Admirals
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76% of retail investor accounts lose money
10 Best MT5 Forex Brokers for 2023
Top Picks
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AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
Vantage
Visit Vantage74-89% of retail CFD accounts lose money -
FP Markets
Visit FP Markets74-89% of retail CFD accounts lose money -
IC Markets
Visit IC Markets74-89% of retail CFD accounts lose money -
FBS
Visit FBS74-89% of retail CFD accounts lose money -
FxPro
Visit FxPro72.87% of retail investor accounts lose money -
ActivTrades
Visit ActivTrades75.7% of retail CFD accounts lose money -
Forex.com
Visit Forex.com73% of retail investor accounts lose money -
Axiory
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An MT5 Forex broker refers to a forex (foreign exchange) brokerage firm that offers MetaTrader 5 (MT5) as a platform for trading currencies in the foreign exchange market.
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.
In order to rank the best MT5 brokers to trade forex and CFDs, 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 and trading tools offered
- The broker’s regulations
Table of Content
What are the best MT5 forex brokers?
Below our curated list 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.
Admirals : best MT5 forex broker overall
- Admiral 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 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.
AvaTrade : best MT5 fixed spreads
- 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.
Vantage : best MT5 ECN execution
- 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.
FP Markets : lowest spreads on MT5
- 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.
IC Markets : best for trading with MQL5 EAs
- 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.
FBS : best MT5 for high leverage
- 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.
FxPro : most flexible MT5 environment
- 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.
ActivTrades : best MT5 for STP trading
- 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.
Forex.com : wide range of MT5 forex pairs
- 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.
Axiory : best for MT5 beginners
- 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.
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?
1. 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.
2. 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.
3. 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.
About The Author
Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
10 Best MT5 Forex Brokers for 2023
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