The development of the MetaTrader 5 (MT5) platform was simply to provide investors with exceptional control over their trading activities. Unlike the MT4 platform, which is restricted to forex traders only, the MT5 platform is also open to CFDs, forex, shares, and futures traders.
That being said, if you are looking for a MetaTrader 5 broker in the UK, look no further because we have recommended the best in this guide. We know that it’s not easy to identify one, which is why we have taken it upon ourselves to make the research process a lot easier for you. We hope that this guide will be of assistance in kick-starting your trading venture.
In this guide
The Best MT5 Brokers in the UK 2021
- 1. Pepperstone - Best MT5 Broker in the UK
- 2. FXTM - Best MT5 Broker with the Lowest Spread in the UK
- 3. HotForex - Best MT5 Broker for Beginners in the UK
- 4. Pepperstone - Best MT5 Broker for Scalping in the UK
- Metatrader 4 (MT4) vs. Metatrader 5 (MT5)
- How to Choose the Right MT5 Broker in the UK
How we test?
Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.
The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.
Compare the Best MT5 Brokers in the UK
We begin our research process by testing the available MT5 brokers in the UK. Note that we are always strict during this process, and there are specific elements that we look for in order to add a broker to our recommendations list. Some of the significant metrics we take into account include:
Additionally, we go through hundreds of thousands of honest user reviews from Google Play, the App Store, and Trustpilot. Take a look at our ratings from these reviews:
1. Pepperstone - Best MT5 Broker in the UK
Pepperstone is an Australian-based forex broker that came into existence in 2010. Since then, it has briskly grown to become one of the most celebrated forex brokers globally. You will find more than 170 CFD instruments to trade with across various markets, including forex, shares, indices, and commodities.
Pepperstone has reliable trading platforms that execute trades fast. These platforms are supported on all devices, giving you the flexibility you need to manage your trading activities. When it comes to its MetaTrader 5 platform, it is one of the most powerful we have seen. You can access all the features, but have the privilege of enjoying them with advanced functionality.
The MT5 platform also lets you automate your trading activities using the MQL5 code, which offers the fastest order execution speed. It is also easy to use and fully customisable and allows access to a charting package for your investment strategy. We primarily recommend this broker to investors seeking an advanced trading platform and tools for market analysis.
Ultimately, Pepperstone charges one of the lowest trading and non-trading fees. Its spread charges are also competitive, making it a target for low-budget investors. Although it has a minimum deposit requirement of £200, you can still test it using its free demo account, before making a commitment.
- Highly regulated by the most stringent authorities, including the Financial Conduct Authority.
- Low trading and non-trading charges.
- Advanced MT5 trading platform that is easy to use and highly customisable.
- Responsive 24-hour customer support service.
- £200 minimum deposit requirement.
- High financing costs for overnight positions held.
2. FXTM - Best MT5 Broker with the Lowest Spread in the UK
Also known as ForexTime, FXTM is a global forex and CFD broker that was founded in 2011. This Cyprus-based MetaTrader 5 broker is considered safe for your investment capital because it complies with tier-one authorities’ regulatory requirements, including the UK’s Financial Conduct Authority.
At FXTM, you will find different types of trading accounts to suit your trading requirements. Whether you are a newbie or an expert investor, FXTM has an account for you. The account opening procedure is easy and quick, taking just a few minutes to get it done.
This MT5 broker’s trading commissions are relatively low. You will incur less commissions the more you increase your trading volume. Additionally, you do not need to pay non-trading fees for making deposits, and its financing costs for positions held overnight are also low. This makes it a good option for investors on a low budget.
FXTM’s advanced MetaTrader 5 platform is user-friendly and perfectly tailored for all investors. You can easily download its app on your mobile device and keep track of your trades on the go. The platform is also loaded with a plethora of educational and research tools that will help improve your strategies. Its customer support service is also very responsive and available through various channels, including phone, email, and live chat.
- Low trading commissions that keep reducing with higher equity.
- No deposit fees.
- Plenty of educational materials.
- Very responsive customer support service.
- Charges inactivity and withdrawal fees.
- Customer support service available on weekdays only.
3. HotForex - Best MT5 Broker for Beginners in the UK
HotForex excels as the best MT5 broker for beginners for a lot of reasons. First, it is one of the most trusted brokers globally, and you do not need to worry about the safety of your investment. This is because it complies with the regulations of the most stringent financial authorities, including the Financial Conduct Authority (FCA) in the UK.
Secondly, HotForex’s trading platform is one of the simplest we’ve come across. It is highly customisable and easy to use, making it just what beginners need to kickstart their investment venture. The MT5 platform is also fast and customisable to suit every investor’s trading needs. You will also have access to plenty of research and educational materials, including webinars, recorded videos, and news feeds, to keep you up to date with the latest market trends for simplified market analysis.
HotForex has a minimum deposit requirement of £5 for you to start investing. Its trading fees are also among the lowest in the industry, and the spreads are also low, starting from 0.1 pips. If you like to trade on margin, consider HotForex, which allows you to leverage to a maximum of 1:1000.
Finally, HotForex is best for beginners because of its customer support service that is reliable and responsive 24 hours, 5 days a week. It’s also backed up with a copy feature that you can use to interact and mirror trades from professional investors. Do not hesitate to try this broker using its risk-free demo account to figure out if its offerings complement your investment requirements.
- Easy-to-use and highly customisable trading platform.
- Low trading costs.
- Competitive spreads starting from 0.1 pips.
- HFcopy account to interact with other investors and copy trades from the experts.
- Customer service is only available 5 days a week.
4. Pepperstone - Best MT5 Broker for Scalping in the UK
If you are looking for an MT5 broker for scalping, then Pepperstone is worth considering. Since its launch in 2010, Pepperstone has grown at full tilt to become one of the most popular brokers for scalping in the UK, let alone globally.
Opening a trading account on Pepperstone is simple and straightforward. There is a minimum deposit requirement of £200, with low trading and non-trading charges. The MT5 broker’s spreads are also among the most competitive in the market. This makes Pepperstone a good recommendation for low-budget traders.
This MT5 broker is also best for scalping because its MetaTrader 5 platform executes orders very fast, and it’s also packed with technical indicators and a news feed for efficient strategy implementation. Although it offers various account types, its Razor account is perfectly tailored for scalpers.
Ultimately, Pepperstone is the best MT5 broker for scalping in the UK because it also allows margin trading. UK investors can leverage to a maximum of 30:1. It is also loaded with educational and research tools so you can quickly learn and improve your trading experience.
To confirm if Pepperstone is suitable for your requirements, we encourage you to test it using its demo account. In case you experience any trading problems, the broker has a customer support service that is available 24 hours, 5 days a week, via phone, email, and live chat.
- Advanced trading platform with a Razor account for scalpers.
- Highly regulated by world-class authorities, including the FCA.
- Low trading charges with competitive spreads.
- Allows various payment methods, including bank transfers, credit/debit cards, and e-wallet.
- The financing cost for positions held overnight is high.
- Minimum deposit requirement of £200.
Metatrader 4 (MT4) vs. Metatrader 5 (MT5)
MetaQuotes software’s MetaTrader 4 and MetaTrader 5 platforms are the most common interfaces that you will come across with most brokers in the UK. Both of these platforms share a few similarities in that both of them allow you to automate your trading activities. They also support hedging features and function seamlessly on all devices, including desktop and mobile.
However, MetaTrader 4 and MetaTrader 5 are different in the following ways:
MetaTrader 4 was specifically designed to serve forex traders, whereas MetaTrader 5 extends its service to CFDs, shares, forex, and futures traders.
MetaTrader 4’s MetaQuotes Language 4 (MQL4) is meant to create trading programs depending on the order systems, whereas MetaTrader 5’s MQL5 has more improvised functions, including six pending orders. You can quickly and more efficiently program it and manage your trading activities by using a single function. MT5 is also a multi-threaded platform, making it execute your trading activities faster than MT4.
MetaTrader 4 only provides traders with 9 time frames, whereas MetaTrader 5 offers 21 time frames, which can operate from one minute to yearly charts. This lets you analyse the trading markets for a more extended period.
You will find 30 built-in indicators and 31 drawing tools on the MetaTrader 4 platform. On the other hand, the MT5 platform is packed with 38 indicators and 44 drawing tools. This sets the bar high for the MT5 platform.
The MT5 platform allows you to transfer your funds from one account to the other. This is a unique feature that the MT4 platform does not have.
Ultimately, the MT4 platform is simple and easy to use, making it a safe choice for beginner traders. On the contrary, MT5 has more advanced features that best suit experienced traders. We advise you to choose according to your trading requirements.
How to Choose the Right MT5 Broker in the UK
Whereas the MT5 platform is primarily recommended for experienced investors, beginners who wish to try it should make sure that they choose the right broker.
Note that the right broker for you should fit into your trading requirements. For example, our recommended brokers vary with their offerings, so this does not mean that all of them are suitable for you.
There are some significant factors that you must keep in consideration, if you want to select the best MT5 broker. Some of these factors include:
The UK trading laws state that it is legal to trade as long as you use licensed and regulated brokers. Therefore, the first thing you need to look out for in a broker is that they must hold licenses from top-tier financial authorities, including the UK’s Financial Conduct Authority (FCA).
The majority of our recommended brokers have multiple licenses, which proves their credibility even further
Our best MT5 brokers above have different trading costs depending on their offerings and market volatility. We advise you to always identify your investment capital so that it acts as guidance in identifying a MT5 broker that complements your investment capital.
Choosing a broker without comparing trading costs first will only strain your nest egg in the long run.
Whether you are a newbie or an advanced investor, the right broker for you should have a trading platform that makes your trading experience worthwhile.
Lagging platforms in trading can cost you a lot of money. Therefore, choose a MT5 broker that offers a platform that is easy to use and highly customisable.
It should also be fast in executing trades and be supported entirely on all devices. This is so that even if you are on the move, you can keep track of your trading activities.
Choosing a MT5 broker that allows access to limitless market assets is essential, especially if you plan to become a long-term investor. Even though you may have specific market assets to trade on, it is great to have backup assets, just in case you feel like trying something new.
If you closely look at the trading market, you will notice that not all MT5 brokers will allow multiple payment methods.
While some are still stuck on the traditional modes of payments, others will let you make deposits and withdrawals using a payment method of your choice, including bank transfers, debit/credit cards, and e-wallets, like PayPal, Skrill, and Neteller. That being said, choose a MT5 broker whose payment methods are in line with your preference.
Any time you experience trading issues or need clarification, you will need a customer support system. Although some of our recommended MT5 brokers are available 24/5, others are open 24/7.
Therefore, make sure that the best broker is reliable and responsive so you can stay ahead of your investment activities. They should also be accessible via different communication channels, including phone, email, and live chat.
It’s always best to go for a MT5 broker with a risk-free demo account, especially if you are a beginner who wants to test the platform and familiarise yourself with how it works. No investor wishes to invest their capital in a broker to later realise that they do not complement their trading requirements.
MetaTrader 5 is a trading platform from MetaQuotes. It was developed to accommodate more asset classes that MetaTrader 4 could not. These assets include CFDs on stocks, forex, and commodities, which are also available on flexible leverage. With MT5’s powerful trading platform, you will enhance your trading experience with advanced practical, technical tools and resources.
Yes. The MetaTrader 5 platform is a free application that lets you analyse the forex and currency markets. Simply download it from the broker of your choice’s website, connect it to the broker, open a trading account and start investing.
First, you need to download the MetaTrader 5 application on your desktop. Once you run it on your PC and enter your personal details, you will be redirected to the main menu to select trading servers. Through the servers, you can access the demo account, to register and test how the MT5 platform works.
No. MetaTrader 5 is simply a trading platform that lets you improve your trading experience through its advanced trading tools for quick market analysis.
Yes. The MetaTrader 5 platform is highly encrypted to secure your information and trades. Make sure that you are using it on a highly regulated broker, like the ones recommended above, so that your investment capital is also secured.
Depending on the broker you are investing with, the minimum deposit for MetaTrader 5 can be as low as £5.
Feel free to choose from our list of recommended MetaTrader 5 brokers in the UK above. Not only have they been tested, but they have also been approved by the Financial Conduct Authority (FCA) to extend their services to UK clients. You therefore do not need to go through the hustle of testing and reading user reviews in order to identify which one best complements your trading requirements. Simply make a choice and test them using their risk-free demo accounts to familiarise yourself with how they work, before diving straight in.