Best MT5 Forex Brokers 2019

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Capitalizing on the success of the MetaTrader 4 (MT4) trading platform, MetaQuotes Software sought to duplicate that success with the introduction of the MetaTrader 5 (MT5) trading platform in 2010. While many in the online trading industry had assumed that the MT5 trading platform would be an upgrade of the MT4, it was not actually the case. The MT5 trading platform was essentially developed to cater for the non-Forex markets such as the commodities market, the equity market and the futures market. In short, it was created to address a different category of end users.

While there are similarities between the MT4 and MT5 trading platforms, there are notable differences between the two platforms as well. For example, the MT5 trading platform comes with more technical indicators, more than 80 in fact. The charts also support 21 different time frames. You can open up to 100 different charts simultaneously, although you will be hard pressed to find a screen that can accommodate that many charts at one time.

In addition, the platform uses a different scripting language, the MQL5. It should be noted that the MQL5 is not backward compatible with MQL4. Nevertheless, there also major similarities between the MT4 and MT5 trading platforms. Like the MT4, the MT5 also supports algorithmic trading with the use of expert advisors (EAs). Another interesting feature of the MT5 trading platform is the “Depth of Market” (DOM) feature. DOM is essentially a window that shows the number of “Buy” and “Sell” orders. With this feature, you can actually tell supply and demand of a particular instrument. If you are looking for a broker that features the MT5 platform as one of its main trading platforms then see our list of recommended brokers that support the MT5 platform below.

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

Alpari

Regulated By:

FSC

Foundation Year
1998
Headquarters:

N/A

Min Deposit
$null
Visit Broker

Your capital is at risk

FP Markets

Regulated By:

ASIC

Foundation Year
2005
Headquarters:

N/A

Min Deposit
$100
Visit Broker

Your capital is at risk

FXTM

Regulated By:

CySEC, FCA, IFSC

Foundation Year
2011
Headquarters:

FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit
$10
Visit Broker

Your capital is at risk

OctaFX

Regulated By:

CySEC

Foundation Year
2011
Headquarters:

N/A

Min Deposit
$5
Visit Broker

Your capital is at risk

EightCap

Regulated By:

ASIC

Foundation Year
2009
Headquarters:

N/A

Min Deposit
$100
Visit Broker

Your Capital is at Risk

MT5 Forex Brokers Comparison Table

Scroll for more details
Broker
Rating
Regulations
Headquarters Country
Foundation Year
Min Deposit
Max Leverage
Trading Platforms
Publicly Traded
Restricted Countries
Trading Desk Type
Currencies
Commodities
Indices
Stocks
Cryptocurrency
ETFs
Bonds
Futures
Options
Mutual funds
Deposit
Withdrawal
Commission on trades
Fixed spreads
OS Compatibility
Mobile trading
promotions
Visit Broker
FSC

Mauritius

1998

$null

1:1000

MT4, MT5

No

United States

ECN, STP

Yes

Yes

Yes

Yes

No

No

No

No

No

No

Credit Card, FasaPay, Neteller, OKPay, Skrill, Webmoney, Wire Transfer

FasaPay, Neteller, OKPay, Skrill, Webmoney, Wire Transfer

Yes

Yes

N/A

N/A

No
Open Account

Your capital is at risk

ASIC

Australia

2005

$100

1:500

MT5

No

Japan, New Zealand, Niger, North Korea, United States

DMA, ECN

Yes

Yes

Yes

Yes

Yes

Yes

No

No

No

No

Cash-U, Credit Card, Neteller, PayPal, QIWI, Skrill, Webmoney, Wire Transfer

Credit Card, FasaPay, Neteller, PayPal, Skrill, Wire Transfer

No

No

N/A

N/A

No
Open Account

Your capital is at risk

CySEC, FCA, IFSC

Cyprus

2011

$10

1:30

MT4

No

Belize, Japan, United States

ECN, STP

Yes

Yes

Yes

Yes

Yes

No

No

No

No

No

Credit Card, Neteller, QIWI, Skrill, Webmoney, Wire Transfer

Credit Card, cryptocurrencies, Neteller, QIWI, Skrill, Webmoney, Wire Transfer

Yes

No

Desktop platform (Windows), Desktop platform (Mac), Web platform

Android, iOS

No
Open Account

Your capital is at risk

CySEC

Saint Vincent and the Grenadines

2011

$5

1:500

cTrader, MT4, MT5

No

Russian Federation, United States

ECN, STP

Yes

Yes

Yes

No

Yes

No

No

No

No

No

Credit Card, FasaPay, Neteller, Skrill, Wire Transfer

Credit Card, FasaPay, Neteller, Skrill, Wire Transfer

No

Yes

N/A

N/A

No
Open Account

Your capital is at risk

ASIC

Australia

2009

$100

1:500

MT4, MT5

No

United States

No dealing desk, STP

Yes

Yes

Yes

No

No

No

No

No

No

No

China UnionPay, Credit Card, Moneybookers, Poli, Skrill, Wire Transfer

China UnionPay, Credit Card, Skrill, Wire Transfer

Yes

No

N/A

N/A

No
Open Account

Your Capital is at Risk

What is MetaTrader 5 (MT5)?

MetaTrader is an outstanding electronic trading platform with an array of impressive features. You may have heard of the MetaTrader 4 which is the globe’s most popular trading platform. However, recently its sister, the next generation MetaTrader 5 was launched to fanfare, with even more capabilities and functionalities.

The successful platform offers advanced technical and fundamental analysis tools, automated trading systems (trading bots), copy trading, lucrative trading functions, a pleasing and intuitive design, as well as additional services to improve your trading abilities. The platform is primarily used by forex traders, but also offers the trading of stocks, futures, and CFDs.

MetaTrader’s platform and trading software is very fast and powerful, yet light and easy on your server or computer. With this in mind, the platform is available on multiple devices; desktop and mobile versions, as well as on the web.

Pros and Cons of MetaTrader5

The articulate and powerful trading platform MT5, which is the next generation after the MT4, has an abundant list of advantages. After all, it is the most popular trading software used amongst forex traders. However, not all platforms are flawless. Below is a list of the pros and cons MetaTrader 5 has too offer.

Pros

  • The platform has over 80 powerful technical tools used to trade successfully on any financial market.
  • Extensive resources to help with price analysis and forecasting, ability to open 100 charts at a time.
  • 21 time frames are available to analyse short and long term price fluctuations.
  • Ability to develop your own technical indicators and trading robots
  • Market liquidity pools are available which helps to avoid low volume trading instruments that lack liquidity.
  • All the trader’s execution needs are met through the 4 different execution types (Market, Instant, Request, Exchange).
  • Enhanced security and encryption, while maintaining transparency.
  • Very accommodating to both advanced and beginner level traders with their vastly different trading styles.
  • Intuitive and responsive interface design with the ability to conveniently switch between accounts.

Cons

  • The worst disadvantage of them all, is the fact that hedging is disabled. This is such a huge disadvantage in not only one way, but two. First off, hedging serves as a great risk management method, take it away and you’re left with no insurance. Second, spreads are expected to go up…This is because most liquidity providers allow hedging.
  • MetaTrader 5 was coded from scratch, therefore all custom indicators written for MT4 need to be recoded for MT5. Another problem this new coding causes, are the bugs and glitches that come with a new platform coded from scratch.
  • Another con for some, but not many, is that MT5s mobile software is only compatible with iOS and Android devices, unfortunately not with Windows phones.

All in all, MT5 is a great trading platform. With the intuitive design and features offered it does well to attract advanced forex traders, as well as beginners to the market. Also, the software capabilities keep MT5 users quite satisfied. As for the disadvantages, they will be worked on and become advantages through time. Bugs take time to work them selves out, and as far as hedging is concerned- the technology is being developed to allow hedging on the platform. In fact, just recently, hedging has now been enabled on MetaTrader 5 beta build 1281. In other words, the largest disadvantages of this platform will soon be no longer.

Why is MT5 so popular?

First of all, MetaTrader 5 was derived from MetaTrader4- the ultra popular trading platform used among forex traders. MT5s popularity is solely because of this. In fact, MT4 is still more popular than MT5 currently. Why would the older version of a trading platform have more users and be more popular? Well, it has to do with MT4s functionality with hedging and MT5’s lack of this option. However, MT5 has recently updated their platform which allows hedging and is expected to see a major increase in popularity soon. Also because of MT4’s popularity there is so much written content supporting and promoting MetaTrader as the best and leading platform for forex trading.

In addition to this, more reasons why MetaTrader is so popular is because it’s one of the most advanced and complete trading platforms on the market. It is loaded with features, indicators, data, etc. Also, you get to use this amazing platform for free, there are no membership costs like some other advanced platforms like MT5.

Why should I choose a MetaTrader forex broker?

There are a lot of MetaTrader forex brokers out there. In fact, about 90% of all forex brokers choose MetaTrader as their trading platform. This is because of the mass popularity among users, and its superiority over many other platforms. Also, in order to trade on the MetaTrader platform you must use a MetaTrader Forex broker.

How to choose a MetaTrader broker?

With so many forex brokers to choose from, how do you go about choosing the right one? Listed below are some key things to look out for when choosing a MetaTrader forex broker.

  • Regulation is always of the upmost importance. You need to understand what regulation the broker is under for the purposes of trading losses, keeping your funds secure, segregated accounts, and fair trading practices.
  • Data security must be considered. You need to understand their security practices and reputation for protecting all the important information they require from you.
  • Transaction costs/details are important. You want to know whether you need to maintain low spreads, or pay commissions.
  • The broker should provide an easy, hassle free deposit and withdrawal process.
  • Trade execution speed is of the upmost importance. You need to be able have your orders filled at the price you act upon, or within micro-pips of it.
  • Customer service is of course very important. When problems arise, you want the situation to be handled with competence and speed.

Conclusion

The MetaTrader 5 platform is a true spectacle of the digital forex trading market. The sheer number of features, data, tools, customization, and users of this platform is quite special. When trading forex, MT5 is an option that can not be overlooked. It’s a leading platform in the modern forex industry, with an overwhelming amount of competent forex brokers supporting it. To find out who are the best ones that offer this platform, take a look at our list below.