Best MT5 Forex Brokers 2024
For this list, we have searched and tested several forex brokers offering trading on MT5 trading platform.
We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.
We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.
We handpick the best MT5 forex brokers based on our trading data and experience as a trader.
What is MT5 Trading Platform?
MetaTrader 5 or MT5 is an electronic trading platform developed by MetaQuotes Software. The platform was launched in 2010 and is the successor of the widely popular MetaTrader 4 (MT4) platform.
The aesthetics of the MT5 is almost the same as the predecessor, but it comes with a ton of new features. MT5 brings all the features of MT4 and adds a lot more.
MT4 vs MT5
While MT4 only supported forex and CFDs trading, MT5 extended this support to futures and stocks as well. MT5 also adds market depth, providing a better understanding of quotes and transaction volumes.
MT5 supports 6 order types (a couple more than MT4) and has a wide set of analytical tools and indicators. Traders can also download additional indicators from the library.
MT5 uses user-friendly MLQ5 language for the creation of trading scripts and robots. But, the biggest drawback of the MT5 is the lack of compatibility with the Expert Advisors of MT4.
Despite the functional superiority of MT5, the predecessor MT4 still dominates the forex and CFDs trading. MetaQuotes Software has now stopped issuing new MT4 licenses and is pushing for the adoption of MT5.
Key features of MT5 trading platform:
📈Trading Instruments | Forex, CFDs, Futures, Stocks |
⏱Timeframes | 21 |
🛃Pending Orders | 6 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop, Stop Limit, Sell-Stop Limit) |
📊Hedging | Hedging and Netting |
🔎Technical Analysis Tool | 38 |
📑Market Depth | Yes |
💷Economic Calendar | Yes |
💰Order Execution Type | 4 |
📊Graphical Objects | 44 |
📈Strategy Tester | Multi-Threaded |
💰Fund Transfer Between Accounts | Yes |
👨💻Programming Language | MLQ5 |
Best MT5 Forex Brokers
To select the best MT5 forex brokers, we tested and reviewed several forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.
- FP Markets – Best Overall MT5 Broker
- Go Markets – Best MT5 Broker for Beginners
- Swissquote – Best MT5 High Leverage Forex Broker
- FXTM – Best MT5 Forex Trading Platform
- ActivTrades – Best MT5 Broker with Low Spread and Fees
Best Overall MetaTrader 5 Broker
We have picked FP Markets as the best overall MT5 broker.
FP Markets is headquartered in Australia and offers trading services with forex, indices, stocks, commodities, and cryptocurrencies. It offers a total of 9018 trading instruments and provides direct access to the stock exchange.
FP Markets is licensed in Cyprus, Australia, and St Vincent and the Grenadines and is a reputed broker. The broker charges less than average spreads, and other trading and non-trading fees are also on the lower side.
Apart from MetaTrader5, the broker also offers MT4 and IRESS trading platforms. It has a good collection of indicators and market research tools as well. Here you read on the best Iran forex brokers that also trade on MT5.
Best MT5 Broker for Beginners
We have picked Go Markets as the best MT5 broker for beginners.
Go Markets is another Australian forex and CFDs broker that is suitable for beginner traders for its wide range of learning resources. Its tutorials range from basic forex market guides to trading platform explainers.
Go Markets offer trading of forex, indices, metals, stocks, and commodities on top trading platforms: MT4 and MT5. It offers a total of 378 trading instruments with spreads lower than the industry average.
Best MT5 High Leverage Forex Broker
We have picked Swissquote as the best MT4 high leverage broker.
Swissquote is a FINMA regulated broker and offers high leverage of up to 100:1 on major currency pairs. Its offerings range from forex to stocks, options, and futures.
Swissquote offers trading on the MT5 platform and also on MT4. It equips traders with several key indicators and useful market analysis tools.
Best MT5 Forex Trading Platform
We have picked FXTM as the best MT5 forex trading platform.
FXTM is regulated in the UK, Cyprus, South Africa, and Mauritius. This broker offers 62 currency pairs with no limitations in trading strategies. Apart from forex, FXTM also offers trading with CFDs of indices, commodities, stocks, and cryptocurrencies.
FXTM offers trading on MT4 and MT5, along with its proprietary FXTM Trader. It is one of the best brokers for traders who want to trade forex and run strategies like scalping and use EA.
Best MT5 Broker with Low Spread and Fees
We have picked ActivTrades as the best MT5 broker with low spread and fees.
ActivTrades is a London-headquartered broker and offers very attractive spreads. According to our tests, the average spreads for EUR/USD pair on the broker is only 0.57 pips, which is less than half when compared with the industry average of 1.6 pips. And the lower than average spreads offering continues for other asset classes as well.
It also has minimum non-trading fees.
ActivTrades offers trading on MT4, MT5, and ActivTrader platforms. It offers one simple account type and traders can choose from any of the three trading platforms.
MT5 Forex Brokers List
Apart from the shortlisted brokers, here is a complete list of forex brokers that are well-regulated and offers trading on the MT5 platform, which we have tested and reviewed.
Forex Broker | MT4 Platform | MT5 Platform | Test Details | Broker Review |
---|---|---|---|---|
FxPro | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | FxPro Review |
Admiral Markets | Yes | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Admiral Markets Review |
BlackBull Markets | Yes | Yes | Deposit Amount: Over €4,000 Total Trade: 12 trades | Visit BlackBull Markets |
GO Markets | Yes | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Go Markets Review |
ActivTrades | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | ActivTrades Review |
XM | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
FXTM | Yes | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FXTM Review |
ICM Capital | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | ICM Capital Review |
Tickmill | Yes | Yes | Deposit Amount: Over $8,000 Total Trade: 12 trades | Tickmill Review |
Capital.com | Yes | No | Deposit Amount: Over €3,500 Total Trade: 15 trades | Capital.com Review |
XTB | Yes | No | Deposit Amount: Over €5,000 Total Trade: 12 trades | XTB Review |
RoboMarkets (RoboForex) | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | RoboMarkets (RoboForex) Review |
Pepperstone | Yes | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | Pepperstone Review |
FBS | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | FBS Review |
GKFX | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | GKFX Review |
Darwinex | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Darwinex Review |
IC Markets | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | IC Markets Review |
ThinkMarkets | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | ThinkMarkets Review |
FP Markets | Yes | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FP Markets Review |
Amana Capital | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Amana Capital Review |
AvaTrade | Yes | Yes | Deposit Amount: Over €4,000 Total Trade: 21 trades | AvaTrade Review |
CMC Markets | Yes | No | Deposit Amount: Over €5,000 Total Trade: 12 trades | CMC Markets Review |
Vantage FX | Yes | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
INFINOX | Yes | Yes | Deposit Amount: Over €4,000 Total Trade: 9 trades | INFINOX Review |
FAQ and More on MT5 Brokers
Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to MT5 forex brokers.
MT5 Forex Broker in the US
All forex brokers should be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA). Unfortunately, none of the regulated forex brokers in the US are offering trading on the MT5 platform.
Though many offshore forex brokers are offering services to US residents on the MT5 platform, we highly recommend traders not open accounts with such brokers.
MT5 Forex Broker in South Africa
Forex brokers in South Africa need to be registered and authorized by the Financial Sector Conduct Authority (FSCA). Some of the regulated South African forex brokers offering trading services on MT5 are:
- FP Markets
- AvaTrade
- ThinkMarkets
- INFINOX
- Tickmill
MT5 Stock Trading Forex Brokers
MT5 is slowly becoming a popular trading platform to trade forex, apart from forex the platforms also support trading with CFDs, stocks, and futures. Some of the well-regulated forex brokers offering trading on Stocks and other instruments on MT5 are:
- FP Markets
- Pepperstone
- IC Markets
- Go Markets
- FP Markets
MT5 Crypto Brokers
Traders can trade cryptocurrencies on the MT5 trading platform. However, it is to be noted that these are crypto CFDs, and the trader never owns the underlying crypto assets. Some of the crypto brokers offering trading on the MT5 platform are:
- FP Markets
- Dukascopy
- ThinkMarkets
- FP Markets
MT5 Forex Brokers with High Leverage
Leverage is a key in trading forex, but only a few good regulators are now allowing brokers to offer the high leverage. Two of these regulators offering high leverage are New Zealand’s FMA and Switzerland’s FINMA. Some of the high-leverage MT4 brokers are:
- BlackBull Markets
- Dukascopy
- Swisquotes
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology
One reply on “Best MT5 Forex Brokers 2024”
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