Best MetaTrader 5 Forex Brokers
Brokers with MetaTrader 5 (MT5) offer multi-asset trading with sophisticated analysis tools. The platform is a particularly good option for experienced forex traders looking for algorithmic trading features.
Our team have reviewed and ranked the best MetaTrader 5 brokers, comparing the following:
The availability of MT5 on desktop, web and mobile
The extra features for MT5 available
The forex assets that you can trade
The trading fees and minimum deposit
The trust and regulation of the broker
List Of Best Forex Brokers With MetaTrader 5 In 2023
These are the 5 top brokers with access to MetaTrader 5 based on our findings:
- IC Markets: Best Overall Broker For MetaTrader 5
- AvaTrade: Best MetaTrader 5 Broker For Beginners
- Pepperstone: Best MetaTrader 5 Broker For Add-Ons
- Eightcap: Best MetaTrader 5 Broker For Platform Access
- Just2Trade: Best MetaTrader 5 Broker For US Traders
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IC Markets: Best Overall Broker For MetaTrader 5
MT5 Access: Windows, MacOS, Web, Mobile
Why We Recommend IC Markets
We recommend IC Markets for trading on MetaTrader 5 because it offers 2250 instruments with excellent trading conditions, no strategy restrictions, and an unlimited demo account.
The excellent regulatory oversight and 180,000+ customer base also reassure us that the forex broker can be trusted.
We explain why IC Markets tops our list of MT5 brokers below.
Pros/Cons of IC Markets
There are no trading restrictions on the MetaTrader 5 platform
IC Markets does not impose any trading restrictions in MT5 so scalpers, hedgers, algo traders and news traders are all supported.
The unlimited demo account with $5,000,000 in virtual funds also makes the forex broker a great place to test and refine strategies.
Fast order execution speeds of less than 40 ms
IC Markets offers faster execution speeds than most MT5 forex brokers we reviewed. We consider anything below 100 ms fast and this broker offers average speeds of 40 ms.
This makes for fast and efficient trading, especially on MT5 which has a 64-bit, multi-threaded platform – quicker than MT4’s 32-bit single-threaded application.
The forex broker’s MT5 servers are all positioned in New York’s Equinix NY4 data centre for reliable execution.
MT5 is compatible with both Raw and Standard accounts
MetaTrader 5 is available on both of IC Markets’ accounts; Raw and Standard.
Some forex brokers we use restrict which platform you can use depending on your account type, so we appreciate this flexibility and access.
60+ forex pairs are available with spreads from 0.0 pips
You can trade a wide range of currency pairs on MetaTrader 5 with competitive pricing.
In particular, the Raw Spread account offers an attractive environment for scalpers and Expert Advisors (EAs).
Upon testing, we got an average spread of 0.1 pips on the EUR/USD plus a commission of $3.50, which is lower than many MetaTrader 5 forex brokers.
Higher commissions are charged on MT5 than cTrader
Whilst trading fees are competitive on MetaTrader 5, IC Markets offers even lower commissions on the cTrader platform, coming in at $3 per lot on the Raw spread account.
With that said, we don’t consider this a dealbreaker if you are already familiar with MT5, especially given that pricing is still lower than many alternatives.
The $200 minimum deposit is higher than other forex brokers
IC Markets requires an initial deposit of $200, which is more than other MT5 forex brokers on our list.
This isn’t a major drawback in our opinion, as we consider anything below $500 accessible, but it may deter some beginners.
Why Are IC Markets Better Than The Competition?
IC Markets offers access to MetaTrader 5 on desktop, web and mobile with no strategy restrictions. It is also one of the few forex brokers to provide an unlimited demo account so you can practice on MT5.
This, alongside a wide range of trading products, competitive pricing, and strong regulatory oversight, makes IC Markets one of the best forex brokers for MetaTrader 5.
Who Should Choose IC Markets?
IC Markets is a good option for algorithmic traders looking for ultra-fast execution speeds and raw spreads.
The unlimited MT5 demo account, which takes less than 5 minutes to open, will also serve beginners.
Who Should Avoid IC Markets?
IC Markets won’t suit longer-term traders as you cannot deal in stocks or funds.
The $200 minimum deposit may also be a barrier for some MT5 traders, though it is still relatively low compared to many alternatives.
AvaTrade: Best MetaTrader 5 Broker For Beginners
MT5 Access: Windows, Web, Mobile
Why We Recommend AvaTrade
We recommend AvaTrade because it is a multi-regulated MT5 broker with an excellent reputation and best-in-class resources for beginners.
24/5 customer support is available to assist new traders and the account opening process is fast and straightforward.
Below we explain why traders new to MetaTrader 5 should consider AvaTrade.
Pros/Cons of AvaTrade
1250+ instruments are available including 50+ forex pairs
AvaTrade offers a wide selection of trading instruments on MetaTrader 5, including 50+ currency pairs, 600+ stocks, indices, commodities, bonds, and cryptos.
This is important for us as it means there are opportunities to build a diverse portfolio beyond forex. Also, we see many brokers restrict access to certain instruments depending on your chosen platform.
Excellent range of educational resources including MT5 tutorials
We have evaluated dozens of forex brokers with MetaTrader 5 and AvaTrade stands out for its high-quality educational materials.
We especially rate the MT5 tutorials available in the AvaTrade Academy, which are great resources for traders new to the MetaQuotes software. They unpack how to set up the platform, as well as the key features.
Hugely respected MT5 forex broker with oversight from trusted regulators
The company is regulated by various financial bodies, including the Australian Securities & Investments Commission (ASIC) and the Cyprus Securities & Exchange Commission (CySEC) – tier-one and tier-two regulators, respectively.
Negative balance protection, which prevents your MT5 account from falling below zero, is also provided to retail traders.
As a result, our experts consider AvaTrade a reliable and trustworthy forex broker.
Guardian Angel risk management isn’t available on MT5
While testing AvaTrade, we were disappointed that the broker’s Guardian Angel risk management tool is only available on MT4, and not MT5.
This is a useful feature that provides immediate feedback on trades, helping traders improve their decision-making process.
The MT5 demo account expires after 21 days
AvaTrade offers one of the shortest demo periods on its MetaTrader 5 platform, expiring after 21 days.
With that said, we found that you can request an extension before the expiry date, which is a good option for beginners still learning platform features.
Why Is AvaTrade Better Than The Competition?
AvaTrade is one of the top rated forex brokers with access to MetaTrader 5.
Over 50 currency pairs are available, alongside tutorials for traders new to the platform, and 24/5 customer support.
The award-winning broker is also regulated by multiple bodies and has over 400,000 accounts – a reassuring sign that the brokerage can be trusted.
Who Should Choose AvaTrade?
AvaTrade is an excellent option for beginner forex traders with a low minimum deposit of $100, platform guides, and access to MT5 through desktop, web and mobile apps.
The selection of premium tools and market research, including from Trading Central, also make AvaTrade good for seasoned forex traders.
Who Should Avoid AvaTrade?
AvaTrade is not the best forex broker if you want additional plug-ins that are integrated into MetaTrader 5. Pepperstone is a better option here.
AvaTrade also isn’t a good option for casual traders as a $50 inactivity fee kicks in after three months.
Pepperstone: Best MetaTrader 5 Broker For Add-Ons
MT5 Access: Windows, MacOS, Web, Mobile
Why We Recommend Pepperstone
We recommend Pepperstone because it offers the Smart Trader Tools and Figaro package to enhance the MT5 trading experience.
The brokerage also offers razor accounts with ultra-low spreads and a VPS for around-the-clock connectivity.
Our team explain below why Pepperstone is the best MetaTrader 5 broker for additional tools.
Pros/Cons of Pepperstone
Smart Trader Tools and Figaro package available with MetaTrader 5
Pepperstone offers the best suite of add-ons to complement the MT5 trading experience.
This includes the Smart Trader Tools and Figaro package, with Expert Advisor (EA) features to enhance trade execution and order management.
The standout feature for me is the Correlation Matrix, which offers valuable insights into non-correlated forex pairs.
Razor account with low spreads from 0.0 pips
Pepperstone also stands out for its ultra-low spreads on forex pairs, starting from 0.0 pips.
With no deposit commissions or inactivity charges, the forex broker also beats many rivals when it comes to non-trading costs.
Active Trader program offers 30% spread reductions
The Active Trader scheme is an excellent option for high-volume traders, who can get a 30% discount on spreads and a $3 discount per lot. The free VPS and personalized support are also great perks.
The minimum trading volume of 1500 FX lots is fairly high, but the benefits for serious forex traders make it attractive.
Higher commission fees on MetaTrader 5
You can expect a higher commission of $3.50 on the MetaTrader 5 platform compared to $3.00 on cTrader or TradingView.
However, we don’t view this as a serious drawback – it is common practice at other MT5 forex brokers, including IC Markets.
Why Is Pepperstone Better Than The Competition?
Pepperstone is better than other forex brokers when it comes to add-ons for MT5, with the Smart Trader Tools and Figaro package.
This, coupled with the very low forex spreads from 0.0 pips, puts Pepperstone above other MT5 brokers.
Who Should Choose Pepperstone?
We recommend Pepperstone for traders looking for advanced integrated tools on the MetaTrader 5 platform.
High-volume traders should also consider Pepperstone – it offers one of the best loyalty programs for active forex traders with discounts on trading fees, complimentary VPS hosting, and priority support.
Who Should Avoid Pepperstone?
Users looking for social investing should avoid Pepperstone. It trails the best MT5 brokers when it comes to passive trading opportunities.
Eightcap: Best MetaTrader 5 Broker For Platform Access
MT5 Access: Windows, MacOS, Web, Mobile
Why We Recommend Eightcap
Eightcap offers a straightforward yet top-class trading experience for retail investors, with access to 800+ instruments in the MT5 platform. You can download the MT5 software, trade on the web terminal, or use the Android or iOS app.
You also benefit from excellent third-party tools, as well as a fully stocked education and resource center.
Below we look at why Eightcap is a top MT5 forex broker.
Pros/Cons of Eightcap
Eightcap Labs offers MT5-specific guides, strategy tips and insights
For comprehensive guides and strategy advice when using the MetaTrader 5 platform, the forex broker offers its education center: Eightcap Labs.
I like that you can filter topics to refine the content and make it easier to find the information you need, for example, understanding moving averages on MetaTrader.
AI-powered economic calendar with seamless MT5 integration
Eightcap’s powerful AI economic calendar uses a big data engine to deliver historical data and current market sentiment.
I particularly rate that this can be opened in the MetaTrader 5 platform, which allows me to easily view the data alongside my trading activities.
There are no trading restrictions or price differences on MetaTrader 5
While some MT5 brokers we assess restrict the list of assets available on the platform, or charge different fees, Eightcap offers its full suite of investments with no change in pricing.
We appreciate this because it means you don’t have to spend more just to trade on MT5. Eightcap also already offers competitive fees, starting from 0.0 pips on the Raw account.
The demo account expires after 30 days
Eightcap imposes a 30-day limit on its MT5 practice account.
This is fairly limiting for beginners or traders like us who want to be able to continuously test trade setups in demo mode alongside our real-money account.
Why Is Eightcap Better Than The Competition?
Eightcap offers seamless access to MetaTrader 5 with no restrictions on assets, tools or pricing. You can choose between the downloadable software, browser terminal, or mobile application.
We particularly rate that you can integrate advanced tools like the AI economic calendar in a few clicks. This isn’t something available at most MetaTrader 5 brokers.
Who Should Choose Eightcap?
Eightcap is perfect for forex traders looking for straightforward access to the MT5 platform on multiple devices.
New clients will also appreciate the straightforward account structure, fully equipped resource center and accessible starting deposit of $100.
Who Should Avoid Eightcap?
Eightcap isn’t the best broker if you want unlimited access to MetaTrader 5 in a demo account – as it expires after 30 days. IC Markets is a better option here.
Just2Trade: Best MetaTrader 5 Broker For US Traders
MT5 Access: Windows, MacOS, Web, Mobile
Why We Recommend Just2Trade
We recommend Just2Trade for US clients due to the FINRA and NFA oversight, competitive account conditions and straightforward access to MetaTrader 5.
Just2Trade also offers thousands of instruments, including 50+ forex pairs.
Our team explain why Just2Trade ranks as the best MetaTrader 5 broker for US traders below.
Pros/Cons of Just2Trade
MT5 Global account provides access to 30,000+ instruments
MT5 users have access to a massive suite of 30,000+ instruments – more than most alternatives. As well as forex pairs, you can trade stocks, indices and more.
We also note that more currency assets are available on MT5 than on MT4, making it the better pick for serious FX traders.
Unlimited demo account with $100,000 in virtual funds
The MetaTrader 5 demo account comes with $100,000 in virtual funds, flexible leverage, and a choice of base currencies.
We also found that you can extend the duration of the practice account, effectively making it unlimited. This is a serious perk for traders that want to keep testing setups alongside their live accounts.
Robo-advisor service with straightforward sign-up
Unique to MetaTrader 5 users, Just2Trade offers an excellent portfolio creation and management service. A questionnaire is used to determine your risk appetite and investment goals.
But what stands out for us are the zero management fees, real-time performance statistics, and opportunities to diversify your portfolio beyond forex.
Average customer support with no platform tutorials
Just2Trade’s customer service and training guides fall behind other MT5 brokers.
It took the customer support team upwards of 10 minutes to our platform queries on the live chat – slower than most forex brokers we test.
There are also no MT5 platform tutorials, which may deter newer traders.
Why Is Just2Trade Better Than The Competition?
Just2Trade stands out from competitors with its extensive investment offering and unlimited demo account.
You can also trade on the platform 24/7 through multiple devices and oversight from US regulators.
Who Should Choose Just2Trade?
US traders should consider Just2Trade.
As well as forex trading on MT5, you have access to US stock exchanges and IPOs.
The sign-up process is also simple, requiring the completion of a basic application form before you can open the desktop, web or mobile terminal.
Who Should Avoid Just2Trade?
Just2Trade isn’t the best MT5 broker if you want fast customer support – response times are below average based on our tests.
The lack of platform guides and education also means it isn’t the best option if you are new to the MetaTrader 5 platform.
How To Compare Forex Brokers With MetaTrader 5
Our experts test, compare and rank MetaTrader 5 forex brokers based on several criteria:
The Availability of MT5 on Desktop, Web and Mobile
The best MetaTrader 5 forex brokers offer access to the trading platform via desktop download, web trader, and Apple or Android mobile app.
It is important to have fast and reliable access to your trading platform on multiple devices.
The Extra Features Available
In our experience, the top MT5 forex brokers offer useful add-ons to improve trading capabilities.
While they might range from extra Expert Advisors (EAs) and indicators to alarm managers, connect features and mini terminals, they should all integrate seamlessly with the platform and improve your decision-making.
The Forex Assets That You Can Trade
The best brokers with access to MetaTrader 5 offer trading on upwards of 50 forex pairs, including majors, minors and exotics. This should provide enough coverage for serious traders.
However, we also favor brokers that provide additional trading opportunities, including stocks, indices, commodities and cryptocurrencies.
This can support a diverse portfolio, helping to reduce your risk exposure to fluctuations in the foreign exchange market.
The Trading Fees and Minimum Deposit
Top-rated MetaTrader 5 forex brokers offer tight spreads with low to zero commissions.
Importantly, we evaluate the minimum spreads on currency pairs, as well as the average spreads we get during tests.
In addition, we consider any non-trading fees, from overnight charges to deposit fees and inactivity penalties.
This helps us judge the overall costs of trading with a brokerage.
The Trust and Regulation of the Broker
We only recommend MetaTrader 5 forex brokers that we trust.
Our experts verify the regulatory status of firms, checking their credentials with respective regulators and conducting research to identify any reports of scams or security breaches.
Importantly, offshore brokers receive a lower trust score due to the limited regulatory scrutiny and client safeguards that they typically offer.
Which is the best forex broker with MetaTrader 5?
IC Markets is the best overall MT5 forex broker in 2023. With a $200 minimum deposit, traders can access 60+ forex pairs with tight spreads from 0.0 pips, fast execution speeds of 40 ms, and zero strategy restrictions.
What is MetaTrader 5 (MT5)?
MetaTrader 5 (MT5) is a powerful trading platform that offers advanced charting tools, automated trading capabilities, and a user-friendly interface.
It is designed for traders who want to trade multiple asset classes, including forex, stocks, futures, and options.
Can I use MetaTrader 5 on my mobile device?
Yes, MT5 is available as a mobile app for both iOS and Android devices.
This allows traders to access the platform on the go and manage their trades from anywhere.
Who is MetaTrader 5 suitable for?
MT5 is suitable for a wide range of traders, including beginner traders new to forex trading. It also suits experienced traders using advanced charting tools and automated trading capabilities.
Ultimately, MT5 is a versatile platform that can be used for a wide range of trading strategies, including scalping, day trading, swing trading, and position trading.