Its a trading platform that is offered by some forex brokers. MT4 is the most popular forex trading platform in the world and MT5 is an upgraded version of it.

In page navigation

Compare the best MT5 forex brokers in 2023

Q: Is MT5 better than MT4?

It will depend on what you find useful in a forex trading platform. MT4 has been used for a number of years so there is a lot of custom tools available for it. MT5 is relatively new and there aren’t as many custom tools around. On MT4 you can usually only trade forex and commodities, but MT5 is a multi-asset platform that lets you trade a range of financial instruments. MT5 also has features not available on MT4. Some of these include depth of market, additional timeframes, and different chart types.

Q: Do I have to pay tax on forex trading?

It depends on your own circumstances and tax laws where you are located. It is recommended that you speak with a tax advisor in your jurisdiction for further details.

Q: Can I get forex signals on MT5?

Yes it is possible to get forex signals on MT5. You can use signals provided by Metaquotes which can be searched directly while using the MT5 platform. Alternatively if you broker offers copy trading facilities then you can get forex signals from them.

Q: What is the best MT5 forex broker?

After our forex experts finished their research they concluded that AvaTrade is the best MT5 forex broker. It has regulation in multiple jurisdictions making it one of the safest forex brokers around. Over 200,000 traders currently use it and it offers a good selection of currency pairs.

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: Apr 10, 2023

Listen

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 2023

eToro: Best for beginners, copy-trading & demo-account
Capitality: Best for trading like a pro

What are the best MT5 forex brokers?

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.

Top 8 MT5 forex brokers, reviewed

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

Visit site

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Popular ‘Copytrader’ function so users can follow top traders Mobile platform has great functionality Minimum first time deposit of $200 Expedient customer service, with live chat support provided Over 2,000 CFDs available to trade

Does not provide the MetaTrader platform High spreads on some assets Comparatively high fees for withdrawals and account inactivity

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.

Visit eToro Read Review

77% of retail CFD accounts lose money.

2. Capitality. Best for trading like a pro

Visit site

...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Trade 2000+ CFDs in six markets Access institutional quality web trading platform Comprehensive market knowledge and education section

Unregulated offshore broker registered in St. Vincent and the Grenadines Relatively high initial deposit required

Overview

We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.

The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.

The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.

Visit Read Review

What is a MT5 forex broker?

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.

Choose a MT5 forex broker >

How do MT5 forex brokers work?

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?

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?

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?

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

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

Forex trading is difficult and can take a long time to learn
Brokers charges can change at anytime
You may have to pay charges for deposits and withdrawals

What are the fees for using a MT5 forex broker?

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.

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

Each broker on this page was evaluated following a strict process. Our forex experts tested each MT5 broker on our list for a number of factors. These included opening an account, depositing funds, downloading MT5, making a trade, and withdrawing funds. Our tests also included an evaluation of each broker’s website and ease of use.

When we compared each broker on our comparison list we used a combination of our own research and online reviews. You are able to find in depth reviews for each broker on our website. Our rankings and reviews are not influenced by any broker, however on occasion we may make an affiliate commission if you click on a link and register an account.

You can view our full review process here.