Best MT5 Forex Brokers

In order to rank the best brokers to trade forex on MT5, we have taken the following factors into account:

• Any additional features offered for MT5 by the broker
• The number of forex pairs offered on MT5
• The forex spreads charged
• The forex trading modes offered
• The quality of service offered
• The broker’s regulations

Round-up

1. Admiral Markets: best MT5 forex broker overall
2. AvaTrade: best MT5 fixed spreads
3. Vantage: best MT5 ECN execution
4. FP Markets: lowest spreads on MT5
5. IC Markets: best for trading with MQL5 EAs
6. FBS: best MT5 for high leverage
7. FxPro: most flexible MT5 environment
8. Activtrades: best MT5 for STP trading
9. Forex.com: wide range of MT5 forex pairs
10. Axiory: best for MT5 beginners

WARNING

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

Review

1. Admiral Markets

• Admiral offers an enhanced version of MT5 called MetaTrader Supreme Edition. This version comprehends new indicators such as analysis from Trading Central and a market sentiment tool, as well as other features to improve the potential of the platform.
• With the Admiral MT5 Zero account.you can trade forex with very low spreads from 0 pips with a round turn commission from 1.8 USD, and maximum leverage up to 1:500 depending on the country you’re based in.
• The minimum deposit for this account type is $100 for European users, $250 for UK users, and $25 for international traders.
• You can use MT5 on your desktop computer, as well as on your browser. For mobile users, Android and iOS are both available.
• Expert advisors can be installed on MT5, and you can also link a VPS to your MT5 for an improved algo trading experience.

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76% of retail CFD accounts lose money

2. AvaTrade

• Through AvaTrade you can trade forex on MT5 with fixed spreads.
• One downside, is that you won’t be able to trade forex options on MT5, and the AvaProtect feature may not be available on this platform. Spread betting for UK traders is also not available on MT5.
• Spreads with MT5 start from 0.9 pips for retail traders, and 0.6 for professional traders.
• The maximum leverage is kept high at 1:400, however for European and UK retail traders it’s limited to 1:30 due to regulatory reasons.

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(79% of retail CFD accounts lose money)

3. Vantage

• Vantage offers a very flexible forex trading environment as it has made available three MT5 account types for its traders.
• The MT5 Standard STP account charges spreads from 1 pip and comes with a minimum deposit of $200.
• The MT5 Raw ECN account has very low spreads from 0 pips, but it charges a round-turn commission of 3 USD. The minimum deposit is also higher at $500.
• The MT5 Pro ECN account is for advanced traders. The minimum deposit is $20000, but spreads are from 0 pips with 1.75 USD round turn commission.
• Across all these account types, there are only about 40 forex pairs to be traded, and the maximum leverage (depending on the country) is 1:500.
• There is also a MT5 add-on (Smart Trader Tools), which aims to give retail traders the market analysis tools of professional and institutional investors.

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74-89% of retail CFD accounts lose money

4. FP Markets

• FP Markets is known for their advanced MT5 forex trading technology which gives low latency and low spreads.
• On the Standard MT5 account spreads start from 1 pip, while it’s lower (from 0 pips) on the Raw MT5 account.
• In both cases the minimum deposit is $100, you can find an ECN execution, and the maximum leverage is up to 1:500 for international traders. Australian, European and British traders are limited to 1:30.
• With the FP Markets’ MT5 platform, you can also engage in copy trading.
• On FP Markets’ MT5 you can also use VPS to trade forex and install EAs.

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74-89% of retail CFD accounts lose money

5. IC Markets

• IC Markets’ MT5 is known to provide extremely deep liquidity and fast order execution (66ms on average).
• The spreads with this broker are kept extremely low, with an average of 0.1 pip on the EUR/USD forex pair.
• There are two account types available under MT5.
• The MT5 Raw Spread account has spreads from 0 pips, but charges a 3.5 USD commission per lot traded.
• The MT5 standard account though, does not charge extra fees but spreads are slightly higher from 0.6 pips.
• With this broker on the MT5 you can trade 60 forex pairs in total, and the maximum forex leverage is 1:500 for international traders.

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(74-89% of retail CFD accounts lose money)

6. FBS

• FBS is known to offer very high leverage on their MT5 platforms.
• The maximum leverage available with FBS is 1:3000. European traders, on the other hand, are limited to 1:30 leverage on forex.
• Both European and International traders can open a MT5 Cent account, which allows beginners to trade forex with small amounts of money.
• Spreads with FBS are slightly higher than the industry average, starting from 1 pip.
• The minimum deposit to open a MT5 account is however very low sitting at $1 for the Cent account ($10 for EU traders).
• One huge downside of the broker is the small amount of tradable forex pairs which is less than 30 on MT5.

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74-89% of retail CFD accounts lose money

7. FxPro

• With FxPro MT5 you will be able to trade around 60 forex pairs.
• MT5 Trading Central Tools plugins are available to be installed, which will provide advanced analysis tools by analyzing resistance and support levels, and providing long/short term forecasts.
• FxPro makes available an efficient VPS, with PDF guides on how to test and optimize EAs on MT5.
• Spreads are kept very low starting from 0 pips, while the maximum leverage depending on the country of residence can reach up to 1:500.

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72.87% of retail CFD accounts lose money

8. ActivTrades

• ActivTrades has developed several MT5 add-ons to improve the trading experience.
• Among these we can find SmartOrder (for better position management), Smartlines (to set automatic orders based on trendlines), Smartpattern (to automatically detect technical analysis patterns), and an original Pivot Points indicator.
• When using a demo account, these additional MT5 plugins are not available to try. Additionally, MT5 demo account pricing is delayed by 15 minutes.
• The maximum leverage on forex with ActivTrades is 1:300 (1:30 for EU and UK traders).
• Trade over 45 forex pairs with forex spreads starting from 0.5 pips.
• Hedging on MT5 is allowed, but you must first contact the broker to activate it on your trading account.

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75.7% of retail CFD accounts lose money

9. Forex.com

• Even though Forex.com is regulated in multiple countries across the world, they only made MT5 available to European traders.
• With Forex.com’s MT5 account, you will be able to trade forex in a liquid environment.
• Spreads start from 1 pip on MT5, and the platform is available on desktop, webtrader and mobile devices.
• com also makes available advanced charting and analysis tools for MT5 (including Trading Central analysis), which are already integrated into the platform.
• Another good feature of Forex.com is their large pool of tradable forex pairs with over 80 in total.

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73% of retail CFD accounts lose money

10. Axiory

• Axiory provides forex trading on MT5 through their MT5 Tera account.
• The minimum deposit is $10 for this account type, and the maximum leverage offered is 1:400.
• With Axiory you can trade over 60 forex pairs.
• Spreads are kept very low starting from 0 pips (0.3 pips on average on EUR/USD forex pair)
• Axiory made Custom indicators available for MT5, and the platform is also compatible with Autochartist.

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