| Updated: May 15, 2024Courtesy of MetaQuotes, MetaTrader 5 (MT5) is arguably one of the best third-party trading platforms in the world. Despite suffering a slow uptake upon its launch, the platform saw an increased adoption in the following years and is currently supported by hundreds of retail brokers worldwide. To benefit from its full capabilities, traders must first register with a reliable MT5 broker and connect their accounts to the platform.
AvaTrade76% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
Eightcap76.09% of retail investor accounts lose money
Fusion Markets74-89% of retail CFD accounts lose money
Libertex74.91% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose moneyThe selection process can be cumbersome and time-consuming, even more so given the huge number of brokers working with MT5. To assist you in making the right choice, our research team identified the 8 most trusted brokers boasting full support for MetaTrader 5. Our final ranking is based on thorough research and hands-on analysis as we tested them all with live MT5 accounts. Without further ado, here are our top picks for best MT5 brokers.
Top 8 Brokers Supporting MetaTrader 5
The 8 brokers listed below excel at providing a seamless trading experience via MetaTrader 5. We based our ranking on several criteria, including regulatory compliance, number of tradable instruments, available account types, and overall trading costs. The availability of additional plugins like Autochartist was also taken into account as such add-ons greatly enhance the efficiency of the MT5 software.
- 1. AvaTrade
AvaTrade easily wins the race for the best MT5 broker as it offers tight spreads, multilingual customer support, and a broad spectrum of tradable instruments, including forex, indices, stocks, crypto, and commodities. The broker has obtained licenses from multiple first-tier financial regulators like CySEC, ASIC, FCA, and FRSA.
Customers of AvaTrade will benefit from the robust trading capabilities of MT5, which gives them access to a greater range of advanced order types, graphical objects, and analytical tools. The platform additionally facilitates algorithmic and copy trading at AvaTrade. Registered customers can install the downloadable version of MT5 or trade directly in their browsers on any Windows, Linux or macOS device.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 2. Tickmill
Tickmill secured the second place on our toplist with its broad range of tradable assets, excellent trading conditions, and best-in-class customer service. The broker ensures uncompromising levels of security as it carries licenses from the financial regulators of Italy, Germany, Spain, the UK, Australia, and Cyprus.
At Tickmill, traders can access the markets via classic and raw accounts compatible with MT5. They will benefit from a multi-threaded strategy tester, a built-in economic calendar, and four types of order execution. Trading signals and copy trading are also available to MT5 users at Tickmill. Mac and Windows users can install the downloadable MT5 terminal on their desktop computers or use the browser-based MT5 WebTrader.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. Pepperstone
Our third pick, Pepperstone, is trusted by customers from over 160 countries, and for a very good reason. The broker offers highly competitive conditions for trading in currency pairs, commodities, crypto, indices, and stocks. The company has secured seals of approval from respected regulatory watchdogs like the FCA and ASIC, further adding to its spotless reputation.
Clients looking to trade via MT5 at Pepperstone can register Razor accounts. They will benefit from lightning-fast processing times, advanced customization features, and enhanced tools for market analysis. Retail customers have access to the Figaro and Smart Trader Tools packages that include additional expert advisors for better risk management and trade execution. Position hedging is also possible for MT5 users at Pepperstone.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. Eightcap
Eightcap ranks fourth on our list of recommended MT5 brokers as it offers over 800 markets for forex, commodities, shares, equity indices, and cryptocurrencies. The Melbourne-based company has won multiple awards for innovation and excellence over the years, including Broker of the Year at the 2023 Global Forex Awards. It operates internationally with licenses from the CySEC, ASIC, SCB, and FCA, among others.
Like most industry-leading brokers, Eightcap enables customers to trade the global markets using the innovative MT5 platform. Technical analysts at Eightcap will benefit from MT5’s advanced charting package that enables them to accurately identify long-term trends and price movements. Additionally, there is a comprehensive economic calendar with over 600 aggregated statistics for the world’s largest economies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Fusion Markets secured the title of the fifth-best MT5 broker thanks to its low trading costs, robust product portfolio, and unwavering focus on customer satisfaction. We can readily recommend this broker to traders from Down Under as Fusion Markets is fully compliant with ASIC requirements. The company serves international customers with a Vanuatu license.
Clients of Fusion Markets can trade multiple assets at a low cost via MT5, MT4, cTrader, or TradingView. MT5 users, in particular, will benefit from state-of-the-art order management and charting tools that can significantly improve their trading performance. Fusion Markets also gives them the option to subscribe for MT5 forex VPS hosting services to keep abreast of the global currency markets at all times.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 6. Libertex
Libertex is the sixth most trusted broker working with MT5, according to our expert research team. We picked the New York-based company for its excellent order processing, transparent pricing structure, and exhaustive list of markets tradable via the MT5 platform. The spotless regulatory track record of Libertex also contributes to its high rating. The broker operates with licenses from BaFin in Germany and CySEC in Cyprus.
New customers from the EU can register MT5 accounts in four base currencies (GBP, EUR, PLN, or CHF) to benefit from ultra-tight spreads, zero commissions, and algorithmic trading. The platform allows them to lock their positions to reduce market volatility and minimize potential losses. Mobile users can install native applications for MT5 on their iOS and Android devices.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.91% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. XM Group
XM is also a solid choice for traders looking to leverage MT5’s advanced charting and analytical capabilities. The broker serves 10 million customers from over 190 countries with licenses from BaFin, AFM, CySEC, ASIC, and KNF. Traders at XM can invest in over a thousand instruments across seven asset classes, including forex, stocks, equity and thematic indices, hard and soft commodities.
The broker provides a choice from several platforms and, unsurprisingly, MT5 is also on the list. Customers who opt for this globally recognized software will benefit from one-click trading, multiple expert advisors for algorithmic trading, hedging, depth of market, and over 80 indicators for advanced technical analysis. The platform’s superior backtesting capabilities enable XM clients to test new strategies for multiple forex pairs at a time.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. IC Markets
IC Markets is a perfect fit for discerning traders insisting on swift order processing, low pricing, market versatility, and timely customer support. The Sydney-based broker offers a standout inventory of over 2,250 tradable instruments, ranging from forex and commodities to bonds, indices, and stocks. Several regulatory entities monitor the company for compliance, including CySEC, ASIC, and FCA.
New traders can register Raw Pricing or Standard MT5 accounts. Customers will benefit from deep liquidity, low latency, and tight spreads from zero pips. The brokerage imposes no trading restrictions on MT5 users and facilitates different strategies, including scalping and hedging. Placing orders between the spread is also possible for MT5 traders at IC Markets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What Is MetaTrader 5?
MetaQuotes introduced MT5 in 2010 as the worthy successor of the massively popular MetaTrader 4. This next-generation platform comes with numerous upgrades and supports multiple asset classes, although market availability varies from one broker to another. MT5 is available via downloadable and web-based desktop terminals. Mobile traders can download free MT5 applications for iOS and Android.
Main Reasons to Use MetaTrader 5
MetaTrader 5 would never have gained broad adoption had it not been for the multiple advantages it offers. Here are some of the main benefits this state-of-the-art software offers to discerning traders.
- MetaTrader 5 easily beats rival platforms in terms of availability as literally hundreds of online brokers support it.
- MT5 users can improve their performance with 38 built-in technical indicators, 21 timeframes, and 46 graphical objects.
- The platform facilitates multiple trading styles and strategies, including hedging, scalping, and netting.
- MT5 delivers superior speed of order execution and has lower latency than its predecessor.
- MT5 users will benefit from a multi-threaded strategy tester for improved 64-bit backtesting and performance.
- The number of financial instruments MT5 users can plot charts for is unlimited compared to 1,024 symbols in MT4.
- MetaQuotes added an economic calendar to MT5, allowing traders to browse major upcoming events with a significant impact on market prices.
- The Depth of Market feature gives short-term traders access to the most accurate prices in highly liquid markets like forex.
How to Connect Your Broker Account to MetaTrader 5
New users must register for MT5 before they can start using the platform. The registration process is relatively straightforward, and there are two ways to access your newly created account. Signing in with your “master” password gives you full access to your trading account while using your “investor” password only enables you to examine bid-ask prices and use expert advisors (EA) without the capability of executing trades.
After completing the MT5 registration process, users must open the “file” menu and navigate to the “log-in to trade account” submenu. The next step involves typing in the number and password of your broker account. Finally, you must select which server to log in from (demo or live account), and you are all set.
Costs Associated with Using MetaTrader 5
Downloading and using MetaTrader 5 is entirely free as partnering brokers typically build the trading costs into their bid-ask spreads. Depending on the asset classes they trade, MT5 users may also be eligible for commissions, as is usually the case with stock positions. With this in mind, certain features and add-ons incorporated into the platform require paid subscriptions. Copy trading is one example as users must pay small commissions to the strategy providers they follow.
Does MetaTrader 5 Support Forex Backtesting?
MT5 facilitates superior forex backtesting compared to its predecessor thanks to its multi-threaded strategy tester. The testing process involves multiple computing agents installed on your device as services, allowing you to leverage all your available computer power. Users can test multiple symbols incorporated into a single strategy without adding them manually each time. The software will run each strategy multiple times using different parameters, enabling traders to identify the most suitable combination.
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