Best MT5 (MetaTrader 5) Brokers in 2024 - TOP 10
OANDA - Best MT5 Broker in 2024
Top MT5 Brokers for Forex Trading in 2024:
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
FOREX.com - Diverse range of tradable assets (80+ currency pairs)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Eightcap - Best broker to trade directly from TradingView charts
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
The MetaTrader 5 (MT5) platform has become one of the most popular trading platforms used by Forex traders around the world. Its comprehensive charting capabilities, extensive range of technical indicators, and ability to support algorithmic trading have made it a goto choice for experienced traders.
To access the Forex markets on MT5, traders must open an account with an MT5 broker. With many brokers now offering MT5 alongside other platforms, traders have more choices than ever. In this article, we review the top 9 Forex brokers that are garnering attention in 2024. We analyze key factors like regulation, available trading assets, and platform features. Our evaluation aims to provide an objective, balanced perspective on the leading MT5 brokers so traders can confidently select the right partner for their Forex trading activities. The MT5 platform offers powerful tools, but the broker sets the stage for an optimal trading experience.
Top 10 MetaTrader 5 Brokers in 2024
We prepared a rating based entirely on the expert assessment of the Traders Union team, as well as user feedback. The brokers on this list have been selected from the overall general rating of Forex brokers. We’ll also dive into the best MetaTrader suite, the various opportunities for copy trading, their custom indicators, and other tools.
1. OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
The OANDA broker provides relatively favorable conditions to its clients. The minimum deposit for a Standard account is $0 and for a Core account it’s $40. The spread size depends on the specific trading instrument (for currency pairs - the minimum is 0 pips (percentage in points). The minimum trade volume is 0.01 lot for all types of accounts. Leverage depends on the specific trading instrument, and the maximum value is 1:200.
| Minimum deposit: | No |
| Maximum leverage: | 40 |
| Trading platforms: | MetaTrader 4, WebTerminal MT4, MT5, fxTrade |
| Regulation: | FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
2. FOREX.com - Diverse range of tradable assets (80+ currency pairs)
Trading conditions Forex.com can be attributed to the average level of competitiveness. A high minimum deposit and a leverage of up to 1:400 curtail the possibilities of implementing several high-risk, highly profitable strategies and testing the account and platform functionality by novice traders. The spread is floating. The minimum value is 0.2 pips, while the typical value for the EUR/USD pair is 1.3 pips.
| Minimum deposit: | 100 |
| Maximum leverage: | 50 |
| Trading platforms: | МT5, МТ4, Forex.com (proprietary platform) |
| Regulation: | CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
3. RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
RoboForex bonus programs are the company's strong points. Every trader gets a $30 Welcome Bonus, if they deposit $10 or more to their account. Additional bonuses include 5%-15% cash back on the fees depending on the trading volume, as well as additional 10% extra funds for more than 1,000 traded.
The minimum deposit on all accounts except R StockTrader is $10. The minimum deposit for trading stocks on the R StocksTrader and copying trades on the CopyFx platform is $100. The spread on Prime and ECN accounts is floating, from 0 pips, on Pro and ProCent accounts – floating from 1.3 pips. You can trade 36 currency pairs, metals and CFDs on this type of account.
For trading, RoboForex has available the following applications: MetaTrader 4, MetaTrader 5, and R StocksTrader, as well as its web terminal, on which you can work on real and demo accounts.
Leverage is up to 1:300-1:500 depending on the account type, as required by the regulatory authorities. The leverage on the cent account is up to 1:2000. On standard accounts, manual increase of leverage to 1:2000 is possible during registration, but this option is subject to certain rules. This parameter is appreciated by experienced traders and amateurs of aggressive trading. With RoboForex, you can earn not only on trading but also on the affiliate program, making a profit from users you have referred to a broker. Multilingual support helps market participants solve their pressing problems 24/7.
| Minimum deposit: | 10 |
| Maximum leverage: | 2000 |
| Trading platforms: | МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
| Regulation: | FSC |
4. Eightcap - Best broker to trade directly from TradingView charts
The minimum deposit for most brokers is determined by the account type. That is, in order to trade with real money, you need to deposit a certain amount. For example, from $10 or $1,000. With Eightcap, the minimum deposit is $100 regardless of the account type. Thus, traders need to deposit at least this amount when opening a live account. Further, traders can focus only on their own preferences and the minimum trade volume, which is a standard lot of 0.01. Leverage also does not depend on the account type but on the asset. The highest trading leverage, which is always relevant for currency pairs, is 1:500. This is more than enough to increase the profit potential, although the risk increases proportionally. The broker's technical support is ready to respond promptly by phone, email, or live chat. An important plus is that multilingual support works 24 hours a day, but not on weekends.
| Minimum deposit: | 100 |
| Maximum leverage: | 500 |
| Trading platforms: | MetaTrader 4, MetaTrader 5, and TradingView |
| Regulation: | ASIC, SCB, CySEC, FCA |
5. Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
Due to an expanded range of trading accounts, Exness is suitable for both professionals and novice traders with little or no experience. The former trade on Pro accounts, and the latter trade on standard and cent accounts. Occasionally, Exness pays bonuses to its new and existing clients.
Not every broker can compete with the range of trading instruments offered by Exness. The company provides 5 classes of CFDs. Commodities can be split into two more groups — metals and energies. The choice of currency pairs is one of the widest on the market. There are over 100 pairs, including majors, minors, and exotics. Leverage is up to 1:2,000 on all account types. Further, active traders can use unlimited leverage subject to requirements for the number of traded lots. The requirements for standard and professional account types are 5 lots, for the cent account, it is 500 lots. The swap-free option is available for all account types.
Market execution is available for trades with currency pairs, indices, stocks, and commodities. Trades on the Pro account are executed instantly. This rule doesn’t apply to cryptocurrencies. Only market execution is available when trading those. Trading conditions on one account type on different platforms are similar. That is, swaps and spreads for Standard account types on MT4, MT5, or Exness in-house platforms are the same.
| Minimum deposit: | 1 |
| Maximum leverage: | 2000 |
| Trading platforms: | MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
| Regulation: | FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
6. Pocket Option - Best for Social Trading (top rated service by customers)
To start trading with Pocket Option, it’s enough to minimum deposit $5 on both Forex and binary options account types. Deposits are available from crypto and e-wallets, however, there are cryptos with a $10-$50 minimum threshold. Not less than $16 can be deposited from a bank card. When trading CFDs on MT4 and MT5, traders can use pending orders, one-click trading, and automated trading.
| Minimum deposit: | 5 |
| Maximum leverage: | 1000 |
| Trading platforms: | Pocket Option (web and mobile); MetaTrader 4/5. |
| Regulation: | MISA |
7. FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
The FBS brokerage company offers very attractive trading conditions for traders living all over the world. The minimum trade volume is 0.01 lot for all trading accounts. The minimum deposit is EUR 10 and the spread is 1 pip. Traders can connect an Islamic account option to all live accounts, allowing them to trade according to Sharia law. Popular and exotic currency pairs, indices, futures, and metals are offered as trading instruments.
| Minimum deposit: | 5 |
| Maximum leverage: | 3000 |
| Trading platforms: | MetaTrader 4, MetaTrader 5, FBS Trader |
| Regulation: | CySEC |
8. Octa - Best for overnight trading (no swap fees)
Octa trading conditions are suitable for both experienced and novice Forex traders. The broker offers tight market spreads from 0.6 pips, a wide range of assets, and popular trading terminals. The maximum leverage for currencies is 1:500; cryptocurrencies - 1:10; metals - 1:200; oil - 1:100; and indices - 1:50. The minimum deposit for all types of accounts is $25. The broker provides a bonus for replenishment, and also regularly holds contests with prizes, cash, and trading rewards.
| Minimum deposit: | 25 |
| Maximum leverage: | 500 |
| Trading platforms: | MetaTrader 4, MetaTrader 5, OctaTrader |
| Regulation: | FSCA, MISA, CySEC |
9. FreshForex - Best for occasional trading on-the-go (through proprietory Telegram bot)
Trading conditions at FreshForex are fairly comfortable for both novice and experienced traders. The trader can determine the minimum deposit amount independently, regardless of the type of account. The leverage is 1:25 - 1: 2000.
| Minimum deposit: | No |
| Maximum leverage: | 2000 |
| Trading platforms: | МТ4, МТ5 |
| Regulation: | No |
10. Forex4you - Best cent account for beginners ($0 minimum deposit, spread from 0.1 pips)
Trading conditions at Forex4you are among the most attractive ones on the market. First of all, there are no requirements for the minimum deposit amount: according to the conditions, the replenishment amount is from $0 for all types of accounts. With a minimum transaction volume of 0.01, the trader is offered a leverage of up to 1: 1000, which is one of the largest values on Forex. Stop Out Level is 10–20% depending on the type of account.
Forex4you offers 150+ trading instruments, such as Forex pairs, indices, commodities, and stocks. Also, standard and cent accounts, cash back, as well as bonus and partnership programs are available. Forex4you provides access to the Share4you copy trading platform as a passive income option. Each trader can be both an investor and a signal provider.
Forex4you offers cent, classic, and professional accounts, which differ in spread. There are fixed spreads starting from 2 pips and floating spreads starting from 0.1 pips. Pro accounts have fixed fees per lot, which are $0.10 on the Cent Pro account and $8 on the Classic Pro. Copy trading on the Share4you platform is available on each of the accounts, except for the Classic Standard. The lock is allowed on all account types. Deposit and withdrawal methods include Visa/Mastercard cards and electronic payment systems, such as WebMoney, Skrill, and Neteller.
| Minimum deposit: | No |
| Maximum leverage: | 1000 |
| Trading platforms: | МТ4, Forex4you, МТ5 |
| Regulation: | BVI FSC |
Expert Opinion
The key advantage of the MetaTrader 5 trading platform lies in its universality. It is a good choice for traders planning to work with a wide range of CFDs. MT5 has the required set of functions. One of the key factors in the success of MetaTrader is the community that helps automate your trading. For MetaTrader 5, there are numerous indicators and trading bots. Users also develop software with proprietary ideas and strategies. Therefore, if you want to use all the possibilities of MT5, it's worth closely following the community and trying different ideas and tools. The best brokers for CFD trading allow you to leverage the platform's advantages, offering various services and favorable conditions for automating trading and integrating different strategies. Low commissions and spreads, VPS servers, and active client support help traders realize the platform's potential to the fullest.
MT5 vs. MT4 – What Should I Use?
Both platforms are excellent, though they each have their own unique use cases. MT4 was designed specifically for trading foreign exchange. Most of the functions and tools on this platform are designed to reflect forex trading. Usually, MT4 is considered the preferred platform for forex traders in the forex market.
MT5, however, has much more broad applications for other trading instruments, such as CFDs, stocks, and futures. It has a larger range of features than MT4 because it doesn’t focus primarily on forex trading. In general, MT4 may be more suitable if you are only interested in forex. If you have a more diverse portfolio, MT5 is definitely the way to go.
Best MT4 BrokerWhat is MT5?
MT5, or MetaTrader 5, is a popular trading platform used by retail and institutional traders alike. Developed by MetaQuotes Software, it serves as an all-in-one platform for trading multiple assets, including Forex, stocks, commodities, and indices. MT5 is the successor to the equally popular MetaTrader 4 and offers more features, greater flexibility, and improved performance.
One of the standout features of MT5 is its advanced charting capabilities. Traders get access to more time frames and technical indicators, making it easier to perform in-depth market analysis.
The platform also supports algorithmic trading through its built-in programming language, MQL5, which allows for the creation of custom indicators, scripts, and automated trading bots. The platform is accessible via desktop software, web browsers, and mobile applications, providing traders the flexibility to trade anytime, anywhere.
MT5 Special Functions
MT5 has numerous special functions that set it apart from other trading platforms. These features cater to different types of traders, from beginners to professionals. Here's a breakdown of some of the most noteworthy:
Algorithmic Trading (Expert Advisors)
MT5 allows for algorithmic trading through Expert Advisors (EAs). These are automated programs that execute trades based on predefined criteria, without human intervention. EAs are created using the platform's native MQL5 language, giving traders the flexibility to design complex trading strategies tailored to their needs.
Technical Indicators
The platform comes loaded with a wide array of technical indicators, such as moving averages, Bollinger Bands, and MACD. These indicators assist traders in analyzing market trends and making more informed decisions. MT5's advanced charting capabilities mean you can overlay multiple indicators for comprehensive analysis.
Custom Indicators and Scripts
MT5 goes beyond built-in features by allowing traders to create custom indicators and scripts. This means you can tailor the platform to suit your specific trading style. The use of MQL5 language offers a robust framework for coding these custom tools, making MT5 a highly customizable trading environment.
Market Depth (Level II Pricing)
Market depth, also known as Level II pricing, shows the range of available bid and ask prices for an asset. This provides traders with insights into market liquidity and helps in making more precise trading decisions. MT5 offers this data in a user-friendly format, giving you an edge in quick-moving markets.
One-Click Trading
For traders who value speed and efficiency, MT5 offers a one-click trading feature. This allows for the immediate placement of trades, directly from the chart. In fast-paced markets, this feature can be the difference between a profitable trade and a missed opportunity.
Virtual Hosting (VPS)
Virtual Private Server (VPS) hosting allows traders to run their Expert Advisors around the clock, even when their own computer is switched off. MT5 supports integrated VPS hosting, ensuring that your automated strategies execute without interruption, thereby maximizing potential profits.
Economic Calendar
MT5 features an integrated economic calendar that provides real-time updates on important economic events and indicators. The calendar is customizable, allowing you to filter events by impact, country, and time frame. This helps traders anticipate market moves and plan their trading strategies accordingly.
Multi-Asset Trading
One of the standout features of MT5 is its ability to facilitate multi-asset trading. You can trade Forex, stocks, commodities, and indices, all from a single platform. This makes it incredibly convenient for traders who diversify their portfolios across different asset classes. The platform's superior charting tools and technical indicators are also applicable to a wide range of markets, making it a truly versatile trading platform.
Is MetaTrader 5 good for beginners?
MetaTrader 5 (MT5) is indeed an excellent platform for beginners in trading, thanks to a multitude of features that make the learning curve less steep and more manageable.
User-friendly interface. MT5 is designed with an intuitive and user-friendly interface, making it easy for beginners to navigate and execute trades. For instance, the platform's one-click trading feature allows traders to open and close positions with just a single click.
Flexible and seamless trading. With MT5, beginners can trade a variety of assets, including forex, stocks, futures, and CFDs, all using a single platform. This flexibility can be advantageous for novice traders looking to diversify their portfolios or try different trading strategies before finding their footing.
Access to advanced tools. Despite its user-friendly design, MT5 does not compromise on its range of advanced tools, such as technical indicators, charts, and analytical objects. These tools can help beginners gain a better understanding of market trends and make informed trading decisions using professional trading resources.
Risk-free learning with demo accounts. Nothing beats risk-free learning, especially in trading. MT5 offers a demo account, where beginners can practice trading with virtual funds before risking their hard-earned money in the real market. With this feature, traders can test out different strategies and get comfortable with the platform's features without any financial consequences.
Automated and algorithmic strategies. Beginners interested in automated and algorithmic trading can utilize the MQL5 language integrated into the platform. The language allows traders to create their own trading signals, expert advisors, trading robots, and scripts to execute trades automatically without the need for extensive coding knowledge.
Educational resources. MT5 provides a wealth of educational materials and tutorials, helping beginners understand the platform's features and the mechanics of trading.
Community support. The MetaTrader community is a valuable resource for beginners. It offers a forum for discussion, exchanging ideas, and getting advice from more experienced traders. This can be a significant confidence boost for beginners who might otherwise feel overwhelmed, especially in a highly competitive market.
How to Choose a MetaTrader 5 Broker?
Selecting the right MetaTrader 5 broker is a relatively simple process. To start, do your research. Study up on the ratings and reviews of your prospective platform online. Traders Union is an excellent place to start. There are other platforms that compile user reviews as well. When researching reviews and write-ups, look for things like low commissions, high execution speeds, signals, trading bots, etc. Also, consider your personal needs when it comes to a broker. Do you only plan on trading forex? Do you need something more diverse, or something with mobile capabilities?
Once you’ve got a small pool of potential MT5 brokers you’re considering, it’s time to launch those demo accounts. Demo accounts are essentially “mock” accounts that don’t use real money. Most demo accounts supply $100,000 to each user to trade with. By playing around with a demo account on each prospective broker platform, you’ll be able to get a feel for how efficient or successful that broker is. Once you’ve found the right broker for your needs, open an account and start trading!
What Can You Trade With an MT5 Broker?
MT5 is a multi-asset trading platform that can trade a wide range of financial markets, including Forex, stocks, indices, commodities, metals, and cryptocurrencies via Contracts For Difference (CFDs).
Forex
Forex trading on MT5 involves speculating on the price movements of currencies against each other. MT5 provides various tools and features to help you analyze the markets and make informed trading decisions.
Stocks
When it comes to stocks, you can trade CFDs on shares of leading companies worldwide. You will also be able to keep track of your positions with the help of the Portfolio Monitor and watchlists.
Commodities
Commodities traders on MT5 will have access to a wide range of products, from agricultural goods to precious metals. You can also use the Trading Central feature for technical analysis and research.
Crypto
Cryptocurrency traders will have access to popular digital coins like Bitcoin, Ethereum, Litecoin, and Ripple, as well as others. The MT5 platform also allows for copy trading, which can be useful if you’re new to the cryptocurrency market.
Indexes
MT5 offers a utility called Indexes MT5 which displays corporate reports of shares. You can also trade synthetic indices such as range break, crash boom, step-index, and volatility indices.
How to use MT5 with a broker
Here’s a step-by-step guide on how to use MetaTrader 5 (MT5) with a broker like RoboForex.
Step 1: Open a RoboForex account
The first step is to open an account with a brokerage that offers MT5 as a trading platform. RoboForex, for example, offers both demo and live accounts with access to MT5. To open an account, visit the official RoboForex website and click on the green "Open an Account" button then fill in the required information, including your email, first and last name, and mobile number.
Step 2: Complete the KYC process
After successfully registering, log in to your RoboForex account and go to the "My Profile" section. Click the drop-down menu "Steps to complete: 5" and select "Verify Personal Data" to proceed with the KYC process. Start by verifying your email, then upload a valid ID or passport, and finally confirm your address by uploading a utility bill or bank statement with your name and address. This is a mandatory process for all regulated brokers and ensures the safety of your funds. It may take up to 2 business days for your documents to be verified.
Step 3: Make a deposit
Once your account is approved and your personal data is verified, you can make your initial deposit. Navigate to the "funds" section and select the deposit method of your choice. You can choose from various options such as bank transfers, credit/debit cards, e-wallets, and even mobile payments. Then follow the instructions provided by RoboForex to complete the transaction.
Step 4: Get MT5 login credentials MetaTrader
After depositing funds into your RoboForex account, you will receive your MT5 login credentials via email. These typically include your MT5 account number and password that you can use to access the MT5 trading platform. You can also view your login credentials in the "My Accounts" section of your RoboForex account.
Step 5: Start trading
After successfully logging into your MT5 account, you can start trading. You can choose from a wide range of financial instruments including forex, stocks, commodities, and indices. The MT5 platform offers advanced charting tools, technical indicators, and various order types to help you execute your trading strategies effectively.
Extra MT5 Features to Use
MetaTrader 5 (MT5) offers a wide range of features that allow traders to access the financial markets, charting, automation, and more. Below are some of the extra features that you can take advantage of with MT5:
Autochartist
It’s a powerful technical analysis tool that helps traders identify trends and patterns in real-time using advanced artificial intelligence.
Forex News
With MT5, traders can access leading sources' real-time news and financial data. You can use this feature to keep track of market events and gain insight into potential trading opportunities.
Forex Signals
MT5 offers traders access to professional signal providers that provide trade ideas and market commentary using forex signals.
Alert Service
MT5 also has an alert service feature that sends notifications when certain market conditions occur.
Our Methodology
At Traders Union, we compile ratings and base reviews on the following key points: Overall user experience, current online reviews of the platform, complete costs, fees, research and education features, and platform testing.
FAQs
Is MetaTrader 5 Good For Beginners?
Yes, in general. The MetaTrader series is quite good for beginners, especially beginners in forex trading. Some new users may want to try MT4 before diving into MT5, as some context will make the latter platform a lot easier to master. Still, any newbies can use MT5 with great success. Many brokers will try to encourage their beginner clients to use MT5 with restricted trading assets.
Is MetaTrader 5 Secure?
MetaTrader 5 is a very safe and secure platform. It uses a variety of different types of data encryption and authentication to protect valuable client information from shady eyes. The platform is very legitimate. However, your broker may not be as trustworthy, as they will be conducting and facilitating the trades you make.
Where can I find MT5 Indicators?
Customizable MT5 indicators are widely available via MQL5, though they can be found for free elsewhere. EarnForex and ATOZMarkets are other popular places to find MT5 forex indicators, though we recommend using MQL5 for its knowledgable community and wider selection.
Can I use copy trading on MT5?
All mentioned brokers support copy trading. But the MT5 developer company has its own platform for copy trading independently. MQL5 is a large trader community that uses the MT5 trading terminal for copy trading, as well as a platform service for initiating copy trades. MQL5 is unique in that the service itself can be directly connected to the broker server of your choice, making it possible to copy trade even if your broker doesn’t offer it
