Best Forex Brokers with MetaTrader 5 (MT5) in 2024

Last updated Feb 15, 2024
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

MetaTrader 5 is a popular platform developed by MetaQuotes that enables traders to utilize various tools and features for successful Forex trading.

In this article, we will explore the rankings of the top Forex brokers with MT5 for 2024, which offer high-quality services and reliable trading conditions. We will compare their advantages and disadvantages to assist you in selecting the most suitable company for Forex trading.

Top 10 Best Forex Brokers with MetaTrader 5

Логотип IC Markets
1
Foundation Year
2007
Minimum Deposit
$ 200
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsIC Markets review18 reviews about IC Markets
Логотип Pepperstone
2
Foundation Year
2010
Minimum Deposit
$ 1
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this brokerPepperstone review31 reviews about Pepperstone
Логотип AvaTrade
3
Foundation Year
2005
Minimum Deposit
$ 100
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAvaTrade review
Логотип Vantage
4
Foundation Year
2009
Minimum Deposit
$ 50
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsVantage review
Логотип Roboforex
5
Foundation Year
2009
Minimum Deposit
$ 10
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsRoboforex review34 reviews about Roboforex
Логотип FxPro
6
Foundation Year
2006
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsFxPro review
Логотип AMarkets
7
Foundation Year
2007
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAMarkets review
Логотип Deriv
8
Foundation Year
2020
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsDeriv review
Логотип Admirals
9
Foundation Year
2001
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAdmirals review
Логотип ActivTrades
10
Foundation Year
2000
Minimum Deposit
$ 1
4.3/5
Register81% of retail investors lose money when trading CFDs with this brokerActivTrades review

We have analyzed the market and selected Forex brokers with the MT5 platform that offer the best conditions. Our list includes only reliable MT5 brokers with a strong reputation and a long-standing presence in the market. Each broker has been thoroughly tested and evaluated based on customer service quality, commission rates, selection of accounts and assets, security, and reliability. You can review our list and choose the most suitable broker for your trading needs with the MetaTrader 5 platform.

1. IC Markets

Логотип IC Markets
1
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTrader
Deposit/withdrawal:
Логотип PayPal
Логотип Neteller
Логотип Skrill
Логотип Bpay
Логотип FasaPay
Логотип Klarna
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип UnionPay
Логотип POLi
Логотип Rapidpay
compare IC Markets trading accounts

IC Markets is suitable for traders looking for low spreads and ECN accounts and the ability to scalp and use expert advisors.

Advantages of IC Markets

  • Regulation. IC Markets is regulated by two serious financial regulators, ASIC and CySEC, which guarantees client funds protection and trading conditions fairness.
  • A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
  • Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.
  • MetaTrader and cTrader platforms. These platforms are widely recognized for their advanced trading features and analysis tools.
  • Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.
  • Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.

Disadvantages of IC Markets

  • High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.
  • A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.

2. Pepperstone

Логотип Pepperstone
2
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип PayPal
Логотип Skrill
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Pepperstone trading accounts

Pepperstone suits traders seeking a wide choice of platforms, tight spreads, and numerous trading instruments.

Advantages of Pepperstone

  • Wide selection of trading platforms.
  • Tight spreads and favourable trading conditions.
  • Numerous regulatory licenses.
  • A large number of trading instruments, including over 600 CFDs on stocks.

Disadvantages of Pepperstone

  • Lack of diversity in types of trading accounts.
  • Withdrawals are only available via bank transfer, which can prolong the process for an extended period.

3. AvaTrade

Логотип AvaTrade
3
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Perfect Money
Логотип Google Pay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип JCB
compare AvaTrade trading accounts

AvaTrade is suitable for traders who value various instruments, copy trading services, and a user-friendly mobile version of trading platforms.

Advantages of AvaTrade

  • A wide selection of financial instruments. AvaTrade offers more than 60 currency pairs and CFDs on stocks, indices, commodities, cryptocurrencies, and other assets.
  • Innovative trading platforms. AvaTradeGO, MetaTrader 4 and 5, and WebTrader provide convenience and functionality for trading.
  • Educational resources. Access to an education center with video tutorials, articles, and other materials helps traders improve their skills and knowledge.

Disadvantages of AvaTrade

  • Limited account options. The absence of market execution of orders, cent accounts, and fixed spread accounts may limit options for traders.
  • Fees. Costs for account inactivity and maintenance may impact trading profitability.

4. Vantage

Логотип Vantage
4
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4Premium Trader
Deposit/withdrawal:
Логотип Bpay
Логотип Neteller
Логотип Skrill
Логотип AstroPay
Логотип FasaPay
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип UnionPay
Логотип POLi
compare Vantage trading accounts

Broker Vantage is suitable for intermediate and advanced traders looking for diversity in instruments and platforms.

Advantages of Vantage

  • Wide range of trading instruments. Many available markets and products include currency pairs, indices, and metals.
  • Diversity of trading platforms. Availability of various platforms, including mobile app, MetaTrader 4, MetaTrader 5, and ProTrader.
  • Free VPS. Provision of free VPS of severe traders.
  • Extensive analytical tools. Various market analysis tools are available, including correlation matrices, trading signals, etc.
  • Educational materials. Availability of webinars, articles, and other educational resources.

Disadvantages of Vantage

  • Variable quality of technical support. Some clients complain about low efficiency and speed of service.
  • Absence of cryptocurrencies. Cryptocurrencies are missing from the trading instruments.

5. RoboForex

Логотип Roboforex
5
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersAgricultural CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Касса24
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип JCB
compare Roboforex trading accounts

Roboforex is suitable for both beginners and professional traders, thanks to its impeccable reputation, reliability, and fair conditions.

Advantages of Roboforex

  • A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
  • Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
  • Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
  • Competent 24/7 customer support.
  • Loyalty programs and bonus offers for clients.
  • Low spreads and commissions, as well as the ability to trade with high leverage.

Disadvantages of Roboforex

  • Regulation in an offshore jurisdiction.
  • Beginner traders may find a lack of educational materials.

6. FxPro

Логотип FxPro
6
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4FxPro EdgeMetaTrader 5cTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип UnionPay
compare FxPro trading accounts

FxPro is suitable for traders looking for a reliable company with good trading conditions and a wide selection of instruments.

Advantages of FxPro

  • Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
  • A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
  • Analytical tools, including signals from Trading Central and Autochartist functionality.
  • Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.

Disadvantages of FxPro

  • An inactivity fee is charged after six months of no position opening or closing.
  • Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
  • Absence of cent accounts and services for copying trades of successful traders.

7. AMarkets

Логотип AMarkets
7
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип Neteller
Логотип FasaPay
Логотип Bank Transfer
Логотип Система быстрых платежей (СБП)
Логотип Visa
Логотип Mastercard
Логотип Мир
Логотип HUMO
compare AMarkets trading accounts

AMarkets is suitable for independent traders and investors due to various accounts, narrow spreads, and the possibility of engaging in copy trading.

Advantages of AMarkets

  • A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
  • Extensive analytical capabilities using modern tools and trading robots.
  • No commissions on many operations.
  • Convenience and simplicity of opening an account and managing it.

Disadvantages of AMarkets

  • Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
  • The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
  • On some assets, spreads are higher than those of competing Forex brokers.

8. Deriv

Логотип Deriv
8
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5Deriv XcTrader
Deposit/withdrawal:
Логотип FasaPay
Логотип Perfect Money
Логотип Skrill
Логотип Neteller
Логотип WebMoney
Логотип PaySafeCard
Логотип Jeton
Логотип SticPay
Логотип Airtm
Логотип Boleto
Логотип Paylivre
Логотип OnlineNaira
Логотип Beyonic
Логотип AstroPay
Логотип 1foryou
Логотип AdvCash
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Diners Club
Логотип JCB
Логотип PayTrust88
Логотип Help2pay
Логотип DragonPhoenix
Логотип ZingPay
Логотип Ngan Luong
Логотип Trustly
compare Deriv trading accounts

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.

Advantages of Deriv

  • Relatively reliable with licenses from various global regulators.
  • 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 is suitable for traders of different levels.
  • High-quality technical support with fast and effective responses.

Disadvantages of Deriv

  • 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.

9. Admirals

Логотип Admirals
9
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesCryptocurrencyStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Admirals trading accounts

Admirals is suitable for short-term traders looking for a large selection of instruments and a good educational program.

Advantages of Admirals

  • Regulation. Admirals is regulated by several leading financial authorities, including the FCA in the UK and CySEC in Cyprus, ensuring high reliability and security.
  • Trading Fees. Trading commissions are set at a competitive level, making trading with Admirals cost-effective.
  • Wide Range of Payment Methods. Clients can deposit and withdraw funds using various convenient payment methods, including bank transfers, credit/debit cards, and electronic wallets.
  • Analytics. Admirals offers extensive analytical resources, including an economic calendar, trading news, weekly podcasts, and technical and fundamental analyses.
  • Education. The broker provides a rich collection of educational materials, including webinars, articles, guides, and e-books.

Disadvantages of Admirals

  • Inactivity fee. Admirals charges a fee if an account remains inactive for a certain period, which may be undesirable for some investors.
  • Support. Although the support service provides multiple communication channels and quick responses, some users sometimes complain about its intrusiveness and note unprofessionalism. Additionally, information about the support service's working hours is missing from the Admirals website.

10. ActivTrades

Логотип ActivTrades
10
4.3/5
Register81% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksIndicesCryptocurrencyBondsPrecious MetalsEnergy CarriersAgricultural CommoditiesETF
Trading Platforms
MetaTrader 4MetaTrader 5ActivTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип AstroPay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare ActivTrades trading accounts

ActivTrades is suitable for beginners who value simplicity and educational materials and experienced traders who prefer MetaTrader and a wide range of instruments.

Advantages of ActivTrades

  • Regulation. ActivTrades is a regulated broker with licenses from leading financial regulators such as the FCA and CySEC. This provides broker's clients with protection and reliability.
  • Wide range of instruments. ActivTrades offers access to a wide spectrum of trading instruments, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, allowing traders to diversify their trading.
  • Trading Platforms. ActivTrades offers popular trading platforms MetaTrader 4, MetaTrader 5, TradingView and its own ActivTrader platform. These platforms provide traders with various features, indicators, and tools for analysis.
  • Educational materials. The broker provides an extensive set of educational materials, including webinars, videos, articles, and guides, which helps traders of different experience levels to improve their trading skills.
  • Professional Support Team. ActivTrades' support service stands out for its high level of professionalism, ensuring effective and knowledgeable communication with clients, thus enhancing the overall trading experience.

Disadvantages of ActivTrades

  • Lack of diversity in trading accounts. ActivTrades offers a limited number of types of trading accounts, which may not meet the needs of all traders, especially those looking for more flexible trading conditions or special offers for different levels of experience and trading volumes.

How the List of Top Forex Brokers with MetaTrader 5 Was Compiled

In compiling the list of leading Forex brokers offering access to the MetaTrader 5 platform, we relied on the following key parameters:

  1. The primary basis was our extensive Forex brokers list, which considers a range of critical factors such as the trustworthiness and reliability of brokers, trading conditions, and the quality of customer service.
  2. The brokers in the list have received high ratings according to our unique methodology, confirming their high professionalism and reliability.
  3. A fundamental criterion for inclusion in the list was the brokers' support for the MetaTrader 5 platform, considered one of the most modern and technologically advanced systems for online trading.

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.

How to Choose a Broker with MetaTrader 5?

Given the large number of MetaTrader 5 brokers, choosing the right company can be challenging. Here are some criteria to consider when selecting MT5 brokers:

  • Regulation and Licensing: Choose a broker regulated and licensed by relevant authorities.
  • Account Types: Ensure the company offers various Forex account types suitable for your investment needs.
  • Trading Conditions: Attention spreads, commissions, minimum deposits, lot sizes, and other trading conditions.
  • Reliability: Select a dealing center with a good reputation and reliable trading conditions to avoid fraud and complications.
  • Technical Support: Ensure that the broker provides quality technical support that is available 24/7.
  • Education and Analytics: Choose a company that provides educational materials and analytical tools for trading.
  • Bonuses and Promotions: Find out about the Forex broker's bonuses and promotions to gain additional benefits.
  • Compatibility with Various Devices: Check if the MT5 trading platform can be used on various devices, such as a computer, tablet, and mobile phone.
  • Instrument Range: Ensure the broker offers access to various trading instruments, including currency pairs, stocks, indices, commodities, etc.
  • Alignment with Your Goals: Choose a company that aligns with your investment goals and trading strategy.

Who is the MetaTrader 5 Platform Suitable for?

The MetaTrader 5 trading platform is suitable for many traders and investors. It offers extensive capabilities for trading in international markets, including Forex and CFDs, stock markets, commodity markets, and more. The MetaTrader 5 terminal is ideal for users of any experience level, from beginners to professionals.

For beginner users, MetaTrader 5 offers a simple and user-friendly interface, a wealth of educational materials, and tools that help quickly master trading.

For experienced traders, MT5 offers a wide range of indicators, tools, and metrics for technical and fundamental analysis, which assist in making informed decisions and achieving success in trading.

Additionally, MetaTrader 5 can automate trading strategies and robotize trading by creating custom trading advisors and indicators using the MQL5 programming language.

Therefore, MetaTrader 5 brokers are suitable for traders of any experience, enabling them to trade in various markets successfully.

MT5 Trading Terminal vs MT4

MT5 has several improvements over its predecessor. Here is a comparative table of MT4 and MT5 platforms:

CriterionMetaTrader 4MetaTrader 5
Types of Trading Orders7 types (market, 4 pending, stop-loss, take-profit)9 types (market, 6 pending, stop-loss, take-profit)
Order Execution TimeFast executionEven faster execution
Timeframes9 timeframes21 timeframes
Strategy TestingBased on historical dataBased on historical data, multi-threaded strategy testing
Maximum Number of Orders and Positions200Over 1 million
Ability to Trade on Different MarketsForex, CFDs, futuresForex, CFDs, futures, stocks, options, ETFs
Graphical Objects31 objects44 objects
IndicatorsOver 30 indicatorsOver 38 indicators
Programming LanguageMQL4MQL5
Automated TradingAdvisors and indicators in MQL4Advisors and indicators in MQL5 support multi-threaded trading
Mobile PlatformMetaTrader 4 MobileMetaTrader 5 Mobile
Platform File Size5 MB22 MB

The MT5 trading terminal offers more features and capabilities compared to MT4, making it more versatile for traders on different markets and with varying levels of experience. MT5 also provides faster order execution and supports more advanced technologies for algorithmic trading.

However, MetaTrader 4 remains popular among users. It offers a simple interface and a wide selection of trading instruments. Additionally, many traders are already experienced with MT4 and may be somewhat cautious about switching to a new platform. Therefore, the choice between MetaTrader 5 and MetaTrader 4 depends on the individual needs and preferences of the trader.

Also, see our list of the best Forex brokers with MetaTrader 4.

Advantages and Disadvantages of the MetaTrader 5 Platform

Advantages of MT5

  1. Diversity of Markets: Access to Forex, stock, commodity, and other financial markets.
  2. Faster Trade Execution: MT5 uses more advanced technology, offering quicker and more accurate order execution.
  3. More Types of Orders: Provides greater flexibility and convenience in trading, including one-click trading.
  4. Multi-threaded Strategy Testing: Speeds up the process and makes it more accurate.
  5. Increased Number of Timeframes: Allows traders access to over 100 charts with 21 timeframes ranging from one minute to one month.
  6. Graphical Objects and MT5 Indicators: More built-in tools for market technical analysis and decision-making.
  7. Advanced Automated Trading: Enhanced capabilities for algorithmic trading with custom trading advisors and indicators in MQL5.
  8. Mobile Platform: Offers a mobile version for trading on the go using smartphones or tablets, available in AppStore and Google Play.
  9. Multi-language Support: Supports multiple languages, making it accessible for investors from different countries and cultures.

Disadvantages of MT5

  1. Complexity for Beginners: The broader array of features and functions in MT5 can be overwhelming for newcomers.
  2. Limited Compatibility with Certain Indicators and Advisors: MT4 has a more extensive selection of indicators and expert advisors, some of which may not be compatible with MT5.
  3. Higher Computer Hardware Requirements: MT5 requires a more powerful computer to operate at maximum settings, necessitating an upgrade for some traders.
  4. Incompatibility with Some Older Windows Versions: MT5 may not function on older versions of the Windows operating system, limiting accessibility for some users.
  5. Higher Commissions: Some brokerage firms offering MT5 may have higher commissions than those offering MT4, potentially increasing trading costs.

Conclusion

Choosing the right platform for Forex and other market trading is crucial to a trader's success. MT5 offers numerous advantages, including broader capabilities for market analysis, a wide selection of trading instruments, and more advanced automated trading options. However, it may seem more complex than MT4 for beginner traders, and not all brokers offer it on their platforms. Therefore, when selecting a trading platform, it's essential to consider your individual needs and preferences. We hope our list of the top MT5 Forex brokers will help you make the right choice and succeed in your trading endeavors.

Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.