Finding reliable and feature-rich trading software is crucial for the success of every forex trader. MetaTrader 5 (MT5) positions itself as one such platform, offering a wide range of tools and features that cater to both beginners and experienced forex traders. In this article, we explore everything you need to know about MT5, including its features, how it compares to 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 platforms in the UK:
- MetaTrader 5 works seamlessly on FxPro, providing customers of the broker with unhindered access to technical indicators, automated trading with Expert Advisors, single-click trading, multiple timeframes, and graphical objects.
- FP Markets provides full support for MT5 to deliver a seamless, flexible, and efficient trading experience to its customers. Traders have access to depth of market information, 6 types of pending stop orders, a strategy tester, 21 timeframes, and more.
- Pepperstone enables MT5 trading with Smart Tools, delivering superior backtesting, enhanced charting, and advanced market analysis with tonnes of graphical tools. An economic calendar is also integrated into the platform.
- Fusion Markets is an MT5 forex broker that offers tight spreads and discount round-turn commissions of $4.5 (£3.54) per standard lot in currency pairs and metals with Zero accounts.
- Eightcap predominantly supports TradingView, but UK customers also have the option to download and install the desktop version of MetaTrader 5 on their Windows or Mac computers to leverage its advanced capabilities.
- ActivTrades provides full support for MT5 to allow customers to trade over 500 share CFDs and ETFs on top of 50+ currency pairs, indices, and commodities. The platform offers 21 timeframes, 8 order types, economic news, trailing stop orders, one-click trading, and more.
We also cover how you can connect your broker 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. By the end of this article, you will have all the information you need to make an informed decision and start trading at your chosen MT5 broker with confidence. Ready to find the best MT5 broker? Browse our top list of recommended UK-friendly forex brokers supporting MetaTrader 5.
| 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 was primarily focused on forex trading, MT5 expands its capabilities to include a broader range of financial instruments. This includes stocks, commodities, indices, and even cryptocurrencies.
One of the key advantages of MT5 is its ability to handle multiple asset classes within a single platform. This makes it an ideal choice for traders who want to explore different markets. Additionally, MT5 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 United Kingdom. The platform is compatible with mobile devices and computers, with desktop users having the option to download it for free or use the browser-based WebTrader version.
Connecting Your Broker Account to MetaTrader 5
Connecting your broker account to MetaTrader 5 is a crucial step, especially if you are looking to place real-money orders. Whether you are a beginner or an experienced trader, the process is simple and hassle-free, ensuring that you can start trading quickly and efficiently.
By linking your broker account to MT5, you will gain access to real-time market data, advanced charting tools, and the ability to execute trades directly from the platform. Below, we will walk you through the step-by-step process of connecting your broker account to MT5.
- 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 traders 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 Login to an Existing Account if you already have an account.
- Search for Your Broker: In the platform, search for your broker by right-clicking 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. Of course, this implies you have already registered with a UK-regulated broker supporting the platform.
- Enter Your Login Credentials: Type in your account number and password, which are provided by your broker after you open an account.
- Start Trading: Once your account is connected, you can access your trading dashboard, view live market data in real-time, and execute trades directly from the platform.
Additionally, users can initiate deposits and withdrawals straight from the platform. To deposit, log into 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. Note that not all UK-friendly brokers 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 suite of features that can accommodate both beginners and experienced traders. From its support for multiple asset classes to its powerful analytical and charting tools, automated trading, and backtesting capabilities, MT5 provides everything UK traders need to execute strategies effectively.
- Supported Assets: MT5 supports a wide range of financial instruments, including forex, stocks, commodities, indices, and options trading. This allows you to diversify your portfolio and explore different markets.
- Chart Types: The platform offers over 20 chart types, including candlestick, bar, and line charts. Users can customise them to suit their unique trading style and preferences.
- Order Types: MT5 supports various order types, including market orders, pending orders, stop 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 useful 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 significantly improve users’ performance and trading results. In the table below, we highlight the main differences between the two platforms and emphasise the upgrades incorporated into MT5.
| Side-by-Side Comparison Between MT4 and MT5 | ||
|---|---|---|
| Feature | MT4 | MT5 |
| Primary Focus | Forex trading | Multi-asset trading (forex, stocks, commodities, indices, cryptocurrencies) |
| Timeframes | 9 | 21 |
| Technical Indicators | 30 | 38 |
| Chart Types | 31 | 44 |
| Programing 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 that can be accessed through the MetaTrader Market, an online store integrated into the platform. It enables MetaTrader users to purchase or rent tools like Expert Advisors (EAs), custom indicators, and scripts. The user reviews, ratings, and detailed descriptions make it easier to find high-quality tools tailored to your specific needs.
- Expert Advisors (EAs): These are automated trading systems that can enter and exit 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 requires paying subscription fees, with some UK-friendly MT5 brokers working with approved VPS providers like BeeksFX and LiquidityEdge. VPS hosting ensures 24/7 uptime for forex traders even when their personal computers go offline for one reason or another.
MetaTrader 5 Average Execution Speed
Costs of Using MT5
While the MetaTrader 5 platform itself is free to download and use, you should be aware of the trading-related costs when using it with a broker because these expenses can significantly impact your overall profitability. From spreads and commissions to inactivity fees and payment processing charges, the costs can vary depending on your broker and account type.
- Spreads: The spread is the difference between the bid and ask price of a currency pair or another asset. Many brokers generate revenue through spreads, which can vary depending on the broker and the type of account you have.
- 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 normally range from £3 to £3.50 per side, but it all depends on your chosen broker’s policies.
- Inactivity Fees: If your account remains inactive for a certain period, your broker may charge an inactivity fee. Be sure to check your broker’s fee structure to avoid these additional expenses if possible.
- Overnight Funding Fees: Also known as swap rates, these fees are charged for holding positions overnight and vary based on 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 a critical step for UK traders who want to use MetaTrader 5 (MT5). With so many options available, it is essential to select a trading site that not only supports MT5 but also upholds high standards of reliability, security, and regulatory compliance.
Our selection process focuses on key factors that ensure a safe and seamless trading experience. By prioritising regulation, competitive spreads, and price transparency, we manage to identify the best brokers operating in the UK market. Here are the main aspects our team pays attention to.
- Licensing and Regulation: We only recommend brokers regulated by the Financial Conduct Authority (FCA), a tier-1 financial watchdog that enforces strict consumer protection policies and ensures high levels of regulatory compliance. Also, if an FCA-regulated broker goes bankrupt, eligible clients are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
- Competitive Pricing: We look for brokers that offer the narrowest spreads and the lowest commissions possible to help you extract more value from your successful trades.
- Tradable Markets: A good broker should offer a wide range of tradable assets, including hundreds of forex pairs, stocks, commodities, and indices. Brokers providing tax-free spread betting services to UK forex traders 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 like 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 who are on standby 24/7.
- User Feedback: We take into account the experiences and feedback of other UK traders to ensure that the brokers we recommend truly live up to their reputation.
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 go. 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 always start out with a demo account. Thus, while MT4 is generally considered the more beginner-friendly option, it can be worth it to start out with MT5 if it aligns with your trading goals.
Can I trade cryptocurrencies on MT5?
Yes, many brokers offer cryptocurrency trading on MT5. However, we should highlight that FCA-regulated brokers in the UK are currently prohibited from offering cryptocurrency derivatives to retail clients as the regulator deems them excessively risky and ill-suited to 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 create and execute trades without extensive coding knowledge. However, if you do become interested in learning the MQL5 programming language, this could further enhance customisation and automation capabilities.
Is spread betting possible with MT5?
Yes, spread betting is possible with MT5, but the availability of the service is broker-specific. 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. Moreover, you will need to make sure to select a spread betting account during the registration process.