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Best MT5 Forex Brokers 2020

Kate Leaman
Last Update:
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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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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
GO Markets
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Trading derivatives and leveraged products carries a high level of risk, including the risk of losing substantially more than your initial investment. It is not suitable for everyone. Before you make any decision in relation to a financial product you should obtain and consider our Product Disclosure Statement (PDS) and Financial Services Guide (FSG) available on our website and seek independent advice if necessary.

ASIC, CySEC

$200

1:500

MT4, MT5, webtrader

2006

hybrid

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Trading derivatives and leveraged products carries a high level of risk, including the risk of losing substantially more than your initial investment. It is not suitable for everyone. Before you make any decision in relation to a financial product you should obtain and consider our Product Disclosure Statement (PDS) and Financial Services Guide (FSG) available on our website and seek independent advice if necessary.

RoboForex
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Your capital is at risk

IFSC

$10

1:2000

cTrader, MT4, MT5, Proprietary

2009

Dealing Desk, ECN, Market Maker, No dealing desk, STP

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Your capital is at risk

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

1:500

cTrader, MT4, MT5

2007

ECN, No dealing desk

Visit Broker>

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.

BDSwiss Group
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Your capital is at risk.

CySEC, FSC

$100

1:500

MT4, MT5, Proprietary, webtrader

2012

Dealing Desk, DMA, Market Maker

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Your capital is at risk.

Swissquote Bank
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Your capital is at risk

DFSA, FINMA, SFC

$1000

1:100

Advanced Trader, MT4, MT5

1996

Bank, Dealing Desk, Market Maker, No dealing desk

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Your capital is at risk

First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

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.

GO Markets

Regulated By:ASIC, CySEC

Foundation Year:2006

Headquarters:Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia

Min Deposit:$200

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Trading derivatives and leveraged products carries a high level of risk, including the risk of losing substantially more than your initial investment. It is not suitable for everyone. Before you make any decision in relation to a financial product you should obtain and consider our Product Disclosure Statement (PDS) and Financial Services Guide (FSG) available on our website and seek independent advice if necessary.

GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

The MT5 was designed to trade forex and CFDs and was built to offer a wider range of assets. It has similar functions to the MT4 although is more evolved and has more features. It improves on the existing features of the MT4. GO Markets provides the MT5 platform as a WebTrader and as a downloadable windows application. Only the MT5 platform can be used to trade the ASX shares offered by GO Markets.

Pros Cons
  • GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions.
  • Ultra fast trade executions courtesy of innovative technology and powerful servers located in London.
  • Availability of trading and analysis tools like Autochartist and Trading central.
  • Clients’ fund segregation.
  • Demo accounts expire after 30 days, However, non-expiry demo account is available.
  • Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot.
  • Only two account types available for all traders.
  • Swap free offered in MENA region only.

RoboForex

Regulated By:IFSC

Foundation Year:2009

Headquarters:2118 Guava Street, Belama Phase 1, Belize City, Belize

Min Deposit:$10

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Your capital is at risk

RoboForex was founded in 2009 and is an Official Partner of BMW M Motorsport. The broker is authorised and regulated by the International Financial Services Commission of Belize, providing segregated trading accounts with negative balance protection. They are also part of the Financial Commission’s Compensation Fund and provide access to execution quality certificates with Verify My Trade.

The broker provides the ability to trade on eight asset classes covering Forex ECN and CFDs on Stocks, ETFs, Indices, Cryptocurrencies and Commodities. Users can also invest in real stocks of American companies, bringing the total number of tradable assets at more than 12,000.

Five different trading accounts are available and are called Prime, ECN, R Trader, Pro-Cent and Pro-Standard. The broker also provides access to a demo trading account and Islamic swap-free accounts. Commissions vary depending on which account type is opened with a maximum leverage of 2000:1 on certain accounts.

Pros: Cons:
  • 12,000+ markets to trade on.
  • Can trade on MetaTrader 4, MetaTrader 5 and cTrader.
  • RoboForex Analytics app and educational videos.
  • 24/7 customer support in multiple languages.
  • Offshore regulation.

IC Markets

Regulated By:ASIC, CySEC, fsa-sc

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

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:DFSA, FINMA, SFC

Foundation Year:1996

Headquarters:Chemin de la Créteaux 33, 1196 Gland, Switzerland

Min Deposit:$1000

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Your capital is at risk

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:CySEC, FSC

Foundation Year:2012

Headquarters:Apostolou Andrea Street 11, Hyper Tower, Limassol, Cyprus

Min Deposit:$100

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Your capital is at risk.

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.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

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.

What is MetaTrader 5 (MT5)?

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

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

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

Pros and Cons of MetaTrader5

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

Pros

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

Cons

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

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

Why is MT5 so popular?

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

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

Why should I choose a MetaTrader forex broker?

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

How to choose a MetaTrader broker?

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

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

Conclusion

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

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