Compare the 8 best MT5 forex brokers in 2024

MT5 is an advanced trading platform that lets you trade the forex market. This guide compares the best MT5 forex brokers to help you select the best one.
By:  & 
Updated: Dec 27, 2023
Listen

Trade your favourite markets with our top-rated broker, Plus500.

7.8/10

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit site

MetaTrader 5 is the latest offering from MetaQuotes, following its popular MT4 software. Use this guide to find the best forex brokers using the MT5 trading platform, or alternatively visit our MT4 forex brokers guide.

Best MT5 forex brokers overall for 2024

Copy link to section
  1. Plus500: Best for international CFD trading*
  2. eToro: Best for beginners, copy-trading & demo-account

What are the best MT5 forex brokers?

Copy link to section

If you’re ready to start trading forex right now then you can use any of the brokers below. They have been selected by our currency experts and are the best platforms around. Not all of them offer the MT5 platform, but they do all offer excellent trading platforms. Just click any of the links to get started in minutes.

Sort by:

1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2
Min. Deposit
$ 10
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

3
Min. Deposit
$ 0
Best offer
User Score
9.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

Top 8 MT5 forex brokers, reviewed

Copy link to section

1. Plus500. Best for international CFD trading*

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade for UK & EU users (not US, real assets only)
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

What is a MT5 forex broker?

Copy link to section

It is a forex broker that offers the MetaTrader 5 (MT5) platform. A forex broker acts as a middle man between a trader and the exchange. Trading platforms are downloadable softwares that facilitate the electronic buying and selling of currencies. The most popular trading platform for retail forex traders is MetaTrader 4. MT5 is an upgraded version of MT4. 

How do MT5 forex brokers work?

Copy link to section

MT5 is a piece of software that connects retail forex traders to the exchange. The software matches your buy or sell order to those of others. MT5 is an advanced version of the popular MT4 platform and is used by only a handful of forex brokers. One key difference between it and its predecessor is the ability to see other orders via the depth of market tool. 

How should I choose a MT5 forex broker?

Copy link to section

There are lots of things you should take into account when selecting a MT5 forex broker. Below we’ve summarised a few of the key factors to think about when making your decision. 

  • Fees. There will always be fees when trading forex. Spreads, commissions, payment processing, and inactivity charges are just a few of the fees that can be applied to your trading account. If you want to keep fees low, make sure you check your broker’s charges before signing up. 
  • Spreads. A lot of forex brokers that use MT5 are ECN brokers so they will have low spreads. There’s a lot of competition between brokers which has resulted in some offering spreads as low as 0.0pips; find 0 pip brokers here. One thing to note is that when spreads are ultra low, brokers will make their money from you via commissions. 
  • Commissions. As we’ve just mentioned, if spreads are low, commissions will usually be the way a broker extracts money from you. Commission is a fee the broker takes for facilitating a trade on your behalf. Checking the fee structure prior to registering is a good way to make sure you don’t get stung by high commissions. 
  • Pairs available. All MT5 forex brokers will offer the major currency pairs and a few minors. If you want the best choice, you’ll need to seek out a broker that includes the exotics as well. One thing to remember with exotic currency pairs is they tend to be highly volatile and have higher spreads. 
  • Demo account. A good way to practise with a new platform is to register for a demo account. This way you can use tools you’re unfamiliar with, without risking any real money. Demo accounts are often time-limited meaning you’ll only have a period of 30 days or so before your account expires. However you can always create a new one. 
  • Leverage. Using leverage allows you to trade a much larger size without putting up too much initial capital. It’s a way to magnify your gains and if used correctly can help you make profits quickly. Leverage can also work in the other way and can quickly wipe out your account. 
  • Mobile apps. These days most MT5 forex brokers have mobile apps, but not all of them are up to scratch. You can download the MetaTrader 5 app directly from Metaquotes and connect it to your live brokerage account. This way you’ll gain all the benefits of MT5 while you’re on the go. 
  • Payment methods. All brokers accept deposits and withdrawals from credit and debit cards. Some accept bank transfers and apps like PayPal. Its a good idea to check before you register an account as to what payment options are available to you. Popular ones include Stripe, and Payoneer. 
  • Other assets. A lot of forex brokers also include different types of assets like stocks, commodities, bonds, ETFs, and cryptocurrencies. Using one broker to trade all assets can make it easier to keep track of your portfolio, but be wary of different fees, commissions, and spreads for each type of asset. 

Should I use a MT5 forex broker?

Copy link to section

If you already trade forex and use MetaTrader 4, then you should consider switching to a MT5 broker. MetaTrader 5 is an upgraded version of MT4 with a lot of additional tools and features. It’s also a multi-asset platform, so you’ll be able to trade other assets on it too, as long as your broker offers them. 

Some of the key differences between MT4 and MT5 include different timeframes. On MT5 you can view a 2 minute chart for example. You also have access to depth of market (DOM) so you can see where orders are currently residing. MT5 is also faster and lets you view more chart types. 

What are the risks of using MT5 forex brokers?

Copy link to section

The MT5 platform isn’t considered risky, however trading forex can be open to many risks and those risks will only be exaggerated if your broker isn’t up to scratch. Below we’ve included a few benefits and risks of using a MT5 forex broker.

Benefits

Copy link to section
  • Lots of currency paris available including exotics
  • You can start trading forex with very little money
  • Some MT5 forex brokers let you trade other assets 
  • MT5 has lots of technical tools to help make analysis easier
  • You can use a demo account to practice before using real money

Cons

Copy link to section

What are the fees for using a MT5 forex broker?

Copy link to section

Each broker has its own charges structure so there is no one size fits all when it comes to fees. When using a MT5 forex broker you should expect to pay some fees like spreads and commissions. Spread is the difference between the buy and sell price for any currency pair. Commissions are charges added on by a broker for making a trade. There are also other fees like payment processing which will vary depending on the method you’re using. 

Register with a MT5 forex broker

Methodology: How did we choose the best MT5 forex brokers?

Copy link to section

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that offer a beginner-friendly, secure trading experience through a MT5 integration at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.

FAQs

Copy link to section
Is MT5 better than MT4?
Do I have to pay tax on forex trading?
Can I get forex signals on MT5?
What is the best MT5 forex broker?


Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.