MetaQuotes Software recently changed its pricing model to make MT5 a more attractive option whilst stopping its MT4 support. MT4 brokers began offering MT5 in greater numbers, and I have conducted an in-depth review of MT5 brokers.
Since MT5 is the trading platform and not a broker, traders must carefully evaluate the trading conditions which will vary from providers to provider and this guide should help decide who can offer the best possible solution based on individual requirements. We also outline the MT5 core features, cover the differences between MT4 and MT5, and highlight the pros and cons of MT5.
High floating leverage + fast execution
Daily market research and Autochartist access
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
5.0/5 in this category
Best all-around broker with high floating leverage and fast execution
FXTM ranks amongst the most competitive MT5 brokers due to its ultra-competitive commission-based pricing environment. Traders in the FXTM Advantage account - which requires a $500 minimum deposit, get raw spreads from 0.0 pips, and pay a commission between $0.80 and $4.00 per 1.0 lot. Active traders benefit from an average execution time of 0.072 seconds and a price improvement where applicable, further enhancing the cost benefits.
Beginners can learn the basics of trading in the Micro account for a minimum deposit of $10 and benefit from actionable trading signals and have access to high quality educational content. Copy traders can use the FXTM Invest service, a competitive alternative to the embedded MT5 solution. FXTM also developed its FXTM Trader app for mobile traders.
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 upgrades the out-of-the-box MT5 with twelve plugins, and the popular Autochartist and Trading Central. It creates a competitive trading environment for manual traders, making it one of the leading MT5 brokers. NDD order processing, no requotes, high leverage and deep liquidity ensure clients have an edge when it comes to execution. Algorithmic traders get VPS hosting for low-latency, 24/5 market access.
Traders benefit from a competitive commission-based pricing environment with spreads from 0.0 pips and a separate commission ticket fee of $6.00 per round lot. There are also an impressive 1,000+ tradable instruments across asset classes. MAM/PAMM accounts cater to traditional account management services, while beginners can benefit from quality research, actionable trading signals, and educational content. Copy traders can use the proprietary FP Markets Copy Trading solution, Myfxbook Autotrade, or the embedded MT5 copy trading services.
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
Competitive pricing + excellent daily videos
Eightcap is one of the top MT5 brokers, it features artificial intelligence system Capitalise AI, enabling the automation of strategies in a code-free environment. This unique trading tool, MT5 and Cryptocrusher (a dedicated cryptocurrency solution), makes Eightcap a highly competitive multi-asset broker. The 800+ trading instruments include 250+ cryptocurrency CFDs, and the commission-based pricing environment sees spreads as low as 0.0 pips for a competitive commission of $7.00 per round lot.
The MAM/PAMM module is available for licensed account managers, and Eightcap connects to the TradingView community with 30M+ members. Offering traders’ access to countless trading ideas, strategies, and discussions. Other highlights include VPS hosting, high leverage, deep liquidity, and superb order execution statistics able to support demanding algorithmic traders. A lucrative partnership program caters to passive income seekers at Eightcap.
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
4.5/5 in this category
Best ECN trading environment, with scalping and hedging
BlackBull Markets maintains a superb trading infrastructure and a huge 26,000 tradable instruments from its MT5 trading platform, placing it amongst the leading MT5 brokers. Demanding traders can get FIX API access, supporting third-party connections to the trading infrastructure and deep liquidity at BlackBull Markets. BlackBull Social, ZuluTrade, Myfxbook Autotrade, and embedded MT5 services support copy trading. Traders can connect to the active TradingView community with 30M+ traders and Autochartist upgrades MT5.
VPS hosting is available but requires the ECN Prime account which has a minimum deposit of $2,000. As far as trading costs go it is a competitive commission-based pricing environment with spreads from 0.1 pips for a commission ticket fee of $6.00 per 1.0 round lot. The ECN Standard account features reasonable spreads and commission-free costs without a minimum deposit requirement.
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
Highly regulated, choice of fixed or floating spreads
AvaTrade is one of the most regulated MT5 brokers, authorized in nine jurisdictions. Traders can automate strategies in a code-free environment via Capitalise AI, algorithmic traders get VPS hosting. AvaSocial and DupliTrade cater to copy trading, alongside the embedded MT5 service. Beginner traders benefit from the spun-out SharpTrader Academy, a leading educational platform with excellent courses. The Trading Central plugin upgrades the core MT5 trading platform.
The commission-free cost structure on 1,250+ instruments, including options and ETFs, remains reasonably priced. AvaTrade also maintains a leading partnership program which has 70,000+ partners from 150+ counties and 250M+ commission payouts made to date, ideal for passive income generation. Competitive leverage is available, but this depends on the regulatory environment and geographic location of traders as to the allowance.
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
MT5, developed by Cyprus-based and Russian-owned MetaQuotes Software, is a multi-asset trading software platform. Released in 2010, InstaForex became the first broker to offer MT5 trading accounts. MT5 was supposed to succeed MT4, which MetaQuotes Software released in 2005. MT5 failed to displace MT4 and is a distant second choice to the older platform but is more popular than the next popular platform choice, cTrader. MT5 has advanced features and upgrades, but the lack of backward compatibility with MT4 and less versatile trading infrastructure resulted in what some consider a failed successor to MT4. With hundreds of millions in development on 25,000+ MT4 custom indicators and trading robots, over twice the amount for MT5, existing traders including asset managers saw no reason to redevelop, repurchase or reinvest in MT5.
MetaQuotes Software spent 2013 and 2014 completely revising the MQL4 programming language to reach the level of MQL5. From build 600, MQL4 and MQL5 use the unified MetaEditor, which saw an increase in MT5 development but notably still trails MT4. Most brokers only offer MT4, and MetaQuotes Software began to up the pressure on brokers to switch to MT5, officially ending new technical support for MT4, but MT5 adoption remains slow.
Some new entrants to the ultra-competitive brokerage market became exclusive MT5 brokers, but they can only serve traders not explicitly needing MT4-based trading solutions. Like MT4, MT5 fully supports algorithmic trading and has an embedded copy trading platform. It is available as a desktop client, a lightweight web-based option, and a mobile app. MT5 introduced a multi-asset functionality versus the Forex-focused MT4, but most brokers had already transformed MT4 into a multi-asset trading platform with fewer assets but sufficient for most traders.
The MT5 desktop platform is the one most traders use, as it unlocks the full potential of MT5. It requires a download file, available from MT5 brokers and installation, which takes less than a minute. MT5 features superior trading tools for technical and fundamental analysis, an advanced ‘Market Depth’ feature, netting and hedging accounting modes, and one-clock trading. Traders can open up to 100 charts, which limits advanced algorithmic traders, as robots require charts to function.
The MT5 charting system features 21 timeframes, ensuring technical analysts have the necessary tools to analyze price action. It also comes equipped with 80 built-in technical indicators and analytical objects. Competitive MT5 brokers provide clients with free plugins to enhance the trading experience and try to offer a competitive edge. The MT5 desktop platform includes a detailed economic calendar, it allows messaging including attachments, supports algorithmic trading, features a copy trading system, a strategy tester, and a marketplace with 10,000+ custom indicators and trading robots.
The MT5 desktop platform is the go-to choice for demanding MT5 traders who require the maximum potential MT5 offers.
The MT5 web platform is a lightweight alternative to the MT5 desktop platform, ideal for beginners with the most basic requirements. Most MT5 brokers offer it and besides a trading account, it only requires an internet connection to trade. Unlike the MT5 desktop platform it does not support algorithmic trading. Traders can conduct market analysis with 30 technical indicators and 24 graphical objects from any browser on Windows, Linux, and macOS devices. Since the MT5 desktop platform is not heavy on system resources and offers the powerful trading portal most traders want, the MT5 web platform is not that important for most traders.
Beginner traders can use the MT5 web platform to familiarize themselves with the trading conditions of MT5 brokers and begin their trading journey, but they should ultimately move to the MT5 desktop platform to get all the features and benefits of a more powerful tool.
The MT5 mobile app is available for mobile phones and tablets on Android and Huawei devices. Apple removed MT5, and MT4, from its App Store in September 2022. The removal was allegedly because of connections with Western sanctions on Russian interests, while MetaQuotes Software claims its removal was related to non-compliance with the App Store Review Guidelines. Like the MT5 web platform, traders get 30 built-in indicators and 24 analytical objects but no algorithmic trading. All MT5 brokers offer the MT5 mobile app due to growing demand.
While the MT5 mobile app supports most trading functions, most traders use it to monitor portfolios or manage copy trading settings. The small screen sizes of mobile apps make them typically unsuitable for analysis. Typically, profitable traders do not trade using mobile apps alone, making them a potential trap for beginners if used for anything besides monitoring portfolios on the go. Traders from emerging and frontier markets often use mobile apps for trading. Most use only one device and make mobile apps their primary choice due to versatile non-trading use.
The MT5 mobile app is a lightweight trading platform ideal for monitoring portfolios on the go and adjusting copy trading settings.
The MT5 trading platform offers traders the flexibility they require from their MT5 demo accounts. This includes setting the desired portfolio leverage and demo account balance, the lowest default balance is $3,000 or a currency equivalent. The most competitive MT5 brokers offer unlimited deposit settings from their secure back office, allowing traders to treat their MT5 demo account like a live portfolio.
There is no time limit or restrictions on the number of MT5 demo accounts a trader has but MT5 brokers may apply them, including portfolio customization. Since MT5 supports algorithmic trading, signal services and copy trading, the MT5 demo account and strategy tester are essential to many MT5 traders.
MT5 is a trading platform and the developer, MetaQuotes Software is duly registered in Cyprus. It is a pioneer in trading technology, with its first product launch in 2000 and the firm has established itself as the global market leader for retail margin trading. The regulation and safety of traders are the sole responsibility of MT5 brokers that offer the platform. Therefore, traders must register with a trustworthy MT5 broker like the ones reviewed above, to ensure they manage their portfolios with a safe counterparty.
Transaction costs depend entirely on the MT5 brokers and have nothing to do with the MT5 trading platform which is just the means of access. MT5 brokers can offer their traders competitive commission-based pricing environments with volume-based rebate programs, commission-free alternatives, or spread based commission-free cost structures. Traders must carefully evaluate all transaction costs, which transparent MT5 brokers should provide on their websites.
Forex traders should pay no more than $6.00 per 1.0 standard lot during the most liquid trading periods for EUR/USD to gauge the competitiveness of transaction costs at their preferred MT5 broker. They must also check swap rates on leveraged overnight positions, an often-overlooked trading cost for traders holding trades for longer than a day. The MT5 trading platform lists swaps, which will vary depending on the MT5 broker. The existence of positive swap rates (trader gets paid for holding a position overnight) indicates an environment reflecting actual market conditions, while its absence may indicate interference and manipulation by MT5 brokers.
MT5 brokers offer varying levels of customer support to traders. It can range from regular business hours to 24/7. Traders can always e-mail, but a broader approach includes live chat and phone assistance with a direct line to a customer service department. The MQL5 community is also highly active and provides help. MetaQuotes Software does not provide customer support to traders, as it only serves MT5 brokers. Traders should understand the difference between MT5, the trading platform, and MT5 brokers who are the custodian of their funds who set trading conditions using MT5.
MT5 offers notable improvements over MT4, but its lack of backward compatibility with MT4 has slowed its adoption despite the best efforts by MetaQuotes Software to force changes. Pure MT5 brokers are rare and usually they are new entrants to the market without an existing client base. MT4 traders with existing trading solutions cannot always switch to MT5 unless they make the necessary changes in the code.
The most notable differences between MT4 and MT5 are:
- MT4 has four order types versus six at MT5
- MT4 allows nine timeframes versus 21 at MT5
- MT4 features 24 graphical objects versus 44 at MT5
- MT5 supports partial orders
- MT5 provides an improved user interface over MT4, but requires third-party plugins (a shared feature with MT4)
- MT5 trade buttons include a tooltip with information covering trade volume at quoted prices
- MT5 displays market depth information in the terminal window and volume data with each price
- MT5 features an improved Journal tab
- MT5 allows hedging and netting, while MT4 only features hedging
- The MT5 Standard Library includes statistical functions
- The improved MT5 Strategy Tester includes advanced settings and supports 64-bit multi-threaded ’back testing’
Before traders decide on which MT5 broker to choose, they should evaluate the pros and cons of the MT5 trading platform itself.
The most notable pros of the MT5 trading platform are:
- Full support for algorithmic trading plus the MT5 Strategy Tester
- MQL5 coding language allows unlimited customization opportunities
- 10,000+ custom indicators and EAs
- Embedded copy trading and signal service
- Mobile app for Android and Huawei devices
- Light on system resources
- Six order types, including buy stop-limit and sell stop-limit
- 21 timeframes for flexible technical analysis
- 44 graphical objects
- 80 technical indicators covering the most used and reliable tools
- Market depth and volume data
- Two accounting modes consisting of hedging and netting
- Economic calendar and news feed
- Messaging tool with attachments
The most notable cons of the MT5 trading platform are:
- Lacks backward comparability with MT4
- Limited to 100 charts, which limits advanced algorithmic requirements
- Requires third-party plugins to transform the core MT5 into an innovative trading platform
- Dated user interface
- Limited availability
MT5 is the second-most popular retail trading platform worldwide currently, but trails MT4 by a wide margin. MetaQuotes Software owns both, and while they appear similar on the surface, MT5 represents an upgrade over MT4, but the lack of backward compatibility with MT4 resulted in slow adoption. MetaQuotes Software began forcing customers to switch to MT5 with limited success, given the broad-based support for MT4 and its infrastructure.
MT5 brokers can offer competitive trading conditions and a technologically advanced trading platform but cannot cater to MT4 traders with existing trading solutions built on that infrastructure. While MT5 is slowly closing the gap to MT4 it remains an uphill battle, given the tens of millions of MT4 traders and asset managers who require the MT4 infrastructure. Brokers offering MT4 and MT5 usually have better trading tools for MT4, given their availability and the length of time the platform has been used in the market. The future ultimately belongs to MT5 once the slow migration passes 50% of active trading volume resulting in developers making the necessary code changes to move away from MT4 solutions.
Which broker is best for MT5?
Since MT5 is a trading platform which is the same for all MT5 brokers, the trading conditions depend entirely on MT5 brokers. Traders have various requirements, and which MT5 brokers suit them best depends on their specific trading needs.
Can I use MT5 for Forex?
All MT5 brokers typically offer Forex & CFD trading as part of their overall asset selection.
Is MT5 good for beginners?
MT5 offers a competitive choice of technical indicators, supports algorithmic trading, features signal services, and copy trading and has unlimited, flexible MT5 demo accounts. Therefore, beginners have the technical infrastructure to succeed, but they must ensure they start with in-depth education before using MT5.
Does MT5 cost money?
No. Traders get MT5 for free, as MT5 brokers pay all necessary fees to MetaQuotes Software, the owner of MT5.
Can you withdraw from MT5?
MT5 brokers manage deposits and withdrawals, not the MT5 trading platform, which does not feature an embedded finance portal. Traders use the back office of their MT5 brokers, who credit / debit the balance visible in MT5 accordingly.
How much is an MT5 license?
After MetaQuotes Software changed its pricing from a license-based model to a subscription-based alternative, the entry-level MT5 package starts at $5,000 versus $3,000 for a White Label solution. Previously, MetaQuotes Software asked between $25,000 and $250,000 to get a server license.
Can I trust MT5?
MT5 is a reliable trading platform, but the trustworthiness of the trading environment depends on the MT5 brokers offering it. Therefore, traders should consider the reputation, regulation, and operational history of MT5 brokers.
How do I deposit money into MT5?
Traders deposit money with their MT5 brokers and not directly into the MT5 trading platform.
Who owns MT5?
MetaQuotes Software developed, maintains, and owns MT5.