Currency trading involves speculating on the market value of forex pairs. One of the best ways to do this is via an MT5 broker.

Today, we will review the best MT5 brokers based on everything from trading fees and supported pairs to leverage and analysis tools.

We also discuss some standout features traders can expect to find on MetaTrader 5 and explain how to get started with an account today.

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A full review of each brokerage will be revealed next. Note that due to regulatory constraints, some MetaTrader 5 brokers on this list are unable to accept clients from the US.

Best MetaTrader 5 Brokers Reviewed

Prior to completing an MT5 download, choose the best broker to link the account to. Lots of brokers support this trading software, so picking the right one can be tricky. Additionally, many traders also look for the best MT4 brokers due to the advanced charting and trading tools that MT4 and MT5 offer.

We’ve highlighted the best broker for MetaTrader 5 and have also reviewed some other top choices. Below, traders can find information surrounding fees, asset variety, account types, and more.

1. AvaTrade – Regulated MT5 Trading Platform With High Leverage

AvaTrade is considered to be one of the safest MT5 forex brokers. The management of client assets, the security of funds, and regular financial reporting are all subject to strict compliance regulations.

It is regulated by ASIC, the FSCA, FSA, and more. Eligible clients can trade with leverage up to 1:400. As such, if the trader is able to successfully speculate on the price fluctuations of a pair, they can magnify their gains by 400 times.

High leverage forex brokers are great, but losses are magnified on losing trades, so beginners should tread with caution. The maximum leverage available to clients in the UK, Australia, and Europe is 1:30. There are more than 1,250 instruments listed at AvaTrade. This includes over 60 currency pairs.

There is no commission payable when trading currency pairs. This only leaves the spread to pay. To offer an example, at the time of writing, the spread on EUR/USD is from 0.9 pips. Traders can also access a demo account to hone their skills. Additionally, did you know that AvaTrade is one of the best forex copy trading platforms out there?

Moreover, vanilla options are available at AvaTrade. Accepted deposit types are inclusive of e-wallets, wire transfers, and credit and debit cards. That said, traders will need to check the platform in order to establish which payment types are available as it depends on the country of residence. The minimum deposit is $100 and it also provides access to the best forex VPS.

What We Like

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.

2. Pepperstone – Regulated Broker With ZERO Spreads on CFD Razor Accounts

Pepperstone is an MT5 broker that is regulated by ASIC, the FCA, and DFSA. The standard Pepperstone account offers a 1 pip mark up on the raw spread and ZERO commission.

The standard spread on EUR/USD starts from 0.6 pips. This is one of the best scalping brokers. Pepperstone’s Razor account offers raw spreads from ZERO pips. In this case, there will be a commission fee applied.

Pepperstone allows users to trade on MT4 or MT5 as well as buy and sell CFDs via the best automated forex trading EAs. This broker accepts a range of payment methods that include bank transfers, credit/debit cards, and e-wallets, such as Skrill and PayPal.

The recommended deposit at Pepperstone is $200, however, traders are free to fund their account with any amount of their choosing. Depending on the location, traders can leverage their positions by up to 1:500. Retail clients are capped at 1:30. There are over 60 forex pairs to trade at Pepperstone.

What We Like

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.

3. Forex.com – Gain Exposure to a Range of Markets at Competitive Fees

Forex.com offers more than 80 currency pairs and accepts clients from all over the world. Notably, unlike many forex brokers, US clients are accepted by this provider. However, only on certain platforms. Unfortunately, this does not include MT5.

That said, traders from the US can open an account via the MT4 platform, which is available on mobile and tablet as well as desktop. MT4 includes different trading tools and order types.

Eligible clients can partake in MetaTrader 5 trading at Forex.com, where they can access enhanced charting with a variety of indicators, tools, and timeframes. According to the platform, the typical spread on EUR/USD is as low as 0.2 pips.

Forex.com has a plethora of educational courses and guides within its academy and also offers real-time news. Supported payment types include wire transfer, PayPal, and credit/debit card.

What We Like

4. FP Markets – Low Commission on Over 10,000 CFD Products

FP Markets is one of the best MT5 forex brokers for asset variety. FP Markets offers more than 10,000 CFD products via MT4 and MT5. Forex account types include standard and also raw, which are offered via MT5.

The spread on currency pairs depends on the account. For instance, the standard account offers spreads from 1 pip, while the latter starts at 0 pips.

Whichever account is chosen, traders can access over 60 forex pairs. Leverage of up to 1:30 is offered to retail clients and the minimum trade size is just 0.01 lots. There is also a free demo account available.

The account minimum is $100, and deposit types include credit/debit cards and bank transfers. E-wallets include Neteller, Skrill, FasaPay, STICPAY, and more. There are 10 fiat currencies accepted for traders looking to make an account in their local currency.

The FP Markets customer support team is multilingual and is available 24/7. Avenues of contact include live chat, email, and phone.

What We Like

5. Oanda – Regulated Forex Broker for US Traders

Oanda is a reputable forex broker that operates in eight regulated markets. The platform is regulated by the CFTC, MFSA, FCA, ASIC, FSA, FSC, MAS, and IIROC.

There are more than 70 pairs to buy and sell at this MT5 trading platform. Furthermore, there is also a built-in economic calendar, which allows traders to keep ahead of the curve at all times.

It’s easy to link Oanda to MT5 directly through the platform, not least because the user simply needs to log in or create an account.

Deposit methods are inclusive of bank wire transfers, debit cards, and ACH. Bank transfers and wire withdrawals attract a fee. The amount depends on the trader’s location/currency.

Debit card deposits are fee-free on the first transaction. Following this, a charge applies. Again, the amount depends on the currency.

The broker offers two pricing options. First, there is core pricing plus the spread. This is a spread from 0.0 pips and $50 commission per $1 million. The second is the spread-only model.

What We Like

 

6. FBS – User-Friendly MT5 Broker With Leverage of up to 1:3000

FBS is an international MT5 broker serving the majority of Europe and Asia as well as the UAE and South Africa. Notably, this MT5 broker allows people to trade currencies with leverage up to 1:3000.

Instant deposit methods include Visa, Neteller, Skrill, PerfectMoney, and STICPAY. The latter attracts a fee of 2.5% plus a $0.03 commission. PerfectMoney may also command a commission fee, however, this is not specified.

There aren’t as many forex pairs as on other platforms, as we found just 25. The platform states that the spread starts at 0.5 pips on a standard account. There are other accounts available such as zero-spread, cent, micro, ECN, and more.

FBS offers access to daily and weekly webinars and analytical videos. There is also a small selection of educational tools.

What We Like

7. FXPro – Micro-Lot Trading From 0.01 Pips on Over 2,100 Instruments

FXPro offers a variety of accounts, and there are more than 2,100 tradable instruments. Micro lots of 0.01 or more are available to trade across all platforms.

The leverage on offer will be dependent on the jurisdiction of the trader as well as the platform and asset being bought or sold. The spread forex traders have to pay will also depend on the account and platform.

For instance, the FXPro platform says that MT5 accounts come with mark-up spreads and ZERO commission. The MT4 account offers fixed spreads on 7 major currency pairs.

This platform claims to execute trading orders in less than 14 milliseconds. Depending on the trader’s country of residence, supported deposit methods include e-wallets like PayPal, Skrill, and Neteller.

FXPro also accepts credit/debit cards and wire transfers. Notably, CFDs are not offered to residents of the US, Canada, and Iran.

What We Like

8. XM – MT5 Broker With Spread-Free Trading

XM is a popular online broker that offers plenty of account types. This includes a standard, micro, and XM zero account. The latter offers a spread that starts at 0.0 pips.

That said, be aware of the commission fee on spread-free accounts, as they are usually based on trading volume. There are more than 1,000 trading instruments at XM and over 55 currency pairs.

XM clients have access to a demo account that is preloaded with a virtual balance of $100,000 to trade with. Deposit methods are plentiful and include local and wire transfers, credit/debit cards, and numerous e-wallets.

The minimum deposit is just $5 at XM. The platform operates under multiple regulators, including ASIC, the FCA, and CySEC. Traders opting to sign up with XM should look out for promotional offers. These are either offered seasonally or on an invitation-only basis.

What We Like

9. Blackbull Markets – Forex and CFD Platform with Over 23,000 Instruments

Blackbull Markets offers traders a maximum leverage limit of 1:500 on forex, even on its standard account offering. On the same account, the spread starts from 0.8 pips and there is no commission to pay.

There is also a prime account whereby the spread starts from 0.1 pips, however, the commission is $6 per lot in this case. Blackbull Markets also offers institutional Islamic forex accounts.

In total, there are more than 23,000 markets to speculate on at this MT5 trading platform. This includes over 64 forex pairs. Blackbull Markets is partnered with a number of social trading platforms. This includes Zulu Trade and MyFXbook.

Deposit types include credit/debit cards, and e-wallets such as Neteller, Skrill, ChinaUnion, and FasaPay.

What We Like

 

10. IC Markets – Top MT5 Forex Broker for Automated Trading

IC Markets is an Australian CFD broker that offers MetaTrader 5 alongside a range of other trading platforms, including MT4, cTrader, and ZuluTrade. It’s one of the best forex brokers for traders who want to automate their trades and track their performance using Myfxbook. All of the trading platforms that IC Markets supports, including MT5, support copy trading and automations.

IC Markets gives traders access to more than 2,200 global markets, including 61 major and minor forex pairs. Traders can access leverage up to 500:1 for trading major forex pairs and spreads start from as low as 0.6 pips with a standard account. This broker also offers ECN trading accounts with spreads from 0 pips and commissions of just $3 per trade.

Another benefit to IC Markets is that funding a new trading account is simple. The platform supports 10 different base currencies and accepts fee-free deposits by bank transfer, credit card, debit card, Neteller, Skrill, and dozens of other popular e-wallets. The minimum deposit to open a new account is $200.

What We Like

Best MT5 Forex Brokers Compared

Below is a table comparing each of the MetaTrader 5 brokers we have reviewed today.

What is MetaTrader 5?

Metatrader 5 is a trading platform that allows retail investors to connect to financial markets such as forex, stocks, and futures. The platform can be downloaded onto tablets and mobile phones. The MT5 app is available on iOS and Android devices.

Traders can also access the platform via MetaTrader 5 for Mac or Windows. Moreover, many brokers allow users to access MT5 via a standard web browser.

Traders can sign up with an MT5 brokerage and use the third-party platform to place manual or automated orders. Many traders research the best MT5 brokers for the platform’s automated tools and analytical tools.

The platform also features multiple order types, a wide variety of MT5 indicators, and price charts to help investors predict the markets. The MT5 platform also uses an MQL5 programming language that enables traders to create their own indicators.

What Can You Trade on MetaTrader 5?

MT5 forex traders might not realize there are many other assets available on the platform.

MT5 offers more than its predecessor, the MetaTrader 4 platform. This includes more order types, timeframes, indicators, and tradable CFD instruments. It’s also possible to trade more markets.

See some common MT5 trading options below:

• Forex – As traders who are here for the best MT5 forex broker will be aware, this entails buying and selling currencies in pairs, such as EUR/USD. Traders will make a profit if they correctly speculate on the direction the currencies will take. The number of pairs a trader can access will depend on the MT5 broker they choose.
• Stocks – Buying and selling shares in publically traded companies is also possible via MetaTrader 5 brokers.
• Cryptocurrencies – Some MT5 trading platforms allow people to trade digital currencies, such as Bitcoin and Dogecoin.
• CFDs – This type of instrument tracks the price of the underlying equity, currency pair, crypto-asset, or commodity. This allows traders to go long or short on their chosen asset, allowing people to make gains from both rising and falling markets.

What people can trade on MetaTrader 5 will depend on the broker and also on the location. Notably, those looking for the best MT5 US forex brokers may be limited as many specialize in CFDs – which are prohibited in the country.

Why Use MT5? Best MetaTrader 5 Features

There are a multitude of reasons that people trade with the best MetaTrader 5 brokers. For a start, MT5 is packed with features and tools.

Below, we discuss the best tools on offer via MT5 to offer some insight into what makes it so useful.

Analytical Trading Tools

There are plenty of forex indicators on MT5. In fact, MT5 includes numerous analytical capabilities and is an example of an all-in-one platform for anyone who wishes to carry out technical analysis.

• As many as a hundred stock quotes and currency charts can be opened at once
• The 21 timeframe options allow for a thorough investigation of historic price changes
• There are more than 80 technical indicators, graphic objects, and analytical tools
• Traders can buy or rent applications from MT5, which offers more than 2,500 ready-made algorithmic apps
• Alternatively, traders can create custom-made indicators from qualified programmers using the Freelance service
• Moreover, the MQL5 programming language’s efficiency allows traders to design their own indicators

These tools should aid traders in carrying out the most accurate analysis of quotations.

Fundamental Analysis and Economic Calendars

An MT5 trading platform will also offer access to fundamental analysis.

This offers traders another tool for speculating on their chosen market.

• Fundamental analysis is the continuous monitoring of numerous open-source economic and industrial indicators
• People who trade via MT5 have direct access to market data on a range of assets
• Traders will find crucial financial information aired straight into the platform by worldwide news organizations

Moreover, on the MT5 platform, the key macroeconomic indicators of many nations are included in its economic calendar. This allows traders to assess the potential effect on various financial instruments.

As such, traders are able to make decisions based on real-world situations that might affect their investments, such as inflation and macroeconomic statistics

Algorithmic Trading

Algorithmic Trading is one of the most impressive aspects of the MetaTrader 5 platform. This is available on all versions of the platform.

Here’s how it works:

• Algorithmic trading entails using specialized software, or trading robots, otherwise called Expert Advisors (EAs)
• The software assesses quotations and carries out trading activities in accordance with a pre-programmed algorithm
• The MetaTrader 5 platform also offers the complete development environment needed to build personalized trading robots from scratch
• Capable investors can use complex computations for a more precise technical analysis
• Analysis and forecasts use the high-performance MQL5 programming language

The robot copy on MT5 is useful for people who want to shorten the learning curve. It’s also a way for traders to diversify without having to perform their own technical analysis.

Trading Signals and Copy Trading

When there isn’t enough time for manual trading or market analysis, some people consider trading signals and copy trading.

• After subscribing to signals, MetaTrader 5 will immediately replicate all of a trader’s transactions in another person’s account
• The person will be tasked with selecting the desired risk level and profitability from hundreds of signals and then subscribe to the most appropriate
• After this, the MT5 platform will start creating buy and sell orders automatically
• Traders have the option of keeping an eye on results or only relying on signal behavior

When using signals, it’s important that traders ensure they have enough funds to cover the subscription payment and subsequent orders.

MT5 Demo Account

Newbies or intermediate traders who wish to strategize can open an MT5 demo account.

Demo accounts offer the chance to practice in an environment that mimics real trading conditions without using any capital.

This allows people to trade without risk until they are ready to allocate real funds. The amount of paper funds available depends on the brokerage in question.

How to Trade With an MT5 Broker

In this guide, we’ve reviewed the best MT5 brokers on the scene. Below is a simple guide on how to create an account and place an order.

The best broker for MT5 is AvaTrade. As such, this walkthrough will show how to trade there. There are over 60 pairs to trade with a spread starting at 0.9 pips.

Step 1: Sign up With AvaTrade

Visit the AvaTrade website, click ‘Sign Up’, and enter an email and password.

Hit ‘Continue’ to register an account.

The brokerage will also need to verify the identity of the trader in full within 15 days. This can be achieved by uploading some ID.

Step 2: Fund the Account

Before trading, it’s important to make a deposit.

The minimum deposit is $100 at AvaTrade.

This MT5 broker accepts credit/debit cards and bank wire transfers.

Enter all relevant details, and an amount, and click ‘Deposit’ to confirm.

Step 3: Locate the Asset

In the search bar, enter the asset.

For instance, forex traders can enter EUR/USD or any other pair. A list of relevant markets will appear.

At which point the trader should click the one they wish to buy/sell.

Step 4: Place an Order

Next, the trader can choose between a buy or sell order.

To clarify, anyone who believes the asset will see an increase can place a buy order.

Anyone who thinks it will fall can place a sell order to try to capitalize on its drop in value.

Once a buy or sell has been selected, it’s important to enter the monetary amount to allocate to the trade. After confirming the order, this will be executed by AvaTrade.

Conclusion 

This guide has reviewed and ranked the best MT5 brokers in the market. Overall, AvaTrade is the number one platform worth considering. The broker offers a competitive spread that starts from 0.9 pips, depending on the account chosen.

The leverage on offer for most retail clients is 1:400. Moreover, there are more than 60 forex pairs to trade as CFDs. This means people can also try to profit from markets they believe will fall.

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