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MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.
Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we made sure that all brokers on this list were fully regulated to ensure trader safety.
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
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Broker | Official Site | Regulated By | Website Language: English | Support Language: English | Compare | |||||
|---|---|---|---|---|---|---|---|---|---|---|
 | USD 0 | 30:1 |        | 1597 | 90 | Yes | Yes | |||
 | USD 5 | 30:1 |   | 1554 | 57 | Yes | Yes | |||
 | USD 10 | 1000:1 |   | 2193 | 49 | Yes | Yes | |||
 | USD 3 | 0:1 |    | 221 | 100 | Yes | Yes | |||
 | USD 0 | 2000:1 | | 1230 | 53 | Yes | Yes | |||
 | USD 100 | 30:1 |    | 930 | 63 | Yes | Yes | |||
 | USD 100 | 30:1 | | 2241 | 70 | Yes | Yes | |||
 | USD 5 | 3000:1 | | 573 | 72 | Yes | Yes | |||
 | USD 200 | 30:1 | | 1744 | 64 | Yes | Yes | |||
 | AUD 100 | 30:1 | | 10162 | 70 | Yes | Yes |
Find Your Ideal Forex Broker
0 pips
CMA, BaFin, SCB, DFSA, ASIC, FCA, CySEC
USD 0
Pepperstone offers ideal trading conditions for scalpers and those using Expert Advisors (EAs).
We like Pepperstone's fast order execution (50 milliseconds,) and the two simple account options: The Standard account, a brokerage-free account with hspreads starting at 1.00 pips on EUR/USD , and the Razor account, which charges a $7 commission (buy and sell) but offers average spreads as low as 0.10 pips on EUR/USD.
Pepperstone's Razor Account has a complicated commission structure.
Pepperstone | Best ECN Broker with MT5 Accounts
0.6 pips
DFSA, FSC, FSCA, ASIC, CySEC
USD 5
Beginner traders looking for comprehensive and in-depth trading educational materials and a non-expiry MT5 demo account.
We like that XM is well-regulated, has low minimum deposit requirements and low trading fees on a wide range of accounts, and that it has fast order execution on a large range of financial instruments on MT5.
Although XM offers numerous other trading tools, it doesn’t offer popular third-party tools, such as Autochartist or Trading Central, which are commonly available on other brokers.
XM | Best MT5 Demo Account
0.7 pips
FRSA, FSA-Seychelles, CySEC
USD 10
Traders seeking a modern, multi-asset platform with extensive analytical tools.
MT5 at NAGA provides solid trading capabilities, excellent charting tools, and an easy transition from MT4.
Entry-level account spreads start at 1.7 pips (EUR/USD), which is much wider than the industry average.
NAGA | Best for Multi-Asset Trading
MT5 (MetaTrader 5) is a trading platform that allows traders to access the Forex market via a broker.
Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.
Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.
Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.
Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.
Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.
Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.
Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.
MT5 has a lot more features than MT4, including an Economic Calendar, Depth of Market indicator, embedded chat function, and unlimited chart windows. It also has 80 built-in indicators and 12 more time-frames than MT4.
MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.
Answers to common questions about the MT5 platform.
The answer to this question depends on what you want from your platform and your previous trading experience.
If you want to trade other CFDs and Forex but want to have a standalone client, then MT5 is a good choice. If you only want to trade Forex on a simpler platform, it’s a good idea to start with MT4.
If you already have some experience with MT4 and are thinking of switching, it depends on your reasons. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.
The big question is how much longer the big brokers will support MT4. It is unquestionably the industry standard at present, and recent upgrades to the MQL4 language have made creating automated trading scripts almost as easy and efficient as MQL5.
That said, more brokers are offering MT5 all the time, and some have chosen to only support MT5 from now on. If you are starting out trading, there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.
Yes, MT5 does support automated trading. In addition to copytrading through the MT5 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators.
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Partner Manager and Financial Writer
Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education.
With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users.
He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.
Head of Content
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