Best MT5 Brokers UK 2024
Multiple brokers in the UK offer MT5 trading platform but only few of them are regulated by the FCA. We have listed best MT5 brokers in the UK with description and comparison.
MT5 or MetaTrader 5 is an electronic trading platform that is widely used by a large number of forex and CFD traders worldwide. The platform was developed by MetaQuotes Software that is a Cyprus-based firm.
MetaTrader 5 is an upgraded version of MetaTrader 4 but many traders still use the MT4 trading platform due to its simple interface and good performance. MetaTrader 5 is mostly preferred by experienced and advanced traders that make more use of the algorithms and automation in trading.
We have prepared a list of the best forex brokers in the UK that allows traders to trade on MT5 through any device. We have also described the pros and cons of choosing these brokers in the UK.
Hence, it is important to choose a suitable broker to have a pleasant trading experience with the MT5 trading platform.
List of Best MT5 Forex Brokers in the UK
- Pepperstone – Best MT5 Broker with Multiple Platforms
- FXTM – Best MT5 STP/ECN Forex Broker in the UK
- FxPro – MT5, MT4, and cTrader Broker in UK
- Vantage – Best Low Commission MT5 Broker in the UK
We have analyzed more than 12 factors to select the best forex and CFD brokers in the UK with the MT5 trading platform. The brokers are listed in an unranked order.
#1 Pepperstone – Best MT5 Broker with Multiple Platforms
Pepperstone is an FCA-regulated 100% STP broker that offers forex and CFD trading on multiple trading platforms including MetaTrader 5.
Pepperstone UK is regulated by the FCA of the UK under license number 684312. They are also regulated in Germany, Cyprus, Australia, United Arab Emirates, the Bahamas, and Kenya.
Pepperstone uses the Straight Through Processing method for trade execution. They offer multiple account types with different pricing structures. With each account type, traders can also choose different trading platforms and account currencies including GBP.
The fees with the Standard account involve spread only while the Razor account incurs low spreads with the commission. The average typical spread for EUR/USD with the Standard account is 0.77 pips. Spreads for the Razor account are 0.17 pips with a commission of GBP 2.25 per single side trade of the standard lot.
Pepperstone allows opening the trading account with GBP as base currency along with USD, EUR, and AUD. They offer more than 1000 financial instruments including 62 currency pairs.
#2 FXTM – Best MT5 STP/ECN Forex Broker in the UK
FXTM or ForexTime is an FCA-regulated broker that allows trading on MT4 and MT5 trading platforms with 100% STP/ECN execution.
FXTM is the trading name of the legal entity Exinity UK Limited regulated by the Financial Conduct Authority of the UK under license number 777911. FXTM is also regulated by the FSCA of South Africa, CySEC of the UK, etc, and can be considered safe to trade in the UK.
They offer 3 account types for different types of traders namely Micro, Advantage, and Advantage Plus. The Micro account type at FXTM does not grant access to the MT5 trading platform.
The Advantage and Advantage Plus account types can be opened either with the MT5 or MT4 trading platforms. Both these accounts are available with GBP as the base currency and require a minimum deposit of $500.
The Advantage account incurs a trading commission of $4 per round trade of a standard lot with a very low spread. The Advantage Plus account does not incur commission but the spreads are slightly high.
Each account type can be opened with GBP as the base currency. Their customer support service is excellent and a variety of research and education trading tools are available at FXTM.
#3 FxPro – MT5, MT4, and cTrader Broker in UK
FxPro is an FCA-regulated forex and CFD broker that allows trading on MT4, MT5, as well as the cTrader trading platform.
FxPro UK Limited is the legal entity regulated by the Financial Conduct Authority of the UK with license number 509956. They are also regulated by the FSCA of South Africa and CySEC of the EU.
If traders open an account with the MT5 trading platform, no trading commission will be incurred as spread and swap are the only trading cost with the MT5 trading platform.
The average typical spread for EUR/USD at FxPro is 1.3 pips with the MT5 trading platform. The spreads at FxPro are slightly higher than other brokers with the MT5 trading platform.
FxPro allows trading on multiple financial instruments including 72 currency pairs.
#4 Vantage – Best Low Commission MT5 Broker in the UK
Vantage is FCA-regulated forex and CFD broker that allows trading on MT4 and MT5 trading platforms with different configurations of account types.
Vantage Global Prime LLP is the legal entity of the trading name Vantage that is regulated by the FCA of the UK under license number 590299.
Vantage offers 3 different types of accounts namely Standard (STP), Raw (ECN), and Pro (ECN) with a minimum deposit of $200, $500, and $10,000. All three account types can be opened with MT5 as a trading platform.
The Standard account incurs only spread while the Raw and Pro account also involves trading commission apart from low spreads. The spreads start from 1 pip with the standard account and 0.1 pips with the Raw and Pro account type. The trading commission with the Raw account is $3 per standard lot per side and $1.5 per standard lot per side. The Pro account offers the best pricing with low commissions and spreads.
Traders can choose GBP as the base currency and MT5 as a trading platform with any account type at Vantage. All the available 300+ instruments along with 44 currency pairs can be traded with any of the account types chosen.
What is MT5?
MetaTrader 5 is a popular trading platform used for trading forex, CFDs, and futures, online. MT5 trading platform offers superior trading tools compared to MT4 with a user-friendly look and feel. Experienced traders can do better technical and fundamental analysis with the MT5 trading platform.
MT5 is also best suited for automated trading using trading robots, trading signals, or algorithms. It works on the MQL5 language which is easy to work with and implement strategies. Traders can monitor up to 100 charts of different instruments at the same time with more than 20-time frames, and 80+ built-in technical indicators.
MetaTrader 5 can be used on laptops, PC, tablets, and mobile to trade on capital markets from any corner of the world. However, the availability of instruments and all other trading conditions will depend on the broker you have chosen with the MT5 platform.
Beginners’ Guide to MT5 Platform
MT5 trading platform can be downloaded for any device from the official website. After installation, traders will need to connect the MT5 platform with the broker they have opened an account with.
It must be noted that the MT5 platform cannot be used without opening an account with a broker that supports the MT5 platform. The trading conditions, fees, minimum deposit, and other factors will depend on the broker chosen by the trader.
After login in with the broker’s account, clients will land on the trading screen that is highly customisable. The positions of the bar graphs, instruments list, opened positions, and almost every window can be customised according to the trader.
Traders can work on multiple charts of different instruments at the same time and place trading orders directly from the chart. MT5 includes several tools and features that are ideal for beginners as well as highly experienced traders.
Is MT5 Good for Trading Forex?
MetaTrader 5 was launched in September 2010 by MetaQuotes Software as an upgraded version of the MetaTrader 4 trading platform. MT5 offers more advanced trading tools and inbuilt patterns and indicators.
MT5 is an upgraded version of MT4 but many traders still prefer the MT4 trading platform due to its simple interface and fast execution. However, MT5 is preferred by many advanced traders as it allows easier automated trading and testing of strategies.
The suitability of trading platforms differs from trader to trader. The best step is the test the platform with a demo account before moving on to the real account. This will allow traders to check the suitability of the platform and also to get familiar with the interface and position of tabs on the trading platform.
How to Choose MT5 Trading Platform?
Before you open your account with any forex and CFD broker that supports MT5, there are certain factors that the traders must ensure. Following are the major aspects of an MT5 forex broker in the UK.
Regulation
The safety of the deposited amount is a top priority for any trader. Financial service providers including forex and CFD brokers are regulated by the Financial Conduct Authority (FCA) of the UK.
A broker may or may not be regulated by the FCA in the UK. Many forex and CFD brokers are available in the UK that support MT5 trading platforms but only a few of them are regulated by the FCA.
It is important to check for the authenticity of the FCA license before opening your account with any broker. This can be done by scanning through their official website for regulation details. It is generally mentioned in the footnote. The support services can also be reached out to ask for the details of the regulation.
The FCA regulation in the UK can be cross-checked through the financial services register at the official website of FCA.
Fees
Each MT5 forex broker in the UK can incur different fees through different structures. Traders must check and compare all types of fees charged while trading or without trading.
The trading fees include spreads, swaps, and trading commissions that are only incurred while trading. The non-trading fees include deposit/withdrawal, currency conversion, inactivity, and other fees that are charged without placing trade orders.
Low fees are highly advantageous for trading but some fake brokers may use low fees to lure deposits from retail clients. Hence, the fee is the second most important factor after regulation when choosing a broker with an MT5 forex trading platform.
Pros and Cons of MT5 Trading Platform
MetaTrader 5 Pros
- Advanced Functionality: MT5 provides a wide range of advanced trading features and tools suitable for both beginners and experienced traders. These include various order types, market depth, customizable charting, and built-in technical indicators.
- Multiple Asset Classes: Traders can access different markets, such as Forex, stocks, commodities, and cryptocurrencies, through MT5. This allows for portfolio diversification and trading across various asset classes from a single platform.
- Algorithmic Trading: MT5 supports algorithmic trading through Expert Advisors (EAs). Traders can automate their strategies, perform backtesting, and execute trades based on predefined rules.
- Market Analysis: The platform offers comprehensive market analysis tools, including fundamental analysis, economic calendars, and real-time news feeds. These features assist traders in making informed decisions and staying updated on market events.
- Copy Trading: MT5 includes a copy trading feature, enabling users to replicate trades of successful traders. Inexperienced traders can benefit from the expertise of seasoned traders by automatically mirroring their trades.
MetaTrader 5 Cons
- Learning Curve: MT5’s extensive functionality may be overwhelming for novice traders, requiring time and effort to fully grasp and utilize all its capabilities.
- Limited Broker Options: Not all brokers offer MT5, resulting in a narrower selection compared to other trading platforms.
- Limited Mobile Functionality: The mobile app version of MT5 has fewer features and functionalities compared to the desktop version, potentially limiting mobile trading capabilities.
- Customization Challenges: Customizing certain aspects of the platform, such as creating personalized indicators or modifying specific settings, can be more complex in MT5 compared to other platforms, requiring technical knowledge or assistance.
- Compatibility Issues: Some indicators or EAs designed for previous versions of Metatrader may not be fully compatible with MT5, requiring traders to ensure compatibility with the platform.
Comparison of MT4 and MT5 Trading Platforms
| Feature | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) |
|---|---|---|
| Release Date | July 1, 2005 | June 1, 2010 |
| Asset Classes | Forex, CFDs, Futures | Forex, CFDs, Futures, Stocks, Options, ETFs |
| Timeframes | 9 timeframes (M1, M5, H1, D1, etc.) | 21 timeframes (M1, M2, M3, H2, H3, etc.) |
| Technical Indicators | 30+ built-in indicators | 38+ built-in indicators |
| Analytical Objects | Lines, shapes, and arrows | Expanded set of graphical objects |
| Charting Tools | Basic charting tools | Advanced charting tools |
| Expert Advisors (EAs) | Supports MT4 EAs | Supports MT5 EAs |
| Backtesting | Limited backtesting capabilities | Improved backtesting with more parameters |
| Economic Calendar | Not integrated | Integrated economic calendar |
| Market Depth | Limited depth of market data | Enhanced market depth with Level II quotes |
| Hedging | Supported (buy and sell on the same instrument) | Supported (buy and sell on the same instrument) |
| Time and Sales (Tick Chart) | Not available | Available in MT5 |
| Multiple Order Types | Market, limit, stop, and trailing orders | Additional order types like Buy Stop-Limit |
| Netting and Hedging | Netting (one position per symbol) | Both netting and hedging systems available |
| Copy Trading | Supported through signal providers | Enhanced copy trading with more options |
| MQL4 vs. MQL5 | MQL4 programming language | MQL5 programming language |
| Mobile Trading | Mobile app available for both MT4 and MT5 | Mobile app available for both MT4 and MT5 |
Key Features of MetaTrader 5
MT5 offers several noteworthy features:
Diverse Asset Range: MT5 allows seamless access and trading of various financial instruments, including currency pairs, stocks, commodities, indices, and cryptocurrencies, all within a unified platform.
Technical Analysis Tools: Traders benefit from an array of technical analysis tools, featuring customizable charts, indicators, and graphical elements. This aids in dissecting historical price data and identifying patterns to make well-informed trading decisions.
Algorithmic Trading: MT5 supports automated trading via Expert Advisors (EAs), which are pre-programmed trading strategies or scripts. These EAs execute trades based on predetermined conditions.
Market Insight: MT5 provides insights into market depth, revealing buy and sell orders at different price levels. This information sheds light on market liquidity and potential price shifts.
Quick Trading: The platform facilitates one-click trading, enabling swift trade execution with a single click.
Mobile Convenience: MT5 extends its reach through mobile applications for iOS and Android devices, allowing traders to monitor markets, execute trades, and manage their accounts while on the move.
Embedded Economic Calendar: MT5 incorporates an economic calendar that highlights forthcoming economic events, announcements, and indicators that could impact market dynamics.
Copy Trading: The platform introduces copy trading, wherein traders can emulate the strategies of seasoned traders through its Signals service. This automated replication helps bridge the experience gap.
Timeframe Variety: MT5 supports multiple timeframe views on price charts, ranging from minutes to months. This versatility aids in analyzing trends across different durations.
Security Measures: MT5 prioritizes security, implementing advanced features such as encrypted data transmission between the client terminal and the server.
Secure and Encrypted: Ensures the security of transactions and data with advanced encryption.
Multi-language Support: Supports multiple languages to cater to a global user base.
Hedging: Allows both hedging and netting account systems, providing flexibility for risk management.
Fundamental Analysis: Access to fundamental data and financial news for comprehensive analysis.
Strategy Tester: A built-in strategy tester for backtesting and optimizing trading strategies.
Comparison Table of Best MT5 Forex Brokers in the UK
| Broker Name | Highlights | Trading Fees (Benchmark EUR/USD Standard Accounts) | Account Minimum | Max. Leverage | Learn More |
|---|---|---|---|---|---|
Pepperstone |
Pepperstone UK Ltd is authorized by FCA under FRN (Reference No.) 684312. |
Commissions
Minimum spread of 0.7 pips
with Standard Account |
Account Minimum
0
|
Max. Leverage
1:30 for forex
|
Open Account
on Pepperstone |
FXTM |
Exinity UK Ltd is authorized by FCA under FRN (Reference No.) 777911. |
Commissions
Minimum spread of 1.5 pips
with Standard Account |
Account Minimum
$5
|
Max. Leverage
1:30 for forex
|
Open Account
on FXTM |
FxPro |
FxPro is authorized by FCA under FRN (Reference No.) 509956. |
Commissions
Minimum spread of 1.3 pips
with Standard Account |
Account Minimum
$100
|
Max. Leverage
1:30 for forex
|
Open Account
on FxPro |
Vantage |
Vantage Global Prime LLP is authorized by FCA under FRN (Reference No.) 590299. |
Commissions
Minimum spread of 1 pip
with Standard Account |
Account Minimum
$200
|
Max. Leverage
1:30 for forex
|
Open Account
on Vantage |
FAQs on Best MT5 Brokers UK
Which broker is best for MT5?
According to our analysis and comparison, Pepperstone is one of the best MT5 brokers for trading forex and CFDs. Pepperstone has FCA regulation, low spreads, and no minimum deposit requirement for clients in the UK.
Can I use MT5 without a broker?
No, MetaTrader 5 or MT5 is a trading platform that connects the broker with clients through internet. Trading on MT5 cannot be done without opening an account with a broker that supports the MT5 trading platform.
How do I fund my MT5 account?
To fund your live trading account in MT5, you need to deposit funds through the methods supported by the broker you have opened your account with. Deposits can only be made through the methods supported by the broker.
Is MT5 good for Forex?
Yes, MT5 is largely chosen forex trading platform globally. It offers various tools to assist forex trading. However, MT4 is the most chosen forex trading platform in terms of the number of forex traders.
Can you use MetaTrader 5 in UK?
Yes, MetaTrader 5 is banned in some countries but it is legal in the UK. Several FCA-regulated brokers in the UK offer MetaTrader 5 trading platform for forex and CFD trading.
Does MetaTrader 5 have fees?
No, MetaTrader 5 is a trading platform that is used to place trading orders through electronic devices. The fees at MT5 trading platform will depend on the broker chosen by the trader that supports MT5 platform. MT5 does not incur any fees from the traders.
Are all MT5 brokers legit?
No, a broker that supports MT5 trading platform may or may not be a legitimate broker. A broker that is regulated by the Financial Conduct Authority of the UK can be considered safe and legit for the traders. Those who wish to trade with MT5 in the UK must ensure that their broker is regulated by the FCA of the UK.
Can MT5 be manipulated by brokers?
Yes, just because a broker offers trading on MT5 platform does not mean that the broker is authentic. It is essential to choose an FCA-regulated broker with MT5 platform to be on the safe side. The prices of instruments cannot be manipulated but a fake broker can scam you with the MT5 platform.
Will MT5 be banned?
Currently, MT5 is available to download on Android, iOS, Windows and macOS devices in the UK. It is banned in some countries. However, the probability of MT5 getting banned in the UK in future is very low.
Is MetaTrader 5 good for beginners?
Yes, MetaTrader 5 is ideal for all types of traders. However, some beginners might find MT5 complex to work with. The majority of beginners prefer MT4 while the majority of experienced traders prefer MT5 trading platforms. A demo account can be used to check suitability with the MT5 trading platform.
Review Summary
These are the Top 3 brokers
Your capital is a Risk. 67% of retail Traders lose money.
65%% of Retail Traders lose money.
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