Best MetaTrader 5 (MT5) Brokers

MetaTrader 5 (MT5) is one of the most popular trading platforms in the world. It offers advanced charting tools, algorithmic trading capabilities, and a user-friendly interface to investors. Its versatility and usability make it a preferred choice for traders of all experience levels. 

Nonetheless, choosing the right broker that supports MT5 is crucial for optimal trading performance. In this article, we will explore some of the best MetaTrader 5 brokers, highlighting their key features, advantages, and what makes them stand out in the competitive world of online trading.

The Appeal of MetaTrader 5

MetaTrader 5 (MT5) is a powerful multi-asset trading platform developed by MetaQuotes as the successor of the widely-used MetaTrader 4. It allows traders to access a wide range of financial instruments, including forex, stocks, commodities, and cryptocurrencies, among others. Compared to MetaTrader 4 (MT4), MT5 offers a more advanced and versatile trading experience. Here is a summary of the key features of MetaTrader 5:

• Multi-Asset Trading - MT5 supports trading in forex, stocks, commodities, indices, and cryptocurrencies.
• Advanced Trading Tools - This platform supplies traders with 21 timeframes, 38 technical indicators, and analytical tools for in-depth market analysis.
• Algorithmic Trading - MT5 supports automated trading through Expert Advisors (EAs) and allows for backtesting strategies. Additionally, the platform utilises the MQL5 programming language, an advanced language for developing custom trading robots and indicators.
• Copy Trading - MetaTrader 5 has copy trading built into its system. It allows investors to automatically replicate the moves of other traders in a few clicks.
• Depth of Market (DOM) - MT5 is one of the best Depth of Market platforms offering insights into market liquidity.

There are many other attractive features of MT5, but these are the major ones. Let’s now see the factors to consider when selecting a broker with MetaTrader 5.

Factors to Consider When Choosing The Best MetaTrader 5 Broker

When selecting an MT5 broker, it's essential to consider several factors. These will help you select the broker that best suits your needs. The factors to consider include:

• Regulatory Status - The regulation background of a broker is always the top factor to consider when selecting a broker. You should always ensure that the broker you select has regulations from well-regarded organisations like the FCA, the CySEC, the ASIC, the FSCA, and the CFTC, among others.

• Trading Costs - It is also important to consider the training costs that a broker charges as they directly affect your profitability. Compare the spreads and/or commissions charged and find the most cost-effective option for you.

• Asset Variety - It's important for traders to look for a broker that offers a wide range of tradeable assets. This will allow them to diversify their portfolios as they see fit.

This is just a highlight of the key factors to consider. However, traders can also consider minimum deposits, deposit and withdrawal methods, customer support, and even the availability of educational resources. 

Best MetaTrader 5 (MT5) Brokers

Pepperstone

Pepperstone is one of the top MetaTrader 5 brokers that offers traders access to a wide variety of financial instruments. This broker supports the trading of over 1,200 products which include CFDs on forex, indices, currency indices, shares, commodities, ETFs, and cryptocurrencies. MetaTrader 5 offers fast execution times, advanced order entry capabilities, and the latest tools. Further, this platform offers optimised processing of expert advisors and indicators. Traders can access this platform on their desktops, on the web as a WebTrader, and as a mobile app.

Alongside MetaTrader 5, Pepperstone also supports MetaTrader 4, TradingView, cTrader, and Pepperstone Trading Platform. There are two account options that determine the fee structure a trader will pay. The standard account offers competitive spreads which start from 1.0 pips for major currency pairs with no commission charged. In contrast, the razor account offers spreads from 0.0 pips but charges a commission depending on the trading platform a client uses.

When using MetaTrader 5 and MetaTrader 4, forex traders pay a commission of $3.5 or €2.6 or £2.25 or CHF 3.30 per side per lot depending on the account currency. TradingView and Pepperstone Trading Platform users also pay a commission of $3.5 per side per lot. Finally, traders using cTrader pay a lower commission of $3.00 per side per lot. For TradingView, cTrader, and Pepperstone Trading Platform users with accounts in currencies other than USD, the commission is converted at the spot rate into their account's currency.

Finally, Pepperstone is a well-regulated broker with licenses from various financial institutions. The broker operates under the regulation of the FCA in the UK, the ASIC in Australia, the CySEC in Cyprus, the BaFin in Germany, and the CMA in Kenya, among others.

75.3% of retail CFD accounts lose money

Exness

Exness is a global multi-asset broker that provides access to the MetaTrader 5 platform, among others. MetaTrader 5 on this broker site provides traders with an arsenal of tools for fundamental and technical analysis. The platform also provides trading signals and supports algorithmic trading through expert advisors and in-built copy trading capabilities. Additionally, MetaTrader 5 allows investors to develop trading robots and technical indicators through the specialised MetaEditor tool. This platform is available for Windows, macOS and Linux-powered desktops. It is also available as a mobile app for both Android and iOS.

Alongside MT5, traders also have access to MetaTrader 4 and Exness Trader. The broker offers a ton of investment options with over 250 instruments available to trade. In particular, Exness allows its traders to access CFDs on forex, metals, cryptoсurrencies, energies, stocks, and indices. There are five different trading accounts available to traders which include two standard accounts and three professional accounts.

The standard account has a spread that starts from 0.2 pips while the standard cent account offers spreads from 0.3 pips. The pro account offers lower spreads from 0.1 pips. Exness does not charge any commissions on the standard, the standard cent, and the pro accounts. In contrast, the raw spread account offers spreads from 0.0 pips plus a commission of up to $3.5 per side per lot. Meanwhile, the zero account has spreads from 0.0 pips on the top 30 instruments plus a commission that starts from $0.05 per side per lot.

Finally, Exness is a regulated broker under the supervision of a variety of organisations. It operates under the watch of the FCA, the CySEC, the FSCA, the CMA, and the FSC in Mauritius, among others. While Exness accepts traders from most countries around the world, they do not accept retail clients from the UK and EEA countries, among others.

Remember that Forex and CFDs available at Exness are leveraged products.
Their trading can result in the loss of your entire capital.

FP Markets

FP Markets is another excellent choice for traders seeking a reliable MetaTrader 5 broker. With a strong regulatory framework, FP Markets stands out as one of the top MetaTrader 5 brokers in the world. It operates under the regulation of the ASIC in Australia, the CySEC in Cyprus, the FSCA in South Africa, and the CMA in Kenya, among others.

Additionally, this broker offers one of the deepest collections of market products totalling over 10,000 different instruments. These include CFDs on forex currency pairs, indices, commodities, stocks, metals, ETFs, bonds, and cryptocurrencies. To trade these market products the broker supports MetaTrader 5 alongside MetaTrader 4, cTrader, and TradingView.

MetaTrader 5 allows investors to view depth of market information, offering some insight into market liquidity at different times. The platform also provides a wider range of market analysis tools and forex signals and supports copy trading. FP Markets provides access to MT5 across desktop, web, and mobile platforms, ensuring traders can access their accounts and trade from virtually anywhere.

Further, there are two main account types that traders can use on FP Markets. The standard account offers spreads from 1.0 pips for major currency pairs with no commission charged. In comparison, the raw account has spreads from 0.0 pips for major currency pairs plus a commission of $3 per side per lot.

72.44% of retail CFD accounts lose money

HFM

HFM is a globally recognised broker that offers a comprehensive trading experience on the MetaTrader 5 platform. MT5 on HFM provides traders with an enhanced trading experience, featuring advanced charting tools, multiple timeframes, algorithmic trading capabilities, and integrated depth of market (DOM) capabilities. Further, MT5 supports a wide range of order types, including market orders, pending orders, stop-loss, and take-profit orders, providing greater flexibility in executing trades. Traders can access this platform on desktop, web, and mobile devices, ensuring seamless trading across different environments.

HFM offers a diverse range of trading instruments, allowing traders to diversify their portfolios as they want. In particular, HFM supports the trading of CFDs on forex, energy, indices, stocks, metals, bonds, commodities, cryptocurrencies, and ETFs. the other trading platforms available to use include MetaTrader 4 and the broker’s own HFM Platform.

HFM provides competitive trading costs with spreads that vary depending on the account type selected by the trader. The Premium account features spreads starting from 1.2 pips, while the Cent account offers tighter spreads as low as 1.0 pip. In regions where the Top-Up Bonus account is available, it has spreads starting from 1.4 pips. For traders seeking lower spreads, the Pro account starts at 0.5 pips, and the Pro-Plus account offers spreads from 0.2 pips. None of these accounts charge a commission on forex pairs. However, the Zero Spread account provides spreads from 0.0 pips but applies a commission of $3 per lot per side.

HFM maintains regulatory compliance across several key financial jurisdictions. It operates under the supervision of the CySEC, the DFSA, the FCA, and the CMA.

68% of retail investor accounts lose money when trading CFDs with this provider.

Octa

Known for its user-friendly interface, competitive trading conditions, and strong regulatory framework, Octa is a top choice for traders seeking an MT5 broker. The MT5 platform on Octa enhances trading efficiency with advanced charting tools, multiple timeframes, algorithmic trading capabilities, and an integrated economic calendar. Additionally, traders can utilise Expert Advisors (EAs) for automated trading and benefit from depth of market analysis. MT5 simplifies the process of opening a new position with one-click trading. The platform is accessible via desktop, web, and mobile devices.

One of Octa's standout features is its commitment to providing a deep collection of market products. With this broker, traders can speculate on CFDs across various asset classes, including forex, cryptocurrencies, commodities, indices, and stocks. Traders can also use the broker’s proprietary platform, OctaTrader.

The broker offers two account types, both featuring spreads starting from 0.6 pips for major currency pairs with no additional commission charged. Additionally, Octa is a regulated broker. The broker has regulation from the FSCA in South Africa, and the MISA in Mwali. While Octa accepts traders from most countries around the world, they do not accept retail clients from the UK and EEA countries, among others.

Remember that forex and CFDs available at Octa are leveraged products and can result in the loss of your entire capital.

XM

XM is a well-established broker that deserves mention among the best MetaTrader 5 brokers. This platform is available as a desktop application, a mobile app, and a WebTrader platform. It allows investors to seamlessly use expert advisors, over 58 different indicators, and over 44 analytical objects. Additionally, it allows traders to act fast with 1-click trading. 

In terms of regulations, XM is in good standing as it holds licenses from various institutions. To be specific, XM is a broker licensed by the CySEC, the ASIC, and the FSC in Belize. This multi-regulatory framework is one of the reasons why XM has grown into one of the largest brokers in the world.

Moreover, this broker offers competitive spreads when trading. The standard account has a spread that starts from 1.6 pips for major currency pairs with no commission charged. For traders seeking lower spreads, the XM Ultra Low account has a spread beginning at just 0.8 pips with no commission charged. 

Finally, the Shares account charges a commission depending on the share and the size of the trade. The market products available on this broker site include CFDs on forex, equity indices, shares, cryptocurrencies, commodities, metals, stocks, and energies. Traders can also use MT4 and the XM Trading App to place orders.

75.18% of retail investor accounts lose money when trading CFDs with this provider.

Tickmill

Tickmill is a well-regulated and highly regarded broker that supports the MetaTrader 5 (MT5) platform. MetaTrader 5 on Tickmill offers traders access to advanced trading tools, enhanced charting features, and algorithmic trading support. Traders benefit from fast execution speeds, multiple order types, and built-in indicators to improve their trading strategies. The platform is available across desktop, web, and mobile devices, ensuring traders can manage their positions from anywhere.

One of Tickmill's standout features is its wide collection of market products. It offers CFDs on forex, stock indices, gold and other metals, bonds, commodities, and cryptocurrencies. Traders can also use MetaTrader 4 and Tickmill Trader to access these markets. 

On another note, the spreads that apply when trading with this broker depend on the account that a trader is on. The classic account on Tickmill has spreads that start from 1.6 pips for major currency pairs with no commission paid. Additionally, Tickmill offers two raw spread accounts which feature spreads from 0.0 pips with varying commissions. The raw account has a commission of $3 per side per lot, while the Tickmill trader raw account charges $3.5 per side per lot.

In terms of regulatory compliance, this broker operates under the oversight of several institutions. These include the FCA, the CySEC, the DFSA, and the FSCA, among others.

71-74% of retail investor accounts lose money when trading CFDs with this provider.

Forex.com

Forex.com is a globally recognised broker that offers a robust trading experience on the MetaTrader 5 platform. This platform offers traders a variety of tools to enhance their trading experience. For starters, traders gain access to 15 custom indicators, such as integrated Pivot Points, plus an array of advanced charting tools. Further, this platform delivers automated trading through expert advisors and over 950 different trading robots on the MetaTrader market.

Notably, Forex.com offers traders more than 5,500 market products but the availability of some products depends on a trader's location. Traders within the US have access to forex, futures, and futures options. Contrarily, traders outside the US can access CFDs on forex, stocks, indices, cryptocurrencies, commodities, and precious metals. Aside from MetaTrader 5, traders can also use MetaTrader 4, TradingView, and Forex.com Trader.

In terms of trading fees, this broker falls within market standards. Forex.com offers competitive spreads, starting at 0.8 pips on the standard account and 1.0 pip on the MetaTrader account, both without a commission. Meanwhile, the raw spread account has spreads from 0.0 pips plus a commission depending on the location of a trader. The commission for traders outside the US is $5 per $100,000 traded. In contrast, traders from the US pay a commission of $7 per $100,000 traded on the raw spread account.

Let’s close out this broker by seeing how it is regulated. Well, Forex.com operates under the regulatory supervision of the CIRO in Canada, the FCA, the ASIC, and the CySEC, among others. It is also registered with the CFTC and is a member of the NFA in the USA.

76-77% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade

Next up we have AvaTrade. This is another broker that supports trading through MetaTrader 5 on a variety of global markets. This platform delivers a wealth of powerful analytical tools on multiple, flexible and interactive charts. Additionally, this platform boasts advanced auto trading systems, technical tools, and in-built copy trading. The MetaTrader 5 platform is accessible via desktop, web, and mobile devices, ensuring traders can manage their positions from anywhere. Additionally, AvaTrade supports MetaTrader 4 and its proprietary platform, AvaTradeGO.

AvaTrade offers a wide range of trading instruments, including CFDs on forex, stocks, commodities, indices, cryptocurrencies, ETFs, and bonds. This helps the broker cater to traders with diverse interests and strategies. AvaTrade offers fixed spreads that start from as low as 0.9 pips on major currency pairs, with no commission charged. 

AvaTrade is regulated by multiple authorities across various jurisdictions. These include the Central Bank of Ireland, the ASIC, the FSCA, the FSA in Japan, and the ADGM’s FSRA in Abu Dhabi, among others.

IC Markets

IC Markets provides its traders with several trading platforms including MetaTrader 5, MetaTrader 4, cTrader, and TradingView. On this broker site, the MetaTrader 5 platform offers advanced charting tools, technical indicators, and Expert Advisors (EAs) for automated trading. Its advanced charting technology coupled with sophisticated order management tools helps traders monitor and control their positions quickly and efficiently. Traders can access the MT5 platform across desktop, web, and mobile devices, ensuring a seamless trading experience.

IC Markets provides its clients with an extensive selection of over 2,100 tradable instruments. These include CFDs on forex, cryptocurrencies, stocks, indices, commodities, and futures. When it comes to spreads, IC Markets offers three main account types. The Standard Account features spreads starting at 0.8 pips on major currency pairs and does not charge any commission. The Raw Spread Account, on the other hand, provides spreads as low as 0.0 pips but applies a commission that depends on the trading platform. Traders using MetaTrader 5 and MetaTrader 4 pay a commission of $3.50 per side per lot. In contrast, traders using cTrader or TradingView pay a commission of $3 per $100,000 traded.

Finally, IC Markets operates under the regulatory oversight of several financial authorities. These include the ASIC, the CySEC, the FSCA, and the SCB in the Bahamas.

Other Top Brokers That Support MetaTrader 5

There is a huge number of brokers that support MetaTrader 5 and we cannot review them all here. Here is a short list of some other well-regarded brokers that support MT5:

• FBS.
• EightCap.
• Fusion Markets.
• FxPro.
• Libertex.
• Admirals.
• BlackBull Markets.
• Vantage Markets.
• FXTM.
• BDSwiss.
• RoboForex.
• HYCM.
• CMC Markets.
• ACY Securities.
• Hantec Markets.
• OANDA.
• ActivTrades.
• GO Markets.
• Markets.com.
• ThinkMarkets.

Closing Remarks

MetaTrader 5 is a powerful platform that caters to the needs of modern traders, offering advanced tools and multi-asset trading capabilities. Its user-friendly interface makes it a suitable platform for traders of all experience levels. When choosing an MT5 broker, factors such as regulation, trading costs, and asset variety are important to consider. The brokers we listed here stand out for their competitive pricing, robust regulatory oversight, and extensive range of tradable instruments.

Nonetheless, remember that this article did not cover all brokers that support MetaTrader 5. We only highlighted a few of the best MetaTrader 5 brokers. Ultimately, the best MetaTrader 5 broker for an individual will depend on their unique trading style and preferences. Remember, trading involves risk, and it's essential to approach it with a well-thought-out plan and a disciplined mindset.