As more and more brokers offer the MetaTrader 5 trading platform, especially brokers which are new entrants to the industry, more traders are discovering its unique combination of a very intuitive interface and advanced features. We have conducted extensive research on the retail Forex industry to determine which are the best MT5 Forex brokers offering this platform today. We present our detailed findings for you below.
High floating leverage + fast execution
Daily market research and Autochartist access
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500..
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
5.0/5 in this category
Best all-around broker with high floating leverage and fast execution
FXTM or Forex Time is one of the best all round brokers in the world. This fast-growing forex broker celebrated its 10-year anniversary this year. With a decade of experience this reputable broker is currently available to traders in Cyprus, the United Kingdom and Mauritius. FXTM offers trading options for various currencies including oil, as well as gold, silver and other precious metals. When buying stocks through Forex Time, traders take on full legal ownership of said shares. Whether your investment of choice is in the form of commodities, CDFs, stocks, metals, indices, or oil, FXTM is the perfect broker of choice.
Excellent commission-based Forex pricing environment and transparency
Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
Quality market research and educational content for beginner traders
Proprietary copy trading platform, low minimum deposit, and high leverage
5.0/5 in this category
ECN trading with leverage up to 1:500.
FP Markets is a highly trusted forex broker with over 15 years of experience in the industry and an impressive award count of more than 40 for their excellent technology and customer service. FP Markets is licensed and regulated by the Cyprus Securities and Exchange Commission as well as the Australian Securities and Investments Commission. These regulators are there to ensure that financial service providers such as FP Markets operate in a safe and ethical manner and to protect users from any unsafe or fraudulent practices. With these two regulators overseeing FP market, users can be sure that they abide to best practices.
Choice of trading platforms and auxiliary trading tools
Very competitive cost structure and excellent asset selection
Low minimum deposit requirement and leverage of up to 1:500
Well-regulated and trustworthy
4.5/5 in this category
Highly regulated, choice of fixed or floating spreads
This popular Ireland-based broker has spent the last 14 years establishing itself in the world of trading and has successfully become one of the top forex brokers in the world. AvaTrade is certified and regulated in many different countries across various countries. These counties include Ireland, Australia, the British Virgin Islands, South Africa, the United Arab Emirates – or more specifically Abu Dhabi, Israel, and then finally Japan. In essence, AvaTrade has practically taken over the word and with so many official regulators; there is no doubt that AvaTrade is a highly trusted forex broker that operates above board where financial and legal matters are concerned.
High-quality educational offering via SharpTrader
Excellent choice of trading platforms catering to various trading needs
Broad asset selection and cross-asset diversification opportunities
Well-regulated and trusted broker with oversight from a central bank
4.5/5 in this category
Best ECN trading environment, with scalping and hedging
BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
BlackBull Markets Pros & Cons
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
ZuluTrade and Myfxbook for social trading
Leverage of up to 1:500
4.5/5 in this category
Competitive pricing + excellent daily videos
Eightcap is a forex broker and financial services provider that is based in Australia. This highly rated company is based in Australia but operates on an international level. Their international services extend to their language options with the site being available in French, German, Spanish, Italian, English and five other languages. The broker is regulated by the Vanuatu Financial Services Commission and the Australian Securities and Investment Commission. Eightcap has partnered with Capitalised.ai in order to offer their clients automated trading. The company has been in operation for twelve years and with the reassurance of two regulators, traders can feel rest assured when using this forex broker.
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Daily research and quality educational content
MetaQuotes, the Cyprus-based financial technology firm which developed the MT4 and MT5 trading platforms, released MT5 in October 2009 as a public beta test. The first retail Forex broker to offer MetaTrader 5 rolled it out to clients in September 2010. MetaQuotes probably intended MT5 to be seen as a successor to MT4 and re-coded the trading platform. It underestimated the strength of the widespread attachment to MT4, and the lack of backward compatibility between MT5 and MT4 resulted in many analysts criticizing the new platform. Even a decade after the official launch of MT5, MT4 brokers outnumber MT5 brokers by approximately seven to one, but official data remains unavailable.
Most MetaTrader 5 brokers are new entrants to the market with no existing relationship to the MT4 infrastructure, catering to traders who have no trading solutions that require the MT4 platform to execute. Some established brokers started to add MT5 to broaden their product portfolio, but the overall uptake of MT5 remains slow despite MetaQuotes announcing an end of technical support for MT4. The popularity of MT4, with thousands of brokers and hundreds of millions of traders using it, resulted in ongoing update releases for MT4, even in 2021.
When MT4 launched in 2005, it catered primarily to Forex and commodity traders, without any competition. It allowed MT4 to establish itself as a dominant market leader. The focus on automated trading solutions and copy trading presented brokers and traders with a low-cost trading platform serving all needs. Online trading expanded in popularity, and MetaQuotes intended MT5 to cover more assets, primarily adding CFDs and marketing it as a multi-asset trading platform for advanced traders. Improvements to charting functionalities, the addition of more trading tools, and minor design changes, did not entice brokers to make a costly investment into a platform that resembled MT4 with some improvements. Brokers instead offered more assets on MT4, which has limitations most traders are unlikely to experience, like the inability to open more than 100 charts at once. Developers created upgrades and plugins of all MT5 additions, and with the number of available improvements, MT4 remains superior to MT5.
The main drawback to MT4 are the costly upgrades which seem to be necessary for frequent traders. The most competitive brokers offer free plugins but committed traders may have to invest anywhere between $20 to $250 to get an ultra-competitive trading solution from MT4. Happily, the best MT5 Forex brokers feature many of those improvements in their out-of-the-box MT5 solution. MT5 is suitable for new traders without MT4 EAs. Copy traders also get an improved interface, making it a better as-is trading platform over MT4.