Best Forex Brokers that use MetaTrader 5 (MT5) in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best MT5 brokers based on our analysis:
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IC Markets - Best Forex broker with MT5 - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4
Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 5
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 6
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 7
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 8
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ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 10
MetaTrader 5 (MT5) is a popular platform developed by MetaQuotes that enables traders to utilize various tools and features for successful Forex trading.
Best MetaTrader 5 Brokers List
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
3. AvaTrade
AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.
Pros and Cons of AvaTrade
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
5. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
6. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
7. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Pros and Cons of Deriv
Pros
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms.
- High-quality technical support with fast and effective responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
8. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
9. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5 and TradingView platforms.
However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.
Pros and Cons of ActivTrades
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional Support Team.
Cons
- Lack of diversity in trading accounts.
10. OANDA
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of Oanda
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
How the List of the Best MT5 Brokers Was Compiled
In compiling the list of leading Forex brokers offering access to the MetaTrader 5 platform, we relied on the following key parameters:
The list of the top Forex brokers with MT5 was created based on their rankings in our all Forex brokers list, which takes into account various factors such as reliability, trading conditions, and customer support.
The brokers in this list have been thoroughly tested and evaluated according to our methodology, which includes an assessment of their financial stability, trading offerings, and the quality of customer service.
A crucial factor is the availability of the MetaTrader 5 platform, known for its advanced trading tools, multi-asset support, and enhanced analytical features.
These criteria ensure that the brokers selected for our list provide access to the innovative trading platform MetaTrader 5 and demonstrate a high level of trust and adaptability to traders seeking reliable and advanced tools for Forex trading.
FAQ
Which broker is best for MetaTrader 5?
The best brokers that use MetaTrader 5 are known for their reliable trading conditions, low spreads, fast order execution, and excellent customer service. Some of the top brokers for MT5 include:
- IC Markets: Known for its competitive spreads and high execution speed on MT5.
- Pepperstone: Offers low commissions, reliability, and excellent customer support.
- RoboForex: Provides various account types and good trading conditions on MT5.
- Admirals (formerly Admiral Markets): Offers a wide range of instruments and high liquidity.
Is MT5 good for Forex?
Yes, MetaTrader 5 is excellent for Forex trading. The platform offers advanced features compared to MetaTrader 4 (MT4), including:
- Enhanced set of technical indicators and analysis tools.
- Market depth and additional order types.
- Faster and more efficient performance due to its improved architecture.
- Support for algorithmic trading with the built-in MQL5 editor.
- Wide range of financial instruments besides Forex, including stocks, futures, and options.
These features make MT5 a versatile and powerful platform for traders of all levels.
Which MetaTrader is best for Forex?
The choice between MetaTrader 4 and MetaTrader 5 depends on your trading preferences and needs:
- MetaTrader 4: Suitable for traders who prefer simplicity and stability. It is widely used and supported by many brokers (see list of best MT4 brokers), making it an ideal choice for beginners.
- MetaTrader 5: Suitable for more advanced traders who need enhanced features such as additional order types, market depth, and improved analysis tools. MT5 also supports more financial instruments and offers better capabilities for algorithmic trading.
Do I need a broker for MetaTrader 5?
Yes, you need a broker to trade on the MetaTrader 5 platform. A broker provides access to financial markets and allows you to execute trades based on current market quotes. The broker also ensures order execution, leverage provision, and other services necessary for successful trading.
How to choose a Forex broker with MT5?
When choosing a Forex broker with MetaTrader 5, consider several key factors. First, ensure the broker is regulated by reputable financial authorities to safeguard your funds. Second, review the trading conditions, such as spreads, commissions, and leverage options. MT5 is known for its advanced features, so it's important the broker provides access to all available tools and assets, including forex, stocks, and CFDs. Test the platform with a demo account to evaluate its usability and performance. Additionally, make sure the broker offers fast order execution, reliable customer support, and convenient deposit and withdrawal methods.
Can I withdraw money from MT5 without a broker?
No, you cannot withdraw money directly from the MetaTrader 5 platform without a broker. MT5 is a trading platform that connects traders to financial markets through a broker, and all transactions, including deposits and withdrawals, are handled by the broker. To withdraw funds, you need to log in to your broker's account portal and request a withdrawal according to their procedures.
What is the minimum deposit for MT5?
The minimum deposit for trading on the MetaTrader 5 platform depends on the specific broker's terms. Some brokers allow you to start trading with very low deposits, such as:
- IC Markets: Minimum deposit $200.
- RoboForex: Minimum deposit $10.
- Pepperstone: Minimum deposit $1.
- AvaTrade: Minimum deposit $100.
It is important to check the minimum deposit requirements with your chosen broker, as they can vary depending on the account type and trading conditions.
Do professionals use MT5?
Yes, many professional traders use MetaTrader 5. MT5 is popular among professionals due to its advanced features, such as enhanced charting tools, more timeframes, and support for multiple asset classes like forex, stocks, and futures. It also provides advanced order types, a depth of market (DOM) feature, and a built-in economic calendar, making it suitable for traders who require more sophisticated tools for technical and fundamental analysis. Its flexibility and powerful functionality make it a preferred choice for many experienced and institutional traders.
