Forex Brokers MetaTrader 5

The 5 best Forex Brokers & platforms for MetaTrader 5 in comparison

The list of the 5 best Forex brokers for MetaTrader 5:

Broker:
Review:
MT5 Integration:
Regulation:
Assets:
Advantages:
Open account:
1. Vantage Markets
Yes
CIMA, ASIC
300+
(40+ currency pairs)
+ Fast execution
+ MT4 & MT5
+ Low trading fees
+ No hidden costs
+ Free bonus
+ Multi-regulated
Live account from $200(Risk warning: Your capital can be at risk)
2. RoboForex
RoboForex logo
Yes
IFSC
9000+
(36+ currency pairs)
+ Many awards
+ Huge diversity
+ Many account types
+ 1:2000 leverage
+ Bonus program
+ Low spreads
+ Low commissions
+ 9,000+ assets
Live account from $10(Risk warning: Your capital can be at risk)
3. Pepperstone
Yes
FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA
180+
(60+ currency pairs)
+ Authorized broker
+ Multi-regulated
+ 24/5 support
+ Low spreads
+ Leverage up to 1:500
Live account from $200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. FxPro
FxPro logo
Yes
FCA, CySEC, FSCA, SCB
250+
(70+ currency pairs)
+ Multi-regulated
+ User-friendly
+ Mobile trading
+ Competitive spreads
+ Free demo account
Live account from $100(Risk warning: 72.87% of CFD accounts lose money)
5. XM Forex
XM logo
Yes
IFSC, CySEC, ASIC
1,000+
(55+ currency pairs)
+ Cheap trading fees
+ No hidden costs
+ Regulated and safe
+ International trading
+ 1000+ assets
Live account from $5(Risk warning: 75.59% of retail CFD accounts lose)

Meta Trader 5 or MT5 is a trading platform that is a predecessor of the Meta Trader 4 or MT4 developed by Metaquotes, a trading software company. When the MT4 was a success and most forex traders and brokers had adopted it to use, Metaquotes released the MT5 trading platform in 2010. 

Meta Trader 5 is often mistaken for a better version of MT5, which is partially true since it has more trading tools. MT5 was developed to cover other markets that the MT4 could not, such as CFDs, indices, and stocks. 

MT4 is not out of the market, and many forex traders still use it to trade. Most forex brokers integrate both MT5 and MT4 in trading to choose the platform they prefer. 

MetaTrader 5 is available for many devices, such as mobile phone, laptop and tablet
MetaTrader 5 is available for many devices

What are the features of MetaTrader 5?

  • It has an advanced modern programming language, MQL5 incompatible with the MT4. 
  • Traders can access more than 100 charts fitted with 21-time frames from one minute to one month chart. 
  • It also has more than 80 technical indicators and options for purchasing more or downloading to fit trader specifications. 
  • The Meta Trader 5 codebase for ordering and downloading trading tools is free. 
  • Meta trader 5 is compatible with any Operating System or browser, which means you can download it on your laptop or desktop computer.
  • It is has a mobile app version available to download via an i phone, android, or iPad. 
  • It offers risk management features such as stop-loss, stop-levels, and take-profit. 
  • The depth of the market allows traders to manage risk and attend to open trades with one-click trading. 
  • Meta Trader 5 has a financial news feature from other third-party analyzers and an economic calendar for traders to apply when performing fundamental analysis. 
  • The web-based and desktop platform has 24 drawing tools and 30 technical indicators for traders to use for technical analysis. 
  • It has an automated trading feature supported by MQL5 and Expert Advisor, and traders can even use the strategy tester on their trading strategies. 

Advantages of MT5:

  • Fast execution of orders 
  • It has four types of market executions 
  • Numerous trading and analysis resources 
  • Traders can access different trading accounts at a time
  • It is secure since it has 128-bit keys data encryption 
  • Access to trading history 
  • Traders can get access to market liquidity pools 
  • 24/7 customer support is available 

Disadvantages of MT5:

MT5 is coded with a different language from MT4, which means the Expert Advisors and custom indicators on MT4 cannot run on MT5. Traders have to create it again if they want to use it on MT5. 

OctaFx MetaTrader 5
This is how the MetaTrader 5 view looks like, in the example of OctaFX

How to install MT5:


Step 1. Find the download link for the MT5 desktop, PC, or mobile

Open your browser and search for Meta Trader 5, find the MT5 website, and look at the bottom of the page. It has a download link for different operating systems you can choose which you are using. Download the MT5 using the links. 

Step 2. Read and understand the license agreement before you choose to accept

After downloading the MT5, you will find a license terms agreement online form. It has all the terms and conditions that a user needs to agree to before using the platform. Read it and understand it before you can accept the conditions. 

Step 3. Install the MT5

Once you have agreed to the terms, you can install the MT5. The process takes a few minutes to install and run, if the installation is complete click Finish. 

Step 4. Create your trading account or log in if you already have an account

After installation, a registration/login tab will appear on your screen. It has all the necessary logging-in information to use. If you don’t have an account, you can create a demo or a live trading account. 

If you have a trading account click next, leading to a window to choose the broker to use. 

List of the 5 best Forex brokers for MetaTrader 5 in comparison:


1. Vantage Markets 

Vantage Markets supporting MetaTrader 5
Vantage Markets MetaTrader 5

It is a forex broker founded in 2009 and has served over half a million forex traders from different locations. Its users can access over 300 financial markets from metals, shares, forex, commodities, and CFDs using the MT5 and MT4 trading platforms. 

Regulation 

  • Australian Securities and Investments Commission
  • Vanuatu Financial Services Commission
  • Cayman Islands Monetary Authority

Account types on Vantage Markets 

A Standard STP trading account with an initial deposit of $200, uses the MT5 and MT4 for mobile and desktops and web traders. It has a leverage of 1:500, and traders can open trading positions from0.01 pips. Traders can access share CFDs, currency pairs, indices, and commodities on this account. 

The Raw ECN account has an initial deposit of $500 and uses MT5, MT4, and web trader trading platforms. Traders can open position sizes from 0.01 lots and forex leverage of 1:500. Financial markets you can access on this account are commodities, share CFDs, indices, and forex. 

Pro ECN has a minimum deposit of $20,000, forex leverage of up to 1:500, and uses MT5, MT4, and the web trader. Traders can open positions from 0.01 lots and access trading instruments such as share CFDs, commodities, forex, and indices. 

(Risk warning: Your capital can be at risk)


Trading fees 

Vantage Markets has forex spreads starting from 1.4 pips for the Standard account and is commission-free. The Raw ECN and Pro ECN have forex spreads starting from 0.0 pips and commissions of $3 and $2 per round turn. 

It has low trading costs since it has no inactivity or conversion fees. Deposits and withdrawals are also free. Vantage accepts several payment platforms ranging from Wire transfers, Credit/debit cards, and e-wallets such as Neteller, Skrill, Union Pay, and others. 

Vantage Markets trading signals with MT5
Vantage Markets trading signals with MT5

Features of Vantage Markets 

  • A free demo account, offering the MT5, MT4, and web trader for practice trading and testing out features on Vantage. 
  • Traders can access the MT5 trading platform using either of the three accounts. 
  • MT5 offers fast execution speeds, advanced charting software, drawing tools, and more than 80+ technical indicators. 
  • It also has copy/social trading tools using Zulutrade, MyFXbook Auto-trade, and Dupli Trade. 
  • Vantage market clients have automated trading using Expert Advisor, MQL4, and MQL5 trading platforms. 
  • Trading Central and its research expert offer research resources on the platform. Traders can get trading views, ideas, and signals from trading experts.  
  • Educational content for traders is available in the learning section, where it has video courses, articles, and webinars. 
  • Customer support is present 24/7 and can get contacted through telephone numbers, email, and live chat. 

Pros of Vantage Markets

  • Low forex spreads and commissions
  • Low initial deposit
  • The fast account registration process
  • Quality trading tools 
  • MT5 and MT4 trading platforms are available

Cons 

  • Limited trading instruments 
  • High initial deposit on the Pro ECN account 

(Risk warning: Your capital can be at risk)


2. RoboForex 

The official website of the forex broker RoboForex

It was founded in 2009 and serves over 9 million customers. Roboforex has access to 12000 trading instruments such as forex, cryptocurrency, indices, commodities, ETFs, stocks, and metals. 

It has regulations from the International Financial Services Commission of Belize. 

Account types at Roboforex 

Roboforex has five types of trading accounts, Prime account has an initial deposit of $10 and maximum forex leverage of 1:300. Traders can open position sizes from 0.01 pips, and it uses the MT5 and MT4 trading platforms. 

ECN accounts use MT5/MT4, which has an initial deposit of $10. Its users can access maximum leverage of 1:500 and open trading positions from 0.01 lots. 

RoboForex logo

R stocks trader account uses the R stocks trader trading platform and has a maximum leverage of 1:300 but a stock leverage of 1:20. It has an initial deposit of $100 and offers Indices, forex, and stocks CFDs. 

The Pro-Cent account has a minimum deposit of $10 and uses the MT5 and MT4 trading platforms. Users can open positions from0.01 lots and access leverage of up to 1:2000. 

The Pro account has a minimum deposit of $10 and maximum leverage of 1:2000. It uses the MT5, MT4, and cTrader, where traders can open positions from 0.01 lots. 

RoboForex account types, including the Prime account and the ECN account
RoboForex account types

Fees 

Roboforex has low forex spreads from 1.3 pips and has no commissions for the Pro and Pro-Cent accounts. Prime and ECN accounts have forex spreads from0.0 pips and low commissions. R stocks trader has no commissions, and the prices defer depending on the type of asset. 

Roboforex has no inactivity fee or any hidden charges. Deposits are free, while some withdrawal methods have a withdrawal fee. It accepts payment methods such as credit/debit cards and e-wallets like Skrill, Neteller, and other payment methods. 

(Risk Warning: Your capital can be at risk)


Features of Roboforex 

  • It has a demo account compatible with all four trading platforms. 
  • It uses MT4, MT5, c Trader, and the R stocks trader trading platforms. 
  • The MT5 allows traders to see the trading history, and market news notifications, use different time frames, and use the multi-chart feature to manage accounts. 
  • Traders also get more trading tools such as technical indicators and drawing tools. 
  • The one-click trading capability and in-depth market prices traders can use when trading. 
  • The MT5 is available for the four trading accounts, ensuring fast execution rates. 
  • Users can also use the CopyFX a copy trading function of RoboForex
  • Automated trading using the Expert Advisor available in the MT4 and MT5, while the cTrader offers its CTrader Automate. 
  • A Virtual Private Server is also available, but traders have to fulfill certain conditions to access it. 
  • Roboforex users can access their trading account from any gadget as it has a mobile app, desktop, and website version. 
  • Roboforex has a variety of educational materials such as videos, guides, and articles covering different topics of various assets. 
  • It has a free analytic center for traders who want to do comprehensive research on financial markets. You can get videos and effective filters to narrow down your search. 
  • Its customer support is available 24/7 through live chat, emails, and phone calls. 

Pros 

  • Low minimum deposit
  • Quality trading resources
  • Multiple trading platforms like MT5
  • Fast execution rates 
  • Low spreads and zero commissions on most assets
  • Secure trading platform 

Cons 

  • It is unavailable in most countries

(Risk Warning: Your capital can be at risk)


3. Pepperstone

The official website of the forex broker Pepperstone
Pepperstone official website

It is an Australian-based forex broker founded in 2010 that has over 300,000 forex traders using its platform. It has access to more than 2000 trading instruments from forex, shares, commodities, ETFs, and indices. 

Regulation 

  • Australian Securities and Investment commission
  • Financial Conduct Authority 

Account types at Pepperstone

Pepperstone has two types of trading accounts, Razor and Standard. Both have a minimum deposit of $200, forex leverage of 1:400, and users can open positions from 0.01 to 100 lots. 

Razor and Standard accounts use the MT4, MT5, and cTrader trading platforms to access the market.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


Fees 

The Razor account has forex spreads from 0.0 to 0.3 pips and commissions of $7per round turn for every $100,000 traded. The Standard trading account has forex spreads from 1.0 to 1.3 pips and is free from commissions. 

It does not have any inactivity fee, but the rollover fees defer with the asset and leverage used. Deposits and withdrawals are free, and Pepperstone accepts bank transfers, credit/debit cards, and e-wallets like Paypal. 

Pepperstone logo

 Features of Pepperstone

  • It has a limited demo account for 30 days with virtual funds of $50,000
  • The MT5 provides the ability to hedge positions and an in-depth market view of prices.
  • Traders can use more than 100 charts and, over 30 technical indicators, in multiple time frames via the MT5 trading platforms. 
  • The MT4 and MT5 offer the Expert advisor for automated trading and advanced programming languages MQL4 and MQL5. 
  • MT4 offers the backtesting ability, multi charts, and three order types. 
  • Traders can also use the Smart Trader tools with the Auto-chartist that scans the market you are trading for clear signals. 
  • cTrader has an Expert Advisor, several technical indicators, risk management tools, and the C trader automated platform. 
  • Traders can access their trading status through the Pepperstone mobile app, desktop, and website version. 
  • It has a daily analysis of financial markets published on the websites. They are available as articles, economic calendars, and videos on their YouTube channel. 
  • Educational materials covering how to trade CFDs, forex, and shares are available and have trading guides and webinars. 
  • Their customer service is available 24/5 via phone calls, live chat, and emails. 

Pros of Pepperstone 

  • It has low trading costs
  • It has regulations from tier 1 jurisdictions
  • Offers numerous trading platforms MT4, MT5, and cTrader
  • Quality trading resources

Cons

  • Limited educational resources 
  • Negative balance protection is unavailable for non- EU clients

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


4. FX Pro 

The official website of the forex broker FxPro
FxPro website

It is a forex broker established in 2006 and has grown to serve over 170 countries. Its traders can access an array of trading instruments such as metals, energies, forex, futures, and CDFs. 

Regulation 

  • Financial Conduct Authority in the UK 
  • Cypress Securities and Exchange Commission
  • Financial Sector Conduct Authority in South Africa 
  • Securities Commission of Bahamas

Account types at FX pro 

FX Pro has five types of trading accounts, FX Pro MT4 instant with instant execution speed, FX Pro MT4 with market execution. FX Pro MT5, FX pro C trader, and FX Pro platform all with market execution. 

It has a minimum deposit of $100 and maximum forex leverage of 1:200. Its users can open trading positions from as low as 0.01 micro-lots. 

(Risk warning: 72.87% of CFD accounts lose money)


Trading fees 

The forex spreads vary with the type of trading instruments while FX Pro MT4 instant, FX pro-MT4 market execution, FX Pro MT5, and FX Pro platform have no commissions. FX Pro cTrader has reduced spreads and a commission of $45 for every $1 million traded. 

It has an inactivity fee of $5 every month after an account has been dormant for six months. There is also a one-time $15 maintenance charge after those six months. Deposits and withdrawals are free, and it accepts bank wires, credit/debit cards, and e-wallets such as Pay Pal, Neteller, and Skrill. 

FxPro logo

Features 

  • It has a demo account that forex traders can test the FX Pro trading software. 
  • It has integrated the MT5, MT4, cTrader, and its proprietary trading platform. 
  • MT5 trading platform offers 38+technical indicators, 40+charts, depth market, Expert Advisor, and four types of execution and other features. 
  • The cTrader offers more than 28-time frames, 55+ inbuilt technical indicators, pending orders, no limits on stop loss and take profits, one-click trading, and other features. 
  • MT4 is like other trading platforms on FX Pro and has trading features such as technical indicators, three types of custom charts, one-click trading, and many more. 
  • Traders can get research resources from the FX Pro news, economic/earning calendars, and analysis from experts and third parties like Trading Central. 
  • Their educational materials cover all traders from fundamental to advanced traders with technical and fundamental analysis and psychology topics. 
  • Their customer support is 24/7 in multiple languages via phone calls, live chat, emails, and a comprehensive FAQ section. 

Pros of FX Pro

  • Fast processing speeds
  • Zero commissions
  • Multiple forex trading accounts
  • Quality trading tools
  • Excellent customer support 

Cons 

  • Limited educational materials

(Risk warning: 72.87% of CFD accounts lose money)


5. XM

The official website of the forex broker XM
XM official website

 

It is a forex broker founded in 2009 with five million forex traders in 190 countries. It offers more than 1000+ trading instruments for its clients such as forex, CFDs on stocks, indices on Stocks, and metals like gold and oils. 

Regulation 

Financial Services Commission of Belize

XM logo

Account types at XM 

XM has four types of trading accounts the Micro, which has a minimum deposit of $5 and leverage of 1:888. Traders can open trading positions starting from 0.1 lots from the MT5 and MT4 trading platforms. 

Standard account and the XM ultra-low have a minimum deposit of $5, forex traders can open trading positions from 0.01 standard lots. The maximum number of trading positions is 300, and they have maximum forex leverage of 1:888. 

The shares account has a minimum deposit of $ $10,000, and the maximum open position is 50. Traders can open position sizes from 1 lot, and it has no forex leverage. 

(Risk warning: 75.59% of retail CFD accounts lose)


Fees 

The Micro and standard accounts have forex spreads from 1.0 pips and have no commissions. The XM Ultra-low account has forex spreads from 0.6 pips and no commissions. The Stocks account spreads depend on the type of stock it has commissioned. 

It has a one-time inactivity fee of $15 after which it charges $5 for accounts inactive for over a year. Deposits and withdrawals are free, and it accepts bank transfers, credit/debit cards, and electronic wallets. 

Features of XM 

  • A demo account has the MT4 AND MT5 integrated.
  • It has the MT4 and MT5 trading platforms with fast order processing speeds and eliminates requotes. 
  • The one-click function allows traders to access various trading accounts.
  • Multiple charts, various indicators, and drawing tools are available. 
  • MT5 provides an in-depth market view of prices in the market. 
  • It is available as a mobile application, it also has a desktop version that traders can monitor their trading. 
  • XM has comprehensive educational resources covering different topics and levels of trading, from fundamental to advanced levels. 
  • It has a learning center where traders can access live coaching through 
  • webinars from their expert instructors.
  • Research is also available through news, charts, trading ideas, economic calendar, podcasts, and live broadcasts of different markets. 
  • Customer support is available 24/5 in thirty languages through email, live chat, and phone calls. 

Pros of XM 

  • Low trading fees
  • Excellent educational resources 
  • It uses the MT4 and MT5 trading platforms
  • Fast order processing speeds 
  • Negative account protection 
  • Fast registration process 

Cons 

  • Limited trading instruments 

(Risk warning: 75.59% of retail CFD accounts lose)


Conclusion – MetaTrader 5 is a great software for both beginners and advanced traders

Few forex brokers offer the MT5 trading platform. It is a popular platform that most traders find simple to use, and it has a user-friendly interface. More forex brokers have adopted the MT5 trading platform and have called it the future of trading. 

It is imperative that when traders are choosing a forex broker using MT5, they should also look at other factors like trading fees. These few factors make the difference between the best MT5 forex traders and allow traders to limit the costs of forex spreads. 


FAQ – The most asked questions about Forex Brokers MetaTrader 5 :

Is it possible to trade forex on MT5?

Yes, traders can use the MT5 to access financial markets. It is available as a mobile application for android and IOS. It is also available as a desktop or a website version compatible with Operating Systems and browsers. 

Can you trade MT5 without a forex broker?

No, you will need a forex broker to deposit and withdraw funds, and the MT5 acts as a way you can access the financial markets. A regulated forex broker will also ensure that your funds are safe as you trade.

What can I trade on MT5?

It offers trading instruments such as forex, futures, commodities, and stocks. 

Is it possible to trade forex on MetaTrader 5?

Yes, traders can trade forex in MT5; they are provided access to financial markets. MT5 is available as an easy application that is available for android as well as IOS. Not only that but it can also be downloaded for desktop and website versions along with operating systems. 

Is it possible to trade MetaTrader 5 without a forex broker?

No, it is not possible to trade MT5 without the help of a broker; a trader trading in MT5 always needs the guidance of a broker to make deposits and withdrawals. Thus, the trader has access to the financial markets. As a trader, you must also know that when you are dealing with a regulated forex broker, it is ensured that the funds you are investing are safe and there are no possibilities of being scammed. Since the market these days is flooded with unregulated brokers, it’s always recommended that traders initiate trading with the help of regulated and verified brokers.

What can I trade on MetaTrader 5?

There are various instruments that the platform offers; specifically, we can mention forex, futures, commodities, and also stocks.