Best MetaTrader5 – MT5 Forex Brokers

mt5

MT5 Forex brokers are Forex brokers which offers traders the opportunity to trade through the MT5 platform. The MetaTrader5 (MT5) is the new and updated version of the financial industry’s leading and extremely popular trading platform MT4. The company behind both projects, Metaquotes, has kept all of the positive features of the previous version and added various new and long-awaited improvements.

Featured Forex Brokers

We decided to do all the hard work for you and guide you through the all the noise of the financial betting market. Our team of expert analysts, has created a unique collection of forex broker reviews, based on various criteria and data points for you to choose from.

GlobeX360

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IC Markets

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IQOption

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Axiory

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Below is a list of the Best MT5 Forex brokers available to choose from

 

 

Avatrade

 

Avatrade was established in 2006 and has more than 200 000 registered users worldwide to date. Over two million trading transactions are completed per month and Avatrade offers users an exceptional trading platforms, including MetaTrader 5 and mobile, coupled with an average web experience.

 

Avatrade offers beginner traders a great deal of online education material including tutorials and educational videos.

  

Pros

Cons

Quick and hassle-free account opening

Outdated research tools

No deposit and withdrawal fees

Improvements needed for phone support

Offers great user education

Limited product offering (CFDs, Forex and Crypto)

Service not offered to US

 

XM

 

XM prides itself on being an industry leader having won the COLWMA (City of Wealth Management Awards) award in 2020 for being the best FX Service ProviderXM group offers traders plenty of educational, market analysis and seminar materials plus popular trading platforms, including MetaTrader 5.  Opening an account is an almost instant process and the customer support is provided in a short response time.

 

Pros

Cons

Fast and user-friendly account opening

Limited product scope for European customers

Comparatively low CFD fees and no withdrawal fees

Forex fees could be more competitive

Offers great user education

Penalty for inactivity

 

FXTM

 

FXTM’s focus lies on creating a comfortable trading experience for especially with educational material and the popular MetaTrader 5 trading platform on offer.  Users have access to both web and mobile platforms plus customer support available 24-hour.

  

Pros

Cons

Excellent customer service

Withdrawal fees

Quick and digital account opening

Penalties for inactivity

Offers great user education

Limited products offered

 

FP Markets

 

FP Markets boasts a well-rounded approach to its product offerings and a competitive pricing approach.  Effortless account creation plus web and mobile trading platforms, including MetaTrader 5 is on offer. Customer Support services are available via live chat, email and telephone.

 

Pros

Cons

Great customer support

Limited product portfolio

Simple and quick account opening

Cost attached to some withdrawal options

No penalty for inactivity

Web platform needs updating

 

Alpari

 

Alpari operates in eight locations across three continents and is one of the biggest forex brands available.  Alpari is suitable for both experienced and novice traders alike. Both demo and micro accounts are available with trading platforms, including the MetaTrader 5 platform ready for trade.

Alpari wide range of accounts on offer and great quality of service, Alpari would be a good choice for all types of traders.

 

Pros

Cons

Wide variety of products

Needs research tools

Strategy Manager role for experienced traders

Lacks educational material

 

GO Markets

 

GO Markets is perfect for traders at any level and offers users a number of features which includes analytics paired with a great set of educational tools. Traders have the opportunity to make use of the demo account plus trade live on the very popular MetaTrader 5 platform.  Account setup is easy and the initial deposit process uncomplicated. Traders will enjoy very low forex fees plus strong web and mobile platform with good spreads for CFD and Forex traders.

  

Pros

Cons

Low fee trading accounts

Account types limited to two

Efficient customer support

Inactivity fee after 3 months

 

IG

 

IG is one of the largest CFD brokers in the market – with a “client comes first” core value.  IG offers traders an exceptional web platform packed with research and educational tools. MetaTrader 5 – ready for trade.  Customer support is available on email and via phone.

  

Pros

Cons

Exceptional web platform

Product portfolio needs more options

Great educational tools

Phone support could be better

Low trading fees

 

Plus500

 

Plus500 is one of the number one CFD providers available and provides traders with leading technology and innovation.  Plus500 offers traders exceptional web and mobile platforms, including MetaTrader 5 for trading on CFDs and ForexPlus500 offers great user support with 24-hour availability.

 

Pros

Cons

User-friendly experience

Limited research tools

Great educational tools

Average user education

24/7 Customer support

No telephone support

 

BDSwiss

 

BDSwiss is very appealing to beginner traders with their proprietary trading platform and for more professional traders via MetaTrader 5.  Both Research and educational tools are on offer.

  

Pros

Cons

Commission free

No options for trading accounts

Low trading and forex fees

Stocks and Shares available

 

Saxo Bank

 

Saxo Bank is one of the first companies to launch an online trading platform and has won multiple awards over many years. Creating an account is effortless with platforms, including MetaTrader 5, available for both web and mobile.  The research and education features on offer are excellent with phone and email support available.

  

Pros

Cons

Great user experience

Exorbitant minimum deposit

Extensive research

Live chat and 24/7 support lacking

Wide product portfolio

 

eToro

 

The term Social Trading originated with eToro in 2007. The Broker has millions of registered users thanks to their diverse offering of investment tools and excellent MetaTrader 5 platform which is on offer.  Research and educational tools alongside both web and mobile platforms are on offer.

Customer support is available via either live chat or a web-based ticketing system.

 

Pros

Cons

Free stock and ETF trading for European traders

Only one base currency for account

Painless account opening process

Forex fees are a bit high

Comfortable, social trading experience

Withdrawal process can be tedious

 

CMC Markets

 

CMC Markets is an advanced platform with a great range of research tools.  Opening an account is fully digital and requires no minimum deposit, with trading available on the popular MetaTrader 5 platform, web and mobile.  Customer service is available via live chat, phone and email.

 

Pros

Cons

Good product range

Long withdrawal process

Innovative trading platform

Longer support lead times

Good educational tools

 

Oanda

 

Oanda has a great reputation for being a reliable and trustworthy broker which offers traders great research and education tools paired with the excellent MetaTrader 5 platform.

 

Pros

Cons

Comparatively lower fees

Bank withdrawal fees are high

Painless account opening

Support service times need improvement

Great web platform

 

Pepperstone

 

Pepperstone provides users with multiple platforms, including MetaTrader 5, web and mobile, with selected premium add-ons for prospective traders.  Opening an account with Pepperstone is extremely easy and does not require an initial deposit. Education and research materials are also on offer with customer service via live chat, phone and email.

 

Pros

Cons

Lower forex fees

Limited products for traders

Good customer service experience

Limitations on research materials

Easy and free deposits and withdrawals

 

FXCM

 

FXCM offers a great advantage to newer traders as they are focused on providing great education and research tools plus excellent platforms including MetaTrader 5.  Both web and mobile trading platforms are also on offer to trader on the move and customer support is both reliable and quick via live chat, telephone and email.

 

Pros

Cons

Great research tools

Narrow scope of products offered

Extensive educational tools

Web and Mobile platforms need improvement

Simple account opening

 

Which Is Better? MT4 or MT5 – Revealed!

 

There is not much of a difference between both trading platforms, and most brokers provide both trading platforms for traders of all experience. The only difference that applies to both trading platforms is the trader’s personal preference. The new and improved features are not for everyone’s tastes, but there are always going to be clients that are looking for something that is not like the others. The MT4 trading platform is user-friendly, and many traders have appreciated using the platform. However, as you gain more experience, you might want to look for a trading platform that gives you access to more features and options than you needed before.

 

While the MT4 trading platform is the preferred mode of trading for almost all Forex brokers, there are various brokers that choose to add MT5 trading platform as an additional feature. Despite the additional features, the MT4 and MT5 trading platform is neither superior to one another. There are advantages and disadvantages on each trading platform, especially for the trader’s preference. MT4 and MT5 Forex brokers tend to give the trader’s the option to choose whichever they prefer.

 

We advise traders who are with an MT4 and MT5 Forex broker to try the demo account on both trading platforms, and see which of them is better suited for them.

 

In general terms, MT5 and the corresponding MT5 Forex brokers are more resourceful and flexible than the MT4 trading platform, which gives traders access to more opportunities for more profit and the ability to execute more operations. For experienced traders and ambitious traders then MT5 is the most suitable trading platform for you. However, if you prefer to keep trades simple and be in complete control of the risks that occur, then you’d better stay with the simplified MT4 trading platform. Both the MT4 Forex brokers and the MT5 Forex brokers allow traders to make all the decisions, so they can be as comfortable as possible with their trading experience.

 

What to Consider When Using the MT5 Platform

 

MT5 is one of the most respected and globally acclaimed trading portals for personal computers, PC. Following the reputation of its predecessor and previous version, MT4, this package provides real-time access to various financial markets. Trades can be executed and implemented with the click of button and all information is regularly updated and restructured through streaming software that is located in the Cloud.  MT5 is designed and premeditated as a full-fledged system that allows clients to trade online. It consists of a wide range of features of the previous MT4 version, supplemented and supported with new useful tools and resources. All traders have to do is simply download, install, and they can start trading!

 

The new and MT5 trading platform got a brand-new assortment of candlestick time frames, which are now available and accessible for both long term and short-term traders. In addition, the economic calendar is directly integrated and incorporated with the price charts and has small bookmarks on the time alignment in the bottom. All of these new and improved features can, of course, be filtered or fully removed from the calendar menu.

 

The MQL Marketplace is still available on the MT5 trading platform, but the outdated indicators and Expert Advisors (EAs), which were developed for MT4 but they are no longer supported on the new trading platform. New and updated versions are being developed and established, but it will take some time until their volume reaches the old volumes of the MT4 platform.

 

At first, the MT5 platform was designed with the prospect of trading futures and stocks. Therefore, a trader was not able to have a long position and a short position open at the same time (also known as hedging). However, as the platform evolved hedging became a prominent feature for Forex traders. MT5 Forex brokers, at their discretion, may offer the opportunity to their clients to hedge certain instruments under certain trading conditions.

 

How to Download MT5 – Free Trading Platform

MеtаTrаdеr5 (MT5) is the most popular and it is the number one multi-asset platform that is chosen by traders and investors alike, from all over the world for trading Forex, CFDs, exchange-traded instruments and futures. The trading platform provides advanced charting and trading tools, as well as options for automated trading.

 

MT5 Forex brokers and the associated trading platform can be downloaded at absolutely no charge, and hassle-free. By entering the inter-bank market via MT5 trading platforms, you can immediately find out a balance of your trading account. Besides, you will receive records of all your deals, open orders, profits, and losses. If you plan to download MetaTrader for your Forex business, it could be a wise move for your career and company. This is true, especially if you get the platform from a MT5 Forex broker.

 

Download MT5 and start trading using the full list of the trading platform options and features.

 

MT5 Download Has Been Tested in The Following Browsers:

 

  • Google Chrome – latest version
  • Firefox – latest version
  • Opera – latest version
  • Internet Explorer – version 8.0, 9.0, 10.0.

 

MеtаTrаdеr5 System Requirements

 

MT5 For PC Requires:

 

  • Processor with SSE2 support (almost all modern processors)
  • Windows 7 (32 – and 64-bіt); Windows 8 (32 – and 64-bіt) and Windows 10 (32 – and 64-bіt)
  • RAM 512 MB
  • Free hard disk space 50 MB
  • Screen Resolution 800×600

 

MT5 forex brokers offer a wide variety of functions and unique features for the modern forex and exchange market trader:

 

  • Full Set of Trading Orders for Flexible Forex, Stocks, And Other Securities Trading.
  • Two position accounting systems: netting and hedging.
  • Unlimited number of charts with twenty-one time-frames and one-minute playback history of quotes.
  • Technical analysis with over eighty built-in technical indicators and analytical tools.
  • Fundamental analysis based on financial news and economic calendar.
  • The largest store of ready-to-use trading applications at MetaTrader Market.
  • Powerful algorithmic trading with the built-in MQL5 development environment.
  • Trading Signals allowing you to automatically copy deals of experienced traders.
  • A system of alerts to keep track and monitor all the important financial market events.
  • Built-in Forex VPS

 

Pros and Cons of MT5

 

Pros –

 

There are several advantages of the MT5 trading platform, which seem to be a crowd pleaser.  The MT5 trading platform is mainly used by advanced traders, which is why traders tend to use this platform more than the rest. The first advantage is that it is a clear and easy-to-use online trading platform, which means that it is user-friendly and it provides a comprehensive guide on how to operate trades. With a helpful trading platform, it makes trading more attractive and accessible for the traders.

 

Speaking of accessible, the MT5 trading platform has a mobile application that makes trading possible anytime, anywhere! So, traders will not be constrained with the possibility of missing an important trade, or be chained to a desk, in order to trade. Traders will be able to trade whenever they feel like it, wherever they are, and it won’t take any time at all.

 

The third and final advantage that will be highlighted is the real-time element of the MT5 trading platform. The MT5 trading platform provides charts and other analytical data in trading, in real-time scenarios. This means that you can create trading strategies that are reliable, and make trading decisions that are accurate, through MT5. With the real-time scenarios, it will be fairly easy for traders to forecast what assets are going up, and what assets are going down. The third advantage is one of the most important aspects since it defines the trades a user will make for the future trading operations that will occur; it also allows traders a peek into the inner-workings of the forecasted trades.

 

Cons –

 

As for the disadvantages and drawbacks, the MT5 trading platform has two main disadvantages for traders. The first disadvantage is that the MT5 trading platform is not suitable for novice traders, and investors with small investments. It would be considered extremely challenging for novice traders to use the MT5 trading platform, and they might find it confusing for them to operate on. With this particular trading platform, many traders are advanced and experienced in the trading industry, already knowing how it works. Novice traders will find it hard, but there is an alternative with this trading platform; beginners can also trade with the MT4 trading platform, since it’s more user-friendly to novices.

 

The second disadvantage and an essential element to consider is the cost of the MT5 trading platform. Although the MT5 trading platform is completely and utterly free for any user, there is some cost to it. In order to access all the features of the MT5 trading platform, traders will have to pay for it and purchase the option to access all the features. Of course, this is understandable since you need to give money to get money, but it is not the best of options to have to pay for the features you would need.

 

Mobile Trading with MT5 Forex Brokers

 

Mobile trading with MT5 Forex brokers for Android provides a convenient access to the Forex and Exchange markets from your smart-phones and from your tablet. Regardless of where you are, you can connect to your broker’s server; analyse quotes of currencies, stock, and other exchange instruments, along with executing trade operations. All of the above features are available for free, around the clock!

 

In conclusion –  

 

If you’re a trader who knows what they’re doing when they trade, and they need a trading platform that will accommodate their needs, then the MT5 trading platform is for you!