60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: April 22, 2024
AuthorAuthor: Chris Cammack

Last Updated On April 22, 2024

Chris Cammack

These are the best MT5 brokers in the UK for 2024.

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
MetaTrader 5 (MT5)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Website Language: English
Support Language: English
Compare
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 90.90 pips0.90 pipsASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority93063
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 60.00 pips0.10 pipsCySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex Brokers20962
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
GBP 530:1 ExcellentUSD 60.60 pips0.10 pipsCySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct Authority155457
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
GBP 030:1 ExcellentUSD 101.00 pips0.17 pipsFCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated Brokers1275100
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
GBP 5030:1 ExcellentUSD 70.10 pips0.10 pipsASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services Authority1016270
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 141.40 pips0.40 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the Bahamas224170
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
GBP 20030:1 ExcellentUSD 80.10 pips0.02 pipsCySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas174464
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
GBP 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission100956
Admiral Markets
4.28 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
GBP 25030:1 ExcellentUSD 80.80 pips0.10 pipsASIC Regulated BrokersCySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityJordan Securities CommissionFinantsinspektsioon (Estonian Financial Supervision and Resolution Authority)399682
HF Markets
4.45 /5
Read Review
Visit Broker >
72.83% of retail CFD accounts lose money
GBP 030:1 ExcellentUSD 61.30 pips0.30 pipsFCA Regulated Forex BrokersDFSA Regulated Forex BrokersFinancial Services Conduct AuthorityCySEC Regulated Brokers11290

How to compare MT5 brokers

The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.

When comparing MT5 brokers, we:

  • Ensured that the brokers were regulated by top-tier regulators, like the UK’s FCA. Because they are well-regulated, they will safeguard your funds and will not manipulate your trades.
  • Researched the trading costs on the MT5 accounts as part of our comparison, ensuring that the MT5 brokers were transparent about their spreads and commissions and that the costs were as low as or lower than the industry average. 
  • Investigated the brokers non trading fees, including inactivity fees, withdrawal fees and charges connected with special accounts like Islamic accounts and ensured that they were reasonable. 
  • Tested the brokers’ execution. Trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market. The brokers on this list all have fast trade execution.
  • Researched each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.
  • Assessed the broker’s market analysis, including whether it is curated by an in-house research team or third-party providers, the quality of the material, and how frequently it’s updated.
  • Investigated the broker’s educational offering, including MT5 platform tutorials.
  • Contacted each broker’s customer support teams. Because MT5 can be complicated to install and customise, we ensured that customer service was available at least 24/5 via different channels including phone, email, and live chat, and that the agents were responsive, knowledgeable, and helpful. 

Our Broker Score and Trust Rating

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories:

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features
  • Asset Selection: Forex, stocks, and other available instruments
  • Transactions: Simple and straightforward deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

Learn how we set the standard for broker reviews. Explore our in-depth review process here.


Others Also Visit

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Visit
AvaTrade
4.59 /5
Read Review
Visit
Tickmill
4.58 /5
Read Review
Visit
Spreadex
4.26 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit

AvaTrade – MT5 with Tight Spreads and No Commission

Broker Score
4.594.59 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

AvaTrade is a globally renowned and well-regulated market maker with excellent commission-free trading conditions on the MT5 platform. AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other non-commission accounts. MT5 traders have access to the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 30:1, and spreads are tight for a relatively low 100 USD minimum deposit and no commission.

AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5, but both the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

TickMill – MT5 Broker with the Lowest Fees

Broker Score
4.584.58 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Focused on experienced traders and serious beginners, Tickmill only recently started offering MT5 after 7 years as an MT4-only broker. While Tickmill may not be one of the biggest names in the CFD business, it does offer some of the lowest trading costs available.

Tickmill has 3 different account types, all available on the MT5 trading platform. The Classic Account has relatively wide spreads and no commission, but the MT5 Pro Account offers variable spreads down to 0 pips and a 4 USD (round turn) commission – one of the lowest commissions in the industry. Both the Classic Account and the Pro Account have a low minimum deposit requirement of 100 USD.

For professional traders, the MT5 VIP Account has even lower commissions, down to 2 USD (round turn) – though this account requires a minimum balance of 50,000 USD. More experienced traders will also be interested in Tickmill’s range of trading tools for MT5, such as AutoChartist, Myfxbook and a subsidised VPS service.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 71% of traders lose money with this provider.

XM – Best MT5 Demo Account

Broker Score
4.454.45 / 5
🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms.  The XM Zero account offers spreads down to 0 pips and a commission of 3.50 USD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.

The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the FSC. 75.33% of traders lose money with this provider.

Pepperstone – Best ECN Broker with MT5 Support

Broker Score
4.614.61 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is an Australian ECN broker with two simple accounts, FCA regulation and full support for MT5, including hedging and share trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.

Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free, and the spreads on the EUR/USD is starting at 1.00 pips. The Razor Account charges a commission of 7 USD round turn, but the average spread on the EUR/USD is 0.10 pips* – about as close as traders can get to true market prices as possible.

Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users can access Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

*spreads correct as of November 2023

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA. 75.6% of traders lose money with this provider.

FP Markets – Best MT5 Execution

Broker Score
4.404.40 / 5
🏦  Min. DepositGBP 50
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 3 USD commission per lot. Minimum deposit on both accounts is 50 GBP.

FP Markets MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.

Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are Limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1
  • posing risks for inexperienced traders
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

FxPro – Best FCA Regulated MT5 Broker

Broker Score
4.394.39 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FxPro is a respected FCA regulated broker, offering NDD execution on MT5, MT4, cTrader and its own browser-based trading platform. The MT5 account offers a 100 USD opening deposit combined with competitive spreads on 70+ Forex pairs, indices, energies and precious metals. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are ideal for traders who want to take advantage of MT5’s algorithmic trading capabilities across a range of assets.

The MT5 account at FxPro offers market execution, variable spreads, no requotes and will allow for partial fills for orders that lack liquidity.  The MT5 account is commission-free with spreads sometimes down to 0.6 pips, though traders will find that the average spread on the EUR/USD is closer to 1.2 pips.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

IC Markets – Best ECN MT5 Broker for Beginners

Broker Score
4.564.56 / 5
🏦  Min. DepositGBP 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.

IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Markets.com – FCA-Regulated with Tight Spreads

Broker Score
4.684.68 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Established in 2010 and regulated by the Financial Conduct Authority (FCA), Markets.com is a globally recognised market maker broker offering a wide variety of trading assets, including shares, ETFs, indices, commodities, forex, and bonds. The broker’s commitment to trader education is evident in its extensive library of learning materials and top-tier analytical tools, making it a good starting place for beginner traders.

Markets.com provides support for the basic version of MT5, which is available on web, desktop, and mobile applications (iOS and Android). Markets.com’s single, commission-free live account requires a modest minimum deposit of 100 USD, and it provides ultra-tight spreads, as low as 0.6 pips (EUR/USD). The MT5 platform, renowned for its advanced charting capabilities, customisable interface, automated trading features, and in-depth market analysis tools, combined with real-time news feeds and robust risk management options from Markets.com, make for a well-rounded and competitive trading environment, catering to various trading styles and experience levels.

Pros
  • Regulation by top-tier authorities
  • Hassle-free withdrawal process without any fees
  • Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders
  • Competitive spreads starting from 0.6 pips
Cons
  • The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 , and Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC. 70.3% of traders lose money with this provider.

Admirals – Best ASIC MT5 Broker

Broker Score
4.284.28 / 5
🏦  Min. DepositGBP 250
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Admirals has four accounts, two of which focus on the MT5 platform – Trade.MT5 and Zero.MT4. Both MT5 trading accounts have a 250 GBP minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. The Trade.MT5 account has a minimum spread from 0.5 pips with no commission and the Zero.MT5 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT5 account is 5 USD round turn, which is at the lower end of what other brokers can offer.

Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5, has advancements in technical analysis, improved trading widgets, the trader terminal, charts, and indicators that update the old standard versions of the software with both functionality and usability. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts UK Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, the JSC, and the FCA. 76% of traders lose money with this provider.

HF Markets – Zero-Spread MT5 Broker

Broker Score
4.454.45 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Regulated by the UK’s FCA since 2012, HF Markets offers No-Dealing Desk STP execution and MT5 support on three of its four account types. The MT5 Premium Account has a minimum deposit of 100 USD and spreads of 1 pip on major Forex pairs, about average compared to other brokers. For more experienced traders, the MT5 Zero Spread Account offers spreads down to 0 pips and a round turn commission of 6 USD on major Forex pairs with a minimum deposit of 200 USD. Professional clients have access to the MT5 Premium Pro Account, with similar trading costs to the Premium Account but leverage up to 1:400. 

HF Markets devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone numbers.

Pros
  • Well regulated
  • Excellent market analysis
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA. 69.03% of traders lose money with this provider.

What is MT5?

MT5 (MetaTrader 5) is a trading platform that allows traders to access the Forex market via a broker. Released in 2010, it is more powerful than MT4 and provides access to stocks and futures. It also has extra trading tools and charts and has more advanced back-testing.

Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.

MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners. 

Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators. 

MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.

What is the difference between MT4 and MT5?

MT5 has a lot more features than MT4, including an Economic Calendar, Depth of Market indicator, embedded chat function, and unlimited chart windows. It also has 80 built-in indicators and 12 more time-frames than MT4.

MT5 Pros and Cons

Pros:

  • Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
  • MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
  • MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

  • MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
  • MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
  • MT5 is a more complex platform than MT4.

MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.

Should I use MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4. 

If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.

The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.

That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.

Which Brokers Use MT5

Here is our curated list of all of the MT5 brokers we have reviewed, ordered by overall score. The broker with the highest score will appear at the top of the list.

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Broker
Broker Score
Global Regulators
Min. Deposit
Total # CFDs
No. of FX Pairs
Cost of Trading
EUR/USD
GBP/USD
USD/JPY
Fees
Compare
Markets.com
4.68 /5
Read Review
FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionGBP 100100956USD 70.60 pips1.20 pips0.70 pipsFees Included in Spread
Pepperstone
4.61 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersGBP 01275100USD 100.17 pips0.59 pips0.26 pipsFrom 7 USD / lot - Razor Account
AvaTrade
4.59 /5
Read Review
ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities AuthorityGBP 10093063USD 90.90 pips1.60 pips1.10 pipsFees Included in Spread
Tickmill
4.58 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex BrokersGBP 10020962USD 60.10 pips0.30 pips0.10 pips6 USD/lot
IC Markets
4.56 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasGBP 200174464USD 80.02 pips0.23 pips0.14 pips7 USD / lot - Raw Spread Account
HF Markets
4.45 /5
Read Review
FCA Regulated Forex BrokersDFSA Regulated Forex BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersGBP 011290USD 60.30 pips0.30 pips0.30 pips6 USD / lot - ZERO Spread Account
XM
4.45 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct AuthorityGBP 5155457USD 60.10 pips0.20 pips0.10 pips3.5 USD per side
ThinkMarkets
4.43 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityCySEC Regulated BrokersGBP 0415046USD 110.00 pips0.00 pips0.00 pips7 USD / lot - ThinkZero Account
FP Markets
4.40 /5
Read Review
ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services AuthorityGBP 501016270USD 70.10 pips0.20 pips0.10 pips6 USD / lot - RAW Accounts
FxPro
4.39 /5
Read Review
FCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersSecurities Commission of the BahamasGBP 100224170USD 140.40 pips1.00 pips0.60 pips9 USD / lot

Which is the best MT5 broker?

XM is the best MT5 broker in the UK. Well-regulated, XM’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other MT5 brokers. XM clients can trade Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs.

Does MT5 support Automated Trading?

Yes, MT5 does support automated trading. Aside from copytrading through the MT5 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators.

Conclusion

MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.

The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.

The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.

If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading it’s worth considering going straight to MT5.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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