5 Best MT5 Brokers in the UK for January 2025

UK traders requiring access to a wide array of tradeable instruments and sophisticated charting tools seek out brokers that offer the MetaTrader 5 (MT5) trading platform. 

Developed by MetaQuotes in 2010, MT5 offers an extensive library of technical indicators, 44 charting tools, including Gann and Fibonacci tools, geometric shapes, and trend channels, enabling in-depth market analysis. It also allows traders to automate their strategies through creating Expert Advisors (EAs) using the MQL5 programming language.

MetaTrader 5 facilitates trading across various asset classes, including forex, stocks, commodities, and cryptocurrencies, from a single platform. It prioritises security with encryption based on 128-bit keys to safeguard user accounts. View our selection of the best MT5 brokerages in the UK today in this guide.

Reviewing the best MT5 brokers in the UK

Now, let’s take a more detailed look at the top-ranking MetaTrader 5 brokers in the UK and their offerings:

1. Pepperstone: Strong MT5 brokerage choice for day traders

The platform is a strong choice for UK traders seeking a reliable, well-regulated broker with competitive pricing and excellent customer support that offers the MT5 platform.

It offers two types of accounts: the Razor account, which is the company’s flagship platform with tight spreads and low commissions and is designed for high-frequency traders and scalpers. The standard account is commission free, but has higher fixed spreads. This is better suited for swing traders and other longer-term trading strategies.

The platform is available in 160 countries and its multilingual customer support is offered 24/5. Traders can buy a wide range of assets, including commodities, cryptocurrencies, ETFs, forex, indices, and stocks and do so with quick execution speeds. Pepperstone doesn’t require a minimum deposit and doesn’t charge account maintenance, deposit, or withdrawal fees.

Some of its negatives are it doesn’t allow direct share trading and its 60-day limit for a demo account may not be enough time for investors to really get their feet wet. It also doesn’t have social trading.

2. FP Markets: MT5 broker focusing on low-cost trading

FP Markets is an Australian multi-asset broker known for low-cost trading. It has more than $1 billion in daily trading volume and serves clients in more than 80 countries.

It focuses on CFD trading and provides a fully-featured MT5 platform, allowing you to access a wide range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. It also offers trading on the MT4, Iress, cTrader, and TradingView platforms.

Some of this MetaTrader 5 broker’ best features include its ability to customise your MT5 platform with charts, indicators and timeframe as well as the potential of doing automated trading with expert advisors.

It has VPS hosting, adding to the platform’s reliability. It offers copy trading, a demo account and has a solid reputation that dates back 20 years, making it a veteran among mobile investing platforms.

FP Market negatives include the inability to do direct share trading and no regulation by the FCA, though it is regulated by the Australian Securities and Investments Commission (ASIC).

3. Admiral Markets: Strong assortment of trading options, educational resources

Admiral Markets is part of the Estonia-based Admirals Group and it’s regulated by the UK’s FCA. While it has real stocks and ETFs available to trade, it focuses on trading in forex and CFDs on indices, metals, energies, agriculture, commodities, crypto, stocks, ETFs and bonds. CFD trading is also available on commodities futures and index futures.

The platform allows you to use MT5 in your browser or download the platform for free. It also offers MetaTrader WebTrader and an Admiral Markets mobile app. Those traders who use MT5 with Admiral Markets also have access to the broker’s Premium Analytics portal, regular market analysis and its  educational articles library.

The MT5 broker allows copy trading where users can automatically mirror a specific investor’s trades, based on a certain ratio set by the user.

It only requires a minimum deposit of £250 to begin trading on an MT5 account and the broker has a demo account that lasts 30 days. The demo account becomes unlimited if you open a live account.

Its educational resources are fairly extensive, with tutorials, training videos, Admiral Academy articles, e-books and a trader’s glossary. Admiral Markets allows fractional trading, negative balance protection and its CFD trading choices are extensive, though it doesn’t allow non-CFD trading.

4. FxPro: CFD broker with plenty of account options

FxPro is a seasoned global broker and offers CFD trading on forex, shares, spot indices, futures, spot metals and spot energy. It has been around since 2006, longer than many of its competitors. Over that time it has built a strong reputation and a loyal client base of more than 2 million traders across more than 170 countries.

The broker has facilitated over 750 million trades and has cemented its position as a market leader through its prestigious sponsorship of the McLaren F1 team.

FxPro offers multiple account types, including a demo account. It offers Islamic accounts that adhere to Sharia law principles and it also offers professionally managed accounts.

Its MetaTrader platforms provide advanced trading tools, including Expert Advisors (EAs) for automated trading and copy trading services that allow traders to follow and copy the strategies of experienced traders. For added convenience, FxPro offers a user-friendly web trader and mobile app, ensuring seamless trading experiences on any device.

Some of the negatives for FxPro include its high minimum deposit requirement and an inactivity fee of $5 a month that kicks in after six months of inactivity.

5. XM: MT5 broker strong on technical analysis for CFD trading

XM is a solid choice for UK-based traders seeking a broker with a diverse range of assets and robust educational resources, including Reuters news on investments and plenty of free technical analysis.

It serves more than 10 million customers in 190 countries, though it is not regulated by the FCA. It offers CFD trading on stocks, indices, commodities, energies and metals along with forex trading. It provides access to professional managers and free daily technical analysis and access to forex market research. It also provides a demo account.

Its XM Zero account has its lowest spread, but it charges a commission. Its XM Ultra Low and Ultra Low accounts are commission-free but with higher spreads. XM also has a social trading platform called XM Copy Trading that allows investors to mimic strategies from other traders.

However, the higher spreads and limited platform options might be a concern for some. It also charges a $15 one-off maintenance fee after a year of inactivity, followed by a $5 monthly fee if the account remains inactive.

MT5 trading platforms in the UK compared

Let’s compare some of the features of these UK MT5 brokers at a glance:

What is MT5?

MetaTrader 5 (MT5) is a cutting-edge, multi-asset trading platform offering a comprehensive suite of tools for traders of all levels. While renowned for its forex trading capabilities, MT5 extends its reach to a wide range of markets, including stocks, indices, cryptocurrencies, and commodities.

MT5 is also the improved version of its predecessor, MetaTrader 4 (MT4).

Key features of MT5 include:

• Advanced trading functionality: Execute trades seamlessly across multiple asset classes.
• In-depth market analysis: Utilise robust technical and fundamental analysis tools to gain market insights.
• Social trading: Learn from experienced traders and copy their strategies.
• Automated trading: Implement automated trading strategies with Expert Advisors (EAs).

Why is MT5 a popular trading platform?

MT5 has emerged as a powerful and versatile trading platform, offering a wide range of features and tools for both novice and experienced traders. Its ability to accommodate various asset classes, advanced charting capabilities, and automation options make it a compelling choice for those seeking to optimize their trading strategies.

The primary reason MT5 has caught on since it was introduced in 2010 is its multifunctionality and wealth of analytical charting features. It even has a strategy tester, allowing you to backtest and optimise your Expert Advisors (trading robots) using historical prices.

Advantages and drawbacks of MT5

Let’s delve into the features of MT5 that make it worthwhile for traders to use the platform and its downsides that render it not so suitable for some.

Pros of using MT5

• Advanced features: MT5 offers a wider range of advanced features, including more technical indicators, timeframes, and charting tools compared to MT4. This allows for more in-depth market analysis and customised trading strategies.
• Multi-asset trading: MT5 supports trading across various asset classes such as forex, stocks, commodities, and cryptocurrencies. This versatility is beneficial for traders who want to diversify their portfolios.
• Depth of market (DOM): MT5 provides a detailed DOM, giving traders insights into market liquidity and order flow. This can help identify potential trading opportunities and manage risk effectively.
• Economic calendar: The built-in economic calendar keeps traders updated on important economic events that can impact market movements. This information is crucial for making informed trading decisions.
• MQL5 programming language: MT5 uses the MQL5 programming language, which is more powerful and flexible than MQL4. This allows for the creation of more complex and sophisticated trading strategies and indicators.

Cons of using MT5

• Steeper learning curve: MT5’s advanced features can be overwhelming for beginners. It may take some time to get accustomed to its interface and functionalities.
• Smaller user community: Compared to MT4, MT5 has a smaller user community. This can sometimes limit the availability of third-party resources, plugins, and support forums.
• Fewer brokers offering MT5: While the number of brokers supporting MT5 is increasing, it’s still less widely available than MT4. This might limit your choices when selecting a broker.
• Higher system requirements: MT5 may require more powerful hardware and software to run smoothly, especially if you’re using multiple charts and indicators simultaneously.

What assets can you trade on MetaTrader 5?

MT5 supports trading on spot forex, forex, futures, cryptocurrency, stocks, bonds, and various types of contracts for difference (CFD), including futures, commodities, and indices.

This is one of the reasons many traders choose MT5 over its predecessor MT4, which is limited to currency pairs and CFDs.

While many forex traders keep using MT4, MT5 is also a solid choice for forex. To find out which dedicated forex brokers support MT5 in the UK, check out our guide on the best low spread forex brokers in the country.

How to choose an MT5 broker

When looking for the best MT5 brokers in the UK, it’s crucial to consider factors such as regulation, fees, customer support, and the overall trading experience. The brokers highlighted in this article offer competitive pricing, reliable platforms, and a diverse range of features.

By carefully evaluating these attributes and choosing the right broker, traders can leverage the full potential of MT5 to achieve their financial goals.

When selecting the optimal MetaTrader 5 broker in the UK, consider the following:

Cost-Effectiveness:

• Fees and charges: Evaluate the various fees imposed by different MT5 brokers, including platform fees, inactivity fees, and trading commissions.
• Hidden costs: Be aware of any additional costs that might be incorporated into the overall fee structure.
• Low-cost options: The best MT5 brokers offer competitive trading costs or even fee-free platforms.

Reliable Customer Support:

• Availability: Ensure the broker provides timely and efficient customer support through various channels, such as live chat, phone, and email.
• Expertise: Seek brokers for MT5 with knowledgeable support staff who can assist with technical issues, account inquiries, and trading strategies.

Uptime and Stability:

Continuous access to the market and the stability of the broker’s servers are essential for executing trades especially during busy trading periods.

• Server Reliability: Prioritise brokers with robust server infrastructure to minimise downtime and ensure uninterrupted trading.
• Market Hours: Opt for MT5 brokers with reliable servers, especially during peak trading hours when market volatility is high.

VPS hosting:

• Enhanced Performance: Consider MT5 brokers that offer Virtual Private Server (VPS) hosting. This service enables you to run MT5 remotely, improving stability, reducing latency, and allowing for 24/7 trading.

Customizable trading environment:

• Indicators and add-ons: Choose a broker that provides a wide range of customizable indicators and add-ons to tailor your MT5 platform to your specific trading style and preferences.
• User-friendly interface: Look for MetaTrader 5 brokers with intuitive and easy-to-navigate platforms that allow for efficient trading and analysis.

If you are still undecided whether MT5 is right for you, read our guide on the best UK trading platforms, which covers more options.

Can you trade with leverage on MT5?

Depending on which brokerage you use, you can trade with leverage on MT5. Leverage, which is essentially a loan from your broker, allows you to control a larger position size than your initial deposit, potentially amplifying both profits and losses.

This is also called margin trading, and it’s best reserved for experienced traders, given the high risk of losing your deposit. You may end up losing more, unless your broker offers negative balance protection.

Earlier this year, MT5 also introduced the option to use floating leverage straight from the platform. This allows traders to set different margin requirements based on the number of open positions.

How to start trading using MT5 in 5 easy steps

Many reliable UK brokers offer MT5 to their clients. We’ll use Pepperstone to walk you through the process. Follow these steps and you’ll soon be placing your first MT5 trade.

Step 1: Open an account with an MT5 broker

Sign up for a new trading account on the Pepperstone website and choose MetaTrader 5 as your platform. You will need to provide an email address and a mobile number.

Pepperstone has a know-your-customer (KYC) process and will verify your identity. Upload a passport or driver’s license, plus a proof of residence (e.g.: a recent utility bill or bank statement).

Step 2: Deposit funds

Choose a suitable account type based on your trading experience and needs and fund your account. The minimum deposit in the UK is £250. However, Pepperstone recommends a starting balance of at least £500 to benefit from the full range of products it offers.  

Pepperstone has several payment options, such as credit cards and bank transfers, as well as e-wallets including Skrill, PayPal, and Neteller in the UK. 

Step 3: Download MT5

Visit the Pepperstone website and download the MT5 platform and install it on your PC. You can also trade directly from your browser with the Pepperstone MetaTrader 5 web platform as Pepperstone offers a web-based version of MetaTrader 5 which allows you to access and execute trades through your browser without needing to download any additional software.

MetaTrader 5 is also available for your mobile device for iOS and Android. Download it from your app store.

Whichever way you are accessing it, launch the MT5 platform and enter your Pepperstone login details, including your server address, which is provided by Pepperstone.

Step 4: Educate yourself about MT5’s features

Pepperstone and other MT5 brokers offer detailed tutorials about the platform’s functionality. To get the most out of the platform:

Understand the MT5 interface:

• Market Watch: Displays a list of tradable instruments.
• Chart window: Used for technical analysis and placing orders.
• Terminal window: Shows open positions, order history, and account balance.
• Toolbox: Contains tools and indicators for technical analysis.

Learn to Use MT5’s Tools to Analyse the Market

• Use technical analysis tools and indicators to identify potential trading opportunities.
• Consider factors like price trends, support and resistance levels, and momentum indicators.

Step 5: Place a trade

Method 1: Using the New Order window:

• Right-click on the chart and select “New Order.”
• Choose your order type (market, limit, stop, etc.), specify the volume, set a stop-loss and take-profit level, and click “Buy” or “Sell.”

Method 2: Using the one-click trading panel:

• Right-click on the chart and select “Trading.”
• Adjust the volume, stop-loss, and take-profit levels in the panel.
• Click the “Buy” or “Sell” button to execute the trade.

Now that you have placed your first trade on the MT5 platform, keep an eye on the chart of your chosen instrument and monitor your open positions in the terminal window.

Set your stop-loss and take-profit orders to manage risk and adjust your positions based on market developments. When you’re ready, close your position by right-clicking on the trade in the terminal window and selecting “Close Position.”

FAQs on UK MT5 brokers