Finding reliable, feature-rich trading software is crucial to every Forex trader’s success. MetaTrader 5 (MT5) aims to meet this need, offering a wide range of tools and features for both beginners and experienced Forex traders. In this article, we explore everything you need to know about MT5, including its features, how it compares with its predecessor, MetaTrader 4, and the best brokers in the UK that support the platform.
FxPro
FP Markets
Pepperstone
Fusion Markets
Eightcap
ActivTradesBelow, you can find more information about the best MT5 brokers in the UK:
- MetaTrader 5 is fully supported by FxPro, giving the broker’s clients ready access to technical indicators, automated trading with Expert Advisors, one-click trading, multiple timeframes, and graphical objects.
- FP Markets provides full support for MT5, giving clients a smooth, flexible and efficient trading experience. Traders have access to Depth of Market information, six types of pending orders, a strategy tester, 21 timeframes, and more.
- Pepperstone supports MT5 trading with Smart Tools, providing enhanced backtesting, improved charting, and advanced market analysis with a broad range of graphical tools. An economic calendar is also integrated into the platform.
- Fusion Markets is an MT5 Forex broker that offers tight spreads and round-turn commissions discounted to $4.50 (£3.54) per standard lot on currency pairs and metals with Zero accounts.
- Eightcap primarily supports TradingView, but UK clients can also download and install the desktop version of MetaTrader 5 on their Windows or Mac computers to use its advanced features.
- ActivTrades provides full support for MT5, allowing clients to trade over 500 share CFDs and ETFs, as well as more than 50 currency pairs, plus indices and commodities. The platform offers 21 timeframes, eight order types, economic news, trailing stop orders, one-click trading, and more.
We also explain how to connect your trading account to MT5, the costs charged by brokers offering the platform, and the criteria we use to select the most reliable MT5 brokers for UK traders. This will give you the information you need to make an informed decision and begin trading with your chosen MT5 broker confidently. To find a suitable broker, browse our list of recommended Forex brokers that support MetaTrader 5 and accept UK clients.
| Broker | ||
|---|---|---|
| FxPro | ||
| FP Markets | £50N/A   | £50N/A |
| Pepperstone | ||
| Fusion Markets | £0N/A | £0N/A |
| Eightcap | ||
| ActivTrades |
What Is MetaTrader 5?
MetaTrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software and launched in 2010. It was designed to address the limitations of its predecessor, MetaTrader 4 (MT4), and provide users with a more versatile and powerful trading environment.
While MT4 primarily focused on Forex trading, MT5 supports a broader range of financial instruments. These include shares, commodities, indices, and cryptocurrencies.
A key advantage of MT5 is its ability to handle multiple asset classes within a single platform. This makes it well suited to traders who want to explore different markets. MT5 also offers advanced analytical tools, enhanced charting capabilities, and support for automated trading through Expert Advisors (EAs).
These features have made MT5 a favourite among traders worldwide, including those in the UK. The platform is compatible with mobile devices and computers, with desktop users able to download it for free or use the browser-based WebTrader version.
Connecting Your Trading Account to MetaTrader 5
Connecting your trading account to MetaTrader 5 is an essential step, particularly if you intend to trade with real money. For beginners and experienced traders alike, the process is straightforward, allowing you to start trading quickly and efficiently.
By linking your trading account to MT5, you gain access to real-time market data, advanced charting tools, and the ability to execute trades directly from the platform. Below, we guide you through the process of connecting your trading account to MT5, step by step.
- Download and Install MT5: Visit your broker’s website or the official MetaTrader website to download the MT5 platform. Follow the installation instructions to set up the platform on your computer or mobile device. The downloadable desktop version is compatible with Windows 7, 8, 8.1, 10, or 11 and macOS 10.12 (Sierra) or later.
Alternatively, you can use the web version of the platform in an up-to-date Google Chrome, Mozilla Firefox, Safari, or Microsoft Edge browser. The minimum system requirements for mobile users are Android 5.0 and iOS 15.0 or later.
- Open the Platform: Launch MT5 and select Open an Account if you are a new user or Log in to an Existing Account if you already have an account.
- Search for Your Broker: In the platform, search for your broker by right-clicking on the Servers tab or selecting Expand All to see all available servers. If your broker is not listed, you can enter the server details manually. This assumes you have already opened an account with a UK-regulated broker that supports the platform.
- Enter Your Login Details: Enter the account number and password provided by your broker after you open an account.
- Start Trading: Once your account is connected, you can access your trading dashboard, view real-time market data, and execute trades directly from the platform.
You can also initiate deposits and withdrawals directly from the platform. To make a deposit, log in to your MT5 account, navigate to the Tools menu, and select Deposit. Follow the prompts to choose your payment method (bank transfer, card, or e-wallet) and complete the transaction.
For withdrawals, go to the Withdrawal option in the same menu, enter the amount, and select your preferred withdrawal method. Not all brokers accepting UK clients support direct transactions through MT5, so you may need to use their website or client portal instead.
Key Features of MT5
MetaTrader 5 offers a comprehensive range of features for both beginners and experienced traders. With support for multiple asset classes and powerful analytical and charting tools, automated trading, and backtesting capabilities, MT5 gives UK traders the tools to execute their strategies effectively.
- Supported Assets: MT5 supports a wide range of financial instruments, including Forex, shares, commodities, indices, and options. This allows you to diversify your portfolio and explore different markets.
- Chart Types: The platform offers candlestick, bar, and line charts, with over 20 timeframes to choose from. Users can customise them to suit their trading style and preferences.
- Order Types: MT5 supports various order types, including market orders, pending orders, stop-loss orders, and trailing stop orders.
- Programming Language: This version of the platform uses the MQL5 programming language, enabling traders to create custom indicators, scripts, and Expert Advisors (EAs) for automated trading.
- Market Analysis Tools: The platform includes built-in technical indicators and analytical tools that help traders conduct in-depth market analysis. You can use them to identify trends, patterns, and potential trading opportunities.
- Automated Trading: MT5 supports automated trading through Expert Advisors (EAs). These robots place orders on your behalf based on predefined criteria, allowing you to automate your trading strategies and save time.
- Multi-Threaded Strategy Tester: This tool allows you to quickly backtest and optimise trading strategies using historical market data.
MetaTrader 4 vs MetaTrader 5
While MT4 remains a popular choice among UK traders, its successor offers several upgrades and additional features that make it a more versatile and powerful platform. MT5 supports more asset classes, timeframes, order execution models, and other useful features that can help users improve their performance and trading results. In the table below, we highlight the main differences between the two platforms and the upgrades incorporated into MT5.
| Side-by-Side Comparison of MT4 and MT5 | ||
|---|---|---|
| Feature | MT4 | MT5 |
| Primary Focus | Forex trading | Multi-asset trading (Forex, shares, commodities, indices, cryptocurrencies) |
| Timeframes | 9 | 21 |
| Technical Indicators | 30 | 38 |
| Graphical Objects | 31 | 44 |
| Programming Language | MQL4 | MQL5 |
| Hedging | Yes | Yes |
| Netting | No | Yes |
| Supported Pending Orders | 4 | 6 |
| Level II Pricing | No | Yes |
| Strategy Tester | Single-threaded | Multi-threaded |
| Built-In Chat Feature | No | Yes |
Paid Features in MetaTrader 5
While MetaTrader 5 (MT5) is free to download, install and use, it offers a range of advanced features available through the MetaTrader Market, an online store integrated into the platform. It enables MetaTrader users to purchase or rent tools such as Expert Advisors (EAs), custom indicators, and scripts. User reviews, ratings and detailed descriptions make it easier to find high-quality tools suited to your specific needs.
- Expert Advisors (EAs): These are automated trading systems that can open and close positions on your behalf based on predefined criteria. You can purchase custom EAs from the MetaTrader Market to automate specific trading strategies.
- Trading Signals: Trading signals are recommendations from experienced traders that you can follow to execute trades. You can subscribe to trading signals through the MetaTrader Market.
- Technical Indicators: MT5 offers a wide range of built-in technical indicators, but you can also purchase specialised indicators from the MetaTrader Market to enhance your market analysis.
- Virtual Private Server (VPS): VPS hosting often involves a subscription fee, with some MT5 brokers accepting UK clients working with approved VPS providers such as BeeksFX and LiquidityEdge. VPS hosting is designed to provide 24/7 uptime for Forex traders, even when their own computers go offline for any reason.
MetaTrader 5 Average Execution Speed
Costs of Using MT5
While the MetaTrader 5 platform itself is free to download and use, you should consider the costs of trading through a broker, as these expenses can significantly affect your overall profitability. From spreads and commissions to inactivity fees and payment processing charges, costs can vary depending on your broker and account type.
- Spreads: The spread is the difference between the bid and ask prices of a currency pair or another asset. Many brokers generate revenue through spreads, which can vary depending on the broker and your account type.
- Commissions: Some brokers charge a commission per trade, especially for ECN accounts. These commissions can add up, so it’s important to consider them when choosing a broker. Commissions typically range from £3 to £3.50 per side, although the amount depends on your chosen broker’s pricing.
- Inactivity Fees: If your account remains inactive for a certain period, your broker may charge an inactivity fee. Check your broker’s fee structure to avoid these additional expenses where possible.
- Overnight Financing Charges: Also known as swap charges, these apply when holding positions overnight and vary according to the asset and market conditions.
- Deposit and Withdrawal Fees: Some brokers charge fees for depositing or withdrawing funds from your account. These fees can vary depending on the payment method you use.
How We Select Reliable MT5 Brokers for the UK
Choosing the right broker is an essential step for UK traders who want to use MetaTrader 5 (MT5). With so many options available, it is important to select a broker that not only supports MT5 but also maintains high standards of reliability, security and regulatory compliance.
Our selection process focuses on key factors that contribute to a secure and smooth trading experience. By prioritising regulation, competitive spreads and transparent pricing, we identify the best brokers operating in the UK market. Here are the main factors our team considers.
- Licensing and Regulation: We only recommend brokers regulated by the FCA, a tier-1 financial regulator that enforces strict consumer protection policies and high standards of regulatory compliance. If an FCA-regulated broker becomes insolvent, eligible clients are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
- Competitive Pricing: We look for brokers that offer the tightest spreads and the lowest possible commissions to help you retain more of the returns from your successful trades.
- Tradable Markets: A good broker should offer a wide range of tradable assets, including hundreds of Forex pairs, shares, commodities and indices. Brokers providing spread betting services, which can be tax-free for UK Forex traders depending on individual circumstances, receive extra points from us.
- Payment Options: We consider brokers that support popular payment methods in the UK, such as local bank transfers, credit cards and digital wallets such as PayPal, Google Pay and Apple Pay, to make funding your account easy and convenient.
- Customer Support Quality: Reliable customer support is essential, especially for new traders. We prioritise brokers that offer responsive support, ideally with representatives available 24/7.
- User Feedback: We take into account the experiences and feedback of other UK traders to check that the brokers we recommend live up to their reputations.
FAQs About MT5 Brokers in the UK
Can I use MT5 on my mobile device?
Yes, MetaTrader 5 (MT5) is fully compatible with mobile devices, allowing you to trade on the move. The platform offers dedicated apps for both iOS and Android devices, which can be downloaded from the Apple App Store or Google Play.
Is MT5 suitable for beginners?
MT5 caters to experienced traders and those seeking broader market access, but its interface is intuitive, and you can begin with a demo account. While MT4 is generally considered the more beginner-friendly option, starting with MT5 may be worthwhile if it suits your trading goals.
Can I trade cryptocurrencies on MT5?
Yes, many brokers offer cryptocurrency trading on MT5. However, we should emphasise that FCA-regulated brokers in the UK are currently prohibited from offering cryptocurrency derivatives to retail clients, as the regulator considers them excessively risky and unsuitable for inexperienced consumers.
Do I need programming skills to use MT5?
Basic programming skills are helpful but not necessary. MT5 offers pre-built tools, allowing users to place and execute trades without extensive coding knowledge. However, learning the MQL5 programming language could further enhance your ability to customise the platform and automate trading.
Is spread betting possible with MT5?
Yes, spread betting is possible with MT5, but availability depends on the broker. While the platform has the technical capability, not all brokers offer spread betting accounts. If you are interested in spread betting on MT5, you need to choose a broker that explicitly provides this service. You will also need to select a spread betting account during registration.