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The MetaTrader 5 trading platform is undoubtedly one of the most popular trading platforms in the forex industry today, offering an impressive suite of advanced analytical capabilities, broad-ranging compatibility, and a user-friendly interface.
There are a huge number of forex brokers who offer traders access to the MetaTrader 5 terminal so that finding the best MT5 broker can be something of a daunting task.
We’ve made the process a lot easier with this comprehensive list of the best MetaTrader 5 forex brokers in the industry today so that you can enjoy advanced trading capabilities with a competitive trading environment.
Let’s get started with the full breakdown of the metatrader5 forex brokers:
AvaTrade is a well-established Forex / CFD brokerage house that was founded in 2006 and has been conducting business ever since. AvaTrade was one of the first major brokerages in the retail Forex/CFD field, so it has a long track record.
The range of assets offered for trading is unusually diverse, including even Forex vanilla options and several ETFs (exchange-traded funds), as well as a large range of individual stocks and shares.
 PROS |  CONS |
| A broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 are available | |
| Excellent educational resources |
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
XM offers a good, diverse range of assets for trading, including over 1,200 individual stocks and shares. XM’s reputation is towards the higher end of the industry average, with a long track record and good regulatory standing in Australia and Cyprus.
| Pros
Low minimum deposit Comprehensive educational offering Streamlined account opening process
| Cons
Inactivity fee charged after 90 days on live accounts Limited product portfolio
|
| Feature | Information |
| Regulation | IFSC, ASIC, CySEC, FCA and DFSA |
| Minimum deposit from | $5 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 commission per $100 000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | $30 Trading Bonus |
| Customer Support | 24/5 |
Based in Australia, Pepperstone Limited was established in 2010. Despite its relative newness, it has grown exponentially over the course of the past nine years, so that it is now one of the largest forex and CFD brokers in the world.
They are also highly regarded by experienced investors and industry professionals alike.
| PROS | CONS |
| Low forex and equity index CFDs
No deposit fee Negative balance protection | Only forex, CFDs, and cryptos are available
|
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA).
On the plus side, customer support gives fast and relevant answers. There are several educational tools, including demo accounts and webinars. The account opening is fully digital and fast.
FXTM has some drawbacks though: it charges high stock CFD fees, like inactivity and withdrawal fees, and the product range is limited.
| PROS | CONS |
| 1. Superb customer service | 1. Inactivity and withdrawal fees |
| 2. High maximum leverage | 2. Limited product portfolio |
| 3. Great educational tools |
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
FP Markets offers the ability to trade on more than 10,000+ financial instruments covering Forex, Equities, Metals, Commodities, Indices and Cryptocurrency CFDs.
Users have access to a range of accounts including the Standard Account (commission-free) and Raw Account (commission-based) for MetaTrader users.
Both offer ECN pricing and maximum leverage of 500:1. Users can also access Iress Accounts which are commission-based.
| PROS | CONS |
| 1. Competitive trading fees | 1. High stock CFD Fees |
| 2. Easy account opening
3. Fast processing for deposits and withdrawals | 2. Limited range of asset classes
|
| Feature | Information |
| Regulation | Australian ASIC, Cypriot CySEC, SCB |
| Minimum deposit from | $100 |
| Average spread from | 0.5 pips |
| Commissions from | $55 monthly commission for IRESS Trader users only |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
Alpari International is a safe bet for traders looking for a diverse platform no matter their skills, whether they be entry-level or seasoned traders. The company provides transparent performance statistics, including its order execution speed, slippage, and re-quotes.
| Pros
Advanced copy trading software available Wide selection of tradable assets Low minimum deposit Excellent multilingual customer support
| Cons
High trading fees Limited educational resources and research tools |
| Feature | Information |
| Regulation | Financial Services Commission (FSC) |
| Minimum deposit from | $100 |
| Average spread from | 1.2 pips on majors |
| Commissions from | charged at 4 units of the Base currency |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Cashback Promotion |
| Customer Support | 24/5 |
Regulated by ASIC (AFSL #254963). GO Markets puts all client funds in a segregated bank account and uses tier-1 banks for this. GO Markets has been established since 2009, and have a head office in Australia.
GO Markets offers over different instruments to trade, including over 50 currency pairs.
GO Markets is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5
| Pros
Low trading fees Ultra-fast execution Advanced analytical tools Low minimum deposit | Cons
Limited account options |
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $1 |
| Average spread from | 1.5 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 30% Deposit Bonus |
| Customer support | 24/5 |
With over 178,000 clients across five continents, an extensive product catalog, competitive fees, longstanding business operations, and an excellent industry reputation, it is not surprising that IG is a global leader in online trading.
Regulated and trusted across the globe, IG offers traders an extensive list of tradeable products, excellent trading and research tools, industry-leading education, and competitive rates. This fantastic all-round experience makes IG the best overall broker in 2023
| PROS | CONS |
| No deposit or withdrawal fees Low index CFD trading fees | Inactivity fee charges High stock CFD fees |
| Feature | Information |
| Regulation | FCA, FSCA |
| Minimum deposit from | No minimum deposit |
| Average spread from | Variable |
| Commissions from | £3.00 – £8.00 per trade for all types of assets |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None offered |
| Customer Support | 24/6 |
Easy Markets is a platform that allows users to trade CFDs on commodities, forex, shares, indices, and cryptocurrency.
Overall, the firm has a great reputation, particularly among those who are new to trading. Easy Markets is also known for its beginner-friendly features including a low freeze rate and deal cancellation
| Pros
Highly simulated demo environment Responsive and professional customer support
| Cons
The Proprietary Deal Cancellation feature is not available on the MetaTrader 4 platform |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | $25 Sign Up Bonus |
| Customer Support | 24/5 |
Saxo Bank provides individual investors and traders with an excellent platform for investing in a variety of markets at a relatively low cost.
This online broker charges commissions that are generally much lower than its competitors and offers a great user experience due to its intuitive interface.
| PROS | CONS |
Low trading fees
Transparent fee structure
| Relatively slow account opening
Very high minimum deposit |
| Feature | Information |
| Regulation | FCA, ASIC, FINMA |
| Minimum deposit from | $10 000 |
| Average spread from | 0.3 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
eToro has zero-commission stock trading. Account opening is swift and seamless. It also has a lot of innovative features, like social trading and copying other (successful) traders.
It has some drawbacks, though. Forex fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.
| PROS | CONS |
| Well-regulated | Limited account base currencies |
| Advanced trading platforms | Withdrawals can be slow |
| Low minimum deposit |
| Feature | Information |
| Regulation | CySEC, FCA, ASIC |
| Minimum deposit from | $50 |
| Average spread from | 0.75 pips |
| Commissions from | No commission on stocks and ETFs |
| Deposit/Withdrawal Fees | $5 |
| Maximum Leverage | 1:30 |
| Bonuses | $50 Welcome Offer And $50 Per Referral |
| Customer Support | 24/5 – multilingual |
CMC Markets was founded in 1989 and it is a global CFD and forex broker. It is regulated by several authorities globally, including the top-tier FCA. The company is also listed on the London Stock Exchange.
CMC Markets is considered safe because it has a long track record, is listed on the stock exchange, and is regulated by top-tier regulators.
| PROS | CONS |
| Low forex fees | Limited product portfolio |
| Advanced trading platforms. | |
| Great research and educational tools |
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | None |
| Average spread from | 0.7 pips |
| Commissions from | $10 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $250 Referral Bonus |
| Customer Support | 24/5 |
Oanda is well established in the forex market, offering 124 trading instruments, corporate FX services, currency management solutions, plus data on exchange rates for global enterprises.
Although headquarters are in the US, it has a number of global offices, including Tokyo and London. In fact, Oanda operates across eight global financial centres, with clients in over 196 countries
As a day trader, a range of products could mean greater opportunity. With Oanda, you get access to 71 currency pairs, 16 stock index CFDs, 23 metal CFDs, 8 commodity CFDs, and 6 CFD bonds.
| PROS | CONS |
| Relatively low trading fees | Limited product portfolio |
| No minimum deposit required | |
| Easy account opening process |
| Feature | Information |
| Regulation | FCA, RFED |
| Minimum deposit from | None |
| Average spread from | 1.6 pips |
| Commissions from | $0.01 USD per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:100 |
| Bonuses | None |
| Customer Support | 24/5 |
FXCM provides four free API’s to developers on top of a wide selection of third-party plugins.
The research section offers a tremendous asset to all types of traders and warrants an account opening to retrieve free access to it. Education is also taken seriously with daily webinars and a solid selection of well-written content.
| PROS | CONS |
| Excellent trading platforms | Limited product portfolio in terms of asset classes |
| Low minimum deposit
High maximum leverage |
| Feature | Information |
| Regulation | FCA, ASIC, ACPR, FSP |
| Minimum deposit from | $50 |
| Average spread from | 1.3 pips |
| Commissions from | £4 per standard round-turn lot (£2 per side) |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | $20 Welcome Bonus |
| Customer Support | 24/5 |
Well-regulated, safe, and award-winning, XTB is a leader in the Forex trading space.
Joining other leading Forex brokers with reasonable trading conditions, excellent educational and analysis material XTB has developed an award-winning proprietary trading platform that goes beyond MT5 to offer clients easy-to-use functionality.
| Pros
Low trading fees Free deposit and withdrawal | Cons
High stock CFDs Limited asset portfolio |
| Feature | Information |
| Regulation | KNF, FCA, CySEC and IFSC |
| Minimum deposit from | $250 |
| Average spread from | 1.02 pips |
| Commissions from | 0.08% of trade value with $8 minimum |
| Deposit/Withdrawal Fees | $30 on withdrawals of less than $50 |
| Maximum Leverage | 1:500 |
| Bonuses | $40 No Deposit Bonus |
| Customer support | 24/5 |
Forex.com is one of the largest online retail forex and CFD brokers. They facilitate access to over 180 global markets, including forex pairs, stocks, indices, cryptocurrencies, and commodities.
Forex.com does not charge a fee on forex trades. Instead, they are compensated via the spread. When it comes to some of the largest forex pairs and shares, Forex.com has average spreads. But the broker offers below-average costs for index and commodity CFDs.
| PROS | CONS |
| Low Forex fees | Limited asset portfolio |
| The high number of currency pairs
Well-regulated | High stock CFD fees |
| Feature | Information |
| Regulation | FCA, CIMA |
| Minimum deposit from | $50 |
| Average spread from | 1 pips |
| Commissions from | Commissions on the commission account only |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | Variable dependent on instrument traded |
| Bonuses | 20% Welcome Bonus |
| Customer Support | 24/5 |
Swissquote is a forex trading services broker. They give traders access to major markets like currencies, indices, commodities, and shares.
Regulated by the Financial Conduct Authority, UK (FRN: 562170). Swissquote puts all client funds in a segregated bank account and uses tier-1 banks for this. Swissquote has been established in 1996, and has a head office in GB.
| PROS | CONS |
| Comprehensive product portfolio
Solid reputation No additional forex fees | High trading fees |
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | None for a standard account |
| Average spread from | 1.6 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | $10 |
| Maximum Leverage | 1:400 |
| Bonuses | Refer a Friend Bonus |
| Customer Support | 8/5 |
OvalX is a reputable online trading brokerage with head offices in London. With decades of experience and a choice of trading platforms, the broker offers trading in Forex, CFDs and Spread Betting.
OvalX spreads are competitive. Forex spreads start from just 0.6 pips for popular currency pairs, such as the EUR/USD. Spreads for CFDs start from 0.5 pips, while minimum equity spreads are 0.08%.
For those wishing to trade in commodities, spreads start at just 0.025 points. Finally, for indices, you can find spreads of just 1 pip.
| PROS | CONS |
| Award-winning customer support
Long operational history Powerful analytical tools Comprehensive educational offering | High trading fees |
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | GBP 200 |
| Average spread from | 0.5 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support | 24/5 |
City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.
On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy to use.
| PROS | CONS |
| Low trading fees
No fees for deposit and withdrawal Comprehensive research tools | Limited product portfolio |
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | $100 |
| Average spread from | 1.5 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Deposit Bonus |
| Customer Support | 24/6 |
Admiral Markets primarily caters to retail traders, and it does provide research and education for new clients. This broker offers its clients an excellent upgrade to the basic MT4 and MT5 trading platforms, with over 4,000 assets available which allow traders to conduct proper cross-asset diversification.
| PROS | CONS |
| Segregated client accounts | No fixed spread accounts |
| Advanced trading tools
Negative balance protection |
| Feature | Information |
| Regulation | FCA, ASIC, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.6 pips |
| Commissions from | 0.01 USD (or the equivalent in another currency) per share per side |
| Deposit/Withdrawal Fees | 1% on e-wallets |
| Maximum Leverage | 1:500 |
| Bonuses | 50 EUR No Deposit Bonus |
| Customer Support | 24/5 |
The Exness Group was founded in 2008 and has licenses from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles whose services this review is based upon.
The group has more than 80,000 active traders and posts key performance indicators on its website.
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
OctaFX belongs to a group of companies that include Arlear Inc OU, Octa Markets Inc, and Octa Markets Cyprus Limited.
Incorporated in 2011, the CFD broker comes under the stringent regulations of the Cyprus Securities and Exchange Commission (CySEC) in Europe.
To expand its services to include international clients, Octa Markets Inc has included a registered office in St. Vincent and the Grenadines.
The CFD broker offers investors the choice of three account types- Micro, Pro and ECN. The account types broadly dictate the platform, minimum deposit, products, and trading conditions. It is effortless and inexpensive to register with OctaFX.
| PROS | CONS |
| Ultra-fast execution | No VPS available |
| More than 30 forex pairs are available
Well-regulated
| No Forex educational tools |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
GKFX is a forex, CFD and spread betting broker. They give traders access to major markets like currencies, indices, commodities and shares. For traders interested in cryptocurrencies like Bitcoin, GKFX is one of the few brokers that also offer cryptocurrency CFDs.
| Pros
Wide range of analytical tools available Wide range of tradable assets Excellent customer support |
No EAs or social trading is available A limited number of trading platform |
| Feature | Information |
| Regulation | FSCS |
| Minimum deposit from | $20 |
| Average spread from | 1.5 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | $55 No Deposit Bonus |
| Customer Support | 24/5 |
InstaForex is an international brokerage brand, and the companies united under this brand offer forex and CFD trading, providing great all-round service to customers the number of which amount to an impressive seven million.
Being one of the best-known and fast-growing international brands, InstaForex has built up a fine reputation with several high-profile sponsorships.
| PROS | CONS |
| Relatively high maximum leverage
No minimum deposit Reputable regulation |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | No minimum deposit |
| Average spread from | Average floating 0.8 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 30% Deposit Bonus |
| Customer Support | 24/5 |
Based in Sydney, Australia, Synergy FX is run by an experienced management team with many years of experience in the financial markets.
It’s this first hand industry experience, coupled with its cutting edge technology, that enables Synergy FX to help clients achieve their trading goals more quickly.
| PROS | CONS |
| Low minimum deposit
Well regulated | Scalping not allo |
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $100 |
| Average spread from | 1.0 pips |
| Commissions from | Only on CFD instruments |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $10 No Deposit Bonus |
| Customer Support | 24/5 |
One of the leading online brokers based in Australia, Vantage FX offers a range of trading services, enabling clients to access the international Forex market.
Benefiting from award-winning customer care and with a commitment to delivering fast transactions, VantageFX is a significant player in the online broker arena.
The site uses mainly Metatrader software, giving users access to MT4 and MT5 as well as Markettrader, Webtrader (which doesn’t require a download), Apps for mobile trading, MAM/PAMM, Zulu trading and MyFXBook Autotrade.
There is an emphasis on robot trading, where trades are made automatically within predetermined parameters.
| PROS | CONS |
| Well regulated
Advanced trading platforms Has indemnity insurance | Limited range of tradable instruments |
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 1.35 pips |
| Commissions from | $3 added per side |
| Deposit/Withdrawal Fees | 20 units of trading account base currency |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Welcome Bonus |
| Customer Support | 24/5 |
Based in Belize, 1 Billion Forex has thousands of clients and is forming a reputation for helping its investors to obtain the best possible trading conditions.
Their specialist team of professionals within the Forex industry have built up strong relationships with over 20 top level banks and therefore this provider aims to offer the best service and spreads possible.
| PROS | CONS |
| Well regulated | |
| High liquidity | |
| Feature | Information |
| Regulation | FSC |
| Minimum deposit from | $5 |
| Average spread from | 3 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Deposit Bonus |
| Customer Support | 24/5 |
No, MetaTrader 5 is a trading platform that licenses its software to forex brokers to provide access to its trading capabilities for their clients.
MT5’s powerful suite of trading capabilities will certainly make it much easier to execute the most successful trade strategies for maximum potential profits
There are no additional costs for downloading MT5
Check out our list of the 27 best MetaTrader 5 brokers directly on the Forex Suggest website
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