Top 10 Best MT5 Forex Brokers 2020 (Metatrader 5)

Filippo Last Updated: January 2019 10 min read
Top Rated:

Though it has always been a bit in the shade, in these last years more and more users have increasingly showed interested for the best MT5 forex brokers.

To facilitate the search, we have selected our TOP 10 of the best metatrader 5 brokers for 2020.

The MetaTrader 5 platform was born as an evolution of the still popular and widely used MT4, the simpler and lighter model.

The MT5 platform of the MetaQuotes company, one of the best forex trading platform developer, offers more tools and capabilities than its predecessor, and is designed to also support several more instruments such as CFDs, stocks, indices, futures and options.

If you’re wondering why the MT5 did not automatically replace the MT4, I’ll explain it very simply.

As you may know, with the MT4 any programmer could create their own programs and indicators, and run them freely on the platform.

And the same can be done with MT5.

The “problem” is that the MT5 is written with a new and more modern programming language, which is incompatible with the MT4 one, and this means that all the additional programs and indicators created for the MT4 are not available on the MT5.

However, I would not worry too much, because there’s still plenty of programs for the MT5, but your still interested in the MT4, you can check our best MT4 brokers list.

The forex brokers that offer the possibility to use the MT5 are many and growing.

Here we have collected the names of the most solid, most awarded and most respected (among the most important aspects when you have to choose a broker) brokers to help you in your choice.

So, here is our list of the best MT5 brokers.

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Top 10 of the Best Brokers 2020 for the Forex Metatrader 5

Here’s our ranking.

Open an account
81% of retail investor accounts lose money

1 FXTM

A nominee in the UK Forex Awards 2016 in the category MT5 Platforms, Forextime (FXTM) are a top MT5 forex broker based in Cyprus and also winner of several awards over the years. They are well regulated by a host of the top tier regulatory bodies. These include CySEC (185/12), FSCA (FSP No. 46614), and the IFSC (IFSC/60/345/TS and IFSC/60/345/APM).

FXTM are one of the most well-known market maker brokers around and they offer extensive leverage that can reach up to a huge 1000:1 depending on where you are trading from. This can really help in attracting experienced traders while the low minimum deposit starting from just $5 can be excellent for newer forex traders. This minimum deposit will be $200 if you are opening an ECN account.

Trading with FXTM takes place through the respected MT4 as well as MT5 trading platforms, and you will have a wide range of account types to choose from, 6 in total, 3 of which are dedicated to ECN trading.

74
Rated: Excellent
security 96
cost 58
trading 54
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSB, CYSEC, FSC (Mauritius) Minimum Deposit: $100
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76% of retail investor accounts lose money

2 Admiral Markets

Founded in 2001 in Russia and strongly growing in recent years, Admiral Markets was also among the nominees for the best MT5 broker for 2016. Today Admiral Markets is a global broker with offices all around the world. Added to this, they are comprehensively regulated by some of the most respected authorities in the industry including the FCA (595450), CySEC (201/13), and ASIC (410681). They are also a known market making forex broker.

Those trading at Admiral Markets can avail of 1:30 leverage through the standard retail account while those holding a pofessional account type can increase this amount to 1:500 on some markets. The current minimum deposit if you are trading with Admiral Markets is $200 or the equivilent. With this, you can expect to gain access to trading in a wide array of markets in forex and beyond with CFDs available on commodities, indices, shares, bonds, crypto, and ETFs you will have no shortage of choice as a trader.

74
Rated: Excellent
security 96
cost 54
trading 58
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $200
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79% of retail investor accounts lose money

3 AvaTrade

AvaTrade is another of the most respected and top MT5 forex broker in the industry. They are in operation around the world and have been a consisted and well-trusted forex broker since they were first founded in Ireland where they are well-regulated by the central bank there. If you would like to trade with fixed spreads then this is the choice for you. They are one of the only top brokers to offer this.

When it comes to the account types you can open with AvaTrade, you have a few choices. These include a retail account, an options trading account, and spread betting account depending on your location. The AvaTrade minimum deposit is $100 across all of the accounts and both Islamic and demo accounts are catered for.

You can fund your AvaTrade account type through making a wire transfer, using your credit card, or an eWallet service and most of the deposit methods are fee free. The fixed spread mentioned also starts out at a reasonable 1.3 pips.

80
Rated: Excellent
security 93
cost 74
trading 75
education 63

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
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74-89% of retail CFD accounts lose money

4 Vantage FX

The next top MT5 trading platform forex broker we feature is VantageFX. They are a well-known broker based in Australia and they also offer extensive regulatory oversight from some of the most respected names in the industry. These include ASIC, FCA, and CIMA.

With VantageFX you can choose to open a Standard Account or one of the two ECN account types depending on your needs. Regardless of the account type you open, you will be offered trading through the MT5 platform.

VantageFX minimum deposit starts from $200 for the standard account. This amount increases to $500 minimum deposit if you have an ECN account and you can look forward to selecting from a good range of markets. There are 150 CFDs available for you to choose from among these are 40 forex currency pairs with a forex spread starting from 0 pips. Islamic accounts are available and this choice has helped make VantageFX a top Islamic trader choice.

72
Rated: Excellent
security 95
cost 73
trading 46
education 80

Platforms: ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, Offshore Minimum Deposit: $200
Open an account
74-89% of retail CFD accounts lose money

5 FP Markets

FP Markets is another of the top MT5 brokers that is also based in Australian. They are well-trusted and regulated forex broker who have been around the industry for a long time. They operate as a market maker broker who offer ECN/STP execution of trades in the fastest possible way. Beyond the lightning execution, they are overseen by both CySEC and ASIC to ensure complete regulatory compliance.

As well as offering forex traders the opportunity to trade through the MT5 trading platform, you can also trade through MT4 and IRESS trusted platforms. This means there should be something to suit everyone’s trading needs and style. The minimum deposit with FP Markets is an excellent value $100 and the spreads on trading can start from as low as 0 pips.

77
Rated: Excellent
security 95
cost 62
trading 70
education 71

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC Minimum Deposit: $200
Open an account
74-89 % of retail CFD accounts lose money

6 IC Markets

IC Markets are one of the best known forex brokers in the world and also featured as a top MT5 forex broker in our opinion. They are award winning also and are very well regulated by both ASIC and CySEC for your protection as a trader. They are particularly well-renowned by many traders for their range of forex markets and the very low spread that they have in place on many forex currency markets. This makes them a top choice for all levels of forex trader with spreads starting at just 0.1 pips.

Not only active in providing great forex trading, they also offer a wide range of markets in CFDs on indices, commodities, stocks, futures, bonds, and even crypto. There is sure to be some markets available to choose when you are trading with IC Markets.

Added to this and a thing that makes them a great forex broker choice for new traders is that they feature no minimum deposit. They simply suggest that you deposit at least $200 in order to get the best experience from the platform as a forex trader.

84
Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
Open an account
74-89% of retail CFD accounts lose money

7 FBS

FBS are next to feature in our collection of the best MT5 forex brokers in the industry. They are a top international broker and the choice of many traders as well as being comprehensively regulated by both CySEC and the IFSC in Belize. These factors along with a great choice in account types make it a top choice for new traders especially.

When it comes to the FBS account type choice, you can select from a Cent Account, a standard account, an ECN account, or a fixed spread zero account. The minimum deposit starts from just $1 for the FBS cent account, a standard account will be $100, fixed spread zero account $500, and an ECN account is available for $1,000 minimum deposit. Both Islamic and demo accounts are available.

When trading with FBS you will also have access to their very user-friendly and well supported proprietary copy trading platform. Looking at the cost of trading, this is also kept very competitive with fixed spreads on the zero account starting from 0 pips. The general spread with FBS outside this account type starts from 0.5 pips.

74
Rated: Excellent
security 95
cost 72
trading 51
education 81

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $1
Open an account
75.54% of retail investor accounts lose money

8 FxPro

Always among the most famous and awarded, the London-based broker FxPro has been awarded best Metatrader 5 Broker on the latest UK Forex Awards 2016. For sure the best choice to try trading forex with Metatrader 5. They are another top-regulated forex broker in the industry and boast FCA (509956), CySEC (078/07) and the FSCA (45052); SCB (SIA-F184) regulation to help you feel comfortable as a trader.

FxPro are an NDD (Subject to Order Execution Policy) broker and the minimum deposit that you will find here as a trader is a good value $100 across the board.

Once you have deposited to begin forex trading here and made your account choice you will notice that not only MT5 is available. A host of others including MT4, cTrader, and FxPro Edge are all there for choosing. You will have both fixed and floating spreads available to you depending on the market and these start with a spread of 0 pips in some cases.

76
Rated: Excellent
security 96
cost 51
trading 63
education 100

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSB, CYSEC, Offshore Minimum Deposit:
Open an account
75.7% of retail CFD accounts lose money

9 ActivTrades

Founded in Switzerland in 2001 and then moved to London, also Active Trades was nominated among the best broker 2016 for Metatrader 5. Active Trades is very active in Europe, especially in Germany and Italy. They are also well regulated by the FCA (No. 434413), and the DFSA (No. 2309). This provides excellent levels of protection to traders.

Beyond the top regulation, ActivTrades are an STP market maker broker who also can offer the services of DMA (direct market access) to forex traders. ESMA regulations in Europe mean that retail traders can access leverage of up to 1:30 unless they are registered professional traders then the leverage grows to 1:400. You will be glad to know, especially if you are a new trader, that a minimum deposit is not required. All of these factors and a great range of markets available make this broker an excellent choice all round, but particularly when it comes to CFDs and stocks trading.

72
Rated: Excellent
security 96
cost 55
trading 57
education 76

Platforms: Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, DFSA, Offshore Minimum Deposit: $100
Open an account
71.67% of retail investor accounts lose money

10 Exness

Also nominated as one of the best MT5 forex brokers we have Exness, a relatively young Cypriot-Russian broker, founded in 2008. Despite their young age they have already managed to win several awards. They are already very well-established and this is shown by the fact they are already regulated by both the FCA (730729), and CySEC (178/12). They operate as a market maker ECN broker and offer a large selection of markets for you to trade within.

These available markets include many forex currency pairs alongside CFDs in commodities and cryptocurrency. Infact, Exness is moving toward being a broker that is available only if you can qualify as a professional forex trader. This is possible for all if you have enough assets or trading experience in the industry.

70
Rated: Excellent
security 95
cost 65
trading 44
education 84

Platforms: Mirror Trader, MT5 Desktop, Proprietary Web Platform, MAC Platforms Regulations: FSA, FCA, MIFID-ESMA, CYSEC Minimum Deposit: $1

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