Best Forex Brokers for MetaTrader 5 (MT5) in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best MT5 Forex brokers based on our analysis:
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IC Markets - Best Forex broker MetaTrader 5 - 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
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Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 6
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 7
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 8
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 9
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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.
MetaTrader 5 is a popular platform developed by MetaQuotes that enables traders to utilize various tools and features for successful Forex trading.
Top 10 MT5 Forex Brokers
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
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.
- Withdrawals are only available via bank transfer, which can prolong the process for an extended period.
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. Vantage
Vantage broker offers various trading instruments and platforms, making it attractive for multiple traders. The availability of extensive analytical tools and educational materials can benefit novice traders looking to deepen their knowledge.
Vantage could be a good choice for intermediate and advanced traders seeking a variety of trading instruments and platforms.
Pros and Cons of Vantage
Pros
- Wide range of trading assets.
- Diversity of trading platforms.
- Free VPS.
- Extensive analytical tools.
Cons
- There are complaints about the quality of technical support in the reviews.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
How to Choose a Broker for 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:
| Criterion | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Types of Trading Orders | 7 types (market, 4 pending, stop-loss, take-profit) | 9 types (market, 6 pending, stop-loss, take-profit) |
| Order Execution Time | Fast execution | Even faster execution |
| Timeframes | 9 timeframes | 21 timeframes |
| Strategy Testing | Based on historical data | Based on historical data, multi-threaded strategy testing |
| Maximum Number of Orders and Positions | 200 | Over 1 million |
| Ability to Trade on Different Markets | Forex, CFDs, futures | Forex, CFDs, futures, stocks, options, ETFs |
| Graphical Objects | 31 objects | 44 objects |
| Indicators | Over 30 indicators | Over 38 indicators |
| Programming Language | MQL4 | MQL5 |
| Automated Trading | Advisors and indicators in MQL4 | Advisors and indicators in MQL5 support multi-threaded trading |
| Mobile Platform | MetaTrader 4 Mobile | MetaTrader 5 Mobile |
| Platform File Size | 5 MB | 22 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 lists of the best Forex brokers with TradingView and the best cTrader Forex brokers.
Advantages and Disadvantages of the MetaTrader 5 Platform
Advantages of MT5
- Diversity of Markets: Access to Forex, stock, commodity, and other financial markets.
- Faster Trade Execution: MT5 uses more advanced technology, offering quicker and more accurate order execution.
- More Types of Orders: Provides greater flexibility and convenience in trading, including one-click trading.
- Multi-threaded Strategy Testing: Speeds up the process and makes it more accurate.
- Increased Number of Timeframes: Allows traders access to over 100 charts with 21 timeframes ranging from one minute to one month.
- Graphical Objects and MT5 Indicators: More built-in tools for market technical analysis and decision-making.
- Advanced Automated Trading: Enhanced capabilities for algorithmic trading with custom trading advisors and indicators in MQL5.
- Mobile Platform: Offers a mobile version for trading on the go using smartphones or tablets, available in AppStore and Google Play.
- Multi-language Support: Supports multiple languages, making it accessible for investors from different countries and cultures.
Disadvantages of MT5
- Complexity for Beginners: The broader array of features and functions in MT5 can be overwhelming for newcomers.
- 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.
- Higher Computer Hardware Requirements: MT5 requires a more powerful computer to operate at maximum settings, necessitating an upgrade for some traders.
- Incompatibility with Some Older Windows Versions: MT5 may not function on older versions of the Windows operating system, limiting accessibility for some users.
- Higher Commissions: Some brokerage firms offering MT5 may have higher commissions than those offering MT4, potentially increasing trading costs.
How the Best MetaTrader 5 Brokers List 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 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.
- The brokers in the list have received high ratings according to our unique methodology, confirming their high professionalism and reliability.
- 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.
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.
FAQ
Which broker is best for MT5?
The best brokers offering the MetaTrader 5 (MT5) platform 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.
- XM: Known for its educational materials and low minimum deposit requirements.
- Admirals (formerly Admiral Markets): Offers a wide range of instruments and high liquidity.
Is MetaTrader 5 good for Forex?
Yes, MetaTrader 5 (MT5) 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 (MT4) and MetaTrader 5 (MT5) depends on your trading preferences and needs:
- MetaTrader 4 (MT4): Suitable for traders who prefer simplicity and stability. It is widely used and supported by many brokers, making it an ideal choice for beginners.
- MetaTrader 5 (MT5): 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.
What is the minimum deposit for MT5?
The minimum deposit for trading on the MetaTrader 5 (MT5) 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.
