5 Best MT5 Forex Brokers in 2021

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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.

Top MT5 Brokers

1
FXTM
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
2
AvaTrade
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
3
Pepperstone
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best ECN execution on the MT4 platform
Excellent implementation of cTrader and Smart Trader Tools
4
Eightcap
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Most extensive crypto derivatives offering. Choice of 250+ Crypto CFDs
Multiple funding and swift withdrawal options
Ultra-low spreads across all Crypto derivatives
5
FP Markets
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access

FXTM, Best all-around: high floating leverage + fast execution.
AvaTrade, Highly regulated, choice of fixed or floating spreads.
Pepperstone, Great ECN execution on MT4 platform.
Eightcap, Competitive pricing + excellent daily videos.
FP Markets, ECN trading with leverage up to 1:500.

FXTM

5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, FSC, CMA

Year Founded

2011

Type of Broker

Instant/Market Execution

Minimum Deposit

$50

Maximum Leverage

Flexible

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

AvaTrade

5.0/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

Pepperstone

4.5/5 in this category
In Summary
Great ECN execution on MT4 platform


Pepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is possibly the most well-known ECN Forex broker in the world. ASIC’s deft regulatory touch combined with local expertise made Australia a haven for broker startups heavy on technology and offering extra-speedy frictionless execution and extremely high maximum leverage. Pepperstone offer geographically eligible clients a maximum leverage as high as 500 to 1, which is enough for anybody’s trading needs.

Unique Features

Headquarters

Australia

Regulation

CySEC, FCA, BaFin, ASIC, CMA, DFSA

Year Founded

2010

Type of Broker

35,139

Minimum Deposit

$200

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, cTrader

As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account gives one of the lowest and most competitive cost of trading in Forex that you will find anywhere.

In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).

Pepperstone is renowned for its advanced technology tools such as Smart Trader Tools and cTrader Automate. cTrader is one of the more popular trading platforms out there but is not offered by a majority of brokers, so Pepperstone can be a good choice if you want to trade with an ECN brokerage through the cTrader trading platform.

Pepperstone Pros & Cons

Advantages

  • Low minimum deposit and high leverage

  • Choice of trading platforms and social trading alternatives

  • Comprehensive MT4/MT5 upgrade package and VPS hosting

  • Active trader program and competitive cost structure

Disadvantages

  • Limited asset selection

Eightcap

4.5/5 in this category
In Summary
Competitive pricing + excellent daily videos

Unique Features

Headquarters

Australia

Regulation

ASIC, VFSC

Year Founded

2009

Type of Broker

None

Minimum Deposit

$100

Maximum Leverage

Maximum Leverage 1:30 (or 1:500 for non-Australia clients)

Type of Platform

MetaTrader 4, MetaTrader 5

Eightcap Pros & Cons

Advantages

  • Low minimum deposit and high leverage of up to 1:500

  • Competitive ECN cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

Disadvantages

  • Limited asset selection

FP Markets

4.5/5 in this category
In Summary
ECN trading with leverage up to 1:500

fpmarkets is an Australian brokerage which launched in 2005. Headquartered in Sydney, Australia’s financial capitol, they have carved out a solid niche for themselves as the best Forex / CFD broker enjoying ASIC regulation. Australian regulators are much more relaxed about leverage than their counterparts in the U.S.A., U.K., and the E.U. and so fpmarkets can offer a maximum leverage as high as 500 to 1.

For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares. These go beyond the typical U.S.A. and U.K. companies and include a good selection of publicly traded shares on the Hong Kong and Sydney exchanges, as you might expect from an Australasian-facing broker like fpmarkets. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here.

Unique Features

Headquarters

Australia

Regulation

CySEC, ASIC

Year Founded

2005

Type of Broker

No Dealing Desk

Minimum Deposit

$100

Maximum Leverage

1:500

Type of Platform

MetaTrader 4, MetaTrader 5, Web-based, IRESS

They offer an unusual hybrid ECN/STP execution model which means that their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.

Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data.

FP Markets Pros & Cons

Advantages

  • 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

Disadvantages

  • Availability of Iress geographically restricted

FP Markets is an Australian multi-asset broker with more than $1 billion in daily trading volume, serving clients from 80+ countries. Founded in 2005 in Australia, FP Markets grew into a trusted brand over the past 15+ years with more than 100 employees. The upgraded MT4/MT5 trading platforms, via the Trader Tools consisting of twelve plug-ins, present clients with a competitive edge. We have conducted an in-depth review of this CFD broker to provide traders with a complete overview of the trading environment at FP Markets.

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.

MetaTrader 5 Brokers

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 Best MT5 Brokers

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.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.