5 Best UK MetaTrader 5 (MT5) Brokers List

By Stefano Treviso, Updated on: Aug 21 2023.

Here’s our selection of the 5 Best UK MetaTrader 5 (MT5) brokers for the year 2023:

Broker	Reason
Oanda	Best for beginner to intermediate traders
Pepperstone	Best in low commissions
Markets.com	Best for stocks and ETFs
Forex.com	Best in most currencies offered
Swissquote	Best in most assets offered

All the above brokers are required to possess a financial license from FCA (Financial Conduct Authority). This grants UK traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology

1. Oanda - Best for beginner to intermediate traders

Visit

78.3% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Key data
EUR/USD Spread	Dynamic - From 0.8 Pips
Commissions	None
Minimum Deposit	0
Financial Regulators	CFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Oanda holds 7 financial licenses from mostly high value regulators (including FCA). Their specialty is definitely the Forex arena as they’re considered the industry standard for currency exchange rates.

The Good	The Bad
High trustworthiness, regulated by the best regulators in the world Fast, simple and professional trading platforms Competitive spreads in their currency pairs	Extremely limited offering of assets (104) No ability to purchase real stocks or cryptocurrencies, only CFDs

Oanda is definitely a user friendly broker as they have a great platform variety and their minimum trade size is amongst the lowest in the industry ($1). They also don’t charge commissions making them a very attractive choice for beginner to intermediate traders looking to experiment in the currencies market.

2. Pepperstone - Best in low commissions

Visit

74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Key data
EUR/USD Spread	Dynamic - From 0 to 0.77 Pips
Commissions	For Standard account : All fees included in the spread For Razor account: From $7 per Lot round turn
Minimum Deposit	$200
Financial Regulators	BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	Yes
Proprietary Platform	No

Pepperstone holds 7 financial licenses from which 4 belong to high value regulators (including FCA). Their specialty is providing a multi-platform trading environment with a custom account offering for each type of trader.

The Good	The Bad
Well regulated on several jurisdictions Low latency, fast execution under 30ms Competitive spreads and low commissions from 0.0 pips on their Razor account	Avaliable asset offering is not that comprehensive No ability to purchase real stocks or cryptocurrencies, only CFDs

Pepperstone is one of the world’s leaders when it comes to commissions and RAW spreads. Traders will have the opportunity to choose between a commission-free account with competitive spreads or a commission-driven account with RAW spreads starting from 0 pips.

3. Markets.com - Best for stocks and ETFs

Visit

68% of retail CFD accounts lose money.

Markets.com is an international broker that offers share dealing and CFD trading accounts through their own proprietary platform or MT4 and MT5.

Key data
EUR/USD Spread	Dynamic - From 0.7 Pips
Commissions	No comissions on CFDs. For share dealing, the first 3 months are commission free, then the structure is: EU Shares = 0.1% (min €10) UK Shares = 0.1% (min £8) US Shares = 2c (min $15) AU Shares = 0.1% (min A$10)
Minimum Deposit	$100
Financial Regulators	CySec, FCA, UK, ASIC, FSCA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Markets.com holds 4 financial licenses from which 2 belong to high value financial regulators (including FCA). They are also a part of the publicly traded company known as Playtech on the LSX.

The Good	The Bad
Clear separation between investors and Traders by offering share dealing accounts and CFD trading accounts Wide range of platforms (Proprietary, MT4, MT5) Wide range of stocks and stock CFDs	Minimum trade sizes larger than average Spreads above average

Markets.com has a multi-platform environment accompanied by thousands of assets, especially stocks and ETFs. If you’re looking to access a great variety of stock via MetaTrader 5 from a UK FCA regulated broker, Markets.com can be a great choice for you.

4. Forex.com - Best in most currencies offered

Visit

67.6% of retail CFD accounts lose money.

Forex.com is a global broker headquartered in the U.S and part of StoneX (publicly traded company on NASDAQ) that specialises in offering CFDs based on commodities, currencies, indices, stocks, ETFs, shares, bonds and cryptocurrencies.

Key data
EUR/USD Spread	Dynamic - From 0.8 Pips
Commissions	Depending on account type. Standard account has no commissions “Commission Account” and “DMA Account” have a flat $5 fee commission per lot round turn
Minimum Deposit	$100
Financial Regulators	FINRA, FCA, FFAJ, IIROC, CySec, CIMA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Forex.com holds 6 financial licenses from which 4 belong to high value regulators. Despite their name being “forex” or “currencies” oriented, they offer a great variety of assets to trade.

The Good	The Bad
Great platform offering (Proprietary, TradingView, MetaTrader 4 & 5) Excellent asset offering (more than 5,000+ instruments) Competitive spreads in some of their assets	Despite presenting a great customisable platform, it still feels messy and not intuitive to use Commissions are expensive when compared to similar competitors

For traders looking to access the most currency pairs available via MetaTrader 5 from a UK FCA regulated broker, Forex.com definitely checks all the boxes.

5. Swissquote - Best in most assets offered

Visit

74-89% of retail CFD accounts lose money.

Swissquote is a global broker and investment bank headquartered in Switzerland that offers traditional securities and CFD trading along with advanced research tools.

Key data
EUR/USD Spread	Dynamic - From 0 to 1.3 Pips
Commissions	For CFDs there are no commissions as the spreads are the cost. For other assets from $9 up to $210 based on transaction volume and depending on the exchange.
Minimum Deposit	0
Financial Regulators	FCA, ADGM, FINMA, MFSA, HKMA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Swissquote holds 5 financial licenses from which 4 belong to high value financial regulators (including FCA). They are a reputable investment bank as well that specialises in offering almost global access to equity markets.

The Good	The Bad
Outstanding asset offering with more than 60 exchanges across the world Amazing research and analysis tools for all trader levels Thematic investments with preconfigured product baskets Offers banking services along with debit card	Their proprietary platform lacks many features and is not user friendly Their commissions are extremely high Overall everything feels complicated to use

Swissquote boasts more than 30,000+ tradable assets via MetaTrader 4 or their own proprietary platform. If what you’re looking for is quantity accompanied by FCA regulation, Swissquote can be a great choice for you. On the other hand, bear in mind that being a very “high net worth driven” brand, they can be quite expensive when compared to the majority of their competitors.