Best MetaTrader 5 (MT5) Brokers of 2023

Since 2011, we’ve traded with and reviewed over 200 brokers worldwide. To find the best brokers with the best MT5 offering for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.

By: Jitan SolankiReviewed By: FX Empire Editorial Board
Updated: Aug 10, 2023
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In today’s swiftly moving financial markets, having a quick, dependable, and secure trading platform is essential to keep pace with any market movements. The MetaTrader 5 (MT5) trading platform is among the most popular worldwide for forex trading.

There is a wide range of brokers that offer the ability to trade from the MT5 platform, but the products, services, and levels of security they provide differ significantly.

Our team of experts has been able to identify the best MT5 forex brokers using our proprietary 250-point checking system across nine core categories. I’ve summarized these findings below and will also share my personal experience trading with MT5 over the past several years.

List of Top MT5 Forex Brokers

How did FX Empire choose the best MT5 brokers?

  • We checked that each broker offers the MT5 trading platform.
  • We analyzed the MT5 brokers offering such as additional plugins, third-party applications like AutoChartist, an extra indicator package, and access to social trading options.
  • We ensured the broker is trustworthy by having the right licenses and being regulated by a government financial body.
  • We opened a live account to test the whole process and check the broker offers low fees from the MT5 platform.
  • We reviewed the number of instruments the broker provides to ensure there is a decent range of tradable instruments.
  • We checked for additional features like account types, trading tools, and customer service to ensure the broker provides a comprehensive trading experience.
  • We checked the broker allows the use of Expert Advisors for algorithmic trading from MT5.
  • We selected brokers that achieved a high overall score from over 200-point rating check system.
  • We compared each broker in relation to standard offerings in the industry to help us identify the top performers.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s delve into the selected brokers.

Best Overall

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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.
  • Min Deposit
    $100
  • Tradable Instruments
    844
  • Fees
    Medium

Founded in 2005, in Australia, FP Markets has entities that are authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), as well as an unregulated entity based in St. Vincent and the Grenadines.

Key Features:
  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 1,000+ financial instruments through MT5
  • MT5 plugins include AutoChartist, Trading Central, Traders Toolbox for extra indicators
  • Access a wide range of education and research materials to support trading on MT5

We found that the broker offers access to the MetaTrader 5 and MetaTrader 4 trading platforms across multiple devices. In my own personal experience, I have found MetaTrader 5 to be a great platform. While there is a bit of a learning curve, there are a lot of educational videos and support available.

I enjoy the fact that MT5 allows you to trade multiple asset classes, offers more than 30 different timeframes, a wide range of indicators and advanced features for algorithmic and copy trading. A great feature of FP Markets is that you can also upgrade your MT5 platform with additional plugins and tools offered by the broker.

This includes the AutoChartist plugin for MT5, which provides automated technical analysis trading ideas, a Traders Toolbox providing more indicators for MT5, and auto trading capabilities with Myfxbook. I find the AutoChartist plugin a great addition to help speed up technical analysis research.

After opening a live account with FP Marktes, I found that the live spread for EUR/USD on the commission-free Standard Account was around the industry average of 1.15 pips during the London session. You can also choose to trade from a raw spread account, which will offer lower spreads but charge a commission per trade of $3.00 per lot, per side, which is better than the industry average of $3.50.

With 10,000+ markets available to trade on and top-notch customer service, FP Markets is a top MT5 broker to consider.

Pros
  • ECN pricing with low-free or commission-free accounts.
  • Autochartist and copy trading are available from MT5.
  • Large range of markets and professional tools to choose from.
Cons
  • Weak educational support.

Best for Beginners

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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.
  • Min Deposit
    $10
  • Tradable Instruments
    1073
  • Fees
    High

BDSwiss was founded in 2012 and is regulated by the FSA of Seychelles and the FSC of Mauritius. You can trade on 250+ CFD instruments covering forex, stocks, commodities, indices, and cryptocurrencies. CFDs (contracts for difference) allow you to trade on margin. This means you can profit from rising and falling markets while using a small deposit to control a larger position.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 250+ financial instruments through MT5
  • MT5 plugins include AutoChartist, Trading Central and a VPS service
  • Extensive educational materials to help learn all the benefits and features of MT5

I found that there are five different trading accounts to choose from. Beginner traders may appreciate the Classic Account, which provides spreads from 1.5 pips, zero commission on trades, and access to 250+ financial instruments with a low minimum deposit of $10.

From our live fee test for this account, I found the spread for EUR/USD during the London open was 1.6 pips, which is higher than the industry average. However, the broker did have better fees than the industry average for stock market indices such as the DAX 40.

With BDSwiss, you can access the MT5 and MT4 trading platforms, as well as the broker’s own proprietary mobile trading app and web platform. The MT5 platform is accessible for beginner traders, and there are lots of resources on how to use the platform, which can sometimes have a learning curve.

Beginner traders will also enjoy the wealth of educational materials in the Trading Academy section, which includes eBooks, educational videos, and live trading webinars in different languages (English, German, etc), as well as a wealth of research tools such as daily market analysis reports, weekly market outlooks, and special reports. I found this material to be well-written, informative, and content-rich for beginner traders.

If there has not been any activity on your account for 90 consecutive days then there is a monthly inactivity fee of 10% of the account balance subject to a minimum charge of 25 Euros and maximum charge of 49.90 Euros.

Pros
  • Multiple account types are available.
  • Good research and education materials.
  • MT5 plugins are available.
Cons
  • High inactivity fees if no activity in 90 days.

Best Low Spreads

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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.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

Founded in 2007, IC Markets is an Australian broker regulated by ASIC, CySEC, SCB, and the FSA of Seychelles. The broker prides itself on providing the best trading platforms and fees for high-volume and high-frequency traders. With IC Markets, you can access the MT5, MT4, and cTrader platforms.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 1,700+ financial instruments through MT5
  • MT5 plugins include MT Advanced Trading Tools for extra indicators and ZuluTrade for social trading
  • Trade forex pairs from MT5 with zero requotes, low spreads, low commissions and raw spread pricing that is much better than the industry average

In our live fee test with the broker, I found that its trading fees are very competitive and much better than the industry average. The live spread for EUR/USD during the London open on the commission-free Standard Account was just 0.6 pips, which is far better than the industry average of 1.0 pips.

If you prefer to trade with even tighter spreads, you can do so through the IC Markets Raw Spread Account for MT5, MT4, and cTrader, which offers spreads from 0.0 pips and a commission of $3.50 per lot, per side, which is in line with the industry average.

I was also surprised that the fees for trading major and minor currency pairs, as well as stock indices, equities, and commodities, were also very competitive. When checking the live spread for GBP/JPY, I found that it averaged just 1.2 pips on the commission-free trading account during the London open. In my years of trading, I have seen some retail brokers easily quote 5.0 pips for this pair.

IC Markets MetaTrader 5 servers are based in the Equinix NY4 data center in New York, providing Level II pricing to view market depth, resulting in ultra-fast execution and better fees, making it a top broker to consider. Level II is great if you are a very short-term trader, so you can see the liquidity at different price levels.

You can also upgrade your MT5 platform with additional plugins. This package includes 20 tools such as a correlation matrix, stealth orders indicator, and more for advanced trading. There is also the option of installing the AutoChartist plugin to MT5, which can scan for automated technical analysis patterns and trading ideas, aiding your trading further.

Pros
  • Raw ECN pricing for tight spreads.
  • Low fees on all markets, better than the industry average.
  • Trade from MT5, MT4, or cTrader.
  • Level II market depth from MT5
Cons
  • MT5 offering may be overwhelming to beginners

Best for Trading Tools

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Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
  • Min Deposit
    $1000
  • Tradable Instruments
    559
  • Fees
    High

If you’re interested in accessing some of the best trading tools available, then Swissquote could be for you. Founded in 1996, the Swiss bank went public in 2000 and is now listed on the SIX Swiss Exchange employing more than a thousand people worldwide.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 400+ financial instruments through MT5
  • MT5 plugins include AutoChartist, Trading Central and MetaTrader Master Edition
  • Access a good range of extra indicators and trading tools

I found that Swissquote provides access to trading, investing, banking, and robo-advisory tools, which is a great all-round solution for your finances. From the MT5 and MT4 platforms, you can trade on 400+ markets, covering spot forex, forex options, stocks, commodities, bonds, and indices.

The Swissquote MT5 Master Edition provides a great range of additional trading tools for MetaTrader 5. This includes 15 more indicators in the platform and 12 advanced tools such as stealth orders, a correlation matrix, and advanced risk management tools. I personally like the correlation matrix as it can help with risk management to ensure you are not trading markets that have a high correlation with each other.

On top of this, I found that Swissquote provides third-party trading tools from Trading Central and AutoChartist, which provides access to automated technical analysis, trading ideas, and research directly from MT5.

Pros
  • Excellent trading tools available.
  • Swiss-regulated and publicly traded company.
  • Zero forex commission trading.
  • Multiple account types and markets.
Cons
  • High minimum deposit for the lowest spreads.

Best for Account Offering

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FX and CFDs trading involves a high risk of loss
  • Min Deposit
    $50
  • Tradable Instruments
    128
  • Fees
    Medium

Founded in 2019, Errante is regulated by CySEC and the FSA of Seychelles. The broker provides a good range of account types to trade forex, stocks, indices, commodities, and cryptos from the MT5 and MT4 trading platforms.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 150+ financial instruments through MT5
  • Access MT5 through four different trading accounts including commission-free and commission-based accounts

I found that there are four different account types to choose from:

  • Standard. Spreads from 1.5 pips. Zero commission. Minimum deposit: $50.
  • Premium. Spreads from 1.0 pips. Zero commission. Minimum deposit: $1,000. Daily market summary. Personalized customer support.
  • VIP. Spreads from 0.8 pips. Zero commission. Minimum deposit: $5,000. Free VPS. Zero fees on deposits and withdrawals.
  • Tailor Made. Spreads from 0.0 pips. Commission-based. Minimum deposit: $15,000. Custom-made solutions. Enhanced education material.

You can trade from the MT5 platform with each account type. The platform can be accessed via desktop download on Windows, web browser on Mac, or via the MT5 mobile trading app. While the MT5 platform is generally offered for free, the minimum deposit for each account type varies greatly so be sure to identify your trading needs first.

From our live test using the commission-free Standard Account, I found the live spread for EUR/USD averaged 1.5 pips during the London open. This is higher than the industry average. However, the VIP and Tailor Made accounts offer tighter spreads with higher minimum deposits.

Pros
  • Multiple account types available.
  • Zero commission trading.
  • Trade from MT5, MT4, and cTrader.
Cons
  • High minimum deposit for most accounts.

Best for Professional Traders

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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.
  • Min Deposit
    $50
  • Tradable Instruments
    774
  • Fees
    Medium
Founded in 2005, MultiBank is authorized and regulated by ASIC, BaFIN, CIMA, MAS, VFSC and others. It provides access to professional trading accounts such as MAM (multi-asset management) and PAMM (percentage allocation management module) technology. In my experience, these are the ‘go-to’ accounts for professional money managers.

Key Features:

  • MT5 available on Windows, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 20,000+ financial instruments through MT5
  • Access MAM and PAMM accounts to trade investor capital and FIX API for institutional high-volume clients

Both MAM and PAMM technology enables professional traders to manage and trade multiple sub-accounts from just one master account using MetaTrader 5. The MultiBank MT5 platform has 80+ inbuilt indicators and drawing tools, as well as algorithmic trading capabilities and the ability to use customized indicators.

MultiBank also offers free VPS hosting for algorithmic traders to run trading systems uninterrupted for 24 hours a day. Professional traders can also access the MultiBank FIX API (Financial Information eXchange Protocol) for direct market access and ultra-fast interbank market execution.

Pros
  • MAM and PAMM accounts for investment managers.
  • FIX API solutions for high-volume institutional traders.
  • Copy trading through MEX Social Trading.
Cons
  • Limited research and educational resources.

Best for Tradable Instruments

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CFDs are complex instruments and are not suitable for everyone as they can rapidly trigger losses that exceed your deposits. You should consider whether you understand how CFDs work.
  • Min Deposit
    $0
  • Tradable Instruments
    72962
  • Fees
    High

Founded in 2020, FlowBank has become a major Swiss financial institution that is authorised and regulated by FINMA (Swiss Financial Market Supervisory Authority). The bank provides access to trading, investing, and banking products for an all-encompassing offering.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 4,800+ financial instruments through
  • MT5 covering CFDs on stocks, forex, indices, commodities and cryptos

FlowBank is a top broker for tradable instruments as you can access 50,000+ instruments from its own proprietary platform and more than 4,000+ instruments from the MetaTrader 5 trading platform which includes:

  • 4,650 stock and ETF CFDs (MT5)
  • 54 forex pairs (MT5)
  • 49 crypto pairs (MT5)
  • 34 commodity CFDs (MT5)
  • 29 index CFDs (MT5)

From our live test, we found the live spread for EUR/USD during the London open averaged 1.6 pips which is higher than the industry average. FlowBank performed much better on the spreads for stock and index CFDs which were better than the industry average.

I found that one of the broker’s unique features is the FlowBank MT5 rebate program. This allows active traders to earn 3 CHF for every 1 million CHF traded on forex, indices, and commodity CFDs from the MetaTrader 5 platform making it an interesting choice for traders.

Pros
  • Trading, investing, and banking accounts in one place.
  • Access 4,000+ instruments from MT5.
  • MT5 rebate program for active traders.
  • Swiss deposit insurance for extra protection.
Cons
  • Only two deposit and withdrawal options.

Best for Cryptocurrency Trading

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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.
  • Min Deposit
    $0
  • Tradable Instruments
    233
  • Fees
    Medium

Founded in 2008, Exness is regulated by the FCA, CySEC, FSCA, FSA of Seychelles and BVI FSC, offering the ability to trade on forex, stocks, indices, commodities, and leveraged cryptocurrencies.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 230+ financial instruments through MT5 including 33 cryptocurrencies

You can trade cryptos from the MT5 or MT4 trading platforms which means you can view crypto prices on more than 30 different timeframes, analyse them using more than 80+ technical indicators and even perform algorithmic trading strategies on cryptos using MT5.

I found that Exness provides access to 35 cryptocurrencies to trade on. This includes major coins such as Ethereum and Bitcoin and some altcoins too. From the broker’s commission-free trading account, our live fee test showed the live spread for BTC/USD to average 216.40 pips which was higher than the industry average.

My research also showed that you can deposit funds using cryptocurrencies such as Bitcoin, Tether, and USD Coin. This can be used to trade a variety of cryptos against a wide range of fiat currencies that include USD, AUD, EUR, JPY, KRW, ZAR, and THB which is a great option for crypto enthusiasts.

I also found that when trading cryptocurrencies with Exness there are no swap fees. This means there is no overnight fee to hold a leveraged crypto position to the next day - a feature that is very unique and not common among retail brokers.

Pros
  • Multiple markets including leveraged cryptos.
  • Zero overnight swap fees on cryptocurrency positions.
  • Multiple account types to choose from.
  • Multiple trading platforms available including MT5.
Cons
  • Some crypto account spread fees are higher than the industry average.

How to choose the best broker with MT5 platform?

When choosing the best MT5 broker to trade with, it is important to consider the points detailed below.

Why is it important to choose a regulated MT5 forex broker?

When trading the financial markets, it is your broker who holds your funds in your account until you are ready to execute a trade which they then process for you. Therefore, it is important to choose an MT5 forex broker that is regulated by a government financial body.

Regulated brokers must adhere to strict data laws, execution rules and management of client funds. If they break these rules, they are usually fined or lose their licence to operate. Unfortunately, not all financial regulators are equal in their standards.

There are several tiers to categorise a financial regulator:

  • Tier 1 financial regulators are located in more well-known financial centres and include bodies such as the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) and others.
  • Tier 2 regulators are located in well-known but smaller financial centres. This includes bodies such as the Dubai Financial Services Authority (DFSA), the Financial Markets Authority of New Zealand (FMA) and others.
  • Tier 3 regulators are typically based in offshore countries. Examples include the Vanuatu Financial Services Commission (VFSC), the Securities Commission of the Bahamas (SCB) and others.
  • Unregulated. These are brokers that base their company offshore where there is no requirement to have a licence to operate or to be regulated such as entities based in St. Vincent and the Grenadines.

A broker may operate various entities that are licensed by any one of the regulated tiers, and possibly even an unregulated entity. Therefore, it is always wise to do your due diligence and check the terms and conditions when you open a trading account to identify what – if any – protections are available to you.

For example, in the 2018 MiFiD II European market directive act brokers regulated by the UK Financial Conduct Authority and Cyprus Securities Exchange Commission were legally required to offer a negative balance protection policy for retail traders and to hold client funds in segregated accounts – not all regulated brokers in other tiers have to offer this.

Tier 1 regulators such as the FCA and CySEC also offer a compensation scheme in the event of the broker going bust. But not all regulators make this a legal requirement. When in doubt check with the broker and then double-check the licensing and protections on the regulator’s website.

From my own personal experience, you should try and avoid unregulated brokers as there is not much you can do if they take your funds.

What fees should you be aware of when choosing an MT5 broker?

There is a range of fees to take into consideration when trading foreign exchange from the MetaTrader 5 trading platform. Trading fees are charged for opening, closing, and holding a trade and include:

  • Spreads. This is the difference between the buy price and the sell price and needs to be as low as possible so you can keep more of your profit on a trade.

In our broker rating reviews, we conduct a live spread test on a range of different asset classes by opening real trading accounts. The benchmark spread for EUR/USD should be less than 1 pip. We rate brokers according to a scale between 0 and 3 pips to ascertain who provides the best spreads.

  • Commission. This is the cost of opening a trade and closing a trade and should also be as low as possible.

In our broker rating reviews, we also check the commissions between different brokers. While most brokers offer commission-free trading accounts, any commission-based account should average around $3 per 100,000 units of currency traded, per side, but of course the lower the better.

  • Swaps. This is a fee charged if you hold any leveraged positions overnight as you are effectively borrowing funds from the broker to leverage your trades and control a large position with a small deposit.

In our broker rating reviews, we also check the swap rates to make sure they are around the industry average. However, the average does change as swap fees are usually based on a combination of interest rates and a broker markup.

Nowadays forex brokers offer a range of account types with different combinations.

  • Accounts that offer spreads from 0.0 pips will often charge a commission to open and close a trade.
  • Accounts that offer zero commission to open and close a trade will usually have a higher spread.

There are also some non-trading fees to take into consideration such as:

  • Account management fees. Not a typical fee but there are few institutional brokers that will charge this.
  • Inactivity fee. A more common fee is charged if you have not performed any activity on your trading account over a fixed period of time such as 12 months.
  • Deposit and withdrawal fees. These are fees to deposit and withdraw funds and usually vary depending on the method used.

What is the best type of forex brokerage account for MT5?

Across the spectrum of forex brokers using the MetaTrader 5 trading platform, there will be a range of different account types offered. These are usually separated by how the trade is executed and may include:

  • Dealing desk. This is where your broker takes the other side of your trade.
  • STP. Straight Through Processing accounts route client orders directly to the broker’s liquidity provider.
  • ECN. Electronic Communications Network accounts match client orders to prices from a wide range of liquidity providers in an anonymous network.
  • DMA. Direct Market Access accounts allow clients to trade directly with interbank market participants.

Another consideration is your starting capital. Most account types will have different minimum deposits. Generally speaking, the higher the minimum deposit, the better trading terms and features you will receive.

It’s worthwhile researching all the different options available so you can identify what terms and products are best suited for you. You may also be able to open a demo trading account and actually test the products and services in a virtual environment before you open a live account.

What is the best leverage when choosing an MT5 forex broker?

Foreign exchange trading has boomed in recent years due to the effect of leverage when using CFD (contracts for difference) trading accounts. These types of accounts allow you to leverage your positions by borrowing funds from the broker to control a large position using a small deposit.

For example, if a broker offers 30:1 leverage this means you can open and control a position 30 times larger than the capital you use to open it. So, with just $1,000 in your account, you can control a $30,000 position in the market.

The amount of leverage offered to traders depends on where the broker is located and who they are regulated by and then your categorisation as a client.

Generally speaking, the tier 1 regulators will do the most to protect the interests of retail traders. In the 2018 MiFiD II European market directive act, brokers had to limit the amount of leverage offered to traders as many people were using too high leverage and wiping out their trading accounts.

  • Retail trading accounts from tier 1 regulated brokers generally offer more protection than professional trading accounts including a negative balance protection policy and lower leverage (maximum 30:1 on forex).
  • Professional trading accounts from tier 1 regulated brokers generally offer high leverage (sometimes up to 200:1 on forex) but without the regulatory need to offer a negative balance protection policy (but some brokers will still offer this to professionals).

While you may see adverts for 1,000:1 leverage, these will be coming from brokers that are either unregulated or based offshore with lower regulatory requirements. Trading the financial markets involves winning and losing so risk management and safety should always be the top priority.

How you can use MT5 platform?

The MetaTrader 5 trading platform can be accessed in several ways:

  • Desktop version for Windows computers.
  • The desktop version for a Mac computer can only be used by downloading another program to run Windows programs on Apple Mac computers.
  • The Web Trader platform can be accessed from any web browser such as Chrome, Safari, etc.
  • A mobile trading app for iOS and Android users.

You should decide how you are most likely going to identify and execute your trades so you can check if the broker offers the right medium to do so. Most Mac users would simply use the MT5 Web Trader or the broker’s own web platform.

However, algorithmic traders can only use the MT5 desktop version as customised indicators and algorithmic trading strategies cannot be used on the web version. Many of the brokers listed above will also offer extra plugins and tools for the MetaTrader 5 platform. These are only available on the desktop version but will provide a lot of value for more active traders.

What to look for in MetaTrader 5 platform offering?

The MetaTrader 5 platform itself is the same across the different brokers. This is because the platform is provided by a company independent of the broker called Metaquotes. There are several things to look out for when considering a broker’s MT5 offering.

Many brokers will offer additional plugins and research tools for free to upgrade your MT5 platform. These are usually provided by third parties. For example, some brokers will offer you access to the Autochartist plugin for MT5 which provides automated technical analysis ideas which may prove to be useful for you.

On top of additional tools, you also want to check the broker has its own mobile trading app for iOS users. This is because the MT5 mobile trading app has been removed from the Apple App Store. If you want mobile trading from an iOS device you either need to use the broker’s own mobile app or the MT5 web trader from a browser.

Some brokers may also offer other tools to support your MT5 trading such as a VPS where you can run algorithmic trading systems 24 hours a day. However, automated trading on MT5 is only available on the Windows desktop version so Mac users may need to use another service to run Windows applications.

Our Methodology

As a pioneer in the reviews of brokers, our rating system has changed over time to keep up to date with regulatory and technological changes. Each review and rating system is used to evaluate broker tests for more than 250 data points across nine key categories.

These categories include trust, fees, platform and tools, tradable instruments, customer service, account types, research and education, and deposits and withdrawals. To do this, we open a live trading account to test the overall user experience.

To select the best MT5 brokers, I have used the findings from our research team and have also further refined the brokers according to the following factors:

  • Overall score of 4+ from our 250-point rating review
  • Lowest spreads possible compared to the industry average
  • Spreads without high mark-ups with access to raw spread pricing
  • Low fees and commissions per lot (100,000 units of currency traded)
  • The broker’s minimum deposit, and whether it is high or low
  • The overall quality of the broker, its regulation, and reputation
  • The trading platforms offered and additional trading tools available
  • The variety of tradable instruments

These data points then allow me to compare each broker in relation to what is offered in the industry to help meprovide you with a detailed list of the best MT5 brokers. I then further categorised these brokers into the best for beginners, professionals, crypto traders, fees, tradable instruments, trading tools, and account offerings.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan Blystoneauthor

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan Solankiauthor

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen Stoyanovauthor

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

MetaTrader 5 is a trading platform that allows traders to view live price charts and access trading functions - such as technical indicators, order tickets, and algorithmic trading programs - which are linked to your broker’s market offering.
MetaTrader 5 is not a broker. It is a trading platform that allows users to view live price charts and send trading orders to a broker to execute.
Yes, you need a broker for MetaTrader 5 as the platform will route your orders for your broker to execute a trade. MT5 is merely a charting and algorithmic trading platform.
MT4 and MT5 are products of a company called MetaQuotes. MT5 is the latest version of the MetaTrader platform and provides more functionality for algorithmic traders, more asset classes, and additional functionality such as more timeframes.
MetaTrader is safe as it only serves as a trading platform linked to a broker of your choice. Whether the broker is safe depends on its licensing and regulation.
MT5 is good for forex as it provides access to charts, technical tools, and different order types to trade. You can access forex, stocks, indices, commodities, and cryptos from MT5.
MetaTrader 5 does not cost the trader any money as the broker will usually offer this platform to its clients. Any fees will be from the broker you choose to trade with.
You cannot deposit and withdraw money from MT5 as it is only a trading platform. Users will need to deposit and withdraw money with the broker which will update their account balance in MT5.
Yes, MetaTrader does support copy trading. This can be accessed through MetaTrader Signals which allows you to see the performance of other traders and copy their systems. There are also other third-party copy trading providers that will link to MetaTrader.
Yes, MetaTrader does support automated trading systems. In fact, it is the go-to platform for algorithmic traders. The platform comes with MetaEditor, which traders can use to create automated trading strategies.
An Expert Advisor is a program that runs on MetaTrader which has been developed in MQL4 or MQL5 language that has a series of commands or instructions on when to trade and the parameters associated with a trade.
With any trading platform, there are risks that the platform may go down and your orders may not get executed. Many algorithmic traders choose to run MetaTrader using a VPS, so it is on 24 hours a day with no interruptions. An automated system is only as good as the trading strategy it's programmed to execute. If your strategy is based on flawed logic or it does not work under certain market conditions, you may experience losses. Always remember that CFD trading is high risk. Leverage can lead to larger losses as well as gains. You may lose your entire initial investment or more. Do not invest money you cannot afford to lose.
The MetaTrader trading platform is exactly the same broker-to-broker. However, your broker may provide some additional plugins or downloads you can incorporate into MetaTrader. This could be extra indicators for example.
There is a range of MT5 forex brokers that are good for beginners. In the analysis of the best MT5 forex brokers listed on this page, our research showed BDSwiss has an offering that may be useful to beginner traders.
A beginner can use both MT4 or MT5 as the functionality is the same. It’s best to identify a safe broker first and then trade with the platform they provide, which could be MT4 or MT5.
From our analysis of best MT5 forex brokers on this page, we found that MultiBank has a very interesting offering for professional traders due to the range of accounts available.
Your forex broker will usually say if they are regulated, as it is something regulated brokers would want their clients to know about. You can check the broker’s regulation simply by visiting the regulator’s website and searching for them in the register.
Regulated brokers offer a much higher level of protection than offshore brokers. This is because regulated brokers must adhere to government regulations regarding the safety of your capital and the quality of your trade execution. If they fall foul of these, they may lose their license and be fined. Offshore brokers have lower regulatory requirements.
Negative balance protection is a policy which protects traders from their account balance going below zero from any adverse movements in the market.
The broker’s terms and conditions will usually outline whether they will offer negative balance protection or not. For brokers regulated by CySEC and the FCA,it is a legal requirement to offer this protection for retail traders..
A compensation scheme protects clients in the event the broker defaults. Not all regulators make this a requirement though. However, brokers regulated by CySEC must provide retail traders access to the Investor Compensation Fund, while those regulated by the FCA have access to the Financial Services Compensation Scheme.
If your broker is regulated by CySEC and the FCA, they will legally offer this to retail traders. Other brokers will usually promote this information to their clients if they are part of a compensation scheme, otherwise, it’s likely they are not.
A segregated fund, also known as a segregated account, is an account that holds clients’ funds of a broker. This ensures that client funds are “segregated” and kept apart from the broker’s funds so client capital is not used as a funding method for the broker’s operations.
Brokers that do segregate funds would usually promote this to their clients. Those regulated by CySEC and the FCA have a legal requirement to do this, but it is always worthwhile checking the broker’s terms and conditions.

About the Author

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

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Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.