Advertising DisclosureWe're committed to the highest standards of editorial integrity. Still, it's crucial to recognize that some products we mention come from our partners.

Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.

8 Best MetaTrader 5 (MT5) Brokers for 2024

Looking for the top forex brokers with MetaTrader 5? Based on our hands-on analysis, we’ve identified 8 best options tailored to specific trading needs. Practical tips from our experts are included.

Jitan Solanki
Reviewed By:
Aviva Gurevich
Updated: Mar 28, 2024

List of Top MT5 Forex Brokers

Low fees. Great range of markets. Excellent trading tools for both beginners and advanced traders.

250+ CFDs to trade on. Trading Academy. Commission-free trading accounts.

Tight spreads. Autochartist MT5 plugin. Level II pricing through MT5 market depth.

Copy trading and automated trading features. Autochartist and Trading Central plugins. MT Master Edition.

Multiple account types for beginners and advanced. Competitive fees. MT5 web trader.

Up to 1:1000 leverage. 250 markets on MetaTrader 5. Signal Centre trading signals. FXTM Invest copy trading portal.

4,000+ instruments in MT5. 50,000+ instruments in proprietary platform. Access MT5 rebates.

AvaSocial app partnership with FCA-regulated Pelican Trading. DupliTrade copy trading platform. 1,250+ tradable instruments. Commission-free trading.

Since the MT5 platform isn’t widely supported by US brokers, we suggest you explore US options in our curated list of top MT4 brokers.

How did FX Empire choose best brokers for MetaTrader 5?

FXEmpire's Methodology

  • We checked that each broker offers the MT5 trading platform.
  • We analyzed the MT5 brokers offering 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

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
  • Tradable Instruments
  • Fees

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.

  • 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.
  • Weak educational support.

Best for Beginners

Your capital is at risk
  • Min Deposit
  • Tradable Instruments
  • Fees

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.

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

Best Low Spreads

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
  • Tradable Instruments
  • Fees

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.

  • 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
  • MT5 offering may be overwhelming to beginners

Best for Trading Tools

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

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.

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

Best for Account Offering

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

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.

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

Best for Professional Traders

82% of retail CFD accounts lose money
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2011, FXTM is regulated by the UK FCA, CySEC, FSCA, and the FSC Mauritius. Professional traders can benefit from access to high forex leverage and trading signals from Acuity Signal Centre delivered thrice daily on multiple asset classes.

Key Features:

  • MT5 available on Desktop, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 250+ financial instruments through MT5
  • Commission-free US stock trading with real-time data
  • ECN trading accounts

I found that the Advantage and Advantage Plus accounts provide ECN pricing and quotes. Holders of an Advantage account have the opportunity to apply to become a strategy manager on the FXTM Invest copy trading portal. As managers, they can receive a portion of their followers’ profits, with the potential to earn up to 30%.

Our live fee test during the London and New York trading session from the Advantage account showed an average spread of 2.0 pips. This is higher than the industry average of 1.08 pips for a commission-free account. The Advantage Plus account offers interbank market spreads from 0.1 pips with a competitive commission of $2.50 per lot per side – beating the $3.50 industry average.

  • Commission-free ECN accounts.
  • Competitive commissions.
  • FXTM Invest copy trading.
  • Platform video tutorials.
  • High leverage is not available in all regions.

Best for Tradable Instruments

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
  • Tradable Instruments
  • Fees

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.

  • 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.
  • Only two deposit and withdrawal options.

Best for Copy and Social Trading

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2006, AvaTrade has multiple regulations worldwide, including CBI, ASIC, and CySEC. Over 1,250+ tradable instruments are available from MT4 and MT5, with copy and social trading solutions using the AvaSocial app and DupliTrade.

Key Features:

  • MT5 available on Windows, Mac, Web, iOS and Android devices
  • Access both MT5 and MT4 platforms
  • Trade on 1,250+ financial instruments through MT5
  • MT5 plugins include DupliTrade
  • Extensive range of educational content at AvaTrade Academy

AvaTrade has partnered with FCA-regulated firm Pelican Trading to launch its AvaSocial app. From the app, you can view the performance of other traders, interact with them, ask questions, and copy their trades onto your MT4 AvaTrade account.

Another copy and social trading option is to sync your MT5 AvaTrade account with DupliTrade. This user-friendly web platform provides detailed performance statistics of other traders and allows you to copy their trades. A minimum deposit of $2,000 is required to use DupliTrade.

A standout feature of the broker is its extensive range of articles, courses, platform tutorials, and videos in the AvaTrade Academy geared to beginner and intermediate traders. During our live fee test, I found the spread for EUR/USD averaged 0.9 pips, beating the 1.0 pip industry average for a commission-free trading account.

  • AvaSocial trading app.
  • MT5 DupliTrade copy trading.
  • Commission-free accounts.
  • Rich collection of educational materials.
  • $50 fee after 3 months of inactivity.

How to choose the best MT5 broker?

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

How to find a safe broker for MT5?

When trading the financial markets, the broker 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 license to operate. Unfortunately, not all financial regulators are equal in their standards.

There are several tiers to categorize a financial regulator:

  • Tier 1 regulators are located in more well-known financial centers 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 centers. 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 brokers base their company offshore where there is no requirement to have a license to operate or to be regulated such as entities based in St. Vincent and the Grenadines.

Find out Best regulated forex brokers.

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.

Read more about Best MiFID regulated forex brokers.

Tier 1 regulators such as the FCA and CySEC also offer a compensation scheme in the event of the broker going bust. However, 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 personal experience, you should try and avoid unregulated brokers as there is not much you can do if they take your funds.

Check out Best CySEC regulated brokers and Best FCA regulated brokers.

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.

Discover Best forex brokers with lowest 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 few institutional brokers 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 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.

Read more about Best STP forex brokers and Best ECN forex brokers.

How to choose a leverage level?

Choosing the right leverage in forex trading involves understanding CFD accounts, which allow you to control a large position with a small deposit. For instance, a 30:1 leverage means with $1,000, you can handle a $30,000 position. The available leverage varies depending on the broker’s location, regulatory body, and client categorization.

Tier 1 regulators typically offer more protection for retail traders, as seen in the 2018 MiFiD II European Market Directive Act, which limited leverage to reduce account wipeouts. Retail accounts under tier 1 regulation usually include negative balance protection and lower leverage (up to 30:1 in forex). In contrast, professional accounts might offer higher leverage (up to 200:1) with optional negative balance protection.

Be cautious of extremely high leverage offers like 1:1000, often from unregulated or offshore brokers with lower standards. Remember, risk management and safety are crucial in financial market trading.

Explore Best forex brokers with high leverage.

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.

Check out Best mobile trading apps.

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 customized 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 much 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 allow me to compare each broker in relation to what is offered in the industry, helping me provide you with a detailed list of the best MT5 brokers. I have further categorized 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 BlystoneBroker Analyst

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 SolankiBroker Analyst

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 StoyanovBroker Analyst

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 ZernovBroker Analyst

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 FXTM has the most suitable offering for professional traders due to commission-free account and leverage of up to 1:1000 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 SolankiBroker Analyst

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.

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.