Pepperstone or IG for MetaTrader trading in the UK?
Verdict
- For MetaTrader traders in the UK we prefer Pepperstone: it runs spread bets and Razor CFDs on both MT4 and MT5, with raw EUR/USD spreads averaging 0.1 pips plus commission.
- IG offers MT4 and MT5 too, alongside ProRealTime, L2 Dealer and TradingView; its EUR/USD is quoted from 0.6 points with no commission.
- Pepperstone adds Smart Trader Tools for MT4/MT5 and free VPS hosting for eligible and professional clients; IG adds guaranteed stops.
- On Pepperstone's Standard CFD account MT4 isn't available; use MT5, or Razor for MT4.
Both firms support MetaTrader 4 and 5 under FCA authorisation. The differences are in pricing on MetaTrader, the add-ons, and which account types the platforms connect to. On those, Pepperstone is our pick.
Why Pepperstone is our pick for MetaTrader
Pepperstone connects MT4 and MT5 to its spread betting account and its Razor CFD account, so you can run expert advisors on spread bets or on raw-spread CFDs. Razor on MT5 charges $3.50 per side ($7 per round-turn lot) on a USD account, or £2.25 per side in GBP, plus a EUR/USD spread averaging 0.1 pips. Pepperstone's Smart Trader Tools add apps such as Trade Terminal, Correlation Matrix, Mini Terminal and Smart Lines.
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MetaTrader availability by account
| Pepperstone | IG | |
|---|---|---|
| MT4 | Spread betting and Razor CFD | Yes |
| MT5 | Spread betting, Standard and Razor CFD | Yes |
| Other platforms | cTrader, TradingView, own web/app | ProRealTime, L2 Dealer, TradingView, own web/app, APIs |
| EUR/USD pricing | Razor 0.1 avg + commission; spread bet 0.5 min | From 0.6 points, no commission |
| Guaranteed stops | No | Yes, premium if triggered |
Running expert advisors
For EAs, cost per trade and execution matter more than the charting. Pepperstone states fills from 50 milliseconds with a 99.32% fill rate and no dealer intervention (January–March 2026 trades), and offers free VPS hosting to eligible and professional clients so an EA can run while your computer is off. IG's MetaTrader execution figures and VPS terms are not in our data.
- Test your EA on a small live account: demo fills are not the same as live fills.
- Check symbol names: Pepperstone's index symbol is GER40, although its UK markets page still mentions GER30.
- Remember stops at Pepperstone are not guaranteed, so an EA's stop can slip in a gap.
When IG is the better MetaTrader home
If you want guaranteed stops alongside MetaTrader, or you also use ProRealTime or L2 Dealer, IG covers more of that in one place. IG uses IG Markets Ltd (195355) for CFDs and IG Index Ltd (114059) for spread bets.
Sources
Platform terms as published by each firm.
Can I spread bet on MT4 with Pepperstone?
Yes. Pepperstone's UK spread betting account runs on MT4 and MT5, as well as TradingView, cTrader and its own platform.
Does IG offer MT5?
Yes; IG lists MT4 and MT5 among its platforms, with ProRealTime, L2 Dealer and TradingView.
What does MT5 cost on Pepperstone Razor?
$3.50 per side per lot on a USD account ($7 round turn), or £2.25 per side on a GBP account, plus the raw spread.
Trading on margin magnifies losses as well as gains. Spread bets and CFDs are complex and high-risk: 73.6% of retail investor accounts lose money when trading them with Pepperstone Limited. Fees and terms change, so confirm them on each broker's own site before you trade. Not investment advice.