At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
In this post, we have featured some of the top ten best 5-figure forex brokers.
We have taken the following factors into consideration to provide you with the most reliable list possible
- Platforms available with 5-digit forex trading
- Number of forex pairs
- Minimum deposit
Table of Content
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money
|Brokers||Five digits available?||Avg EUR/USD spread|
|IC Markets||Yes||0.00002 pips|
|IG Markets||Yes||0.00014 pips|
|Saxo Bank||Yes||0.00009 pips|
Top 10 Best Five Digit Forex Brokers: 2022 Review
- Pepperstone provides the platforms MT4, MT5, and cTrader and all of them allow five-digit forex trading.
- Pepperstone clients will find spreads starting from 0 pips, with an average spread on EUR/USD of 0.09 pips.
- 60 five-digit forex pairs are provided by Pepperstone combined with a no minimum requirement, even though the broker recommends a minimum deposit of $200.
(75.9% of retail CFD accounts lose money)
2. IC Markets
- IC Markets is a broker that offers five-digit forex trading on cTrader, MT4, and MT5.
- Spreads with IC Markets start from 0 pips, with an average of 0.00002 pips on the EUR/USD forex pair.
- On IC Markets you can trade over 60 five-digit forex pairs with a $200 minimum deposit.
Visit IC Markets
(74-89% of retail CFD accounts lose money)
- AvaTrade offers five-digit forex trading on an array of platforms including MT4, MT5, AvaOptions, and its proprietary platform.
- AvaTrade charges fixed spreads with an average of 0.00009 pips on the EUR/USD forex pair.
- $100 is the minimum deposit an AvaTrade client needs to make in order to start trading over 60 five-digit currency pairs.
(79% of retail CFD accounts lose money)
- XM enables five-digit forex trading on their MetaTrader platforms, MT4 and MT5.
- XM spreads start from 0.1 pips with an average of 0.00016 pips on EUR/USD.
- Clients can trade among 55+ XM five-digit forex pairs, with a minimum deposit starting from $5 depending on your account choice.
73.57% of retail CFD accounts lose money
- MT4, MT5, and a proprietary platform are what Forex.com offers their clients to engage in five-digit trading.
- Forex.com has some of the lowest spreads in the industry starting at 0.5 pips, with an average spread of 0.00012 pips on EUR/USD.
- Over 80 five-digit forex currency pairs are available with a minimum deposit of $100 to start.
80% of retail CFD accounts lose money
- Several platforms such as MT5, MT4, and cTrader are made available to be used by FxPro, with the possibility to have access to five-digit forex trading.
- Spreads at FxPro can be as low as 0 pips, with an average spread of 0.00012 pips on the pair EUR/USD.
- Remember that FxPro also charges fixed five-digit spreads on the 7 major pairs on the MT4 account.
- FxPro provides 70+ five-digit forex pairs to be traded after opening an account with a minimum deposit of just $100.
72.87% of retail CFD accounts lose money
- The proprietary platform provided by Plus500 allows for five-digit forex trading.
- The spreads charged by Plus500 start from 0.6 pips, with an average of 0.00008 pips on EUR/USD.
- Plus500 clients can trade among 60+ five-digit forex pairs with a minimum deposit which needs to be met of $100.
(77% of retail CFD accounts lose money)
- There is no minimum deposit requirement from Oanda to open an account.
- Oanda provides a proprietary platform, as well as the MT4 platform for their clients.
- Oanda has spreads that start at 0.6 pips or lower depending on your location, with an average spread of 0.00010 pips on the forex pair EUR/USD.
- There are 70+ five-digit Oanda currency forex pairs to choose from with no minimum deposit requirement.
73.5% of retail CFD accounts lose money
9. IG Markets
- IG Markets offers several platforms which enable the five-digit forex trading: MT4, L2 Dealer, ProRealTime, and proprietary platforms.
- Spreads at IG start from 0.6 pips, with an average spread of 0.00014 on EUR/USD.
- 80+ five-digit forex pairs can be traded at IG Markets from a minimum deposit of $250.
Visit IG Markets
(76% of retail investor accounts lose money)
10. Saxo Bank
- Saxo Bank provides two top-notch proprietary platforms, SaxoTraderGO and SaxoTraderPro, where you can engage in five-digit forex trading.
- Spreads at Saxo start competitively, with an average spread of 0.00009 pips on EUR/USD.
- Saxo Bank offers 190+ five-digit forex pairs which can be traded after a minimum deposit of $2000.
Visit Saxo Bank
72% of retail CFD accounts lose money
Five digits forex brokers really have helped the whole trading industry to grow rapidly, and helped thousands of traders to get more transparent pricing while trading Forex and many other assets.
That’s why if you’re interested in forex trading and five digit forex brokers, you can simply check out our top 10 best forex brokers article.
In fact, to date, there’s not a single Forex Broker that is not offering this kind of feature, and reading the best forex brokers article can be a very efficient shortcut.
Going back to the main topic, without further ado, let’s get into discovering the best 5 digit forex brokers.
What is a 5-Digit Forex Broker?
Simply put, a 5-digit broker is a broker that offers a 5-digit decimal pricing system. Unlike other brokers that only offer a 4-digit pricing system.
5-digit pricing systems are a relatively new concept that has slowly gained traction since 2007, where before then no one had heard of a 5-digit pricing system.
Although now you will see that a lot of brokers use 5-digit pricing systems as part of their approach these days since there are many benefits. Some benefits include paying less for your trades, as well as better execution speeds.
Why are 5 digits important with forex brokers?
Before 5 digits became the norm with forex brokers, many if not all brokers were using a 4-digit price system. However, most forex brokers have started using a 5-digit price system on their platforms now.
One reason is that 5-digits give traders more accuracy, and there is a lot more information with the extra digit as prices can be broken down further. The addition of this extra digit allows traders who don’t have large accounts to trade half pips instead of full pips.
For scalpers, this is great news as the extra digit can give them pin-point accuracy. Another important reason for the importance of a 5-digit pricing system is that it has reduced the cost to trade making it cheaper for traders to execute trades.
Price movements: 5-digit vs 4-digit Broker
Here is an example of the old 4-digit spread vs the new and improved 5-digit spread. For example, say we had a 4-digit price on the EUR/USD of 1.5840 bid/1.5842ask (2 pips).
And now let’s examine what a 5-digit spread would be like in comparison to the 4-digit one; EUR/USD of 1.58401 bid/1.58428 ask (2.8 pips).
You can see the difference between the two, where you get 0.8 extra pips of information with 5 digits which is more accurate when compared to the 2 pips with the 4 digits.
Here’s another example; let’s say we have a bid/ask price on GBP/USD of 1.4123 bid/1.4123 ask. You can see that there is a spread of 0 pips when using a 4-digit price system.
However, when we consider a 5-digit price system we get more information leading to more accuracy. 1.41230 bid/ 1.41234 ask, which is a spread of 0.4 pips. Again we can see here that we have more information to work with because with 4-digits you can’t detect spreads lower than 1 as it always appears to be 0 without the decimals.
The accuracy given by the 5th digit means better transparency for traders, which forex brokers call precision pricing.
Forex Trading platforms with 5-digit pricing
More and more trading platforms are conforming to the 5-digit pricing system, such as the following:
Expert Advisors Trading with 5-digit brokers
Some expert advisors that have been built on the basis of 5-digit pricing systems are not compatible with forex brokers who offer 4-digit prices. So keep this in mind when you are looking for a forex broker, as you will need to find out if they can handle expert advisors that have been calibrated using 5-digits.
Furthermore, in the case that they are compatible they run the risk of being less efficient, which in turn will have a negative impact on your trading results. The reason for this is due to the fact that 5-digit robots are more precise and efficient, but only when they have the relevant data to work with.
Pros of a 5-Decimal Pricing System
There are some pros when dealing with a 5-decimal pricing system, which include the likes of lower spreads. It also incentivizes higher trading volume by reducing overall trading costs, and this will entice traders to join a platform, so they aren’t paying as much to be able to trade.
One of the most attractive things about a 5-decimal pricing system is its level of accuracy and precision when it comes to filling orders. Accuracy is everything when it comes to trading, as it could mean the difference between being filled and missing a profitable trade.
It also promotes high-frequency trading, which is a method of trading that includes the use of high-level programs to compute large amounts of orders in a fraction of a second. It also uses powerful algorithms that are capable of analyzing multiple markets at once.
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