodities, indices, and equity
- Offers copy trading: Through a third party system
- Extensive education and research: Pepperstone delivers specialised education, insights and powerful research tools
- No minimum deposit
Who should use Pepperstone?
Pepperstone is ideal for forex and CFD traders of all levels. It’s not an option for those looking to trade real stocks and Exchange Traded Funds (ETFs), however.
Pepperstone takes the top spot on my MT4 brokers list. It combines a comprehensive trading experience with competitive fees and excellent customer service. However, if you want to use the MT4 trading platform to trade real stocks or ETFs, you’ll need to look elsewhere.
- Low trading costs
- Wide range of markets to trade on MT4
- Good selection of educational materials, including articles, videos, and webinars
- Only forex trading and CFDs offered
- Demo account available for just 30 days
- Ultra-tight forex spreads with spreads as low as 0 pips in the EUR/USD currency pair
- On a Standard account: Zero commissions with a spread
- On a Razor account: Raw spread with a commission
- No inactivity or trading account fees
- No withdrawal fees charged by Pepperstone (certain banks may charge an intermediary fee)
- For high-volume traders, the low spreads and commissions make Pepperstone an attractive, cost-effective option.
- Trading CFDs on indices, commodities, cryptocurrencies (professional traders only), ETFs, currency indices
- Social trading
- Spread betting
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
AvaTrade is a global CFD, crypto, spread betting and forex MT4 broker. It was awarded ‘Most Trusted Broker 2023’ by International Investor and has 400,000 registered users.
- Choice of trading platforms: MetaTrader 4, MetaTrader 5 and proprietary platform
- 250+ financial instruments: Including forex, CFDs, commodities, indices and cryptos
- Extensive education library: To guide less experienced traders
- Reliability: Regulated across six continents
- Minimum deposit: $100
- Offers copy trading
Who should use AvaTrade?
AvaTrade is a great option for traders of all abilities seeking forex brokers or looking to trade CFDs or crypto. The available educational resources makes it a good place to start for beginner traders, while professionals will appreciate the advanced trading tools.
AvaTrade is a popular and reliable trading platform, offering access to a good range of markets. You’ll need to watch out for the inactivity fees if you leave your account dormant, but its CFD trading fees are competitive.
- Simple account opening process
- Comprehensive educational content
- Competitive CFD trading fees
- Average forex fees
- High inactivity fees
- Just 21 days on demo account (unless you request an extension)
- Transparent trading costs
- Competitive CFD trading fees but forex fees hover around average
- No account opening, deposit, or withdrawal fees
- £50 administration fee levied after three months of inactivity – and every subsequent three months
- Minimum deposit: $100
- Trade CFDs on stocks, crypto currencies, forex, ETFs, commodities or indices
- Forex options
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IG is the biggest spread betting and CFD provider in the UK, offering access to 19,000+ markets globally. Founded in 1974, they have 313,000 clients worldwide and can lay claim to being the largest online CFD provider in the world.
- Massive market range: 19,000+ markets, including more 24-hour indices than any other provider, and some out-of-hours US shares not offered by competitors
- Choice of trading instruments: Spread betting, CFDs, or buy and sell assets directly
- Choice of trading platforms: Metatrader 4, ProRealTime, and the direct market access (DMA) platform, L2 Dealer
- Excellent educational resources: Including access to the excellent IG academy
- No minimum deposit
- Offers copy trading
Who should use IG?
IG’s superb educational resources, tight spreads and solid reputation on execution, make it one of the best CFD and forex brokers in the UK, and a sound choice whether you are still learning your craft, or you’re a seasoned trader on the forex markets.
IG is one of the most highly respected and highly rated MT4 brokers. It offers competitive spreads, thousands of trading instruments and state-of-the-art news and research tools, cementing its place as a natural choice for forex traders of all levels.
- Multiple funding and withdrawal options
- Unbeatable educational content through the IG Academy
- Unlimited time period on demo account
- No copy trading or backtesting integration
- Not ideal for very infrequent traders
- Some advanced research tools require additional fees
- Commission is charged when trading shares using a CFD account and is calculated as a percentage of the transaction value for most markets, with minimum charges.
- In most cases, IG adds a spread on top of the underlying market spread as their charge for the trade. Their spreads aren’t charged as a separate fee and won’t be shown in your trade history, but rather included in your purchase or selling price. Spreads vary depending on the market conditions, time of day and instrument you wish to trade.
- Rolling monthly inactivity fee of £12 after 24 months of inactivity.
- Spread betting: Trade over 19,000+ markets
- Trading CFDs on forex, indices, shares, commodities, bonds and other markets
- DIY Investing: Access to 13,000+ shares and ETFs
- Ready-made investing with a diversified IG Smart Portfolio
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
FxPro is a leading MT4 broker providing access to trading in forex, commodities, stocks, indices, futures, and cryptocurrencies. FxPro UK Limited has been authorised and regulated by the FCA since 2010 and now has clients in over 170 countries.
- Excellent choice of trading platforms: MetaTrader 4, MetaTrader 5, cTrader and FXPro trading platform
- 2,100+ financial instruments: Including trading CFDs on futures and cryptocurrencies, forex, shares and spot indices
- Help to learn: Free forex trading courses available for beginner and advanced users. Entry-level education for CFD trading beginners, and a demo account
- Minimum deposit: $100
- Five-star customer service:Live chat, telephone call back and 24/7 email
- Offers copy trading: Through the FXProCopyTrade service
- Speed: Average execution speed for market orders is less than 11 milliseconds
Who should use FXPro?
FxPro provides something for traders of all levels of experience. Advanced traders will appreciate the choice of excellent platforms and tools, and tight spreads. Professional money managers can use FxPro thanks to the availability of multi-account management tools in MetaTrader. And less experienced traders will appreciate the commitment to excellent customer service, the demo account that is available for 180 days, and the trading courses this MT4 broker provides.
FxPro shines on its range of platforms, fast order execution and wide choice of trading instruments. It also offers reliable and responsive customer service, making it a superb platform for those who want a first-class experience.
- Competitive spreads
- Fast MT4 order execution
- Full support for all MT4 auto-trading features
- Narrow product portfolio
- Inactivity fees charged
- Limited content for forex trading beginners
- Traders using the FXPro MT4 Raw Spread account will pay a $3.50 commission per lot for opening and closing positions.
- All other MT4 and MT5 FxPro accounts are commission-free on any available instrument. The only charge is the bid/ask spread, on which FxPro applies a small mark-up.
- Spreads on forex pairs and spot metals are exceptionally small with no mark-up.
- Zero deposit and withdrawal fees.
- An inactivity fee of $15 is applied to forex and CFD traders who leave their account inactive for 6 months, plus $5 for every subsequent month.
- Trade CFDs on forex, stocks, spot indices, futures, spot metals and spot energy.
Capital at risk.
Tickmill is a multi-regulated forex and CFD broker. Based in London, they have 327,000 clients around the world.
- MetaTrader-only broker: Offering MetaTrader 4 and MetaTrader 5
- Trade forex and CFDs: On stocks and ETFs, currency pairs, stock indices and commodities (plus cryptocurrencies for professional traders)
- Education hub: Including online courses, webinars, video tutorials, and demo accounts
- Award-winning customer service: Winner of ‘Best Customer Service’ – Global Forex Awards 2023
- Three accounts: Classic, Pro (both minimum deposit: £100) and VIP (minimum balance: £50,000)
- Minimum deposit: $100
- Offers copy trading: Through Tickmill Social Trading
Who should use Tickmill?
Tickmill is best value for high-volume traders with a large portfolio who are looking to trade forex and CFDs.
The research and education offering might not be as good as IG and some other MT4 brokers, but if you are a high volume trader, and particularly if you have a balance that allows you to access the VIP account, the low-cost trading that Tickmill offers, is hard to rival.
- VIP account offers extremely competitive pricing
- Easy onboarding journey
- Negative balance protection
- Limited range of markets
- Demo account is cancelled after 7 days of inactivity
- Competitors have better education offering
Tickmill is best for professional traders and those on the VIP account who have access to the best pricing.
- Classic account: Commission-free. Traders pay the bid/ask spread. Average spreads are much higher than Tickmill’s other two account types.
- Pro & VIP accounts: Per-trade commission, which is then added to spreads. Professional traders can take advantage of some of the lowest spreads in the industry. Commission is twice as high on the Pro account as it is in the VIP account.
- CFDs on stock indices, bonds, stocks and commodities
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money..
Caution: MT4 Brokers to avoid
The following are brokers that I’ve moved out from my ‘Best of’ list. This is usually due to fees that are too high, a poor customer service record, or a product range that is too slim.
ActivTrade’s product portfolio is a little limited when compared to other MT4 brokers. They offer a limited selection of currency pairs and bonds CFDs, no futures CFDs, and an average number of commodity and stock index CFDs.
On the positives, they have low fees and their account opening and withdrawal processes are straightforward.
However, there’s an inactivity fee, charged after 1 year, of £10 per month, which isn’t ideal if you are a buy-and-hold investor. And they have taken a hit on customer service which is slow and has been unresponsive recently.
One other negative is that, unlike those on my recommended list, ActivTrades does not offer social or copy trading.
Markets.com has moved off my ‘Best of’ list because its trading costs are relatively high and, again, it has a limited product portfolio.
There’s commission to factor in at Markets.com, plus trading fees that are built into the spreads. Non-trading fees are also higher on Markets.com than many other MT4 brokers – the inactivity fee is $10 a month after just three months of inactivity, and there’s a relatively high currency conversion rate to contend with too.
It also asks investors to deposit a minimum of $250 when first opening an account, which is higher than many competitors.
All of which means, there are better options open to you if you’re looking for a cost effective MT4 Broker.
What’s my methodology?
To put this list together, I comprehensively compared a list of key factors and asked each MT4 broker the following questions:
- How does the pricing structure work and is it competitive?
- How quick and easy is it to open an account?
- What are the lead times for depositing and withdrawing money?
- What is the minimum deposit?
- What trading platforms are on offer and what are the tools and features like?
- What markets and products are available?
- What research is available to aid your decision-making?
- How responsive and knowledgeable is customer service?
- How robust is the educational offering?
- And lastly, I always check that the platform in question is fully regulated and meets minimum standards of safety.
This is a basic summary of my method. For a more detailed version of how I review the platforms, please refer to this page.
How to decide which CFD and forex broker is best for you
There are plenty of brokers offering MT4. If you are weighing up which broker to choose, here are a few factors to consider:
You will, of course, want to compare the relative trading costs across different trading platforms. If you are planning on making high volumes of trades, you will want to consider using a forex broker that has low trading fees. Otherwise, you could end up spending a lot of money on charges.
Some providers build trading fees and commissions on trades into the spreads, which could result in a tighter overall spread. However, some brokers list a flat fee for every trade instead of building them into the spreads.
Before opening an account with a broker, you should double-check their charges and commissions – tighter spreads could potentially result in less profit on forex trades.
When it comes to regulation, most of the brokers listed above are regulated in the UK by the FCA.
When a broker is regulated within the UK, you can typically expect to see stricter limitations on leverage. These brokers are also audited regularly and must provide ‘negative balance protection’ to all traders, which means you can’t lose more money than there originally was in your account. This is a brilliant facet of UK-regulated brokers, as it can prevent you from getting into excessive debt.
Of course, there are brokers out there that aren’t regulated within the UK. For example, some may be offshore brokers, such as in Seychelles, Mauritius, or the British Virgin Islands.
When a broker isn’t regulated in the UK, you can typically expect to receive higher leverage on trades. Though, you should keep in mind that there will likely be fewer protections, thus making them a riskier option.
Educational materials and customer support
Some brokers provide free educational material to their users. This can be of varying quality and quantity, though, so it’s worth sampling some of the resources before selecting a platform.
You may also find that certain brokers have far more attentive and responsive customer service than others, which can be a deal breaker for some users.
Something else that may be worth keeping an eye out for is copy trading. This is a social trading feature that allows you to mimic how other more experienced and successful investors are trading. MT4 is a popular platform for social trading thanks to its large user base and many online user forums.
The MT4 trading platform can be complex and tricky to understand, especially for newer or more casual investors. So, a broker that offers educational materials and has a helpful customer support service should be something you take into consideration.
Analysis and trading tools
Some brokers offer plugins for the MT4 platform that provide pattern recognition, which could make it easier to stay on top of ever-changing markets.
Of course, analysis and trading tools aren’t essential when it comes to trading forex or CFDs, but they could go a long way in assisting you, especially if you are still a newcomer to trading.
What is MT4?
MetaTrader 4 (MT4) is an external trading platform that allows you to trade several financial instruments, such as foreign currencies (forex) or CFDs (contracts for difference).
The MT4 platform offers automated trading and advanced charting tools for the technical analysis of forex or CFD markets, which allows you to better keep track of typically complicated markets.
This is the beauty of MT4 – the platform aims to help users spot trends in currency markets.
MT4 itself doesn’t host trades though – this is where MT4 brokers come in. MT4 brokers host the MT4 platform, and all trades will be conducted by the brokers.
So, even though you’re making trades on the MT4 platform, you’re technically trading with the broker you signed up with.
Trading forex on MT4
The foreign exchange market, which is more commonly referred to as the ‘forex’ or ‘FX’, is the global marketplace that deals with exchanging currencies. You’ll need to look for forex brokers who also act as MT4 brokers if you want to make use of the automated trading and algorithmic trading that MT4 provides.
When you trade on the forex market, you will see that currencies are listed together. For example, GBP/USD, USD/EUR and USD/JPY. These are called ‘currency pairs’, and they are typically split into major currency pairs, like the examples listed above, or minor currency pairs, which are typically between two less commonly traded currencies. These minor currency pairs include GBP/CAD or GBP/JPY.
Trading on the forex market involves speculating on currencies, with the aim of selling your positions when the value, also known as the spread, has increased. This is how investors typically turn a profit when investing in forex.
Unlike the regular stock market, the forex market is open at all hours of the day, seven days a week. Also, since there isn’t a central marketplace for foreign currencies, all forex trades are conducted ‘over the counter’ (OTC) and take place electronically on computers.
Forex trading can be slightly more complicated than regular trading on the stock market and there is even some technical jargon commonly thrown around.
If you want to find forex brokers that also act as MT4 brokers, you’ll need to understand some of the jargon below:
Leverage, like that seen in derivative trading, is also present in forex trading.
Leverage allows you to borrow money so that you can trade in forex for larger amounts of money than you have initially paid in.
You will commonly see leverage presented as a ratio – for example, 30:1, 50:1, or even 200:1.
Say, for example, you were to trade one lot of GBP/USD for £100,000. If your broker offered you a leverage of 100:1, you would be required to pay £1,000 to make the above trade. This initial investment amount is called the ‘margin’.
Of course, while leverage may allow you to make larger trades with less money, this can also work against you, as you could end up losing far more money than you initially paid in.
This is why leverage is such a double-edged sword, and why you should only use higher leverage if you’re confident that the advantage is on your side.
Still, it can be very difficult to precisely predict whether your trade is advantageous, which is why casual or beginner investors typically don’t need high leverage.
‘Spreads’ are the difference between the bidding price and the asking price of a particular currency pair. These spreads are often measured in ‘points’, or ‘pips’, as they are sometimes referred to.
When you trade on major currency pairs, such as GBP/USD or USD/EUR, you will typically see tighter spreads. This is because they are usually traded in higher volumes.
On the flip side, minor currency pairs may have much wider spreads since they aren’t as commonly traded. This can come with its own set of issues though, like increased market volatility.
As previously mentioned, you can sometimes expect trading costs to be built into spreads. This is quite common – even some of the best forex brokers will do this.
Spreads are subject to change frequently and can sometimes be tricky to keep track of. That’s why platforms such as MT4 are ideal for forex trading – it gives you the tools to properly track spreads, so you know when the perfect time to close your position comes.
Before opening a brokerage account, you should first check the typical spreads prospective forex brokers offer on certain currency pairs. – Many brokers offer live spread updates on their websites, which could give you a rough idea of the spreads they offer.
Also consider: My guide on Forex Trading for beginners
Trading derivatives on MT4
Another popular method of trading on the MT4 platform is derivatives, though this is where things tend to get slightly more complicated.
Derivative trading is often done by either spread betting or using CFDs, and essentially involves you placing a ‘bet’ on how a currency’s value will change.
It is vital to keep in mind that spread betting and CFDs are complex instruments. In fact, more than half of retail investor accounts lose money when trading CFDs, so you should ensure you’ve done adequate research before you decide to invest this way.
As mentioned, spread betting is a method of investing that involves placing a ‘bet’ on how you predict a currency’s value will move.
When you do this, you aren’t purchasing any currency whatsoever and don’t own any of the underlying assets you’re betting on. You are instead speculating on the movement.
One of the advantages of spread betting is that you can take full advantage of leverage without needing to place a trade.
While this leverage does allow you to ‘borrow’ money to meet the margin requirement to finance the bet, this does mean you could end up losing far more money than you originally put in.
This works both ways though – you could end up earning more money than you originally invested if the bet goes your way.
Read more: My Guide to Spread Betting
‘Contracts for Difference’, or CFDs as they are more commonly known, are another way of trading derivatives.
Trading CFDs is similar to spread betting, with a few key differences.
You are still ‘betting’ on how the value of a currency pair will move when you trade CFDs, though, unlike spread betting, you will instead receive the difference in price from when you opened the position.
Also consider: My CFD Trading for beginners guide
8 steps to using the MT4 platform
Trading on MT4 may initially seem complicated, but follow the simple steps below and you’ll be set up and ready to start making trades in no time.
1. Decide which broker you will use
As we’ve already discussed, MT4 itself doesn’t actually host trades; it’s just an external platform used for automated trading, technical analysis and trading.
There are various different MT4 brokers for you to choose from, and each comes with its own set of benefits and disadvantages.
For example, some brokers may offer in-depth educational materials and superb customer support services, which could make them ideal for beginner traders.
Or, if you were planning on making large volumes of trades, you may want to consider using a broker with low trading fees so you are not losing as much on trades.
Of course, there are plenty of other factors you should consider before you open an account with a broker, so you should use my comparison guide further above in this article if you are still undecided.
2. Download and set up the MT4 platform
Depending on your broker, you should see a ‘MetaTrader 4’ link on the broker’s website. This will usually redirect you to the MT4 website, where you will find the download link and instructions to get everything set up.
MT4 is free to download, and once you have downloaded the file, you simply run the .exe application to open the installation wizard, which will guide you through installation.
Of course, there are extra steps involved if you use a Linux or Mac operating system. If you do use an operating system other than Windows, continue reading to find out how to properly download and set up MT4. Otherwise, you can skip to the next step.
Unfortunately, since MT4 is designed to run on Windows operating systems, using MT4 on an Apple device is slightly more complicated.
You will first need to download a virtual machine emulator that allows you to run a different operating system, and acts like another computer within your computer, so to speak.
There are several of these Windows emulators for you to choose from, including:
- Boot camp
- VMWare Fusion
- Parallels Desktop
Once you have downloaded an emulator, you can install Windows on it. Then, when your virtual machine is set up, you can install MT4 and continue to set it up.
Linux is another operating system that, sadly, can’t run MT4 without setting up a virtual machine.
For Linux, you ideally want to use the open-source operating system Ubuntu distribution kit. Then, to set up MT4 on Ubuntu, you need to download the Wine software, which allows you to run Windows programmes on your Linux OS.
To download Wine, you simply need to input a command into the terminal, which is as follows:
sudo apt-get install wine-stable
After inputting this command, the most recent and stable version of Wine will be installed. Then, you will be able to download and run MT4 through Wine.
3. Create an MT4 account with your chosen broker
When MT4 is set up, the next step is opening an MT4 account with your chosen broker.
MT4 brokers typically provide a link which will redirect you to the MT4 website, where you will find the download link and instructions to get everything set up.
You may be asked to supply your tax details and some other identification documents, but once this is done and everything has been verified, you should be able to login to MT4 with the details your broker has supplied you with.
4. Open a position on the platform
Now you’re finally ready to open a position.
Let’s say you’re trading forex. When you’ve decided which currency pair you want to invest in, all you need to do is select the ‘tools’ tab on MT4, then click the ‘new order’ function.
This will then open the order window. This page can seem slightly intimidating at first glance, with several different components to the window. Don’t be put off, though – continue reading to find out what these components mean, and how to use them when you make an order.
The ‘symbol’ button will open a drop-down menu when clicked. This menu simply allows you to choose which market you would like to trade.
There is also a section in the order window named ‘volume’ and, as the name suggests, this allows you to input the volume of CFDs or currency you would like to purchase.
If you are trading CFDs, the volume you input is the number of contracts you wish to purchase. Meanwhile, if you plan on spread betting, the number you input is simply the amount you wish to ‘bet’ for every unit of price movement.
‘Stop loss’ is another important feature of the order window you should take into consideration. This allows you to designate a value that your order will be automatically sold at should the value move against you. These automated trading strategies are very useful.
Since you typically can’t view price movements at all times of the day, this type of automated trading is vital to ensure you don’t lose too much money if you are busy with something else.
The ‘take profit’ option works similarly to a stop loss and is another important element of automated trading strategies aimed at risk management. ‘Take profit’ automatically sells when your order earns a certain profit.
This is a key feature to set up, as your order may reach your desired profit amount while you are away from the platform, then drop back down again.
Finally, the ‘type’ option allows you to establish what sort of trade you wish to open.
As the name suggests, the ‘instant execution’ option means you wish to place the order immediately.
Or, if you select ‘pending order’, you can select the value at which your trade will be automatically opened.
5. Monitor your positions and pending orders closely
Congratulations! You’re now officially trading on the MT4 platform! However, the work doesn’t end here – you still need to monitor your positions closely.
When you have an open order, you can open the ‘terminal’ window either by pressing Ctrl + T, or by clicking the ‘view’ menu in the toolbar, then select ‘terminal’.
This page allows you to monitor your open positions, or any pending transactions you may have.
6. Customise MT4 charts as you see fit
As previously mentioned, one of the beauties of the MT4 platform is the range of technical analysis tools it provides.
One of these technical analysis tools is chart customisation. This allows you to draw lines on your charts to try and predict trends, add indicators, or change the time frame.
To draw a line on a chart, all you need to do is select the object from the toolbar and click on the chart.
To edit or remove pre-existing objects on your chart, right-click on the chart in question, select the ‘objects list’ option from the menu, choose the object you wish to edit or remove, and select the ‘edit’ option.
You can also add indicators to charts with MetaTrader 4, such as stochastic oscillators or Bollinger bands. Stochastic oscillators give you an indication of a particular market’s momentum, while Bollinger bands give you a rough idea of the moving average of a price. By using these indicators, and many of the others that MT4 provides, you can get a more well-rounded understanding of how a market could potentially move, so you can see why they’re so important.
To do this, select the ‘insert’ option from the toolbar, and choose the indicator you wish to add.
To edit or remove existing indicators, the process is similar to lines – right-click on the chart, select ‘indicators list’, then click the ‘edit’ option.
7. Establish price alerts on your positions
Even though you can set up stop losses and profit takes on your orders, it’s also vital you establish price alerts.
These alerts will notify you when the price of an instrument reaches a certain point and can help you stay on top of price movements.
To set up price alerts, simply open the ‘terminal’ window again. Then, you should right-click within this window, select the ‘create’ option from this menu, and then select ‘alert editor’ to customise price alerts.
8. Close your position when you want to sell
Finally, when you feel happy enough to sell your instrument, you are ready to close your position.
Doing this is simple enough – just reopen the ‘terminal’ window and navigate to the ‘trade’ tab.
You should see a small ‘x’ on the far right of the profit column; select this ‘x’ to finally close your position.
Best MT4 Brokers UK FAQs
What is MT4?
MetaTrader 4, or MT4, is a popular trading platform that specialises in forex trading, CFDs, and spread betting.
The MT4 platform offers advanced technical analysis tools for you to use – in fact, the platform is highly customisable, so you can edit it to meet your individual needs and take the complexity out of forex or derivative trading.
MT4 also gives you the option to automate your trades, or opening and closing positions according to the information you input.
CFDs are complex financial instruments and more than half of retail investor accounts lose money when trading CFDs. Please make sure that you know these risks before you start trading and that you’re aware there’s a high chance of losing money rapidly on your investment.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.