The best MT5 Forex brokers are XM, AvaTrade, FP Markets, and IC Markets.
To choose the best MT5 Forex broker to trade, availability and features of MT5 platforms,trading costs (spreads and commissions), trading tools, execution speed, and customer support are the most important criteria.
XMis the best MT5 Forex broker overall, for spreads (0.1 pips on EUR/USD), fast execution (less than 1 second approximately), comprehensive platforms (MT4, MT5), and active customer support (24/5 availability).
AvaTrade, FP Markets, and IC Markets follow XM as the best MT5 Forex brokers with the possibility to use MT5 trading platform for desktop, web and mobile trading, minimum deposit ($5 for XM and $100 for AvaTrade and FP Markets) and customer support (24/5 availability via phone, email, and chat). AvaTrade offers trading costs with fixed spreads of 0.9 pips on EUR/USD with an execution speed of 145 ms approximately. FP Markets offer trading costs with spreads from 0.1 pips along a commission of $6 per lot round turn on EUR/USD with an execution speed of 40 ms approximately. IC Markets offers trading costs with spread from 0.1 pips along a commission of $7 per lot round turn on EUR/USD with an execution speed of 36.5 ms approximately.
What are the best MT5 forex brokers?
Below our curated list and review of the best MT5 forex brokers, with a description of features and characteristics.
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.
XM
best for MT5 beginners
XM provides MT5 across all account types, available on desktop, web, and mobile. It offers a wide range of forex pairs with low spreads and diverse account options.
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM offers the MT5 platform across all its trading accounts.
- The minimum deposit to open a trading account at XM starts from $5 depending on the account type chosen.
- The MT5 platform at XM is available as desktop, webtrader and mobile.
- XM offers 55 tradable forex pairs in total with spreads from 0 pips with a $7/lot round-turn commission.
- MT5 users at XM can also request a VPS under a 28 USD monthly fee.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
AvaTrade
best MT5 fixed spreads
AvaTrade enables trading on MT5 with fixed spreads starting from 0.9 pips. It offers high leverage up to 1:400, catering to both professional and retail traders with tight spreads.
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- 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.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FP Markets
lowest spreads on MT5
FP Markets delivers low latency and spreads on MT5. It includes ECN execution and copy trading capabilities, with leverage up to 1:500 in certain regions.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- 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.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
IC Markets
best for trading with MQL5 EAs
IC Markets ensures deep liquidity and fast execution on MT5, offering very low spreads and a variety of account options, supporting extensive forex pairs.
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About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- 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.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
FBS
best MT5 for high leverage
FBS supplies high leverage up to 1:3000 on MT5, catering to diverse trading requirements with slightly higher spreads and a low minimum deposit.
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About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- 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.
- Spreads with FBS are slightly higher than the industry average, starting from 0.7 pips.
- The minimum deposit to open a MT5 account is very low sitting at $5.
- One downside of the broker is the small amount of tradable forex pairs which is around 70 on MT5.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
FxPro
most flexible MT5 environment
FxPro enables trading in around 60 forex pairs on MT5 with low spreads and advanced analysis tools, while offering high leverage to accommodate different trading strategies.
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About FxPro
FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.
FxPro Features
The features of FxPro are listed below.
- 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.
FxPro Pros and Cons
Advantages of FxPro
The advantages of FxPro are listed below.
- Regulated and Trusted Forex broker
- Diverse Trading Platforms
- Wide Range of Instruments
Disadvantages of FxPro
The disadvantages of FxPro are listed below.
- Inactivity Fee
- Limited Educational Resources
- No Guaranteed Stop-Loss Orders
Vantage
best MT5 ECN execution
Vantage offers three MT5 account types to suit various trading needs. It provides low spreads along with additional market analysis tools for traders.
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About Vantage
Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.
Vantage Features
The features of Vantage are listed below.
- 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.
Vantage Pros and Cons
Advantages of Vantage
The advantages of Vantage are listed below.
- Competitive spreads and low commissions
- Strong range of asset classes
Disadvantages of Vantage
The disadvantages of Vantage are listed below.
- Not available to US traders
- Customer service could be improved
Admirals
best MT5 forex broker overall
Admirals offers an enhanced MT5 platform called MetaTrader Supreme Edition, featuring Trading Central indicators, a market sentiment tool, and an MT5 Zero account with spreads from 0 pips. It provides desktop, web, and mobile accessibility with leverage up to 1:500.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals offers an enhanced version of MT5 called MetaTrader Supreme Edition. This version comprehends new technical 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 Admirals 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.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
ActivTrades
best MT5 for STP trading
ActivTrades enhances the MT5 experience with several add-ons, including SmartOrder and Smartlines. It supports leverage up to 1:300 and allows hedging.
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About ActivTrades
ActivTrades is a global online broker founded in 2001, offering trading on forex, CFDs, indices, shares, commodities, and ETFs. ActivTrades provides MetaTrader platforms and its proprietary ActivTrader platform. ActivTrades is regulated by multiple authorities including the FCA. ActivTrades serves clients in over 140 countries and is known for competitive spreads and innovative trading tools. ActivTrades recently introduced zero commission on shares and fractional trading. The ActivTrades CEO and founder is Alex Pusco.
ActivTrades Features
The features of ActivTrades are listed below.
- 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.
ActivTrades Pros and Cons
Advantages of ActivTrades
The advantages of ActivTrades are listed below.
- Low Trading Costs
- User-Friendly Platforms
- Regulatory Compliance
Disadvantages of ActivTrades
The disadvantages of ActivTrades are listed below.
- Limited Product Range
- Withdrawal Fees
Forex.com
wide range of MT5 forex pairs
Forex.com limits MT5 availability to European traders, offering advanced tools, access to over 80 forex pairs, and a liquid trading environment with competitive spreads.
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About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- 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.
- Forex.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.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
What is the MetaTrader 5 platform?
MetaTrader 5 is an electronic advanced multi-asset trading platform, developed by the company MetaQuotes Software.
MT5 allows for trading CFDs, forex pairs, stocks and futures. It offers advanced technical analysis, a flexible trading system, and algorithmic trading tools. It’s an upgrade from the older version, MetaTrader 4 (MT4), with enhanced features, though both are still commonly used.
MT5, compared to MT4, supports more markets (forex, stocks, futures), provides an integrated economic calendar, includes more time frames and technical indicators. It offers a more sophisticated back-testing environment, greater depth of market view, and has advanced order types. Unlike MT4, it supports multi-threaded trading strategy testing and has a built-in chat system.
MT5 brokers should appeal to advanced traders who need access to a wider variety of financial markets, advanced back-testing, more technical indicators, and a multi-threaded strategy tester. Its additional features, including futures and stock trading, and economic calendar integration, make it ideal for traders wanting comprehensive analysis and trading tools. However, its complexity might overwhelm novice traders.
Is MT5 better than MT4 for forex trading?
MT5 and MT4 are equally good when it comes to trading forex. However, in general, forex traders prefer the MT4 platform because it is the trading platform with the most loyal community.
The MT5 in fact remains a very good choice for doing forex trading, as it offers everything that the MT4 already has, but with enhancements such as more tradable assets and more analytical and trading tools. In fact, there are 9 timeframes on the MT5, expanding to 21 on the MT5. This allows more flexible trading and greater choice for all forex traders.
Another marked difference is the type of robot programming, as the MT4 and MT5 robots are not compatible with each other. If you are interested in algorithmic trading, you may prefer MT4 as the community of algorithmic traders is much larger, and they can help you take your first steps into the world of automated trading systems.
Pros and cons of MT5 forex brokers
Pros:
- Can run on most PCs and laptops
- Caters for both Windows and MAC users
- Modern layout
- Flexible trading environment
- Great for algorithmic traders
Cons:
- Smaller community of traders compared to MT4
How do I choose the best MT5 Forex broker?
- Choose a regulated forex broker: Selecting a regulated forex brokerage holds utmost significance, regardless of your preferred broker or trading strategy. Opting for an MT5 forex broker possessing the appropriate license to operate in your country ensures that, should any disputes arise, you have the ability to lodge a complaint and receive direct support from the financial markets watchdog.
- Consider a forex broker that allows algo trading: MT5 proves to be an excellent choice for forex trading, and its standout feature lies in the ability to develop, install, and download Expert Advisors (EAs) for automated trading. However, it’s worth noting that not all MT5 brokers permit their clients to utilize EAs. Therefore, if auto-trading systems intrigue you, it’s crucial to take this factor into account when selecting a broker.
- Choose a forex broker with low spread: When engaging in trading activities, it’s essential to be mindful of the associated costs. Typically, forex brokers levy commissions through the spread, which represents a mark-up on the expense of purchasing or selling a forex pair. It’s important to note that the forex spread is not fixed, but rather it usually commences at 1 pip for the most liquid forex pairs. Being aware of these spread-related costs is crucial for effective trading decisions.
How do MT5 forex brokers work?
To start using an MT5 broker you will necessarily have to open a demo trading account (if you want to try the broker) or real money account (if you want to start trading). After that you will have to download the MT5 platform directly from the broker’s website, enter your login information. From there, you can start buying and selling currencies in the market.
Opening a trading account with an MT5 forex brokerage is relatively simple. All you will need is an email and a password if you want to open a demo account.
However, if you are already ready to trade with real money, you will first need to verify your account by following the KYC procedure, and then deposit an amount of money necessary to meet the minimum deposit of the broker you have chosen.
Once you open your account, demo or real, the MT5 broker will email you login credentials. With these, once you download MT5 and enter your login information, you will be able to access your dashboard of where you can start trading forex.
What are the MT5 characteristics?
The MetaTrader 5 (MT5) platform offers the following features:
- Multiple Asset Classes
- Advanced Technical Analysis
- Algorithmic Trading
- Support for Hedging
- Timeframes
- Market News and Economic Calendar
- It offers real-time data
What MT5 excels at is the trading flexibility it offers. In contrast to MT4, forex traders on MT5 can also hedge and take advantage of the more than 70 chart analysis tools.
In addition to this, traders can also use algorithms for automated trading, however, it should be kept in mind that MQL4 robots are not compatible with the MQL5 language (i.e., that of MetaTrader 5). Consequently, in order to transpose a robot from MT4 to MT5, one must either tweak the code or rely on a professional developer.
Is the MT5 trading platform safe?
The MetaTrader 5 (MT5) trading platform prioritizes security through multiple measures. It employs encryption to ensure secure communications between the server and the user. Additionally, firewall protection adds an extra layer of safeguarding.
Users are required to utilize unique login credentials, enhancing the platform’s security further. It’s essential to note that MT5 does not store funds; instead, money is kept in a segregated account at Tier 1 banks.
It’s often overlooked that MT5 itself is not a broker; thus, financial transactions never occur directly on its servers. Instead, MT5 acts as a bridge between the trader and their chosen forex broker.
When a trader places an order or makes a request, MT5 relays this information to the forex broker, who then executes the trades as per the trader’s instructions. Consequently, any monetary transactions take place through the forex broker’s servers and not through MT5’s system.
Can you use EAs on the MT5 trading platform?
The MT5 platform caters for algorithmic trading.
In order to apply an automated trading system to your trading platform, you must copy and paste the EA into the Experts folder inside the MT5 software files. To do this, click on “File” and the “Open Data Folder” (or you can simply press CTRL+Shift+D).
The MT5 system folder will open. Click on the “MQL5” folder, then “Experts”, and copy-paste your EA here in this folder.
Once you’ve done this, go to the “Navigator” tab on the left hand side, right click on “Expert Advisors” and click on “Refresh”. You should be now seeing your EA into the folder.
Drag and Drop the EA onto the chart you want to do automated trading on, and then click on “Algo Trading” to enable the EAs.