MetaTrader 5 stands as an extremely popular and highly regarded platform for forex trading. This comprehensive manual has compiled a roster of the most outstanding MT5 brokers currently accessible.
Our selection encompasses brokers who provide advantageous trading conditions and offer supplementary features that align with the advantages of using MT5.
Ranked among the foremost forex trading platforms, MetaTrader 5 is at the forefront. We have carefully chosen only the most exceptional options to assist novice users in making well-informed choices when it comes to utilizing MT5.
6 Best MetaTrader 5 Brokers
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- IG – Best MetaTrader 5 Broker Overall
- CMC Markets – Best for Demo Account
- XTB – Best for Beginners
- FlowBank – Best for Tradable Instruments
- Exness – Best for Cryptocurrency Trading
- Vantage Markets – Best for Social Trading
IG – Best MetaTrader 5 Broker Overall
IG, a well-known brokerage that offers a wide range of trading services, expands its offerings by incorporating the popular MetaTrader 5 (MT5) platform. The adaptability of MT5 perfectly aligns with IG's commitment to providing traders with a comprehensive array of trading opportunities.
By integrating MT5 into its services, IG further diversifies its range of financial instruments, including forex, stocks, commodities, and indices.
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The combination of IG's reputable trading environment and the robust capabilities of MetaTrader 5 creates a synergy that caters to traders with different levels of experience and preferences.
IG's dedication to education, research, and customer support complements the multifaceted attributes of MT5 and enhances the overall efficiency of the trading experience.
Pros
- Strong regulatory oversight
- Access to MetaTrader 4 (MT4)
- Wide selection of over 10,000 instruments
- Operates in the UK and US
- Round-the-clock customer support
Cons
- Elevated fees
- Absence of copy trading
- Inactivity fees apply
- Lack of deposit compensation for US accounts
CMC Markets – Best for Demo Account
CMC Markets is a reputable brokerage firm operating online, offering traders the opportunity to participate in various financial markets. Through their platform, traders can buy and sell a diverse selection of financial instruments such as Forex, indices, commodities, shares, cryptocurrencies, and more.
CMC Markets provides multiple trading platforms to cater to different types of traders. Their main platform, "Next Generation," stands out for its advanced charting tools, technical indicators, and user-friendly interface.
Additionally, they have developed mobile trading apps for those who prefer to trade while on the move.
With the CMC Markets MT5 platform at your disposal, you gain access to an extensive range of financial markets, including but not limited to:
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- Currency pairs (Forex)
- Stock indices
- Commodities (e.g., gold, oil, natural gas)
- Equity CFDs (Stocks)
- Cryptocurrencies (Bitcoin, Ethereum, etc.)
- Treasuries and bonds
Pros
- Regulated and trustworthy
- Diverse market selection
- Advanced trading platforms
Cons
- Minimum deposit requirement
- Inactivity fees may apply
- Complexity in usage
XTB – Best for Beginners
XTB is a globally regulated and publicly traded company, holding licenses from esteemed regulatory bodies such as FCA, CySEC, KNF, and IFSEC.
The advantage of opening an account with XTB is that it requires no initial deposit and offers competitive forex fees. The account setup process can be conveniently completed online.
One of the standout features for novice traders is the plethora of educational tools provided by XTB. These resources are designed to support beginners in their trading journey.
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To cater to the diverse needs of traders, XTB offers access to its proprietary trading platform, xStation. This platform is highly regarded for its robustness, speed, and comprehensive range of tools.
Furthermore, XTB has integrated the MetaTrader 5 (MT5) platform into its offerings to enhance the trading experience for its clients further. By combining their expertise with the advanced capabilities of MT5, XTB aims to provide a holistic trading experience that meets the needs of all types of traders.
Pros
- FCA-regulated
- Low forex fees
- Swift, fee-free withdrawals and deposits
- Live chat customer support
Cons
- Restricted product offerings
- Elevated fees for stock CFDs
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FlowBank – Best for Tradable Instruments
Established in 2020, FlowBank has emerged as a prominent financial organization in Switzerland. It holds the prestigious authorization and regulation from FINMA, the Swiss Financial Market Supervisory Authority.
FlowBank offers comprehensive services, including trading, investment, and banking products, to cater to diverse needs.
Key Features:
- MT5 is accessible on Windows, Mac, Web, iOS, and Android devices
- Access both MT5 and MT4 platforms
- Trade 4,800+ financial instruments, including CFDs on stocks, forex, indices, commodities, and cryptocurrencies
FlowBank stands out as a leading brokerage firm regarding tradable assets. With their exclusive platform, you have access to over 50,000 different instruments.
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Additionally, they offer an impressive selection of more than 4,000 instruments through the MetaTrader 5 trading platform. This extensive range includes diverse options for traders to explore and utilize.
- 4,650 stock and ETF CFDs (MT5)
- 54 forex pairs (MT5)
- 49 crypto pairs (MT5)
- 34 commodity CFDs (MT5)
- 29 index CFDs (MT5)
During the start of the trading day in London, we observed that the spread for EUR/USD had an average of 1.6 pips. This figure is slightly higher than what is typically seen in the industry.
However, regarding stock and index CFDs, FlowBank outperformed its competitors by offering better spreads than the industry average.
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One standout aspect of FlowBank is its MT5 rebate program. This unique feature allows active traders to earn a rebate of 3 CHF for every 1 million CHF traded on forex, indices, and commodity CFDs through the MetaTrader 5 platform.
As a result, this makes FlowBank an intriguing choice for traders looking to maximize their earnings.
Pros
- Unified trading, investing, and banking accounts
- Access to 4,000+ instruments via MT5
- MT5 rebate program for active traders
- Swiss deposit insurance for added protection
Cons
- Limited deposit and withdrawal options
Exness – Best for Cryptocurrency Trading
Established in 2008, Exness is under the regulation of multiple authorities such as FCA, CySEC, FSCA, Seychelles' FSA, and BVI's FSC. This trading platform offers a wide range of options, including forex, stocks, indices, commodities, and leveraged cryptocurrencies.
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Access to MT5 is available across various devices like Windows computers, Macs, iOS devices, and Android smartphones or tablets. You can utilize both MT4 and MT5 on this platform to engage in trading activities involving over 230 financial instruments, including 33 different cryptocurrencies.
The versatility provided by this platform allows you to seamlessly trade and manage your investments regardless of the device you’re using or the type of asset you’re dealing with.
Trading cryptocurrencies on either the MT4 or MT5 platforms is possible. Furthermore, you get access to crypto pricing data across more than 30 different timeframes and analysis tools comprising over 80 technical indicators.
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Additionally, algorithmic trading strategies can be implemented when engaging with cryptos on the MT5 platform.
Exness offers a selection of 35 different cryptocurrencies for trading purposes. This includes popular coins like Ethereum and Bitcoin and various altcoins. Our examination of the broker's commission-free trading account revealed that the live spread for BTC/USD averaged 216.40 pips, which is higher than the industry average.
Our research also revealed that Exness allows users to deposit funds using several cryptocurrencies such as Bitcoin, Tether, and USD Coin. These funds can then be used to trade a wide variety of cryptocurrencies against various fiat currencies, including USD, AUD, EUR, JPY, KRW, ZAR, and THB - an excellent option for crypto enthusiasts.
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One standout feature when it comes to trading cryptocurrencies with Exness is the absence of swap fees. This means no overnight charges are associated with holding leveraged crypto positions until the next day - a unique attribute not commonly seen among retail brokers.
Pros
- Diverse markets, including leveraged cryptos
- No overnight swap fees for cryptocurrency positions
- Numerous account types available
- Access to multiple trading platforms, including MT5
Cons
- Slightly higher spread fees on certain crypto accounts compared to industry averages
Vantage Markets – Best for Social Trading
Founded in 2008, Vantage Markets emerged as a reputable forex broker with a strong emphasis on transparency. Over the years, they have expanded their offerings to encompass more than 40 forex pairs and an impressive selection of over 1000 assets, including EFTs. Vantage Markets has gained recognition for its commitment to safety and is regulated by ASIC, FCA, and VFSC.
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To enhance accessibility for traders, Vantage Markets provides access to the markets through two popular platforms: MT4 and MT5. Additionally, they offer a mobile app packed with features for traders on the go.
The MT5 platform offers users an extensive range of advanced tools, such as comprehensive charting features, various technical indicators, automated trading functions, and access to diverse financial instruments. This comprehensive suite of tools ensures that traders have everything they need.
Vantage Markets is highly regarded within the industry because it provides social and copy trading options without imposing exorbitant non-trading costs or commissions upon its clients.
This makes them an attractive choice for both experienced traders seeking reliable services and newcomers looking for affordability without compromising quality.
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Vantage Markets offers a well-crafted but limited selection for forex traders. While they do not have their own proprietary platform, users can still trade using MetaTrader 4 and 5.
Social and copy trading options are available through ZuluTrade, DupliTrade, and myfxbook AutoTrade. Additionally, both MT4 and MT5 Expert Advisors can be utilized for algorithmic trading.
Those new to trading may find Vantage Markets lacking in educational resources, making it more suitable for experienced traders.
The research provided by the platform mostly comes from third-party sources. However, Vantage Markets does have a YouTube channel where daily trading videos are regularly uploaded.
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Pros
- Regulated by FCA, ASIC, and VFSC
- Low forex fees
- No inactivity, withdrawal, or deposit fees
- Robust MetaTrader add-ons
- Social trading available
Cons
- CFD trading involves risk
- Minimum $50 is required to begin trading
Our Ranking Methodology for the Best MetaTrader 5 Brokers
Our assessments of online brokers and their products and services are founded on a combination of quantitative data we have gathered and qualitative observations and expert opinions from our team of researchers.
To determine which brokers are most suitable for traders seeking to utilize the MetaTrader 5 platform, we thoroughly investigate and evaluate each broker's specific MetaTrader 5 offering.
We analyze a wide array of features and assess forex brokers based on our own data-driven factors. This includes verifying if the broker provides the MetaTrader 5 software developed by MetaQuotes Software Corp and identifying various supplementary features that set apart different MetaTrader 5 broker offerings.
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Some key aspects our researchers pay attention to encompass custom Expert Advisors (Experts), availability of signal markets, compatibility with VPN usage, range of account types, and execution methods, alongside numerous other data-driven variables.
To test browser-based MetaTrader 5 platforms, we employ the latest version of Google Chrome browser. Our Desktop PCs operate on Windows 11 while mobile devices undergo testing; for Android devices specifically, we utilize both Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra running Android OS version 12.
Read more: Best US Forex Broker
Best MetaTrader 5 Brokers – Buyer’s Guide
What is MT5 Forex Broker?
A forex broker serves as an intermediary for traders, enabling them to buy and sell currency. Operating within the financial services sector, brokers facilitate access to currency trading for both retail and professional traders through various means.
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In addition to foreign exchange, forex brokers may also deal with other trading instruments such as stocks, EFTs, CFDs, and cryptocurrency. To enable these transactions, they provide a platform where traders can execute their trades.
One of the most widely used trading platforms is MetaTrader 4 (MT4), along with its newer version called MetaTrader 5 (MT5).
At times, brokers develop their own exclusive trading platforms tailored specifically for their clients. These proprietary platforms offer unique options and functionalities that differentiate them from others in the market.
MetaTrader 5 is a versatile trading platform that goes beyond just forex trading. This represents a significant improvement from its predecessor, MT4, which solely focused on forex. Traders who are more advanced or prefer day trading find MT5 quite popular due to its functionality across web, desktop, and mobile applications.
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MT5 offers several enhancements over MT4. It allows for multiple charts, additional indicators, analytical tools, and extended time frames. Features like expert advisors (EAs) and copy trading are particularly advanced and user-friendly on the MT5 platform. Despite being the newer software developed by MetaQuotes, MetaTrader 4 remains the more widely preferred choice.
When searching for a broker that grants access to MetaTrader 5's extensive functionality and trading capabilities, there are numerous options available with varying fees, costs, and regulatory requirements.
What to Look For in an MT5 Broker
Trustworthiness
Investing your funds in a MetaTrader 5 broker for foreign currency trading requires trust in the safety of your money. While all forms of trading come with inherent risks, ensuring that the broker you choose is reliable is crucial. Fortunately, there are several ways to alleviate any concerns.
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Firstly, it’s important to assess the reputation of the broker. Factors such as their longevity in providing services and feedback from other traders can help establish their credibility. Instead of relying solely on information provided on their website, seek out independent reviews from reputable sources.
Secondly, perhaps even more critical, is understanding the broker's operations regulations. Every country or region has a financial authority responsible for enforcing specific rules and monitoring financial institutions to ensure transparency.
By considering these factors before selecting a broker, you can make an informed decision and have peace of mind knowing that your funds are secure during foreign currency trades. Comprehensive research and due diligence are essential when entering any investment venture.
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In the United Kingdom, the regulatory body responsible for overseeing financial services is known as the Financial Services Authority. Similarly, in the United States, there are two organizations that play a crucial role in regulating brokers - the National Futures Association and the Commodity Futures Trading Association.
Australia has its own regulatory agency called ASIC, while Cyprus has CySEC. These agencies have strict standards that brokers must meet to be affiliated with them, which serves as a reliable indication of their trustworthiness.
Fees
Traders, whether they’re beginners or seasoned professionals, must take into account the expenses associated with trading. While MT5 can be accessed for free, brokers generate their income through fees. It’s important to be aware of the various types of fees that may apply.
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Account Fees
Opening and managing your trading account comes with certain expenses. These costs encompass deposits, withdrawals, and fees for inactivity. The broker determines these charges, which can vary based on the trader's country of residence and the type of trading account they choose.
Trading Fees
The expenses associated with individual trades are what constitute their cost, and every trade you execute will come with its own set of expenses.
These charges may be presented in the form of a commission per trade, or they could be included in the spread. In some instances, brokers may impose both types of fees, but the amount you will pay for each trade typically depends on your account type.
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MT4 vs. MT5 Comparison
Despite MetaQuotes Software Is best efforts to drive adoption, MT5 has been hindered by its lack of backward compatibility with MT4. As a result, the transition to MT5 has been slow, and pure MT5 brokers are few and far between.
Typically, these brokers are new players in the market who have yet to establish a client base. Existing MT4 traders who rely on specific trading solutions may find it challenging to switch to MT5 unless they modify their code accordingly.
When comparing MT4 and MTS, there are several notable differences:
- MT4 offers four order types, whereas MT5 provides six
- MT4 allows for nine timeframes, while MT5 boasts 21 timeframes
- MT4 includes 24 graphical objects, whereas MT5 offers 44
- MT5 supports partial orders
- MT5 has an enhanced user interface compared to MT4, but it requires third-party plugins, which is also a shared feature with MT4
- MT5 trade buttons feature tooltips displaying trade volume at quoted prices
- MT5 displays market depth information in the terminal window and provides volume data for each price
- MT5 features an improved Journal tab
- MT5 allows both hedging and netting, whereas MT4 only supports hedging
- The MT5 Standard Library includes statistical functions
- The enhanced MT5 Strategy Tester offers advanced settings and supports 64-bit multi-threaded backtesting
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Pros & Cons of the MT5 Trading Platform
In order to make an informed decision about which MT5 broker to select, traders must carefully weigh the advantages and disadvantages of the MT5 trading platform itself.
Pros
- Full support for algorithmic trading, complemented by the MT5 Strategy Tester
- MQL5 coding language offers limitless customization possibilities
- Access to 10,000+ custom indicators and Expert Advisors (EAs)
- Incorporated copy trading and signal service
- Availability of a mobile app for Android and Huawei devices
- Efficient utilization of system resources
- Features six order types, including buy stop-limit and sell stop-limit
- Offers 21 timeframes for versatile technical analysis
- Provides 44 graphical objects
- Includes 80 technical indicators encompassing the most reliable tools
- Access to market depth and volume data
- Supports both hedging and netting accounting modes
- Features an economic calendar and news feed
- Incorporates a messaging tool with attachments
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Cons
- Lacks backward compatibility with MT4
- Limited to 100 charts, restricting advanced algorithmic needs
- Depends on third-party plugins to transform the core MT5 into an innovative trading platform
- Sports a dated user interface
- Availability is limited
What Is the UX/Customer Experience Like?
The interface provided by the broker is crucial for both novice and seasoned traders. The ability to customize charts, access research and educational materials, and have mobile accessibility can greatly impact the user-friendliness of the platform.
It’s important to consider the educational resources available from the broker. Even experienced traders may need to refresh their knowledge, so it's essential that learning opportunities are offered on the platform.
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These learning opportunities can come in various forms, such as basic instructions on platform usage. However, it's recommended to choose a broker that prioritizes education by providing video tutorials and written lessons on various trading topics.
Customer service should also be a key factor when selecting a broker. In case any issues arise while using the platform, you will want efficient support readily available. Most brokers offer multiple avenues for assistance, including FAQs, phone support, live chat, and email communication channels.
Do They Allow Your Preferred Type of Trading?
The decisions you make can be influenced by the accessibility of the broker you have selected for implementing various strategies.
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Confirming that your chosen MT5 broker permits leverage trading and scalping is crucial if those are your preferred methods. Additionally, consider the availability of trading instruments you wish to use.
Certain brokers may not provide a wide range of currency pairs or may not offer options for trading stocks, shares, or cryptocurrency.
Should a Beginner Use a MT5 Broker?
Even though MetaTrader 5 is a newer version of MT4, it should not be seen as a mere upgrade. Instead, it provides traders with a wider range of trading instruments and tools to choose from.
MT4 continues to be the most popular platform and is often considered the best option for novice traders due to its user-friendly features. On the other hand, MT5 offers advanced functionality that caters more to experienced traders.
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One notable difference between the two platforms lies in their programming languages. While MT4 utilizes MQL4, which is simpler and easier for clients to use when creating algorithms, MT5 employs MQL5, which is more complex.
However, the choice between MT4 and MT5 ultimately depends on the specific trading instruments one wishes to explore.
While MT4 predominantly focuses on forex trading by offering tools and research specifically designed for this market, it may not be suitable for beginner traders interested in exploring other types of instruments.
MetaTrader 5 iOS & Android – MT5 App
Trading while on the move has become incredibly convenient due to the widespread availability of high-end smartphones. MetaTrader 5 has developed an interactive app that can be accessed on iOS and Android.
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In contrast to other trading apps, MetaTrader 5's mobile offering provides genuine market depth and enables users to execute various trade orders regardless of location. The user interface is sleek and well-designed, granting access to nearly all the technical analysis tools found on the larger web platform and desktop download.
The advantage of using the MT5 mobile app, whether it's on Apple or Android, is that it allows for account management on the go. Users can effortlessly place buy and sell orders as well as stay updated with technical indicators.
MT5 Brokers – MetaTrader 5 PC Download
Designed specifically for Windows-based PCs and laptops, you can easily acquire the MT5 desktop application either through MetaTrader or your broker.
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By installing the app on your computer, you unlock a multitude of features that showcase the software's full potential. With over 100 interactive charts and numerous analytical tools, everything is conveniently accessible at your fingertips.
The MQL5 development environment is readily available for you to write code for EAs and robots. Additionally, the MetaTrader Market offers a wide array of pre-made trading applications that can be downloaded instantly.
For those who prefer a more social trading experience, the integrated community chat function sets MT5 apart from its predecessor, MT4, by providing users with an enhanced desktop experience.
One of the main factors influencing traders' choice between MT4 and MT5 is access to diverse markets as well as an extensive range of tradable instruments upon downloading the desktop version. The entire market becomes available to you with options to hedge or net trades according to your preference.
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MT5 Web Terminal
The web terminal offers a convenient solution for individuals seeking to access their account from a device other than their personal computer. You can easily reach the sign-in page for your account by using a unique and secure URL.
While the web terminal provides features similar to the desktop version, you may observe fewer technical indicators and graphical objects available.
Nevertheless, if you need to trade on a different computer, the web terminal still allows you to execute various types of trades and utilize most of its functionalities.
It’s important to mention that although the MT5 web terminal does not enable access to robots and Expert Advisors.
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Best MetaTrader 5 Brokers – Frequently Asked Questions
Can I Use MT5 without a Broker?
Access to a MetaTrader 5 demo account is only possible without the involvement of a broker. Trading with real money requires the use of a broker since they operate the MT5 server and provide traders like you with a client terminal.
There are numerous brokers available that offer access to the MT5 trading environment. These brokers not only facilitate trades but also provide educational resources and research tools to help enhance your trading skills.
When selecting the right MetaTrader 5 broker, it becomes easier if you have clarity on your trading goals, budget, and specific requirements regarding support and available trading instruments. By considering these factors, you can make an informed decision that aligns with your needs and preferences.
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Is MT5 a good trading platform?
MetaTrader 5 is widely regarded as a top-notch trading platform, offering a comprehensive range of features for multi-asset trading. It boasts an impressive array of charts, functions, and tools, making it an ideal choice for traders.
Additionally, MetaTrader 5 provides extensive support for algorithmic trading and expert advisors, further enhancing its appeal.
How much does MT5 cost?
Using MetaTrader 5 is absolutely free, but you may have to pay fees for the broker service you select to execute your trades. You can install it on both Windows and Mac operating systems with the latest software updates.
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Additionally, it offers various options for usage, including web-based programs, desktop versions, and mobile applications compatible with Android and iOS devices.
Final Thought – Mest MetaTrader 5 Brokers
MetaTrader 5 is an efficient and versatile trading platform that enables traders to engage in various types of trading beyond forex.
However, utilizing MT5 goes beyond the platform itself. It’s crucial to carefully select a suitable broker that aligns with your trading style, offers reasonable fees, and provides excellent customer support and educational resources.
Opt for an MT5 broker that is reputable, well-regulated, and facilitates your preferred trading methods in order to leverage the enhanced functionality of MetaTrader 5 fully.
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Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
