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Best MT5 Forex Brokers 2022

Updated: Jun 22, 2022
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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.

The brokers below represent the best MT5 platforms features

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BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptooffers promotions
FP Markets
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This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:30 (ASIC), 1:30 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

Exness
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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

FCA, CySEC, FSCA, FSA(SC)

$10

1:2000 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:2000 (FSA(SC))

MT4, MT5

2008

Market Maker, No dealing desk

IC Markets
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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ASIC, CySEC, FSA(SC)

$200

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSA(SC))

MT4, MT5, cTrader

2007

ECN, No dealing desk

Swissquote Bank
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Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

FCA, FINMA, CSSF

$1000

1:30 (FCA), 1:100 (FINMA), 1:30 (CSSF)

MT4, MT5, Advanced Trader

1996

Bank, Dealing Desk, Market Maker, No dealing desk

BDSwiss
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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

FSC, FSA(SC)

$10

1:500 (FSC), 1:500 (FSA(SC))

MT4, MT5, Proprietary, WebTrader

2012

Market Maker, STP

Errante
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FX and CFDs trading involves a high risk of loss

CySEC, FSA(SC)

$50

1:30 (CySEC), 1:500 (FSA(SC))

MT4, MT5

2019

DMA, ECN, Market Maker

MultiBank Group
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By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.

ASIC, FMA, CNMV in Spain, BaFin, VFSC, CIMA, SCA (UAE)

$50

1:30 (ASIC), 1:500 (FMA), 1:30 (CNMV in Spain), 1:30 (BaFin), 1:500 (VFSC), 1:250 (CIMA)

MT4, MT5

2005

ECN

FlowBank SA
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Your capital is at risk.

FINMA

$0

1:200 (FINMA)

MT4, MT5, FlowBank Pro, FlowBank App

2020

Market Maker

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.

FP Markets

Regulated by:ASIC, CySEC

Headquarters:Australia

Foundation Year:2005

Min Deposit:$100

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This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

FP Markets also offers a range of education and market analysis resources through the Traders Hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.

Exness

Regulated by:FCA, CySEC, FSCA, FSA(SC)

Headquarters:Cyprus

Foundation Year:2008

Min Deposit:$10

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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

Exness was founded in 2008 and is a joint brand name of Nymstar Limited, a Securities Dealer registered in Seychelles authorised and regulated by the Financial Services Authority (FSA) of Seychelles, and Vlerizo (Pty) Ltd – a Financial Service Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

The broker offers clients the ability to trade on 200+ financial CFD instruments covering Forex, Shares, Indices, Energies, Metals and Cryptocurrencies, from its WebTrader platform and the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web, Windows and MAC.

Pros: Cons:
  • 200+ financial CFD instruments
  • Unlimited leverage.
  • Commission-free trading available.
  • MT4/MT5 available.
  • Fee-free deposits and withdrawals.
  • Not available in all regions.

IC Markets

Regulated by:ASIC, CySEC, FSA(SC)

Headquarters:Australia

Foundation Year:2007

Min Deposit:$200

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.

While the broker offers services and features designed for both beginner and professional traders, the company promote themselves as the ‘go to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day.

Pros: Cons:
  • True ECN broker with institutional grade liquidity.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

Swissquote

Regulated by:FCA, FINMA, CSSF

Headquarters:Switzerland

Foundation Year:1996

Min Deposit:$1000

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Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.

The Swissquote website is a multi-lingual portal which offers 10 languages, giving it a wide linguistic spread that can accommodate traders from various countries. Swissquote is a sponsoring partner of Manchester United Football Club, the most successful domestic club in the UK.

Pros Cons
  • Swissquote Bank is a regulated entity.
  • There is a comprehensive trader education suite.
  • Customer support is very responsive and provides timely service.
  • Investor protection is very strong.
  • Highly diversified asset base, which caters to all kinds of traders.
  • Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
  • Minimum deposit amounts are high.

BDSwiss

Regulated by:FSC, FSA(SC)

Headquarters:Mauritius

Foundation Year:2012

Min Deposit:$10

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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

BDSwiss was founded in 2012 and offers trading accounts regulated under the Mauritius Financial Services Commission and the Cyprus Securities and Exchange Commission.

Users can trade on more than 250+ financial CFD instruments covering Forex, Commodities, Cryptocurrencies, Indices and Equities, on 3 account types called Classic, VIP and Raw on the MetaTrader 4 and MetaTrader 5 trading platforms and the broker’s own BDSwiss Web Trader and BDSwiss Mobile App.

The broker also offers educational events via live analysis and educational webinars and seminars, as well as a beginner to advanced courses in its Trading Academy. Users can also access AutoChartist and live trading alerts via Telegram, depending on account type. Customer service is offered 24/5.

Pros: Cons:
  • Multiple regulations.
  • Commission-free trading available.
  • Access to raw spreads available.
  • Can trade on MetaTrader 4 and MetaTrader 5.
  • Best spread accounts require higher minimum deposits.

Errante

Regulated by:CySEC, FSA(SC)

Headquarters:Seychelles

Foundation Year:2019

Min Deposit:$50

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FX and CFDs trading involves a high risk of loss

Errante was founded in 2019 and is the brand name of Errante Securities (Seychelles) which manages the domain name www.errante.com and authorised and regulated by the Financial Services Authority (FSA) of Seychelles and has won the Best Forex Newcomer 2020 award from Forex Awards as seen here.

The broker also operates www.errante.eu which is a brand name of Notely Trading Ltd and is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). However, this entity is not the subject of this review.

Pros: Cons:
  • 100+ markets to trade on.
  • Large number of payment options to choose from including crypto.
  • 0% fees on deposits and withdrawals.
  • Can trade on popular platform MetaTrader 4 and MetaTrader 5.
  • 24/7 cryptocurrency trading.
  • Not available to residents in the USA or Canada.

MultiBank Group

Regulated by:ASIC, FMA, CNMV in Spain, BaFin, VFSC, CIMA, SCA (UAE)

Headquarters:Hong Kong

Foundation Year:2005

Min Deposit:$50

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By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.

MultiBank Group (MultiBank) was founded in California, USA in 2005. It is regulated globally by the German Federal Financial Supervisory Authority (BaFin), Australian Securities and Investments Commission (ASIC), the Cayman Islands Monetary Authority (CIMA) and many others. The focus for this review is the services offered on the https://multibankfx.com website.

Clients have the ability to trade on more than 20,000+ markets covering Forex, Indices, Shares, Commodities and Cryptocurrencies all through popular trading platforms MetaTrader 4 and MetaTrader 5 which can be accessed on Windows, Mac, Web and Mobile platforms.

The broker offers clients three main account types called ECN Pro, MultiBank Pro and STANDARD as well as demo and Islamic trading accounts. Spreads are competitive and can be from zero with commissions on the ECN Pro account. The MultiBank Pro and STANDARD accounts are commission-free.

Pros: Cons:
  • Regulated across five continents.
  • 20,000+ markets to trade on.
  • MetaTrader 4 and MetaTrader 5 available.
  • Commission-free trading available.
  • ECN Trading accounts available.
  • Limited research or educational material

FlowBank

Regulated by:FINMA

Headquarters:Switzerland

Foundation Year:2020

Min Deposit:$0

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Your capital is at risk.

FlowBank is a Swiss online bank that provides multiple financial solutions, from conventional banking to trading and investing. Having been founded in 2020, the company quickly asserted itself as a reliable partner to retail traders and value investors from Europe and elsewhere. FlowBank’s clients can choose from an impressive assortment of over 50 000 instruments at an above-average cost.

The company is licensed to provide financial services by Switzerland’s main regulatory body, ensuring very high protection. Another major advantage of working with FlowBank is the more than 50,000 instruments made available to traders and investors. Additional benefits include its excellent custom-built platform and its comprehensive research materials.

Pros: Cons:
  • Strong licensing by FINMA
  • Over 50 000 instruments
  • Comprehensive technical analyses
  • Excellent trading platform
  • 24/6 customer support
  • Above-average fees
  • Educational materials not particularly suitable for beginners
  • Only two deposit and withdrawal options
  • No negative balance protection

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.

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.

Read More:

Trade With A Regulated Broker