10 Best MT5 Forex Brokers for 2024

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MetaTrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software. It is widely used by traders and brokers in the financial markets for trading various asset classes, including forex, stocks, futures, and CFDs. MT5 allows traders to view charts, stream live prices, and place orders with their brokers. Additionally, MT5 offers fundamental and technical analysis tools, copy trading, and automated trading facilities. Most modern forex and CFD brokers use MetaTrader 5 (MT5) as their trading platform. However, not all brokers are equally trusted and regulated.

In this article, we have curated and listed the top MT5 forex brokers that offer competitive trading conditions, a wide range of trading instruments, and excellent customer support. We have also reviewed their regulations, trading fees, pros, cons, and more. By comparing these brokers, you can better decide which ones are best suited to your trading style and goals

A List of Top 10 Meta Trader 5 (MT5) Forex Brokers

  1. Pepperstone: Best Overall Forex broker  
  2. IC Markets: Best for Low Spreads  
  3. XM: Forex Brokers that Offer Deposit Bonus 
  4. Exness: Fastest Withdrawal ( Withdraw funds under 1 Minute)  
  5. Eightcap: Best for Smart Trading Tools 
  6. FP Markets: Best for Competitive Pricing
  7. BlackBull Markets: Fastest Execution Forex Broker
  8. Oanda: Best MT5 Brokers for US Traders
  9. Avatrade: Best for Integrity and Innovation

1. Pepperstone: Best Overall MT5 Broker

    Founded in 2010 by Owen Kerr and Joe Davenport, Pepperstone is a forex, CFD, and spread betting broker that provides online trading services to traders globally. The broker is regulated by 7 regulatory authorities, including FCA, ASIC, CySEC, BaFIN, SCB (Bahamas), CMA, and DFSA (Dubai).

    Pepperstone supports three of the most popular trading platforms: MT4, MT5, and cTrader. The MT5 trading platform is available in all jurisdictions where Pepperstone operates. The broker offers access to Smart Trader Tools and Autochartist for its MT5 users.

    Pepperstone integrates with other third-party charting and trading tools such as TradingView, DupliTrade, MirrorTrader, Myfxbook, cTrader Automate, and algorithmic trading. The broker allows almost all trading styles, including scalping, EA trading, news trading, hedging, copy trading, and more. Pepperstone also supports passive investment programs like PAMM and MAM. Additionally, the broker provides API trading and VPS hosting.

    Key Features:

    • Trading Instruments: 1250+Trading instruments including Forex, Commodities, Cryptocurrencies, Shares/Stocks CFDs, etc 
    • Maximum leverage: 1:30 for retail traders of ASIC, CySEC, FCA, and BaFin jurisdictions, 1:200 for SCB Jurisdiction, 1:400 for CMA Jurisdiction, and 1:500 for professional traders. 
    • Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement. 
    • Account Types: Two ( Standard account, Razor Account) 
    • Trading Fees: Spread starting from 1 pip for Standard Account or Commission 3.00 to 3.50 per lot for Razor Account on a Single Trip. 
    • PAMM/ MAM:  Available 
    • Scalping: Allowed 
    • News Trading: Allowed
    • EA/ Robot Trading: Allowed

    Pros

    • Pepperstone is regulated in 7 reputed jurisdictions, including FCA in the UK, CySEC in Cyprus, ASIC in Australia, BaFin in Germany, DFSA in Dubai, CMA, and SCB in the Bahamas.
    • Fast order execution is ensured, with an average of 30 milliseconds.
    • Competitive spreads starting from 0.0 pips are offered.
    • Clients’ funds are segregated with tier 1 banks for added security.
    • There are no inactivity fees associated with the platform.
    • Attractive trading conditions are provided.
    • Pepperstone offers over 1200 trading instruments for diverse investment opportunities.
    • The platform facilitates fast and complete online account opening.
    • MT4 Smart Trader Tools, Autochartist, Capitalise.ai, and free VPS are among the trading tools available for users.

    Cons: 

    • US Traders are not allowed 
    • Only CFDs are Offered 
    • No cent/Micro Account 
    • Minimum recommended deposit is $ 200
    • Support works only 24/5  
    • Limited account protection for non-U.K./E.U. clients
    • No guaranteed Stop-loss 
    • 30-day expiry for demo accounts

    Pepperstone offers a variety of platforms like MT4, MT5, cTrader, and TradingView. Along with these, they provide handy tools such as Smart Trader Tools, cTrader Automate, Autochartist, algorithmic trading, API trading, and VPS hosting. For those interested in social trading, Pepperstone offers options like MetaTrader Signals, DupliTrade, and Signal Start. Learn more about Pepperstone here

    2. IC Markets: Best MT5  for Low-Spread Trading

      Founded by Andrew Budzinski in 2007, IC Markets is a Forex and CFD brokerage firm offering online trading services for retail and institutional clients. Although the company is based in Australia, it provides online trading services globally. IC Markets is regulated by top-tier regulatory authorities such as ASIC, CySEC, and FSA. The firm typically onboard EU clients under CySEC, Australian clients under ASIC, and global clients under FSA jurisdiction.

      IC Markets offers the most popular trading platforms, including MT4, MT5, and cTrader, which are accessible on desktops, web browsers, and mobile devices. IC Markets’ MT5 platform is available on both Global Raw Pricing and Standard account types. Traders benefit from mobility and advanced analytics, including Depth of Market (DOM), MQL5 integration, and advanced order types and execution. The platform also features an improved strategy tester for Expert Advisors (EAs).

      The brokerage provides access to over 2,150 trading instruments, including 61 forex pairs, 25 indices CFDs, 20 commodity CFDs, 2,100+ stock CFDs, 21 cryptocurrency CFDs, and futures CFDs.

      Key Features:

      • Trading Instruments: 2150+ including  Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
      • Regulations: ASIC, CySEC, and FSA
      • Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC, and CySEC entity the brokers offers up to 1:30 leverage.   
      •  Minimum Deposit: $200 or Equivalent
      • Account types: Standard Account and Raw Account (Metater, Ctrader) 
      • Fees:  Spread starting from 0.8  pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip. 
      • PAMM/ MAM:  Not Available 
      • Scalping: Allowed 
      • News Trading: Allowed
      • EA/ Robot Trading: Allowed 

      Pros:

      • A fully regulated broker operates in two tier-1 jurisdictions and one tier-4 jurisdiction.
      • It offers super-fast trade execution speed.
      • The broker provides low spreads starting from 0 pips.
      • Account opening is easy and fast.
      • Deposits and withdrawals are free.
      • The broker offers standard and raw spread account options.
      • Trading EA is allowed.
      • Traders have the ability to trade from a mobile device.
      • A demo account is available.

      Cons:

      • The broker requires a higher minimum deposit of $200.
      • Non-EU clients do not have investor protection.
      • The product selection is limited.
      • Weekend trading is not available.
      • US traders are not accepted.
      • The broker is not regulated by the FCA.

      Pepperstone offers trading platforms such as MT4 (web, Iphone/IPAD, Android, MAC,  MT5, cTrader (cTrader, cTrader Web, cTrader iPhone/iPad, cTrader Android, cTrader Automate, cTrader Copy Trading). Additionally, it provides a number of tools including VPS, advanced mt4 tool, and research tools like IC Insight). Learn more about IC Markets here 

      3. XM: Best for Deposit Bonus

        Founded in 2009, XM is a forex and CFD broker that offers global online trading services. The broker operates through five entities worldwide and is regulated by top authorities such as ASIC, CySEC, FSC, DFSA, and FSCA. XM provides personal account managers for its clients and also offers in-depth video tutorials, daily news analysis, and a trading signal program for newbie traders. Additionally, XM organizes webinars to educate its clients about trading.

        XM offers over 1,000 trading instruments, including Forex, Crypto CFDs, Indices CFDs, Commodity CFDs, Stock CFDs, Turbo Stock CFDs, Metal CFDs, Thematic CFDs, and Energy CFDs. The broker provides access to more than 10 versions of trading platforms, including MT4, MT5, and XM apps. The broker offers the MT5 trading platform for free with no rejections or requotes. The platform supports one-click trading and provides Depth of Market (DOM) along with over 80 technical analysis objects. Moreover, XM offers a 20% deposit bonus up to $5,000 on its global entity (FSC)

        Key Features:

        • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Turbo Stocks CFDs, Metals CFDs, Energies CFDs
        • Maximum leverage: up to 1000:1 
        •  Minimum Deposit: $5 or Equivalent
        • Account Types: Micro, Standard, Ultra Low, Shares Accounts 
        • Fees: Starting from 0.6 in Ultra-low account, 1 Pips for standard account, and 1 Pips for Micro account
        • PAMM/ MAM:  Not Available 
        • Scalping: Allowed 
        • News Trading: Allowed
        • EA/ Robot Trading: Allowed 

        Pros:

        • CySEC, ASIC, DFSA in UAE, and FSC Belize regulate XM.
        • Minimum deposit is $5
        • Over 1000 forex/CFDs are available for trading.
        • Offers MT4 and MT5 Trading Platforms.
        • No FCA regulations 
        • Quality research, market analysis, and access to trading tools like Autochartist.
        • Quality training for newbies and ‘ultra-low micro account’ for beginners.
        • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)

        Cons:

        • An inactivity Fee is applied. 
        • Trading of real stocks is not available to European traders.
        • Traders have no other choice apart from the MetaTrader platforms.
        • Limited tradable assets.
        • No passive investment services (social trading platform, PAMM accounts);
        • Funding with PayPal is unavailable.

        XM offers MT4 and MT5 trading platforms with versions compatible with mobile, desktop, tablet, Mac, and iPhone. The broker also provides up to $5000 deposit bonus (20% of your initial deposit). Learn more about XM here.  

        4. Exness: Best for Instant Withdrawal

          Exness is the best choice for those who value the instant withdrawal of their profits. With Exness, you can get your money out of your account quickly and easily, without having to wait for days or even weeks. Because Exness is a regulated broker, you can be sure that your money is safe and secure. So, if you’re looking for a forex broker that offers instant withdrawals, Exness is the perfect choice.

          Exness is a forex broker regulated in multiple jurisdictions, including FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSC (Mauritius), FSA-S (Seychelles), BVI FSC, CBCS (Curaçao and Sint Maarten), and FSA (Seychelles). The company offers the popular MT4 and MT5 trading platforms, available for desktop, mobile devices, and web traders.

          Exness offers over 200 trading instruments on its MT5 trading platform, including over 115 currencies, popular cryptocurrencies like Bitcoin and Ethereum, as well as precious metals, commodities, and stock indexes as CFDs. You can find a built-in economic calendar, 38 built-in indicators, and 46 graphical objects on this MT5 trading platform

          Key Features:

          • Trading Instruments: 200+ trading instruments including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
          • Maximum leverage: up to Unlimited :1 
          •  Minimum Deposit: $1 
          • Account Types: Exness offers 5 different types of accounts including Standard, Standard Cent account, Pro,  Raw Spread, Zero accounts 
          • Fees: starting from 0.2 pips for a standard account, 0.3 pips for a standard cent account, 0.1pip for a pro account, up to 3.50 per Lot per one side for a raw spread account, 0.05/lot per side for a zero account,
          • PAMM/ MAM:  Not Available 
          • Scalping: Allowed 
          • News Trading: Allowed
          • EA/ Robot Trading: Allowed 

          Pros:

          • Regulated in multiple jurisdictions.
          • Offers popular MT4 and MT5 trading platforms.
          • Available for desktop and mobile devices.
          • Over 115 currency pairs are available for trading.
          • Trading Central analysis and VPS services are available.

          Cons:

          • The minimum deposit required is $1.
          • Not available to residents of certain countries.

          Exness offers MT4, MT5, Exness Terminal, and Exness Webtrader platforms. Exness is reputed for instant fund withdrawal. They process fund withdrawals within one Minute. Learn more about Exness here.

          5. Eightcap: Best for Smart Trading

            Founded in 2009, Eightcap is an Australia-based forex and CFD broker that offers a wide range of trading instruments, including forex, CFDs, Cryptos, share CFDs, Commodity CFDs, and more. The broker provides a variety of trading platforms such as MT4, MT5, TradingView, and Webtraders. Eightcap allows scalping, EA Trading, and copy trading, and also offers passive investment programs like PAMM and MAMM.

            Eightcap offers MT4, MT5, and TradingView trading platforms. MT5 is the upgraded version of MT4. MT5 offers more trading options than MT4 which offers Forex, futures, stocks, bonds, and options markets, while MT4 primarily focuses on Forex and CFD trading.

            Regulated by ASIC, CySEC, FCA, and SCB, Eightcap provides several useful trading tools and services for traders, including AI-powered Economic Calendar Capitalise.ai, FlashTrader, and ForexVPS. The company is renowned for offering prop trading solutions to many brokers.

            Key Features:

            • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
            • Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.  
            •  Minimum Deposit: $100 or Equivalent
            • Account Types: Three Types of Accounts including Raw Account, Standard Account, Trading View Account 
            • Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, 1 pip spread for the Tradingview account 
            • PAMM/ MAM:  Available 
            • Scalping: Allowed 
            • News Trading: Allowed
            • EA/ Robot Trading: Allowed 

            Pros:

            • Top Tier regulated Broker
            • Free deposit and withdrawal
            • The maximum leverage is as high as 500:1
            • Fully Digital Account Opening
            • MT4 and MT5 trading Platforms are offered
            • TradingView is integrated
            • Stable Liquidity

            Cons:

            • Does not accept US Clients
            • The minimum deposit is $100, which might be a bit more for beginners
            • Limited research and educational tools
            • No investor protection scheme in its Global Entity (in fact, no brokers have)

            Eightcap offers MT4, MT5, and TradingView trading platforms. Additionally, the broker provides smart trading tools such as Capitalise.ai and Flash Trader. It also offers Prop Trading Platforms. Learn more about Eightcap here.

            6. FBS: Best MT5 Broker High leverage Trading

              Founded in 2009 in Belize, FBS is a Forex and CFD broker that offers online trading services globally. The broker is regulated by ASIC, CySEC, and the FSC. FBS provides over 200 trading instruments, including Forex, CFDs, metals, energies, and shares. It supports almost all trading styles, such as scalping, news trading, EA trading, and hedging. FBS is a low-spread and high-leverage Forex broker, with maximum leverage as high as 1:3000, one of the highest in the industry.

              FBS offers a wide range of trading platforms, including MT4, MT5, and FBS Trader. The broker provides all versions of MT5 trading platforms including desktop, MAC,  mobile, and web versions for free. FBS is also reputed for fast order execution, with orders executed in as little as 0.01 seconds. As one of the leading Forex brokers in the world, FBS offers excellent trading conditions and services to its clients.

              Key Features:

              • Trading Instruments: Forex, Stock, Indices, Crypto, Metals, Energies, Forex Exotic.
              • Maximum leverage: 1:3000
              • Minimum Deposit: $5
              • Account Types: Three ( Standard, Cent, Pro) 
              • Trading Fees: Spread starting from 1 pip for Standard Account and Cent Account
              • PAMM/ MAM: Not available 
              • Scalping: Allowed 
              • News Trading: Allowed
              • EA/ Robot Trading: Allowed

              Pros:

              • Regulated by the CySEC, ASIC, FSCA South Africa, and FSC Belize.
              • The Maximum Leverage is as high as 1:3000
              • The Minimum deposit is $5 
              • Trading is on the MT4, MT5, and FBS trader platforms.
              • There is an account type to suit newbies, experienced, and pro traders.
              • Low spreads, high leverage, and fast order executions
              • Easy and fast account opening
              • Forex Guidebook, Forex Intensive, trading ideas, webinars, and other training resources are provided.

              Cons:

              • Tradable assets are not much, especially when compared to other top brokers.
              • Daily Market news and analysis are not regularly updated.
              • No premium trading tools to assist traders.
              • No investor protection for non-EU Clients 
              • Managed Accounts & Social Trading is unavailable 
              • Few Account Base Currencies

              FBS onboards the clients of Malaysia under the FSC in Belize  (FBS Markets Inc). Learn more about FBS in Malaysia here.

              7. Blackbull Markets: Best for multiple platforms

                Founded in 2024, BlackBull Markets is a New Zealand-regulated forex and CFD broker. The broker is regulated by FMA, FSPR, and FSA-S. Offering over 26,000 trading instruments including Forex, CFDs, Equities, and Commodities (energies, agriculture, metals, futures, indices), there is no minimum deposit requirement. Deposits can be as low as $1. The broker’s spreads start from as low as 0.0 pips. BlackBull Markets is renowned for its fast execution speed, with orders executed in less than 100 milliseconds.

                BlackBull Markets provides a variety of trading platforms, including MT4, MT5, Ctrader, TradingView, and the BlackBull Copy Trader platform. It offers TradingView premium platforms for free. Additionally, the broker offers free VPS services, ZuluTrade, and Myfxbook access. BlackBull Markets accepts clients worldwide, excluding the US, US Territories, and OFAC Sanctions. 

                Key Features:

                • Trading Instruments: 26000+ trading instruments in 80 markets  including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
                • Maximum leverage: up to 1:500 
                • Minimum Deposit: $0 for standard, $2000 for Prime, $20,000 for Institutional account
                • Account Types: Offers 3 account types including ECN standard, ECN Prime, and ECN institutional. 
                • Fees: starting from 0.8 pips for a standard account, (0.1 pips + $6) per lot for an ECN Prime Account, and (0.0 Pips +$4) for an Institutional account.
                • PAMM/ MAM:  Yes, 
                • Zulutrade: Yes 
                • Scalping: Allowed 
                • News Trading: Allowed
                • EA/ Robot Trading: Allowed 

                Pros:

                • Regulated by  FMA, FSPR, FSP, FSA-S
                • Founded in New Zealand and operating globally
                • Professional and Retail Trading options 
                • No Minimum Deposit Requirement ($0) 
                • The Maximum Leverage is as  high as 1:500
                • Allow Scalping, News Trading, EA/Robot Trading 
                • Offers Multiple Trading platforms including MT4, MT5, WebTrader, TradingView
                • Supports multiple third-party copy trading platforms, such as ZuluTrade, Duplitrade, and Myfxbook.

                Cons:

                • BlackBull lacks additional Tier-1 regulatory licenses outside of New Zealand.
                • $2,000 minimum deposit for Prime Account
                • The Ctrader platform is not offered 
                • Withdrawal fees 
                • Limited Research Tools 
                • Not very diverse range of tradable assets

                8. HFM (HF Markets): Best for Trading Conditions

                  Founded in 2010, HFM (HF Markets) is a global forex and CFD broker that offers a comprehensive range of online trading services. The broker is regulated by several leading authorities, including FCA, CySEC, DFSA (Dubai), FSCA (South Africa), and FSA (Seychelles).

                  HFM supports multiple popular trading platforms, including MT4, MT5, and HF App. The MT5 trading platform is available across all regions where HFM operates. The broker has 3000+ trading instruments on its MT5 trading platform. 

                  HFM offers 5 account types: Cent, Zero, Pro, Premium, and Top Up Bonus. The broker allows diverse trading styles, including scalping, EA trading, news trading, hedging, and copy trading. HFM also offers passive investment solutions like PAMM and MAM. Furthermore, the broker provides API trading and VPS hosting services.

                  Key Features:

                  • Trading Instruments: 3000+ trading instruments including Forex, Metals, Energies, Indices, Stocks, Commodities, Bonds, ETFS, Cryptos 
                  • Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
                  • Minimum Deposit: No Minimum Deposit. 
                  • Account Types: Two (Standard, Elitetrader) 
                  • Trading Fees:  Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
                  • PAMM/ MAM:  
                  • Scalping: Allowed 
                  • News Trading: Allowed
                  • EA/ Robot Trading: Allowed

                  9. Oanda: Best for US Traders

                    Founded in 1996, OANDA is a prominent forex and CFD broker providing online trading services to clients worldwide. It is regulated by top-tier authorities, including the FCA, ASIC, IIROC (Canada), MAS (Singapore), and CFTC/NFA (USA).

                    OANDA supports two primary trading platforms: its proprietary OANDA Trade platform and the popular MetaTrader platform (MT4/MT5). The MetaTrader 5 trading platform just got smarter with OANDA, offering added features such as built-in depth of market, advanced trading tools, and improved charting capabilities. It is available for web, desktop, and mobile on both live and demo accounts across all OANDA’s jurisdictions.

                    The broker provides advanced trading tools and features such as TradingView integration and Autochartist for an enhanced trading experience. OANDA integrates with several third-party charting and trading tools, including TradingView and NinjaTrader. It supports various trading styles, including scalping, algorithmic trading, news trading, and hedging. Additionally, OANDA offers VPS hosting services to ensure stable and efficient trading execution.

                    OANDA accepts clients from all over the world, including the USA. However, it does not offer CFD trading to US traders due to regulatory restrictions.

                    Key Features: 

                    • Trading Instruments: CFD trading is not allowed for US clients; however, non-US clients can trade CFDs
                    • Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
                    • Minimum Deposit: No Minimum Deposit. 
                    • Account Types: Two (Standard, Elitetrader) 
                    • Trading Fees:  Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
                    • PAMM/ MAM:  
                    • Scalping: Allowed 
                    • News Trading: Allowed
                    • EA/ Robot Trading: Allowed

                    Pros

                    • Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
                    • Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
                    • Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
                    • Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
                    • Customer support is provided in multiple languages and via different channels.
                    • Fast and user-friendly account opening
                    • The TradingView platform is available, 

                    Cons

                    • Bank withdrawals incur a fee which is transferred to the trader.
                    • Premium core accounts require a minimum balance of $20,000
                    • Inactivity fees are charged from dormant accounts.
                    • No account protection for U.S. clients
                    • No guaranteed stop-losses for U.S. or U.K. clients
                    • Traders in the U.S. cannot access single-stock CFDs
                    • No cent accounts, bonus program for beginner traders

                    10. AvaTrade: Best for Trading Experience

                      Established in 2006 by Emanuel Kronitz, Negev Nosatzki, and Clal Finance Ltd., AvaTrade is a forex and CFD broker located in Dublin, Ireland. The broker offers trading in numerous markets, including currencies, commodities, stock indices, stocks, exchange-traded funds, options, cryptocurrencies, and bonds through its trading platforms and mobile application. AvaTrade is regulated by nine regulatory bodies across six continents. These regulatory bodies include ASIC, FSA in Japan, CBI in Ireland, FSCA, ADGM, ISA, KNF, and FSA in B.V.I.

                      AvaTrade offers various trading platforms including MT4, MT5, AvaOption, MAC trading, and Avasocial. MT5 is the 2nd most popular and widely used trading platform for forex trading. Traders can use MT5 with all its versions on AvaTrade, including desktop version, mobile, web version, and MT4 trading apps. AvaTrade also offers trading resources and education for newbie traders.

                      AvaTrade allows almost all trading styles, including scalping, EA trading, and news trading. The broker also offers social copy trading facilities like Avasocial, where traders and investors can copy trades from successful traders. The broker accepts clients worldwide except those from the USA, its territories, and OFAC-restricted countries

                      Key Features:

                      • Trading Instruments: 1,250+ popular assets, across Forex, Stocks, Commodities, Indices, ETFs, and Options.
                      • Maximum leverage: 1: 30 for EU, UK, and Australian clients, 1:400 for global clients
                      • Minimum Deposit: $100
                      • Account Types: Two ( Retail account, Professional Account) 
                      • Trading Fees: Starting from 0.9 pips on forex 
                      • MAM:  Available 
                      • PAMM: No 
                      • Scalping: Allowed 
                      • News Trading: Allowed. However, spreads widen during major news 
                      • EA/ Robot Trading: Allowed

                      Pros:

                      • Free deposit and withdrawal options
                      • Great research tools
                      • a wide range of trading instruments
                      • ability to trade from mobile devices
                      • Unique social trading features
                      • Impressive educational offerings
                      • Negative balance protection
                      • Does not charge any fees for deposits or Withdrawals
                      • Offers commission-free trading
                      • Offers negative balance protection
                      • Supports multiple trading platforms and EAs

                      Cons:

                      • High inactivity fees
                      • Not regulated by the FCA
                      • Does not accept U.S. clients
                      • No guaranteed stop-loss
                      • Do not have 24/7 customer support

                      What is MT5 Forex Broker?

                      Released in 2010, MT5 is a multi-asset trading platform developed by Metaquotes, the same company that developed MT4 in 2005. MT5 is the upgraded version of MT4. It offers more time frames on charts, with 21 compared to MT4’s 9. MT5 also offers a built-in economic calendar and partial order-fill policy. Additionally, MT5 allows depth of the market (DOB). The programmatic language of MT5 is MQL5. However, it is not as popular as MT4 yet

                      How Does MT5 Forex Broker Work?

                      The MT5 broker works by providing traders with access to the MT5 platform, which is used to execute trades in the forex market. Once a trader opens an account with an MT5 forex broker, they can download the MT5 platform and log in using their account credentials. From there, they can access a range of tools and features, including customizable charts, technical analysis indicators, and automated trading capabilities.

                      How to use Metatrader?

                      Here is the step-by-step guide to using Metatrader5 (MT5) 

                      1. Choose a reputable MT5 forex broker: Start by selecting an MT5 forex broker that is authorized and regulated to operate in Peru. Ensure that the broker offers the currency pairs and trading instruments you wish to trade.
                      2. Open a trading account: Once you have chosen a broker, open a trading account by filling out the required forms and submitting the necessary documents for verification.
                      3. Fund your account: To start trading, deposit funds into your trading account using the payment methods available.
                      4. Download the MT5 platform: After your account is approved, download the MT5 platform from the broker’s website or the MetaQuotes website.
                      5. Install the platform: Once the download is complete, run the installation file and follow the prompts to install the platform on your computer.
                      6. Log in to your account: Open the MT5 platform and enter your login credentials to access your trading account.
                      7. Customize the platform: Set up the platform to your preferences, including chart settings, technical indicators, and trading preferences.
                      8. Start trading: Use the tools and features of the MT5 platform to analyze the market, identify trading opportunities, and execute trades directly from the platform.

                      What is the number 1 MT5 Forex Broker?

                      Based on our in-depth research and ratings, Pepperstone is the number 1 MT5 forex broker. The broker is regulated by 7 regulatory authorities including ASIC, CySEC, FCA, BaFin, DFSA, CMA, and SCB. It has also excellent trading conditions.  Pepperstone secures a score of 9.4 out of 10, the highest in our research.

                      Which MT5 Forex Brokers Are Good for Beginners?

                      There are many MT5 forex brokers that are good for beginners. Based on our research and analysis, the following brokers are a perfect fit for beginners:

                      • XM: Known for its low minimum deposit, low spreads, and comprehensive educational resources.
                      • FBS: Offers a cent account, low minimum deposits starting from $1, and demo accounts for practice.
                      • BlackBull Markets: Provides low spreads, a user-friendly platform, and demo accounts for beginners.

                      These brokers are ideal for beginners due to their low entry barriers, affordable trading costs, and the availability of demo accounts to practice trading without financial risk.

                      Which MT5 Forex brokers offer copy trading platforms?

                      The MT5 trading platform typically supports copy trading EA/robot. Some brokers permit EA trading, while others do not. Additionally, some MT5 forex brokers even provide their own social trading platforms. Based on our research and analysis, the best MT5 brokers for copy trading include:

                      • Pepperstone: Offers a copy trading platform with integration to Myfxbook and DupliTrade.
                      • IC Markets: Provides copy trading options through ZuluTrade and Myfxbook AutoTrade.
                      • AvaTrade: Features its own social trading platform, AvaSocial, along with integration with ZuluTrade.

                      These brokers are well-suited for copy trading, offering reliable platforms and a range of tools to take automated and social trading strategies.

                      Which MT5 Forex Brokers Offer the Highest Leverage?

                      Based on our research and evaluation, the highest-leverage MT5 forex brokers are FBS, XM, and IC Markets. The maximum leverage of these brokers includes:

                      • FBS: 1:3000
                      • XM: 1:2000
                      • IC Markets: 1:1000

                      We chose these brokers because they are regulated and offer high leverage.

                      Which MT5 Forex Broker Has the Lowest Spreads?

                      There are many forex brokers that offer low spreads. Based on our research and evaluations, Pepperstone, IC Markets, and XM are some of the lowest spreads MT5 forex brokers. While traders may find other brokers with low spreads, they should check if those brokers are regulated and trusted. Here are the spreads of these brokers:

                      • Pepperstone: Spreads starting from 0.0 pips for Razor accounts and 1 pip for Standard accounts.
                      • IC Markets: Spreads starting from 0.0 pips for Raw accounts and 0.8 pips for Standard accounts.
                      • XM: Spreads starting from 0.0 pips for Ultra Low accounts.

                      How to Choose the Best MT5 Forex Brokers

                      Here is the guide to choosing the right MT5 Forex Brokers 

                      Regulations and Trustworthiness:

                      Regulatory compliance is important when choosing a forex broker. Brokers regulated by top-tier regulatory authorities are more serious and professional about their business than those who are not regulated. Additionally, regulatory bodies always monitor brokers under their supervision. Therefore, if you find any irregularities, you may report them to regulatory bodies for protection. Furthermore, regulatory authorities also ensure the safety and protection of your funds. For example, if a trader is under an FCA entity, and the FCA-regulated broker goes bankrupt, the client or traders may receive up to £85,000 per person or 90% of the invested capital.

                      There are many regulatory authorities worldwide, but not all are equally strict and powerful. Below is a list of regulatory bodies categorized into tiers based on their usefulness and strictness:

                      • Tier 1 Regulatory Authorities: FCA, ASIC, CySEC, CFTC, FMA, BaFIN,
                      • Tier Two Regulatory Authorities: CMA, DFSA, FSCA, ISA, SEBI, etc.,
                      • Tier Three Regulatory Authorities: BMA Bermuda, ASFI Bolivia, FSC, BCU Uruguay,
                      • Tier Four Regulatory Authorities: FSC Belize, FSC British Virgin Islands, SCB Bahamas, FSC Mauritius, (FSA) – Seychelles.

                      We always recommend trading with tier-one regulated forex brokers. The more tier 1 licenses the brokers have, the better. If you choose to trade with brokers regulated by other tiers, We recommend looking for brokers with additional licenses, especially if they have regulations from tier-one jurisdictions. 

                      Trading Cost:

                      Understanding the trading costs associated with a forex broker is essential for effective trading. One of the key components of trading costs is the spread, which is the difference between the bid and ask price. Lower spreads indicate better trading conditions as they reduce the cost of entering and exiting trades. 

                      Additionally, it’s important to consider any additional fees that the broker may charge, such as inactivity fees, rollover fees (swap rates charged for holding positions overnight), and fees associated with depositing and withdrawing funds. These fees can significantly impact your overall trading costs and should be carefully evaluated before choosing a broker.

                      Trading Conditions:

                      Trading conditions significantly impact your trading experience and profitability. You should look for brokers that offer competitive spreads and reasonable commission structures to minimize your trading costs. Execution speed is also important; choose brokers known for fast and reliable execution with minimal slippage, ensuring that your trades are executed at the prices you expect. Consider the leverage options available and select a broker that offers leverage levels suitable for your risk tolerance and trading strategy.

                      Account Types:

                      Different traders have different needs, so it’s essential to choose a broker that offers account types that suit your trading styles. You should look for brokers providing options such as Standard, ECN, or Micro accounts to match your trading style and capital. You check carefully check the features of every account type. These features include stop-out level, margin call, min lot size, max lot size, and so on. The availability of different account types allows you to find the best fit for your trading goals and financial situation.

                      Platform and Tools:

                      The trading platform is your primary interface with the market, so its functionality and stability are essential. You should make sure that the broker offers a stable and fully functional MT5 platform, renowned for its advanced charting tools, automated trading capabilities, and user-friendly interface. Additionally, you may look for brokers that provide extra trading tools, such as technical analysis tools, VPS services for automated trading, and educational resources to enhance your trading experience.

                      Moreover, compatibility with leading charting platforms such as TradingView is important, as it allows for advanced technical analysis and better decision-making. Some brokers also offer passive investment options like Percentage Allocation Management Module (PAMM) and Multi-Account Manager (MAM) accounts, as well as social trading platforms like ZuluTrade and copy trading, which allow traders to follow and replicate the trades of successful investors.

                      Deposit and Withdrawal:

                      Convenient and efficient deposit and withdrawal options are essential for smooth trading operations. You should check if your preferred brokers have a variety of deposit and withdrawal methods including bank transfers, credit cards, and e-wallets. You should carefully consider the processing times for these transactions and be aware of any associated fees. A broker that offers fast and low-cost deposit and withdrawal options enhances your trading flexibility and financial management

                      Customer Support:

                      Excellent customer service is a hallmark of a good broker. You should choose a broker that offers traders friendly customer support available 24/7 through multiple channels such as live chat, phone, and email. Good customer service ensures that any issues or queries you have are addressed promptly. If you prefer a language other than English, check if the broker provides support in your preferred language to facilitate better communication and understanding.

                      Security and Protection:

                      The security of your funds and personal information is essential. A trader should choose a forex broker that has measures in place to protect your funds, such as segregated accounts, which keep your money separate from the broker’s operating funds. You should look for brokers that participate in compensation schemes to provide additional protection. Please bear in mind that compensation schemes are usually available for the clients of ASIC, CySEC, FCA, and NFA jurisdictions.

                      Educational Resources:

                      A good broker usually provides educational resources to help you improve your trading skills. You may consider forex brokers that offer comprehensive learning materials, including webinars, tutorials, articles, and trading guides. These resources can be invaluable, especially for beginners, as they provide insights into trading strategies, market analysis, and risk management.

                      Reviews and Feedback:

                      User reviews and feedback are valuable sources of information about a broker’s performance and reliability. You should read reviews from other traders to get an idea of their experiences with the broker. Pay attention to both positive and negative reviews to get a balanced view. Carefully check the nature of the reviews, as many companies nowadays buy reviews unethically. Additionally, consider brokers that have received industry awards, as these accolades can indicate their quality of service and reliability

                      Frequently Asked Questions: (FAQs)

                      Is MT5 a Broker?

                      No, MT5 is not a broker itself. It’s a third-party trading platform that connects users to brokers for forex trading. MetaTrader 5  stands as the second most popular third-party platform for forex trading, with over 10 million users worldwide

                      Do I need a broker for trading with MetaTrader 5?

                      Yes, you need a broker to use MetaTrader 5. MT5 is a trading platform that connects you to the financial markets through a broker. You must open an account with a broker that supports MT5, which will provide you with the necessary login credentials. The broker facilitates your trades, provides market data, and offers various account features and support services to enhance your trading experience. However, you can use demo accounts even without a broker.

                      Is MetaTrader 5 (MT5) safe?

                      Yes, MetaTrader 5  is safe and trusted. The platform is used by millions of traders and reputable brokers worldwide. MT5 has advanced security measures, including data encryption and secure login protocols, to protect user information and transactions. Additionally, MT5 offers a user-friendly interface, comprehensive tools, active community support, and regular updates, all contributing to its reliability and security

                      Is Meta Trader 5 (MT5) free?

                      Yes, MetaTrader 5 (MT5) is entirely free to use. You can access a demo account without needing a broker. However, to start live trading, you may need to open a brokerage account. Brokers provide MT5 trading platforms at no additional cost other than their default commission or spreads. 

                      Does Metatrader 5 (MT5) Cost Money?

                      No, MetaTrader 5 does not cost money to download and use. The platform itself is free. However, trading through MT5 typically involves costs associated with your broker, such as spreads, commissions, and other fees depending on the broker’s pricing structure. Additionally, you may encounter extra costs for certain features, such as purchasing custom indicators or automated trading systems (Expert Advisors) from the MetaTrader 

                      Is MetaTrader 5 (MT5) good for beginners?

                      No, MT5 is not ideal for beginners. While MT5 is faster and more efficient than MT4, it also comes with more indicators, timeframes, and trading functionalities. However, this does not necessarily make MT5 better than MT4—just different. For those new to trading, MT4 is the right choice, as its basic functions are more than sufficient for trading. If you already have trading experience, you might consider trying MT5 for its additional features.

                      Does MT5 Broker support EA Trading?

                      Yes, MT5 brokers typically support EA (Expert Advisor) trading. MetaTrader 5 (MT5) is specifically designed to accommodate automated trading strategies through Expert Advisors, which are custom-built programs that execute trades based on predefined criteria. MT5 brokers often encourage the use of EAs and provide support for their integration into the platform. Traders can develop their own EAs or choose from a wide range of pre-made EAs available online.

                      Does MetaTrader support backtesting?

                      Yes, MT5 brokers support backtesting. Backtesting allows you to simulate trading strategies using historical data to assess their potential effectiveness. You may backtest various strategies, analyze their performance, and refine them before implementing them in live trading.

                      Does MT5 allow Copy Trading?

                      Yes, MT5 allows copy trading through the use of trading Expert Advisors (EAs) or robots. Additionally, some brokers offer their own social copy trading platforms integrated with MT5. Traders can utilize copy-trading EAs on the MT5 platform to automatically replicate the trades of other traders or trading algorithms. This functionality enables traders to follow and mirror the trading strategies of successful traders without needing to manually execute trades themselves

                      Does MT5 Allow News trading?

                      Yes, MT5 allows traders to trade at any time, including before, during, or after news events. However,  individual brokers may have their own policies regarding news trading. Some brokers may impose restrictions or special conditions during periods of high market volatility, such as around major news releases. Therefore, traders should  review your broker’s terms and conditions to ensure they permit news trading and to understand any specific requirements or limitations that may apply

                      Does MT5 Allow hedging?

                      Yes, MT5 allows hedging. In fact, it supports various trading styles, including hedging, scalping, copy trading, and more. However, traders should check broker’s policies to ensure that they permit hedging. While MT5 itself supports hedging functionality, individual brokers may have specific rules or restrictions regarding hedging positions

                      How Many MT5 Brokers are there?

                      The exact number of MT5 brokers isn’t publicly disclosed by MetaQuotes Software. However, our research indicates that there are at least 3,000 MT5 servers globally (counted on mobile), which suggests a significant presence of MT5 brokers. Additionally, there are numerous MT5 servers globally. However, the number of servers doesn’t directly correlate with the number of brokers, as brokers often operate multiple servers to meet the various needs of the traders. 

                      Is MT5 Available on Android?

                      Yes, MetaTrader 5 is available for Android devices. You can download and install the app from the Google Play Store on your smartphone or tablet. The app provides access to all the platform’s features, such as advanced charting tools, automated trading, and real-time market data, ensuring a complete trading experience on your Android device.

                      Is MT5 Available on IOS?

                      Yes, MetaTrader 5 is available for download on iOS. You can easily download and install the app on your iPhone or iPad. Once installed, you can access all its features, including advanced charting tools, automated trading capabilities, and real-time market data. This allows iOS users to enjoy a comprehensive trading experience on their mobile devices.

                      Is MetaTrader 5 (MT5) available on Mac?

                      Yes, MetaTrader 5 is now available for download on macOS. You can easily download and install the platform on your Mac device. Once installed, you can access all its features, including advanced charting tools, automated trading capabilities, and real-time market data. This allows Mac users to enjoy the same comprehensive trading experience as those using other operating systems

                      Can I use MetaTrader 5 (MT5) on multiple devices?

                      Yes, you can use MetaTrader 5 on multiple devices. The platform is available for Windows, macOS, iOS, and Android, allowing you to access your trading account from your computer, smartphone, or tablet. By logging in with your account credentials on each device, you can seamlessly manage your trades, monitor the market, and use all MT5 features across different devices

                      Is Metatrader 5 (MT5) Only for Forex Trading? 

                      No, MetaTrader 5 (MT5) is not only for trading forex. While MT5 is widely used for forex trading due to its robust features and user-friendly interface, it also supports trading in other financial markets, including commodities, stocks, indices, and cryptocurrencies. Traders can access various asset classes and trade a wide range of instruments within the MT5 platform. Additionally, MT5 offers customizable charting tools, technical indicators, and analytical tools that cater to the needs of traders across different markets. Therefore, while MT5 is popular among forex traders, it is versatile enough to accommodate trading activities in various financial markets

                      What is the Minimum Deposit for Metatrader 5 (MT5)?

                      Mt5 is a trading platform. It does not require any minimum deposit. The minimum deposit required for MetaTrader platforms can vary depending on the broker you choose. Brokers typically set their own minimum deposit requirements for opening a trading account on MetaTrader5 (MT5) or MetaTrader 5 (MT5) platforms.

                      The minimum deposit can range from as low as $1 to several hundred or thousand dollars, depending on the broker’s policies, account types, and the financial instruments you intend to trade. Some brokers offer different account types with varying minimum deposit requirements, allowing traders to choose an account that suits their budget and trading preferences.

                      Are MT5 Forex Brokers Regulated?

                      MT5 is a trading platform. It doesn’t require regulation since it’s simply software used for trading. However, the forex brokers who offer MT5 as a trading platform and handle traders’ funds should indeed be regulated by the relevant financial authorities in their respective jurisdictions

                      Final thoughts:

                      A Forex trading platform is online software that enables investors and traders to buy and sell currencies in the foreign exchange market. It provides access to real-time market data, trading tools, charts, and analysis to facilitate trading activities. There are numerous trading platforms for online Forex trading, including MT4, MT5, cTrader, TradingView, Tradelocker, and more.

                      MT5, or MetaTrader 5, is one of the most popular trading platforms used by Forex and stock traders globally. Developed by MetaQuotes Software, MT5 is an upgraded version of MT4, offering advanced trading functions, technical and fundamental analysis, automated trading capabilities, and the ability to trade on multiple financial markets. It provides more functions like additional timeframes, an economic calendar, and enhanced order management capabilities.

                      while choosing a MetaTrader 5 Forex broker, a trader should consider factors such as regulations, reputation, trading fees, platforms and tools, and trading conditions. While all MT5 trading platforms may appear similar, they can differ significantly in terms of service quality. MT5 Forex brokers typically provide both demo and live accounts. If you are a beginner, you may start trading with a demo account first before moving into live trading.

                      What other trading platforms and Tools do Forex and CFD Brokers Use?

                      Brokers need trading platforms to connect traders to the forex market. These platforms offer tools that make trading easier and more flexible, providing real-time data, charts, and indicators.  Additionally, some brokers also offer third-party trading tools to help traders analyze and research markets. Besides MT5, brokers also use other trading platforms and tools. These trading platforms and tools include:

                      Meta Trader 4 (MT4):

                      Developed by MetaQuotes in 2005, MT4 is a widely used trading platform. It revolutionized online trading with its user-friendly interface, advanced charting tools, and automated trading capabilities. MT4 supports trading in forex, CFDs, and other financial markets, offering more than 2000  technical indicators, charting options, and expert advisors (EAs) for algorithmic trading. It provides real-time quotes, customizable trading alerts, and historical data analysis tools. MT4’s popularity stems from its reliability, extensive community support, and compatibility with various brokers and third-party services. Despite the release of its successor, MT5, MT4 remains a preferred choice for many traders due to its familiarity and robustness

                      Ctrader:

                      Launched in 2011, cTrader is a trading platform developed by Spotware Systems. It offers advanced trading capabilities for forex and CFD trading. It is renowned for its intuitive interface, extensive charting tools, and efficient order execution. cTrader provides access to a wide range of financial instruments and offers features such as one-click trading, advanced order types, and customizable charting tools. It also includes built-in technical indicators and allows for algorithmic trading through its cAlgo platform. While not as widely used as MT4 or  MT5, cTrader has emerged as a competitor of Metatrader. 

                      TradingView:

                      Founded in 2011 by Konstantin Ivanov (CTO), Denis Globa (CEO) and Stan Bokov (COO), TradingView is a cloud-based charting and social networking platform for traders and investors. It offers a wide range of tools and features for analyzing financial markets, including stocks, forex, cryptocurrencies, and more. Users can access real-time data, advanced charting tools, and technical indicators to conduct in-depth market analysis. TradingView allows users to create custom watchlists, set up alerts, and share trading ideas with the community through its social networking features. Additionally, it supports the development and sharing of custom indicators and trading strategies. TradingView is known for its intuitive interface, extensive charting capabilities, and active community of traders and investors 

                      Zulutrade:

                       Founded in 2007 by Leon Yohai and Kosta Eleftheriou, ZuluTrade is a social trading platform It allows users to follow and copy the trades of experienced traders in the forex and cryptocurrency markets. The platform facilitates communication between traders and investors, enabling them to share insights and strategies. ZuluTrade’s algorithmic trading feature automatically executes trades based on signals from selected traders. It has gained popularity for its user-friendly interface and accessibility to traders of all experience levels

                      DupliTrade:

                      Founded in 2017,  DupliTrade is a social trading platform that enables users to automatically replicate the trades of experienced traders in the forex and CFD markets. DupliTrade offers a selection of top-performing traders whose strategies can be copied with a simple setup. The platform provides transparency and real-time performance metrics which allow users to make better decisions about which traders to follow. With DupliTrade, users can diversify their portfolios and potentially improve their trading results by leveraging the expertise of others.

                      Trading Central:

                      Founded by Alain-Pellier and Romain Gandon in 1999, Trading Central is a leading provider of technical analysis and investment research solutions for financial markets. Trading Central offers actionable insights and trading signals to individual traders, financial institutions, and brokerage firms worldwide. The company’s proprietary algorithms analyze various asset classes, including stocks, forex, commodities, and indices, to identify potential trading opportunities. Trading Central’s research covers a wide range of timeframes and includes detailed chart analysis, key support and resistance levels, and trend indicators. With its user-friendly interface and comprehensive analysis, Trading Central helps traders with technical, Fundamental, and News research.  

                      WebTrader:

                      WebTrader typically refers to an online trading platform accessible through a web browser. It allows traders to execute trades, analyze markets, and manage their portfolios directly from a web-based interface, without the need to download or install any software. WebTrader platforms often offer a range of features, including real-time market data, charting tools, technical indicators, order management capabilities, and account monitoring functionalities. They are popular among traders for their convenience, accessibility, and flexibility, as they can be accessed from any internet-connected device without requiring additional software installations

                      Ninjatrader:

                      Founded in 2003 by NinjaTrader LLC, NinjaTrader is a popular trading platform renowned for its advanced charting tools, technical analysis features, and order execution capabilities. Traders can use NinjaTrader to trade various financial instruments, including futures, forex, and equities.

                      Ninjatader offers a highly customizable interface that allows users to tailor their trading environment to their specific preferences. Traders can develop and customize their own trading strategies using NinjaScript, the platform’s proprietary scripting language, or access pre-built strategies from the NinjaTrader ecosystem.

                      NinjaTrader also offers a comprehensive range of technical indicators, drawing tools, and chart types to help traders analyze market trends and make better trading. Additionally, it provides advanced order types, such as bracket orders and trailing stops, to assist traders in managing their positions effectively.

                      Our Methodology:

                      We developed a methodology with over 170 data points grouped into 6 macro areas for assessing the performance of forex brokers. They are as follows:

                      • Regulation and Security
                      • Fees and Commissions
                      • Trading
                      • Trading tools
                      • Customer Support
                      • Trading Education

                      Our team collated information from various sources and verified them before assessment and rating. We tested the services offered by the brokers using various devices, software, and strategies. Final fact-checking, evaluation, and editing were done and the best brokers were selected. To find out more, read our methodology.

                      Disclaimer:

                      Forex trading involves high risk and may not be suitable for all investors. Leverage can increase both profits and losses. According to the statistics, 74-89% of customers lose the funds invested, and only 11-25% of traders make a profit. Only trade with funds you can afford to lose. Past performance is not indicative of future results. Seek independent financial advice if necessary. The information provided is for educational purposes only. It should not be considered as financial advice or trading advice. If you need personalized financial advice, it is recommended to consult with a qualified financial advisor