Best Brokers for MetaTrader 5 (UK) – 2024 Review

Best MetaTrader 5 Brokers List (October 2024):

1. Pepperstone MT5 – Extensively Regulated MT5 Broker
2. AvaTrade MT5 – Top Broker with MT5 Demo Account
3. Vantage Markets – One of the Best MT5 Brokers with Social Trading
4. IG MT5 – One of the Best MetaTrader 5 Brokers
5. XTB – One of the Best MT5 Brokers for Beginners
6. ActivTrades Top MetaTrader 5 Broker with No Commissions
7. Moneta Markets – Among the Top MT5 Brokers with No Inactivity Fee

Best MT5 Brokers in the UK – Comparison Chart for October 2024

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. 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.

Best Brokers for MetaTrader 5 in the UK – Reviewed (October 2024)

With a $0 minimum deposit, Pepperstone is a well-established broker that offers more than 1,200+ trading instruments, including forex and CFDs, some pairs as low as 0 pips.

Pepperstone is a solid choice for both beginner and experienced traders, with excellent research opportunities and access to MetaTrader 5, as well as an extensive range of educational materials.

Although Pepperstone started in Melbourne, it now has over seven offices internationally, including London, UK, and is regulated by both the FCA and ASIC, as well as CySEC, BaFIN, CMA, DFSA and SCB.

Providing brokerage services since 2010, Pepperstone offers low fees alongside no minimum deposit amount – one of its bestselling features.

AvaTrade is a reputable online brokerage that offers traders the opportunity to access the global financial markets, and it is particularly well-known for its focus on forex and contract for difference (CFD) trading.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Mínimum deposit of $100, no withdraw limit and no fees.

One of the notable trading platforms that AvaTrade provides to its clients is MetaTrader 5 (MT5). MT5 is a widely recognized and versatile trading platform that caters to traders of all levels, from beginners to experienced professionals.

Through AvaTrade's offering of MetaTrader 5, traders can access an extensive range of financial instruments, including forex pairs, commodities, indices, stocks and cryptocurrencies.

MT5's advanced charting tools, technical indicators and algorithmic trading capabilities empower traders to conduct thorough analyses and develop intricate trading strategies.

The platform's support for multiple timeframes, economic calendar integration, and customizable indicators make it a powerful tool for traders seeking to make informed decisions in dynamic markets.

Whether traders are looking to engage in forex, CFDs, or other asset classes, the AvaTrade-MT5 partnership offers a robust and accessible solution.

Traders can take advantage of MT5's extensive features while benefiting from AvaTrade's educational resources, customer support and regulatory compliance, making it a compelling option for traders looking to navigate the financial markets effectively.

Vantage Markets was founded in 2008 to be a transparent forex broker and has grown to include 40+ forex pairs and over 1000 different assets including EFTs.

As a broker, Vantage Markets is well-regarded and considered safe thanks to regulation by ASIC, FCA and VFSC.

Vantage Markets offers access to the markets through the popular MT4 and MT5 platforms, and a feature-stuffed mobile app.

MT5 provides a host of sophisticated tools including comprehensive charting features, an array of technical indicators, automated trading functions and access to diverse financial instruments.

There are three account types:

• Standard STP. Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.0 pips. The minimum deposit is $50.
• Raw ECN. Designed for more experienced traders, this account charges commission at $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
• Pro ECN. This is for professional, high volume traders, and offers commission at $1.5 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage Markets is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

For traders looking to deal exclusively in forex, the Vantage Markets offering is limited but well-crafted. There is no proprietary platform, but users can trade on MetaTrader 4 and 5.

Social and copy trading is available with ZuluTrade, DupliTrade and the myfxbook AutoTrade, and with both MT4 and 5 Expert Advisors can be used for algorithmic trading.

For beginners, there is not much education available with Vantage Markets, so it might be more suitable for a trader that has some experience, and the research provided is mostly from third party sources. Vantage Markets has a YouTube channel and there are daily trading videos posted there.

Vantage Markets allows for fast executions and is transparent on pricing, with good customer service.

IG, a prominent brokerage known for its diverse trading services, extends its offering by incorporating the renowned MetaTrader 5 (MT5) platform. MT5's adaptability aligns seamlessly with IG's commitment to providing traders with a comprehensive range of trading opportunities.

By integrating MT5 into its services, IG further broadens its spectrum of financial instruments, encompassing forex, stocks, commodities and indices.

The amalgamation of IG's reputable trading environment with the robust capabilities of MetaTrader 5 establishes a synergy that caters to traders with varied levels of expertise and trading preferences.

IG's dedication to education, research and customer support complements MT5's multifaceted attributes, fostering an efficient trading experience.

This collaboration enables traders to leverage IG's expansive market access while harnessing MT5's advanced tools, making it an enticing proposition for those in pursuit of a versatile and adaptable trading solution.

XTB is both stock-exchange listed and regulated across the globe (FCA, CySEC, KNF and IFSEC). With a $0 minimum deposit and low forex fees, accounts can be opened quickly online.

One of the most popular selling points for the beginner trader is that it offers great educational tools – perfect for helping those just starting out.

XTB offers traders access to xStation, a proprietary trading platform that is considered to be powerful, fast and full of different tools.

XTB integrates the MetaTrader 5 (MT5) platform to enhance its trading offerings. This collaboration combines XTB's trading expertise with the capabilities of MT5, resulting in a comprehensive trading experience.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.

ActivTrades is a traditional CFD broker and has been trading for more than 20 years on 140 markets. ActivTrades is authorized and regulated by the FCA, CSSF and SCB.

Its strong points include:

• No minimum first-time deposit
• No commissions
• Several payment methods for deposits and withdrawals
• Tight spreads from 0.5 pips

It offers one of the best execution speeds in the industry with low latency below 0.004s.

It utilizes the most advanced technology to improve users' trading efficiency – users can automate trades, build integrations and create trading apps using ActivTrades' market-leading CFD and spread betting technology.

MT5 is one of the trading platforms offered by ActivTrades, providing traders with advanced charting tools, technical indicators, algorithmic trading capabilities and access to various financial instruments.

Traders can use MT5 to trade forex, commodities, indices, stocks, cryptocurrencies and more through ActivTrades' platform.

ActivTrades invests deeply in specially developed educational materials for its clients – including webinars, regular outlooks, manuals, etc.

Spread betting allows UK residents ONLY to trade the prices of financial instruments, including forex, indices, commodities and LSE shares.

This relatively new broker is registered in the Cayman Islands, and it is regulated by CIMA.

To get started with Moneta Markets, you will need a $200 minimum deposit, but you'll get access to forex, shares, indices, commodities and cryptocurrencies, as well as various CFDs.

When trading with MetaTrader 5, you can choose an STP account with the fees built into the spread or an ECN account that has lower spreads and a $3 per lot, per side commission on forex.

Traders can deposit funds for free in a variety of ways, but you can only make withdrawals via bank transfer.

The lack of top-tier regulation and ‘newness’ of Moneta Markets might make new traders a bit wary, but the huge range of trading instruments combined with a simple user interface and lots of education make it a good choice if you have confidence in your strategies.

What Is an MT5 Forex Broker?

A forex broker is a business that acts as a way for a trader to buy and sell currency.

As a financial services provider, a broker is a middleman that allows access for retail and professional traders to trade currency in different ways.

Forex brokers sometimes deal in other trading instruments, like stocks, EFTs, CFDs and cryptocurrency, as well as foreign exchange, and to do this, they provide a place for traders to buy and sell.

One of the most popular trading platforms is MetaTrader 4 (MT4) and the newer iteration, MetaTrader 5 (MT5).

Sometimes brokers will have their own proprietary trading platform, one that has been developed specifically for use with that broker and offers different trading options and capabilities.

MetaTrader 5 is a multi-functional trading platform that can be used for trading more than just forex. This is one of the main upgrades from the MT4 offering, which was focused on just forex trading.

MT5 is popular amongst advanced and day traders, with functionality in a web, desktop or mobile app.

As an upgrade to MT4, MT5 offers more opportunities for multiple charts, more indicators and analytical objects and more timeframes.

Other features such as EAs (expert advisors) and copy trading are particularly advanced and easy to use on MT5.

Although MT5 is the newest software made by the popular MetaQuotes, MetaTrader 4 is still the more popular platform.

When you are looking for a broker that allows access to the functionality and trading ability of MetaTrader 5, then there are many options available, all with slightly different fees, costs and regulations.

What to Look For in an MT5 Broker

Trustworthiness

Putting your money into a MetaTrader 5 broker to make trades in foreign currency means you have to trust that your money is safe.

Although any type of trading comes with an inherent risk of losing, you will want to make sure that the broker you use is trustworthy – and there are a few ways that you can ease your concerns.

Firstly, you need to know that the broker has a good reputation. This can be deduced from things like how long they have been providing services and what other traders think about the services that the broker provides.

Look out for independent broker reviews for the ones you are considering using, rather than what its website claims.

Secondly, and perhaps more importantly, is the regulation of the broker.

Each country or region has a financial authority that ensures every financial institution follows specific rules and is regulated and monitored to ensure transparency.

In the UK, this is the Financial Services Authority, and the US has National Futures Association, as well as the Commodity Futures Trading Association.

Australia has ASIC, and Cyprus has CySEC. These agencies are only connected to brokers who meet regulatory standards, so they are a good indicator that the broker you are considering is trustworthy.

Fees

The cost of trading is an important consideration for traders, both new and experienced. You can access MT5 for free, but when you use a broker, there will be fees, as that is where they make their money.

There are separate categories of fees to look out for.

Account Fees

These are costs that are associated with opening and managing your trading account. These include things like deposits, withdrawal and inactivity fees.

These are set by the broker and can be different depending on the country the trader resides in and what type of trading account they open.

Trading Fees

These are what make up the cost of individual trades, and each trade you make will have specific costs attached.

These fees might be presented as a commission per trade, or they can be built into the spread. Sometimes brokers will charge both – but what you will pay for the trade is usually dependent on the account they have.

What Is the UX/Customer Experience Like?

For both new and experienced traders, the interface that the broker provides is important. Customization of charts, the provision of research and educational materials and things like mobile access can make a real difference to the ease of use.

Another thing to consider is how much education is available from the broker.

Even the most experienced traders might need to brush up on their knowledge, so learning opportunities on the platform should be available.

This can be in the form of basic instructions on using the platform, but you should look for a broker that takes their education provision seriously, with video and written lessons on different trading subjects.

Customer service is also something to look for. If a problem arises while you are using the platform, you will want to be able to access support when you need it.

Most brokers offer different ways of getting hold of help, from FAQs to phone, live chat and email.

Do They Allow Your Preferred Type of Trading?

The availability of the broker you have chosen to undertake different strategies might affect your decisions.

If you prefer to trade using leverage or if scalping is your strategy, then you want to be sure that your MT5 broker will allow it.

Another part of this is the availability of the trading instruments that you want to use. Some brokers might not offer as many currency pairs, or they might not give you the opportunity to trade stocks, shares or cryptocurrency.

Should a Beginner Use a MT5 Broker?

Although MetaTrader 5 is a newer version of MT4, it is not strictly an upgrade – rather, it is a platform that offers more variation in trading instruments and tools.

MT4 remains the more popular of the platforms, and in many cases is likely to be the most suitable for a beginner trader; much of the added functionality of MT5 is aimed at more experienced traders.

For example, MT5 uses the more complex programming language MQL5, while MT4 sticks to the more straightforward MQL4 – which makes it easier for clients to build algorithms.

This all hinges on the different trading instruments offered, however. As MT4 is more about forex trading – with tools and research aimed at helping traders make the most of the foreign exchange market, it might not be the best option for a beginner trader who wants to explore other instruments.

MetaTrader 5 iOS & Android – MT5 App

Trading on the go has never been easier thanks to the proliferation of top-level smartphones, and MetaTrader 5 has produced an interactive app that is available on both iOS and Android devices.

Unlike some other trading apps, the mobile offering for MetaTrader 5 offers real market depth and allows you to complete all types of trade orders no matter where you are.

The user interface is smooth and well-designed, with access to almost all the technical analysis tools that are available on the larger web platform and the desktop download.

The benefit of using the MT5 mobile app, whether you are on Apple or Android, is that you can control your account on the go, make buy and sell orders, and keep abreast of technical indicators.

MT5 Brokers – MetaTrader 5 PC Download

Designed for use on Windows-based PCs and laptops, the MT5 desktop app can be downloaded from MetaTrader themselves or via your broker.

Getting the app on your computer gives you the fullest experience of what the software can do; you’ll have more than 100 interactive charts with dozens of analytical tools right at your fingertips.

This is where you can access the MQL5 development environment to write code for EAs and robots, and you can download ready to use trading applications from the MetaTrader Market as well.

For the more social traders, the embedded community chat function is something that is not available on MT4 and it is featured as part of the desktop experience.

One of the biggest draws for people when it comes to deciding between MT4 and MT5 is access to different markets and the opportunity to trade different instruments, and with the desktop download the whole market is available and ready for you to trade – and you can hedge or net trades, too.

MT5 Web Terminal

Ideal for those who want to access their account from outside their personal computer, the web terminal is accessible through a unique, secure URL that will take you directly to the sign-in page for your account.

The features on the web terminal are broadly similar to those available on the desktop version, but you will notice that there are fewer technical indicators and graphical objects available.

However, for trading away from your usual computer, the web terminal provides the opportunity to place any type of trade, as well as most of the functionality.

It is worth noting that the MT5 web terminal does not offer access to robots and Expert Advisors though.

Can I Use MT5 without a Broker?

You can only access a MetaTrader 5 demo account without a broker – you will not be able to trade with real money unless you use a broker.

This is because the MT5 server is operated by the broker, and they provide the client terminal for you as a trader to use.

Many brokers are available that offer access to the MT5 trading environment, and they can help by providing education and research tools that you could use to improve your trades.

Choosing the right MetaTrader 5 broker for you will be easier when you know what you want to do with your trading, how much you want to spend, and what extras you are looking for in terms of support and trading instruments.

MetaTrader 5 (MT5) is a popular trading platform used by traders and investors to access various financial markets, including Forex, stocks, commodities and cryptocurrencies.

To use MetaTrader 5 brokers, follow these steps:

MetaTrader 5 Brokers UK – Frequently Asked Questions

Final Thoughts

MetaTrader 5 is a fast, effective and multi-functional trading platform that offers traders the opportunity to make trades using more than just forex.

However, working with MT5 is not just about the platform. You need to make sure that you choose an appropriate broker that suits the way you trade, has the right level of fees and has great customer support and educational offerings.

Choose the right MT5 broker – one that is well-regulated, has a good reputation and helps you trade in the way that you want – so that you can make the most of the improved functionality of MetaTrader 5.