Launched in 2010 MetaTrader 5 is the parent platform to the preceding MT4. Some may also argue that the later version was essentially introduced to cater to the needs of other markets such as equities and commodities. The fact is MetaTrader 5 can handle all sorts of instruments and most trading activities. The upgrade was not just in terms of numbers as there were many improvements and added functionality that came with MT5. Developing language was also changed to MQL5 from MQL4 with the new edition of the software.
Trading brokers provide traders with a connection to an exchange platform for various financial instruments. Previously only institutional traders had access to these facilities. Nowadays, it is relatively easy to find a brokerage, open an account and start buying and selling currencies. These companies provide market participants with various services, including approach to low spreads, fast execution, liquidity, educational content, different deposit and withdrawal methods, and the lowest fees. The broker earns money by charging a fixed amount of commission or expenses that are built into the spreads.
Best MT5 Broker Overall: FP Markets
Currency Pairs: 60+
EURUSD Spread: 0.1 pips
Leverage: Up to 1:30
FP Markets come under the regulation of the Australian Securities and Investment Commission (ASIC). Depending on the account you choose, the fees are either built into a spread or available in a commission. The broker uses a direct market access execution model, which ensures a true price feed of the market. Forex, equity CFDs, indices, cryptocurrencies, commodities, and international futures CFDs are present for trading at FP markets. Trading platforms include MetaTrader 4 and 5 alongside the company’s Iress software. Customer service is provided via live chat, email, and social media apps.
- ECN accounts with raw spread and tight commissions.
- Offers multiple trading platforms. You can choose the one you’re most comfortable with.
- The regulated brokerage offers 24/7 customer support.
- A limited number of commodities and metals.
- No US clients are permitted.
Best MT5 Broker To Trade Forex: FXTM
Currency Pairs: 21
EURUSD Spread: 0 pips
Leverage: Up to 1:2000
Founded in 2011, FXTM comes under the regulation of the Financial Conduct Authority FCA. The brokerage offers to trade on currency pairs, CFDs on commodities, indices, spot metals, stock CFDs, and stock trading. On ECN portfolios, the commission is as low as $4. Other different types of accounts include standard, cent, stock CFDs, and stocks. 33 major, minor and exotic forex pairs are at hand to trade on MT5. With FXTM invest, a trader can choose the top strategy managers and allocate funds for copy-trading and consistent passive income. The market analysis and education section covers all the latest economic news and contains informative content for beginners to learn and develop their trading.
- You can put your cash in FXTM invest for as low as $100.
- A minimum deposit of $10 allows traders to test out their services with minimum capital.
- A good amount of educational material is available on the website.
- Inactivity and withdrawal fees.
Best MT5 Broker To Trade Stocks: Swissquote
Currency Pairs: 130
EURUSD Spread: 1.8 pips
Leverage: Up to 1:100
Swissquote offers competitive trading conditions with low spreads on professional accounts. The broker is safe to trade as a banking group operates it. A trader can invest in the stock exchanges in Asia, Europe, North America, and Switzerland giving them access to three million products. There are various financial tools, webinars, and tutorials to help you in trading. The account opening process is entirely digital, requiring you to submit your verification documents due to KYC policies. Customer service is available via a contact form, or you can contact their care center through the telephone line.
- A considerable number of markets are available to trade with Swiss quote.
- As the bank operates the brokerage and the holding is listed on the stock exchange itself, its reputation is high.
- Offers daily and weekly analysis from industry veterans.
- Services might be confusing for beginners as the interface caters more towards professionals.
- High trading fees.
Best MT5 Broker To Trade Futures: Optimus Futures
Currency Pairs: 60
EURUSD Spread: 1.1 pips
As the name indicates, the broker prides itself on offering more than 44 futures trading platforms. MT5 is also available as one of the options for those who are comfortable with MetaTrader services. The commissions are meager from Optimus Futures, with as low as $0.50 for up to 20 contracts. Various data feed options are available to route your orders from exchange to the software. A trader can follow trades of other investors for a small fee. Family offices provide investment advisory and brokerage services to the wealthy. Rackspace and virtual machines allow traders to incorporate high-frequency trading such as scalping, algorithmic trading, and high volume strategies with ease.
- A vast number of trading platforms are available for trading futures.
- Highly competitive commissions and many order routing methods are present.
- Allows a minimum deposit of $500 for micro-accounts.
- You have to thoroughly scan all the available options for the best available trading conditions.
Best MT5 Broker For US Traders: Forex.com
Currency Pairs: 55
EURUSD Spread: 0.6 pips
Leverage: Up to 1:400
Forex.com is a part of Gain Capital Holdings that provides over 4500 markets and 80+ forex pairs, including forex, indices, stocks, commodities, gold and metals, cryptocurrencies, and oil. The popular MT5 platform has support for over 500 markets. The trades are carried out through the automated process, ensuring that there is minimum latency in execution. Three different types of accounts are present that differ based on fee and position processing the model. The market analysis section from Forex.com has the latest research, market insights, and technical analysis on essential instruments.
- DMA accounts provide good liquidity and the lowest spreads.
- Top-tier regulatory authorities regulate the brokerage.
- Professional guidance and support are available at Forex.com.
- Complicated account verification process can take some time.
What is MetaTrader 5 (MT5) platform?
MetaTrader 5 is a trading platform developed by the Metaquotes cooperation and released in June 2010. Using the software, traders can perform buy or sell executions and their market analysis with ease. It is multi-asset, meaning multiple instruments such as forex, stocks, futures, etc., are available for trading depending on the broker you choose. Brokerages take the license from the program developer and then use it to connect to the exchanges. Afterward, the broker allows market participants to open an account and use MetaTrader 5 through their server.
Trading software is a platform where a trader can open respective buy or sell orders to get in the markets. MetaTrader corporation offers its MetaTrader 4 and 5 software for trading purposes. Both are extremely popular amongst participants and come with a few differences, as mentioned below:
|MetaTrader 5||MetaTrader 4|
|Supported Markets||Forex, Futures, Options, Stocks, Bonds||Forex|
|Partial Order Filling Policies||Yes||No|
|Order Fill Policy||Fill or Kill, Immediate or Cancel Return||Fill or Kill|
|Pending Order Types||6||4|
+ Real ticks
Why should you trade with MT5?
MetaTrader 5 offers tons of features that are built into the software. Using the electronic trading platform, a trader can take advantage of the following services:
- Flexibility. The powerful system comes with four execution modes: instant, request, market, and exchange executions. In addition, the market depth section allows you to have a deep insight into the orders.
- Analysis. Using the 21time-frames and the available charting tools, a trader can perform technical analysis with superb comfort and ease. Many built-in tools such as indicators are at hand, and if you are not satisfied, you can download more from the MQLwebsite. The fundamental analysis predicts the price movements, and the economic calendar displays all the incoming critical economic events.
- Copy-trading. A trader can choose to copy trades of hundreds of signal providers for free or a fee. MetaTrader 5 will handle all the copying process for you as you sit back and enjoy the passive income.
- Mobile and web trading. MT5 also has mobile and web trading applications for trading on the go. It has almost similar features to computer software.
- Strategy testing. Using the testing section within the software, a trader can backtest any expert advisor or indicator with custom settings. There is an option to tweak the time frame, spreads, duration, and expert settings.
How to choose the best MT5 broker?
By keeping the following points in mind, you can choose the best MT5 broker with ease.
Regulations ensure that the brokerage maintains the standards of proper trading service and has the best interest of their clients at heart. If the brokers commit fraudulent activity, regulatory companies impose heavy fines on them or stop regulating them, which may halt their services.
The list of top regulatory authorities all around the world are present below:
- United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
- United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
- Australia: Australian Securities and Investment Commission (ASIC)
- Cyprus: Cyprus Securities and Exchange Commission (CySEC),
- Switzerland: Swiss Federal Banking Commission (SFBC)
- Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
- France: Autorité des Marchés Financiers (AMF)
- Canada: Investment Information Regulatory Organization of Canada (IIROC)
Deposit and withdrawal options
Flexible deposit and withdrawal options will allow you to fund your portfolio or cash out with ease whenever needed. Nowadays brokers offer bank/wire transfer, credit/debit card, local methods, e-wallets, and crypto options for the purpose. Depending on the kind of methods you choose, It may take some time to cash in or out.
The broker may charge swaps that a trader has to pay for keeping their positions open overnight. There is a cost with opening and closing each transaction which is the difference between the bid and the asking price. Brokerages with ECN or no deliver desk models offer spread-free trading and charge a fixed amount of commission based on a standard lot. There are stipends on deposits and withdrawal; however, most companies do not ask anything when you fund your account.
Trading accounts differ in terms of available instruments, execution costs, minimum deposit methods, etc. Make sure that you select one that fits your needs. For example, a trader with a scalping style would like to trade on ECN accounts having minimal spreads and fast speeds. On the other hand, a swap-free option will be perfect for investors seeking to swing trade.
Traders who would want to diversify their portfolio may require a broker who offers different instruments within a single account. Some brokerages are exclusive to trading a single class of market and offer all sorts of related features. For example, a company only providing forex trading services will ensure that they have the lowest spreads in the industry, superior platform, and best support to outlast the competition.
Research and education
A good amount of research and education material is not only helpful for beginners, but it can also help pro traders in their market analysis. Most companies have a dedicated section on their website that is updated daily according to the latest market news. There are also tools to calculate your position size, pivot points, sentiment, etc.
Customer support with any MT5 broker should answer all of your questions with ease. Brokers that offer live chat support 24/7 must be on your priority list.
We have handpicked the best MT5 brokers in our list after careful observation, testing, and analysis of features that each brokerage offers. The various aspects under our consideration consist of regulations, fees, trading platforms, instruments, accounts, customer experience, deposit/ withdrawal methods, and education. After careful compilation, we were able to express everything in our article by using bullets and heading for everyone to understand easily.