Compare the best MT5 forex brokers in 2023

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.
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Updated: Jan 23, 2023
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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

  1. eToro: Best for beginners, copy-trading & demo-account
  2. OANDA: Best for trading with live market data
  3. 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.

1
Min. Deposit
$ 10
Promotion
User Score
10
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
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
-
Promotion
User Score
9.8
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Start Trading
Payment Methods:
Bank Wire, Check, Credit Card
Full Regulations:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.

Top 8 MT5 forex brokers, reviewed

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

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit eToro Read Review

2. Oanda. Best for trading with live market data

oanda logo

1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

Visit Read Review

3. Capitality. Best for trading like a pro

capitality logo

...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Overview

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. 

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

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

FAQs

What is MT5?
Is MT5 better than MT4?
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What is the best MT5 forex broker?


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.