Best MetaTrader 5 Brokers
MetaTrader 5 (MT5) facilitates online trading in forex, stocks, and futures. Rich analysis tools and indicators make it an excellent platform for experienced traders. We review the MT5 platform and list the best MetaTrader 5 brokers in 2024.
Top 5 MetaTrader 5 Brokers
We have tested hundreds of brokers as of April 2024 and found that these are the 5 best brokers with MetaTrader 5 integration:
Best MetaTrader 5 Brokers Comparison
| Broker | MetaTrader 5 | Auto Trading | Instruments | Regulators | Minimum Deposit | Visit |
|---|---|---|---|---|---|---|
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM | - | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader, DBots | CFDs, Multipliers, Forex, Stocks, Indices, Commodities | MFSA, LFSA, VFSC, BFSC | $5 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | $0 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | ASIC, CySEC, DFSA, FSC, FSCA | $5 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | ASIC, CySEC, FSA | $200 | Visit |
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✔ | - | CFDs, Forex, Stocks, Indices, Commodities | ASIC, FCA, xCySEC, SCB | $100 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Indices, Commodities | CySEC | $50 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Stocks, Indices, Commodities, Crypto | FSA, CySEC, FCA, FSCA, FSC, CBCS | $10 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Indices, Commodities, Stocks, Crypto | ASIC | $100 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA | $100 | Visit |
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✔ | Expert Advisors (EAs) on MetaTrader, Strategy Builder in R StocksTrader | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | IFSC | $10 | Visit |
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✔ | ✔ | CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities | - | - | Visit |
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✔ | ✔ | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos | FMA, FSA | $0 | Visit |
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✔ | - | CFDs, Forex, Stocks, Indices, Commodities, Crypto | FSC, FSA | $10 | Visit |
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✔ | Myfxbook AutoTrade, Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds | FCA, ASIC, FSCA, VFSC | $50 | Visit |
#1 - AvaTrade
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- Day traders can access stable spreads and zero commissions with no hidden fees
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- Traders from the US are not accepted
- There is no ECN account with raw spreads
#2 - Deriv.com
Why We Chose Deriv.com
Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
- DayTrading Review Team
- Instruments: CFDs, Multipliers, Forex, Stocks, Indices, Commodities
- Regulator: MFSA, LFSA, VFSC, BFSC
- Platforms: Deriv Trader, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- Deriv continues to offer fast and reliable 24/7 support and the WhatsApp service is particularly convenient
- The low $5 minimum initial deposit suits those on a lower budget
- Deriv bolstered its short-term trading opportunities in 2024 with accumulator options on simulated indices featuring up to 5% growth rates
Cons
- There's no loyalty program or rebate scheme for high volume traders
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
#3 - Pepperstone
Why We Chose Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
#4 - XM
Why We Chose XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
Pros
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- Accessible trading accounts with a $5 minimum deposit and fast account opening
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
Cons
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
#5 - IC Markets
Why We Chose IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit: $200
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
History of MetaTrader 5
MetaQuotes released the MetaTrader 5 platform in 2010 as a successor to the hugely popular MetaTrader 4. Retaining the same iconic logo, MetaTrader 5 was marketed to the advanced trader, offering an extensive suite of trading tools.
The platform connects retail traders to multiple markets:
- Stock indices, including the S&P 500, Dow Jones, NASDAQ, Dax 40
- Cryptocurrency, including Bitcoin (XTB)
- Commodities, including gold
- Forex, including XAU/USD
- CFDs
Getting Started with MT5
System Requirements
MetaTrader 5 is free to use and available directly through an online web browser. Alternatively, you can download the platform to your PC. The software is compatible with Windows XP, 7, 8, and 10. The download also works on Mac devices, except with MacOS Catalina. The software should run smoothly on both 32-bit and 64-bit processors. MetaTrader 5 is also compatible with Linux.
Registration
Once you have downloaded MetaTrader 5 to your PC or navigated to the login page on your browser, register for a new account. Most brokers will require basic information to verify your identity, trading objectives, and risk appetite.
From your account dashboard, you can make deposits and withdrawals. Minimum deposits vary between brokers. Payment fees also depend on the provider and method selected.
Trading costs, commissions, and leverage levels are flagged when you sign up for an account. Forex traders may see a swap charge against their account. A swap fee is interest earned or paid on trades kept overnight.
Technical Analysis
MetaTrader 5 offers 38 built-in technical indicators, including:
- Exponential moving averages (EMAs)
- Volume profile
- MACD-2 lines
- Pivot points
- B-clock
- Zig zag
- Renko
Custom indicators are also available from Code Base and the Market.
Over 100 price charts are available on the platform with 21 timeframes, ranging from one-minute to one-month. This makes the platform suitable for analysing both short-term and long-term price trends.
Additional Tools
MetaTrader 5 is home to real-time international news streams and an economic calendar. The software also has a Depth of Market feature to see liquidity, plus one-click trading and a vast library of historical market information, such as NSE stock data.
MetaTrader 5 allows for separate accounting of orders and trades, plus support for all types of trading orders and execution models.
The two accounting modes are:
- Netting – Adopted on exchange markets
- Hedging – Used for trading
For further guidance on how to build a trading strategy, see here.
Customisation
The MetaTrader 5 web terminal has been designed with personalisation in mind. Gateway Java and Python APIs, for example, enable integration so users can run:
- Custom indicators – Indicators can analyse price data following pre-determined rules.
- Scripts – Scripts can perform almost any function on the platform, such as adding indicators to a chart or closing all pending orders.
- Libraries – This is a portfolio of tasks that share segments of popular custom applications on MetaTrader 5.
Note you can also personalise the look and feel of the platform, including choosing between the light and dark mode.
Expert Advisors
Automated trading is available through expert Advisors (EAs). Following pre-determined criteria, algorithms will automatically execute trades on your behalf.
The MQL5 programming language allows for the development, backtesting, and optimisation of expert advisors. The MQL5 Wizard helps beginners get started with trading robots. For advanced traders, MQL5 IDE provides additional tools:
- MetaEditor – Used to develop and refine trading robots and indicators
- Strategy Tester – Tests trading strategies using historical data
Expert advisors can also be bought directly from the Market or free downloads are available at Code Base. Detailed tutorial PDFs that explain how to get started with MetaTrader 5 robots can be found online.
Mobile App
If you need to step away from your MacBook or Chromebook, the mobile app has everything a pro needs to operate. You can access a complete set of trading orders, including pending orders and level 2 prices, with up to 32 quotes. Mobile traders also benefit from fast switching between financial instruments on charts, free financial news, push notifications, 30 technical indicators, and 24 analytical tools. Additionally, the History Center can be used to view price quote history.
Download the Android mobile app (APK) from the Google Play Store. For iPhone users, head to the Apple App Store. Alternatively, the platform is available through the WebTrader login page on your mobile browser. A tutorial for MT5 mobile beginners is offered by most brokers.
Note the time zone is set by the broker and cannot be changed from your iPhone or Android device.
Demo Account
The free MetaTrader 5 demo account is an excellent preliminary step to take before opening a real live account. Beginners can get familiar with trend analysis and order execution. You could test a strategy on shares, for example, without risking real money. You could also play around with different lot sizes in a forex strategy, or try trailing stops and risk management tools. Note 1 lot equals 100,000 of your base currency while a mini lot equals 10,000 and a micro lot equals 1,000.
A useful tip for new traders is to keep a trading journal, documenting what does and doesn’t work. For further guidance on demo accounts, see here.
Support
Support is available to MetaTrader 5 customers through several avenues. Head to the ‘Help’ page for key topics, including:
- Getting started
- Charts & graphs
- Price analysis
- Copy trading
- Mobile trading
- Trading signals
- Automated trading
For common issues, such as no connection, the platform keeps closing, or you’ve forgotten your password, most brokers operate a live chat or telephone support service. To get complex topics explained and standard templates, user manuals and guides in PDFs or online videos are a good place to start.
However, arguably the greatest source of support is the online MetaTrader 5 community. If you’re having issues with the platform not updating, connecting or working, or if you want a review of keyboard shortcuts and hotkeys, you’ll find forums with users willing to help. Avid users are also great for updates on how to get the most out of the latest version of MetaTrader 5.
Errors
Common platform errors include:
- ‘Market closed’ – Appears when you try and place a trade outside of trading hours
- ‘Off quotes’ – If connectivity drops, the platform can’t display current prices
- ‘Can’t place order’ – Usually happens if you try to place a trade without sufficient capital in your account
- ‘Unsupported filling mode’ – Brokers use different symbol filling modes, so check the filling mode accepted by your symbol
Head to the ‘Contact us page’ to speak to a manager from one of MetaTrader’s representative offices.
MetaTrader 5 Vs MetaTrader 4
MetaTrader 5 certainly isn’t as widely used as MetaTrader 4, but it still has a lot to offer. The key difference is that MetaTrader 5 is geared towards the advanced trader. MT5 offers 38 technical indicators while MT4 has 30. MT5 has 44 graphical objects to MT4’s 31. And MT5 has 21 timeframes while MT4 has nine.
MetaTrader 5 is also considered a multi-asset platform, whereas MetaTrader 4 is primarily used by forex traders. Finally, MetaTrader 5 has two market orders, six pending orders, plus two stop orders, whilst MT4 offers two market orders and four pending orders. But the price of MT5’s additional tools is that beginners and those looking for an uncomplicated platform might be deterred.
So when it comes to the choice of MetaTrader 5 or MetaTrader 4, consider your needs. MT5 is probably the best fit for advanced traders seeking a state-of-the-art platform, but MT4 will suffice for most.
MetaTrader 5 vs NinjaTrader 8
For forex traders, there is a MetaTrader vs NinjaTrader debate. Both platforms are aimed at experienced traders using sophisticated strategies.
The benefit of NinjaTrader is that it promises more customisation than MetaTrader 5. The downside is it’s not as readily available as MetaTrader. This means less choice when it comes to brokers and a smaller online community. In contrast, the MetaTrader 5 community is extensive, ensuring help is always on-hand, be it you want to change the platform’s time zone indicator or view the latest update release notes.
Overall, MetaTrader 5 is more widely available and still offers ample customisation.
Final Word
For experienced traders wanting a multi-asset platform and access to powerful trading tools, MetaTrader 5 is a sensible option. The server allows you to operate multiple accounts with different brokers. It also has excellent automated trading capabilities and copy trading. Overall, for complex trading strategies, MetaTrader 5 is among the best.
FAQ
What is MetaTrader 5?
MetaTrader 5 is an online trading platform that connects retail investors to the financial markets. It’s commonly used for trading on forex, stocks, and futures.
Is MetaTrader 5 a broker?
No – MetaTrader 5 is not a broker. It’s offered by brokers to customers who use the interface to manage trading activity, including conducting analysis and executing trades.
Is MetaTrader 5 a legitimate platform?
MetaTrader 5 is a legitimate and well-regarded platform. Its developers, MetaQuotes, are among the industry’s best-established providers.
How do I use MetaTrader 5?
To use MetaTrader 5 you need to download the platform to your Mac or Windows device, or open the terminal in your web browser. You will then need to register for a new account. Once you have your login details, sign-in to deposit funds, conduct price analysis, and place trades.
Is MetaTrader 5 free?
MetaTrader 5 is free to use for traders. The broker pays an upfront fee and a monthly charge to be able to license the platform to its customers.
How do I use a MetaTrader 5 demo account?
To use a MetaTrader 5 demo account, simply register for a new account, select ‘demo’, and follow the on-screen instructions.
Is MetaTrader 5 safe?
MetaTrader 5 is a relatively safe platform, using data encryption and extended authentication to protect client information from hackers. With that said, it’s impossible to guarantee the security of any online platform. Also, trading by its very nature is risky, so do not risk more than you can afford to lose.