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Best MT5 Brokers UK – Cheapest Brokers Compared

While most technical traders seek a platform that supports MT4 – MT5 is quickly gaining ground. This is because MT5 was built to give you access to a broader range of financial instruments – including CFDs, futures, stocks, and forex.

MT5 also comes with additional tools and features – such as those centered on pricing timeframes, technical indicators, and market depth. Looking for the best UK brokers that support MetaTrader 5? If so, this guide reviews the Best MT5 Brokers UK for 2021.

Best MT5 Brokers UK List

If you’re looking to start trading with the best MT5 brokers UK right now – check out the list of top-rated providers below. We talk about the core functionality and benefits of each MT5 broker further down.

  1. Libertex – Overall Best MT5 Broker UK with Tight Spreads
  2. Pepperstone – Best MT5 Broker UK for Raw Spread Accounts
  3. AvaTrade – Best MT5 Broker for Automated Forex EAs
  4. FX Open – Best MT5 Broker for ECN/STP Accounts
  5. XM – Best MT5 Broker for Asset Diversity

Best MT5 Brokers UK Reviews

In choosing the right trading platform for your needs – you need to look beyond just whether or not the broker supports MT5. In addition to this, you also need to explore what the MT5 brokers and investment apps offer in terms of supported markets, commissions and spreads, payment methods, regulation, and more.

To save you from countless hours of research – below you will find MT5 broker reviews for the best providers in this space.

1. Libertex – Overall Best MT5 Broker UK with Tight Spreads

Libertex is a day trading platform is suitable for speculators of all shapes and sizes. Not only does it offer its own proprietary web trading platform – but also is one of the best MT4 brokers along with MT5. There are many features that ensure Libertex stands out from the crowd. Firstly, the platform does not charge any spreads at all – meaning the bid and ask price on all markets are like-for-like, this is why it makes ur top choice for best MT5 brokers UK.

Many markets at Libertex can be traded commission-free, too. Markets that do attract a trading commission will often cost you less than 0.1% per slide. This top-rated MT5 broker allows you to trade CFDs on a variety of financial assets. This includes a good selection of stocks, best ETFs, indices, and, commodities.

libertex best mt5 broker uk

In particular, Libertex is very strong when it comes to forex trading. You will have access to a wide variety of currency markets – with the platform covering majors, minors, and exotics. All of these markets can be traded with leverage. As a UK citizen, you’ll get up to 1:30 on major pairs and 1:20 on minors and exotics.

What we also like about Libertex is that you have the option of short-selling a CFD instrument – should you think that the market is overvalued. All you need to do is place a sell order via MT5. You can access Libertex via MT5 online or by downloading the software to your desktop device where you can also download MT4 for Mac. Additionally, support is also offered via the MT5 mobile app – available on iOS and Android. Irrespective of your chosen MT5 platform – Libertex offers a free demo account facility.

libertex mt5

This comes pre-loaded with a balance of 50,000 EUR – meaning that you can get to grips with the ins and outs of MT5 in a risk-free manner. If you wish to start trading with real capital – Libertex supports debit/credit cards, e-wallets, and bank transfers. Your initial minimum deposit needs to be at least £100 – and £10 after that. Finally, Libertex is a trusted name in the MT5 broker space. Launched over two decades ago – the platform is regulated by several reputable bodies.

Pros:

  • Tight spread CFD trading
  • Very competitive commissions – starting from 0% upwards
  • Good educational resources
  • Long established broker
  • Compatible with MT4 and MT5
  • Great choice of markets

Cons:

  • Only offers CFDs
  • Non EU and UK traders covered by the FSA

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% 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.

2. Pepperstone – Best MT5 Broker UK for Raw Spread Accounts

peppERSTONE SPREAD BETTINGIf you are a seasoned trader that typically stakes large volumes – you’ll want to consider Pepperstone. This is because the provider is arguably one the best MT5 brokers UK for Raw Spread Accounts. For those unaware, this is similar to an ECN broker Account – whereby you will be buying and selling your chosen financial instruments directly with other market participants.

In turn, when trading forex pairs like EURUSD, USDJPY, GBPUSD, USDCHF, and AUDUSD – you will not pay any spreads at all. Instead, you will pay a flat commission per slide – which will vary depending on the base currency. For example, when utilizing the Raw Spread Account via MT5 – you will pay a commission of £2.29 on GBP pairs and $3.50 on USD pairs.

pepperstone review best mt5 broker uk

This is super cost-effective – especially when trading larger quantities. Although other asset classes will come with a spread, Pepperstone is still very competitive. For example, Raw Spread Account holders will pay from just 2.40 pips on the Dow Jones 30, 0.05 pips on Gold, and 2.5 pips on Spot Crude Oil.

As you will be trading complex instruments at Pepperstone, all markets can be traded with leverage. When it comes to funding, Pepperstone supports a wide range of UK payment types. This includes Visa, MasterCard, Paypal, and bank transfers. This MT5 broker is authorized and regulated by the Financial Conduct Authority (FCA) and has been offering financial services since 2010.

Pros:

  • Spread betting – no capital gains tax
  • Compatible with numerous platforms
  • 0% commission accounts
  • Raw accounts for zero spreads
  • FCA licensed
  • Accepts PayPal

Cons:

  • No proprietary platform
  • Doesn’t offer ETFs

Your capital is at risk.

3. AvaTrade – Best MT5 Broker for Automated Forex EAs

Although MT5 as a platform supports forex EAs (expert advisors) anyway – not all brokers are overly keen on automated systems. This couldn’t be further from the truth with AvaTrade – as this top-rated MT5 broker supports forex EAs in more ways than one.

For example, AvaTrade offers a variety of guides and strategies as to how you can get the most from automated systems. This covers everything from custom indicators, scripts, and libraries. Additionally, AvaTrade also supports Copy Trading when using the platform via MT5. This allows you to mirror the buy and sell orders of a seasoned MT5 trader.

avatrade best mt5 broker

In terms of what you can trade, AvaTrade specializes as a CFD trading platform. Through MT5, this supports forex, stocks, index funds, commodities, and ETFs. Leverage is available on all of the aforementioned CFD asset classes – as per FCA limits. AvaTrade also offers fully-fledged demo accounts – which you can hook up to MT5.  All you need to do is quickly open an AvaTrade account and sign in to MT5 with your demo credentials.

If you want to start trading via MT5 with real money straight away, AvaTrade requires a small minimum deposit of just £100. You can fund your account instantly using a UK debit/credit card – or wait a couple of days via a bank wire. AvaTrade supports MT5 through its own website or via desktop software. There is also support for the MT5 app on iOS and Android. When it comes to fees, AvaTrade is a commission-free broker that on many financial instruments – offers industry-leading spreads.

avatrade mt5

For example, EURUSD and USDJPY will cost you a spread of just 0.9 pips and 1.1 pips respectively. Crude Oil and Gold are also competitive at 0.03 pips and 0.34 pips. When it comes to stock CFDs – companies like Apple, Google, Amazon, Facebook, and Tesla can be traded at a spread of just 0.13%. Finally, AvaTrade is heavily regulated and is authorized to operate in many jurisdictions.

Pros:

  • Supports MT4, MT5, and cTrader
  • Commission-free platform
  • Wide range of tradable instruments
  • Educational materials
  • Islamic trading account
  • ASIC regulated

Cons:

  • Does not offer traditional stock ownership – CFDs only

72% of retail CFD accounts lose money with this provider.

 

4. FX Open – Best MT5 Broker for ECN/STP Accounts

FX OPEN MT5As you likely know – the key problem with a lot of MT5 brokers is that they are market makers. In simpler terms, this means that they often trade against your positions – so there is a conflict of interest. With this in mind, it’s worth considering an MT5 broker that offers ECN/STP Accounts – such as FX Open.

As the name suggests, this online trading site is heavily focused on forex markets. This covers a wide selection of major, minor, and exotic currencies. With that said, FX Open also allows you to trade CFDs in the form of Gold, Crude Oil, indices, and shares. In terms of its MT5 brokerage accounts – there are two options to choose from. If you are planning to trade large volumes – you might be best for the ECN Account. This is because floating spreads start from 0 pips upwards.

FX Open best MT5 broker uk

The minimum deposit on this ECN Account is surprisingly low at just £300. Orindailrly, ECN Brokers require you to meet an account minimum that often runs into thousands of pounds. The ECN account will attract a commission of just $1.50 per slide. If you are planning to trade with smaller amounts, then the STP Account at FX Open is worth considering. This also requires a minimum deposit of just £300 – but you won’t be charged any commissions.

You will, however, need to pay a less competitive spread than the ECN Account offers. Either way, both accounts are fully compatible with MT5. If you are planning to install a forex EA or automated robot system into MT5 – you’ll be pleased to know that FX Open offers a free VPS (Virtual Private Server). This will allow you to have your EA/robot trading for you 24 hours per day without it lagging.

FX Open MT5

In terms of funding your FX Open account, this top-rated MT5 broker and best STP broker supports debit and credit cards – with no fees attached. A local bank transfer is also an option, as is Webmoney. Withdrawals come at a minimum of £10 and £20 when using a debit/credit card and bank wire – respectively. Finally, although FX Open isn’t as well known as other MT5 brokers in the space – it has been operational since 2003. Most importantly, it is regulated by the FCA and retail client funds are protected by the FSCS.

Pros:

  • ECN and STP accounts – so no conflict of interest
  • 0% commission or zero spreads depending on chosen account
  • Supports forex, stocks, commodities, and ETFs via CFDs
  • MT4 and MT5
  • Regulated by the FCA
  • Launched in 2003

Cons:

  • Just 200 financial markets supported
  • Perhaps more suitable for large-volume traders

60% of retail investors lose money trading CFDs at this site.

 

5. XM – Best MT5 Broker UK for Asset Diversity

XM MT5While many traders in the UK will look to specialize in a specific asset class or market – others prefer to take a more diversified approach. If the latter sounds like you – it might be worth considering XM. This top-rated MT5 broker gives you access to over 1,000 financial markets across six core asset classes.

In the case of forex, this covers 55 currency pairs across the majors, minors, and exotics. If stock trading is more your thing – this is where XM really excels. This is because the platform supports hundreds of stock CFDs from 18 different marketplaces. This includes stocks listed in the UK, US, France, Spain, Belgium, Italy, and Greece. There are also stocks from emerging economies such as Brazil and Russia.

XM best MT5 broker uk

Other supports asset classes at XM include agricultural products, equity indices, precious metals, energies. When it comes to pricing, this will depend on which account type you open – of which there are three. The Micro Account – which is suited to newbie traders that wish to stake small volumes, allows you to trade without paying any commission. Spreads on this account start from 1 pip and the contract size per forex pair is 1,000 units.

These market conditions are the same with the Standard Account, albeit, the contract size is 100,000 units. You then have the XM Zero Account – which is more suited to experienced traders. Although you will pay a small variable commission per slide, you will pay 0 pips on most markets. What we really like about this MT5 broker is that the minimum deposit threshold is very low. This stands at just $5 on the Micro and Standard Account, and $100 on the XM Zero Account.

Pros:

  • Trade more than 1,000 markets across 6 asset classes
  • A minimum deposit of just $5
  • No commissions on the Micro and Standard Accounts
  • No spreads on the XM Zero Account
  • Leverage offered on all CFD markets
  • Supports MT5

Cons:

  • Regulated by CySec and not the FCA
  • No traditional investment assets

78.04% of retail investors lose money trading CFDs at this site.

 

MT5 Brokers Fees Comparison

Below we outline the main fees that we came across when conducting our MT5 broker reviews.

MT5 Broker UK Commission Spreads From Platform Fee
Libertex 0%-0.5% ZERO None
Pepperstone 0% 0 pips on Raw Account None
AvaTrade 0% 0.9 pips on EURUSD None
FX Open 0% on STP, $1.50 on ECN 0 pips on ECN Account None
XM 0% on Micro/Standard account 0 pips on XM Zero Account None

Take note, brokerage fees change on a regular basis – so be sure to check this yourself before making a deposit.

What is MT5?

MetaTrader 5 – or simply MT5 – is a third-party trading platform that can be connected to your chosen stock broker site. Not all MetaTrader brokers support MT5 – as its MT5 counterpart still dominates this space. Nevertheless, by trading via the MT5 platform – you will have instant access to a suite of advanced trading tools and features.

For example, MT5 is loaded with several order types, dozens of technical indicators, and chart drawing tools – and you fully customize your trading screen. Perhaps the main attraction with MT5 is that you can also install forex EAs and automated trading systems. More on this shortly.

what is mt5?

It is important to note that MT5 is merely a middleman between you and your broker. That is to say, MT5 does not determine which assets and markets you can trade – nor does it dictate the spreads and commissions that you’ll need to pay. Instead, MT5 is an interface that gives you more flexibility when it comes to analysis and placing orders.

The good news is that MT5 allows you to get a full birds-eye view of your respective brokerage account. For example, you can view your current balance, historical profit and loss, and the status of outstanding positions. Ultimately, MT5 is there to forward your trades to the respective broker in real-time.

Benefits of Using MT5 Trading Platform

If you are yet to use MT5 yourself, you might not be aware of why so many seasoned traders religiously use the platform to buy shares and sell financial instruments.

Below we discuss these features and benefits in more detail.

Technical Analysis

If you are a trader that relies on technical analysis – MT5 has everything that you will need.  In total, this includes 38 widely used technical indicators and 44 drawing tools.

Regarding the former, this covers all indicator groups – such as volume, trends, oscillators, and volatility. MT5 is also a must for advanced technical traders because it offers 21 different timeframes. When using a bog-standard brokerage web trader – you might only have access to 3 or 4.best mt5 brokers uk

An additional stand-out feature of MT5 is that it offers an unlimited number of charts. This means that you can customize your screen layout to show pricing action from as many assets as you wish.

Fundamental Analysis

Although both MT5 and MT4 are synonymous with technical trading – it should be noted that the platform is also great when it comes to fundamental research.

This is because the platform has a built-in news feed from a variety of top financial reporting sites. This will give you access to real-time broadcasts centering on pricing feeds, company earnings reports, newsletters, and more. As such, MT5 ensures that you are regularly kept abreast not only on the technicals – but the fundamentals, too.

Order Types

When using the web trading platform offered by your chosen broker – you might find that you have access to very little in the way of orders. Sure, you’ll likely have access to buy/sell orders, limit orders, stop-loss orders, and take-profit orders – but that might be just about it.

On the contrary, when trading with one of the best MT5 brokers UK – you will have access to heaps of more advanced and flexible order types. For example, This includes 6 pending orders,2 trailing stop-losses, 2 stop orders, and 2 market orders.

These can be broken down further depending on your trading objective – with MT5 covering Exchange, Request, Market, and Instant execution.  Having access to such a broad range of orders on MT5 ensures that you can trade in a risk-averse manner.

Automated Trading

MT5 is one of the best automated trading platforms in the market. This is because it offers full support for both forex EAs and automated robots. All you need to do is download your chosen software system and install it into the MT5 desktop platform that you have on your device.

best mt5 brokers uk

Then, you can fully customize your automated system before it goes live. For example, you can set pre-determined metrics such as maximum stake sizes in relation to your balance, target stop-loss and take-profit prices, and specific assets that should or shouldn’t be traded. In fact – as our MT5 brokers UK offer demo accounts – you can test your automated system out risk-free.

Copy Trading

Another top-rated feature that the best MT5 brokers UK offer is support for Copy Trading. This is actually a tool provided by the MT5 platform itself and it allows you to trade in a fully passive manner. Unlike forex EAs or robots – you won’t be relying on a pre-programmed software file.

Instead, you will select a seasoned trader that has registered for the MT5 Copy Trading program by analyzing their historical performance. If you are confident that the trader meets your financial goals and tolerance for risk – you can then copy all ongoing positions like-for-like.

Unlike eToro – which is an FCA broker that offers Copy Trading for free, MT5 actually charges a fixed subscription. The amount you pay will vary depending on the specific trader that you elect to copy.

How to Get Started with an MT5 Broker

If you’re ready to start trading on MT5 right now – follow the steps below. We walk you through the end-to-end process of opening an account with top-rated broker Libertex, making a deposit, and getting set up with MT5.

Step 1: Open a Brokerage Account

As you now know – you can’t use MT5 without first opening an account with a supported broker. At Libertex – the process of registering takes no more than a few minutes.

libertex open account

 

Simply visit the Libertex website and follow the on-screen instructions when prompted. You’ll be asked to enter some personal information and contact details.

Step 2: Upload ID

Now that you have opened an account at Libertex – you’ll need to quickly upload a copy of your passport or driver’s license. This is part of the KYC (Know Your Customer) process and ensures that Libertex remains compliant with anti-money laundering regulations.

Step 3: Deposit Funds

Before you can start trading on MT5 with real money – you need to deposit some funds. You’ll have to do this directly with Libertex – and the minimum deposit stands at £100. You can instantly fund your account with a UK debit/credit card or e-wallet. Once you do, you can head straight over to MT5 and start trading!

Step 4: Download MT5 (If Applicable)

In order to get the most out of MT5 – it’s best to download the platform to your desktop computer. This will allow you to benefit from its core features – such as Copy Trading, forex EAs, and advanced technical indicators. With that said, you can also trade on MT5 via the Libertex website – meaning there is no requirement to download or install any software.

Step 5: Log in to MT5

All MT5 platforms require you to log in before you can gain access. You will be logging in with your brokerage credentials – so in this case, the username and password that you created when you opened your Libertex account.

how to use mt5

Once you log in – you will be able to see your Libertex username and your current account balance.

Step 6: Search for Asset and Place Order 

You are now ready to start trading on MT5! As you are using Libertex, you can trade hundreds of markets – from stocks and forex to commodities and ETFs. You can use the MT5 search function to find your desired market or use the filter buttons from the top of the page.

how to use mt5

Once you have found the supported market that you wish to trade – you will need to set up an order. Opt for a buy order if you think the financial instrument will rise in value or a sell order if you think the opposite. You can also set up limit, stop-loss, and take-profit orders.

Once you confirm the trade – MT5 will forward the position to Libertex in real-time.

Best MT5 Brokers UK – Conclusion

If you are a seasoned trader that wants access to more sophisticated tools and features – MT5 is well worth considering. Many would argue that this third-party trading platform is better than MT4 – as it offers a more comprehensive set of technical indicators, chart reading tools, and automated trading systems.

You will, however, need to sign up with a trusted MT5 broker before you can use the software. After reviewing the best MT5 brokers UK in the market – we found that Libertex stands out. The regulated platform offers heaps of financial markets – all of which can be traded with tight spreads.

Libertex – Best MT5 Broker UK with 0% Commission and Tight Spreads

Your capital is at risk.

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About Kane Pepi PRO INVESTOR

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.

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