Forex Brokers with MetaTrader 5 (MT5)

Richard Montana | November 9, 2022

I am a big fan of the MetaTrader platforms and have been an avid user of the MetaTrader 4 (MT4) platform for many years. Since then, the newer MetaTrader 5 (MT5) platform has been released and is a popular choice of forex trading platform for millions of forex traders all over the globe. It is also available through many forex brokers, although it has still not displaced the more commonplace MT4 platform. Whether you want to make the switch from MT4 to MT5, or if you are just looking for some information to help you choose an MT5 forex broker, this guide has got you covered.

What is MetaTrader 5 (MT5)?

Developed by financial software company MetaQuotes, the MetaTrader 5 (MT5) trading platform is the successor to the immensely popular MT4 platform. MetaQuotes has an impressive development background, which led the company into developing a series of trading applications, from a simple FX Charts platform to the latest and most advanced technological innovation, the MetaTrader 5 multi-asset trading platform.

I think the MT5 platform is ideal for anyone who is looking to trade forex online with minimal hassle. It has a very user-friendly interface which you can customise according to your own preferences. It is probably one of the most convenient ways to analyse the forex market, place and manage trades.

There are an impressive 21 timeframes to choose from along with various chart styles and order types supported. You will find the MetaTrader 5 platform is stacked with a plethora of professional trading tools for conducting comprehensive market analysis so that you can make informed decisions.

You can further enhance the already impressive capabilities of the platform with a huge selection of free and paid add-ons available from the MT5 marketplace which you can access from directly within the platform. There you will find indicators, scripts, signals, robots and more.

Not only that, the MT5 platform has a programming interface where you can develop your own trading tools in the MQL5 language. If you don’t have the coding skills required to do so, you could always hire a programmer to do it for you. Regardless, whatever your idea for a trading strategy is, chances are that you can make it a reality in MetaTrader 5.

Key MT5 features

  • 21 chart timeframes for any financial instrument
  • 3 different chart types and support for over 100 charts
  • Over 70 analytical tools for finding buy and sell signals
  • Create and save your own forex strategy templates
  • Trade manually and run automated trading strategies
  • Back test multi-currency strategies using tick data
  • Trade on desktop, web and mobile devices
MetaTrader 5 (MT5) Platform

MetaTrader 5 (MT5) Platform

What is an MT5 forex broker?

An MT5 forex broker provides you with an account and platform so that you can buy and sell currency pairs. If you want to use the MT5 platform to trade the forex market, you will need an account with a forex broker. This will allow you to analyse charts using real time data and manage your positions. In addition to forex trading, the best MT5 forex brokers can support stock trading and futures trading, making it more of a multi-asset platform.

Do I need a forex broker for MetaTrader 5 (MT5)?

Yes, you cannot trade forex in MT5 without a forex broker account. Once you have an account, MT5 forex brokers allow their clients to download this terminal. It is worth noting that you can get a free forex demo account with MetaQuotes if you want to see what the platform has to offer before making a commitment to a broker.

The great thing is, once you learn how to use the MT5 platform, you will have lots of choice considering so many brokers provide it. If you were to master a broker’s proprietary platform instead, you would need to start from scratch if you ever decided to switch brokers.

How do I open an MT5 account with a forex broker?

If you want to use the MT5 platform, you first need to choose from the hundreds of forex brokers that have the MetaTrader 5 platform. After you have made your decision, you will just need to complete the signup process and download the MT5 platform. You can then use your MT5 login details provided by your broker to sign-in to your demo or live account and start trading forex online.

Who is the best forex broker for MetaTrader 5?

The best MT5 forex brokers should provide forex traders with exceptional trading conditions including tight spreads, low commission fees and rapid trade execution speeds at the best prices on the market at all times. I would always prefer to trade with a regulated MT5 broker that offers other financial instruments aside from currency pairs and supports a variety of convenient funding options.

That being said, this is what I look for and it can be different for each trader depending on your trading strategy or experience level. Thankfully, you have plenty of choice as MT5 is one of the best trading platforms available today and what’s more, its free to use when you open a forex account with a broker. Please feel free to see a selection of our best MetaTrader 5 forex brokers in the table below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.
AvaTrade Review

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.
Pepperstone Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.
IC Markets Review

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.
XM Group Review

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.
Eightcap Review

ASIC, VFSC

$100

2009

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
6.
FP Markets Review

ASIC, CySEC, SVGFSA

$100

2005

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
7.
FXTM Review

CySEC, FCA, FSC, FSCA

$10

2011

1:300

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
8.
Forex.com Review

ASIC, CIMA, CFTC, FCA, FSA, IIROC, JFSA, NFA, SFC

$100

2001

1:50

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
9.
Admirals Review

ASIC, CySEC, EFSA, FCA

$1

2001

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
10.
GO Markets Review

ASIC, CySEC, FSC, FSA

$200

2006

1:30

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Conclusion: is MetaTrader 5 a good forex trading platform?

Yes, I think that MetaTrader 5 is a top trading platform that can provide quick and easy access to the financial markets for traders all over the world. It is a user-friendly yet powerful platform that is loaded with more tools and features than most retail forex traders will ever need. Not only that, the MT5 platform is free to use and can be downloaded via a fantastic selection of forex brokers. If you want to learn more, you can check out our MetaTrader Guide and Best MetaTrader Brokers to help you along the way.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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