10 BEST METATRADER 5 BROKERS
With the prevalence of the internet in the past decades, Forex trading has become exponentially easier and more beneficial for even those new to the scene—the daily trading volume of Forex rivals even that of the stock market. Twenty-four hours a day, five days a week, any regular person would gain some liquidity just from participating in the trade.
There are now tons of sites one can do their trading. However, not all of them are secure. Some platforms have even been touted as scams. Thankfully, MetaTrader5 is a trusted and secure platform where you can easily trade Forex with a tap of your finger.
10 Best MetaTrader 5 Brokers:
- BDSwiss – Fastest customer support
- RoboForex – Highest maximum leverage
- IC Markets – Very flexible features and tools
- Vantage FX – A leader in market research
- XM – Good fee systems and transparency
- Admiral Markets – Lots of educational resources
- XTB – Focused on Forex trading
- FxPro – Excellent at executing large orders
- FP Markets – Very low spreads
- HotForex – Six account types to choose from
Finding the right broker:
Still, on this great platform itself, you’ll encounter the problem of brokers. There are so many to choose from! And just like platforms, not all of them are trustworthy. That’s why we’ve put together this brief and handy list to show you which ten brokers on MetaTrader5 are the best for you. We’ll be evaluating them according to user-friendliness, reliability, fees, tools and features, and how fast they can execute your trade. Let’s begin.
BDSwiss began in 2012 and remains regulated by the Cyprus Securities and Exchange Commission and the Mauritius Financial Services Commission. The quick thing to know about regulation is that it makes your account safe and your trading low-risk. Since it is actively regulated in the European Union, the United States, and Seychelles, it’s safe to say you can trust this Swiss broker.
BDSwiss is a highly-rated broker for several reasons. Their customer service is available 24 hours 5 days a week and is known for their response time being around half a minute. That may seem too good to be true, but since Forex trading is such a fast-paced market, we’re just glad BDSwiss knows it too. Their customer support also responds in 20 different languages.
As for transactions, BDSwiss allows for a whopping 151 payment methods. Not only does this mean versatility, but it means there are lower chances of a payment method encountering too much traffic to come through. BDSwiss also maintains that it takes around 5 hours for a transaction to reflect on your account completely.
Benefits of BDSwiss:
- Well-regulated and trusted in several countries
- Has a swift response time for customer service
- Offers 151 options for transaction methods
- Has its own data board and market analysis
- Hosts webinars and training courses for its customers
As the Official Trading Partner of BMW M Motorsport and began back in 2009. It protects against negative balances thanks to its regulation by the International Financial Services Commission of Belize. Aside from allowing you to trade Forex assets, RoboForex also brokers Stocks, Commodities, Cryptocurrencies, and four other types of assets.
As a platform, RoboForex offers five different types of accounts. These are called Pro-Standard, Pro-Cent, R Trader, ECN, and Prime. There are demo versions of these accounts available to you to find what suits you best. Each account type varies in commissions and leverage; the highest leverage RoboForex offers is 2000:1 which, although somewhat uncommon, is an excellent option for those who want it.
Although it’s not as highly-rated for its response time as BDSwiss, RoboForex customer service is available for all seven days of the week, round the clock. For even more user-friendliness, they have multiple tools, including their own analytics application. You’ll even find some handy educational tutorials for when you begin your endeavors in Forex Trading.
Benefits of RoboForex:
- Offers demo accounts to new customers
- Has a wide variety of tradable assets available
- Offers round the clock customer service all week long
- Allows a maximum leverage of 2000:1
- Posts educational video tutorials about currency trading
3. IC MARKETS
If we’re talking trustworthiness, IC Markets is always near the top if not number one. It originates from Australia and is overseen by an internationally recognized organization, Australian Securities and Investments Commission.
IC Markets is a very reputable Forex trading platform for newbies and veterans alike. IC Markets allows for demo accounts that you can swap out for different account types without any cost. They have three account types which vary in their commission prices and spreads. One of the account types they offer even allows for no required commissions at all.
IC Markets has proven to be very valuable to the overall Forex trading market and users themselves. A considerable proportion of their customer base is widely satisfied with their trading experience on IC Markets. They have excellent customer service, helpful tips for newbies, and safe and secure accounts. Just note that like most Forex trading platforms, the overflow of data can be quite intimidating at first.
Benefits of IC Markets:
- Demo accounts available for new users
- Excellent round the clock customer service
- Can swap accounts for free
- Offers accounts with no commission
- Prioritizes user-friendliness and customer satisfaction
Vantage FX as a trading platform is one of the best in terms of its market research, educational tools, and app usability. It’s considered average-risk and well trusted since it is regulated by the Australian Securities and Investments Commission and the Financial Conduct Authority. Having been founded in 2009, it has built itself a good reputation among ordinary customers and experts alike.
Vantage FX offers three different account types that you can open. They vary from commission-free to Pro commission-based accounts. Their spreads and number of tradable assets are around average for the platforms like it, but where Vantage shines is in its tools, features, and platforms.
As one of the brokers on MetaTrader5, you get the full variety of desktop, mobile, and web platforms. You also get headlines streaming from Forex websites and news and several copy-trading social platforms. Another key feature is how well Vantage FX does its research. Aside from its client data and economic calendar, Vantage FX has in-house content of the research they perform to benefit its customers.
Benefits of Vantage FX:
- Has direct streaming access to Forex News and Trading Central
- Provides an economic calendar and social data on currency pairings
- Has excellent mobile applications for Android and iOS
- Mobile app comes with a watch list available
- Well-regulated by recognized authorities
XM is a group of trusted brokers that started back in 2009. In 2017, they became known as XM Global and are currently being regulated by the International Financial Services Commission. Their platform is available for trading between 196 countries. Their vision and mission focus on helping millions of customers safely reach their investment goals.
XM has a lot of great features for new traders. Their demo account, for example, allows you to try their platform out with a virtual starting amount of $100,000 in the account. This way, you can learn the ropes of the platform before investing real money into the trade. They also make sure to steer clear of hidden fees, extra commissions, allow for autotrading, and they boast a 1-second transaction time for more than 99% of the trading that happens on their platform.
Aside from Forex, XM has over a thousand types of assets traded on its platform. Specifically with Forex, however, there are 55 currency pairs available to trade with. You also have the option of opening one of three types of accounts, which vary in spreads, and only one of the account types charges for commission. Since XM prides itself in being transparent with their fees, rest assured there is no catch.
Benefits of XM:
- Demo account is excellent for beginners
- Over 1000 assets and 55 currency pairs available
- Well-regulated and trustworthy
- No hidden fees or commissions
- Excellent customer service and lightning-fast transaction times
- Available on all mobile devices and operating systems
Comes with bonus deals and features from time to time
6. ADMIRAL MARKETS
Compared to most of the trading platforms we’ve mentioned here, Admiral Markets is something of a veteran; it has been operating for almost 20 years. Besides being one of the top brokers on MetaTrader5, Admiral Markets is also regulated and reputed globally as an award-winning broker. The UK, Australia, the EU, Cyprus, and Estonia all regulate Admiral Markets, making it one of the most secure and trustworthy brokers around.
One of its most significant features is that you have to put down a $200 deposit when opening an account. That is a high amount for any ordinary trader, but it’s there for your benefit. This deposit is used to guard against negative balances. This deposit is also considered when considering the leverage of your account. Their available leverage goes up to 1:30.
Just like a few of our other brokers here, Admiral Markets allows you to open a demo account with virtual money so that you can get a feel of the trading practice. These demo accounts last for 30 days, after which you will need to verify it with official documents to either extend the demo or open an official account.
Benefits of Admiral Markets:
- Customer service support through chat and voice call
- Multi-awarded and globally regulated
- Guards against negative balances
- Offers plenty of educational resources
Almost as old as Admiral Markets, XTB was founded in 2002 and has a good reputation for having a wide range of trading assets while remaining low-risk for its huge customer base. Its main regulator is the Financial Conduct Authority. Its phone customer service support tops that of nearly any other broker at the moment. They also have one of the highest and most consistent trust ratings across many websites and deserves its spot in our top ten brokers as well.
XTB focuses on Forex trading like no other platform. When you start your account, you’re assigned a customer support manager to help you make the best trading decisions. That in itself is an excellent feature for anyone who has just started Forex trading and has no idea what to do.
You can trade in 48 different currency pairs through XTB. They also offer notably low spreads that their customers enjoy. Their trading platform also features excellent analysis charts, data charts, mapping tools, and a very user-friendly design. They show Forex articles written by both their staff and third-party channels, which can help make trading decisions.
Benefits of XTB:
- Offers educational tools, content, videos, and articles to its customers
- Trades in 48 currency pairs
- Assigns you a manager for helping with your account
- Avoids price requoting
- Allows for a demo account with a virtual starting amount of $10,000
FxPro prides themselves on allowing their customers to trade like a pro anywhere and everywhere. The best thing about them is their reliable platform that leaves no loopholes or room for insecurity. All their customers and clients have a nearly seamless user experience through them, and they are indeed a well-loved broker on MetaTrader5.
This low-risk broker is well-regulated in several parts of the world, including the UK, the Bahamas, and South Africa, and has the Financial Conduct Authority as one of their authorizers. They are popular enough to have a user base of around 1.5 million all over the world. Their commission fees are not the lowest, but their users feel that their secure and smooth experience more than makes up for it.
As a platform, FxPro allows you to customize your viewing experience through its widgets. They have plenty of robust charts that will enable you to see as much data as you want at a glance. They are also available on all mobile and desktop operating systems. You can even try out their platform with a free demo account.
Benefits of FxPro:
- They have a spotless track record of around 15 years
- They have free demo accounts available
- Incredible at executing large orders and transactions
- Offer customer support in 17 languages and around the clock five days a week
8. FP MARKETS
FP Markets is regarded as an average-risk broker. They began back in 2005 and are now very competitive on the Forex trading market. However, it is more known for its other trading assets such as shares. You’ll probably get more out of FP Markets if you’re a veteran at the trading game and use accounts with high balances.
FP Markets offers different types of accounts, but a few of these types are based only in Australia. These range from high balance accounts to low balance, which is more suited for low-risk low-cost investors. Their competitive commission prices are still one of FP Market’s best and most trademark assets, with spreads last year June going at 0.64 pips.
Their platform offers many outstanding in-house and third-party educational articles about the ins and outs of Forex trading. They even have a handful of ebooks and a tutorial module to help you through their platform. You can also find more educational tools and videos on their official YouTube channel.
Benefits of FP Markets:
- Among the most competitive commission and spread rates on MetaTrader5
- Suitable for high balance accounts
- Has a wide selection of account types available
- Delivers lots of educational resources
Regulated by the Financial Conduct Authority, HotForex is also considered an average-risk broker among the MetaTrader5 brokers. While HotForex has other assets such as Cryptocurrency available for trading, it doesn’t have as wide a selection as our other brokers on this list.
However, one very notable thing about HotForex is that it has six account types available for you to choose from. Of course, these account types vary in commissions, spread rates and margin requirements. That gives users more options to how they want to experience trading on HotForex.
HotForex also provides reliable research with their staff writers and data analysts, all displayed cleanly for their customers on their digital platform. They even give you outlooks and predictions that can span up to an annual basis. Overall, in terms of research, HotForex is very much competitive with its peers; this is one of the biggest reasons it made our top 10 list.
Benefits of HotForex:
- Competitive and comprehensive research
- Well-regulated by trusted authorities
- Offers six different account types
- Available on all mobile and desktop operating systems
Which Broker is the Best?
We didn’t provide a definitive ranking on our list because each broker best suits different types of customers and investors. Some are best for high-balance accounts; some are best for complete newbies. Some excel in their research and are great for customers who know how to use that data already; some excel in assisting their customers with the trade practice itself. Try to figure out your priorities as a Forex Trader, and you will be able to determine which broker will best suit you.
How Do I Start Forex Trading?
The great thing about most of these broker platforms is that they offer demo accounts. These are opportunities to learn the ropes without wasting a dollar. Take the time to learn a demo account and study the educational tools your chosen platform offers.
How do I make sure I don’t lose?
Some brokers do have protections against negative balance in your accounts. However, as we’ve said, many of our brokers are well-regulated, trustworthy, and only vary from low to average risk. We’ve given you those that have the smallest possible chances of you losing anything.
Forex trading has just become exponentially faster and easier through MetaTrader5 and the top 10 brokers we’ve listed here. Although you need to learn more about yourself as an investor, it doesn’t hurt to try out Forex Trading on a demo account. There are many demo accounts and brokers that you can try out, so why not start today? The sooner you begin investing, the sooner you’ll see those returns.
Last Updated on May 7, 2022 by Andre Witzel