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.
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.
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.
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: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.
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:
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.
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:
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.
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:
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.
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:
I found that there are four different account types to choose from:
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.
Key Features:
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.
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:
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:
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.
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:
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.
When choosing the best MT5 broker to trade with, it is important to consider the points detailed below.
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:
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.
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:
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.
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.
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.
There are also some non-trading fees to take into consideration such as:
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:
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.
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.
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.
The MetaTrader 5 trading platform can be accessed in several ways:
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.
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.
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:
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.
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.
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 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.
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.
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.
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.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.