7 Best MetaTrader 5 (MT5) Brokers for 2024

List of Top MT5 Forex Brokers

How did FX Empire choose best brokers for MetaTrader 5?

• We checked that each broker offers the MT5 trading platform.
• We analyzed the MT5 brokers offering additional plugins, third-party applications like AutoChartist, an extra indicator package, and access to social trading options.
• We ensured the broker is trustworthy by having the right licenses and being regulated by a government financial body.
• We opened a live account to test the whole process and check the broker offers low fees from the MT5 platform.
• We reviewed the number of instruments the broker provides to ensure there is a decent range of tradable instruments.
• We checked for additional features like account types, trading tools, and customer service to ensure the broker provides a comprehensive trading experience.
• We checked the broker allows the use of Expert Advisors for algorithmic trading from MT5.
• We selected brokers that achieved a high overall score from over 200-point rating check system.
• We compared each broker in relation to standard offerings in the industry to help us identify the top performers.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now, let’s delve into the selected brokers.

How to choose the best MT5 broker?

When choosing the best MT5 broker to trade with, it is important to consider the points detailed below.

How to find a safe broker for MT5?

When trading the financial markets, the broker holds your funds in your account until you are ready to execute a trade, which they then process for you. Therefore, it is important to choose an MT5 forex broker that is regulated by a government financial body.

Regulated brokers must adhere to strict data laws, execution rules, and management of client funds. If they break these rules, they are usually fined or lose their license to operate. Unfortunately, not all financial regulators are equal in their standards.

There are several tiers to categorize a financial regulator:

• Tier 1 regulators are located in more well-known financial centers and include bodies such as the UK Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC) and others.
• Tier 2 regulators are located in well-known but smaller financial centers. This includes bodies such as the Dubai Financial Services Authority (DFSA), the Financial Markets Authority of New Zealand (FMA), and others.
• Tier 3 regulators are typically based in offshore countries. Examples include the Vanuatu Financial Services Commission (VFSC), the Securities Commission of the Bahamas (SCB), and others.
• Unregulated brokers base their company offshore where there is no requirement to have a license to operate or to be regulated such as entities based in St. Vincent and the Grenadines.

Find out Best regulated forex brokers.

A broker may operate various entities that are licensed by any one of the regulated tiers, and possibly even an unregulated entity. Therefore, it is always wise to do your due diligence and check the terms and conditions when you open a trading account to identify what – if any – protections are available to you.

For example, in the 2018 MiFiD II European Market Directive Act brokers regulated by the UK Financial Conduct Authority and Cyprus Securities Exchange Commission were legally required to offer a negative balance protection policy for retail traders and to hold client funds in segregated accounts – not all regulated brokers in other tiers have to offer this.

Read more about Best MiFID regulated forex brokers.

Tier 1 regulators such as the FCA and CySEC also offer a compensation scheme in the event of the broker going bust. However, not all regulators make this a legal requirement. When in doubt check with the broker and then double-check the licensing and protections on the regulator’s website.

From my personal experience, you should try and avoid unregulated brokers as there is not much you can do if they take your funds.

Check out Best CySEC regulated brokers and Best FCA regulated brokers.

What fees should you be aware of when choosing an MT5 broker?

There is a range of fees to take into consideration when trading foreign exchange from the MetaTrader 5 trading platform. Trading fees are charged for opening, closing, and holding a trade and include:

• Spreads. This is the difference between the buy price and the sell price and needs to be as low as possible so you can keep more of your profit on a trade.

In our broker rating reviews, we conduct a live spread test on a range of different asset classes by opening real trading accounts. The benchmark spread for EUR/USD should be less than 1 pip. We rate brokers according to a scale between 0 and 3 pips to ascertain who provides the best spreads.

Discover Best forex brokers with lowest spreads.

• Commission. This is the cost of opening a trade and closing a trade and should also be as low as possible.

In our broker rating reviews, we also check the commissions between different brokers. While most brokers offer commission-free trading accounts, any commission-based account should average around $3 per 100,000 units of currency traded, per side, but of course the lower the better.

• Swaps. This is a fee charged if you hold any leveraged positions overnight as you are effectively borrowing funds from the broker to leverage your trades and control a large position with a small deposit.

• Discover Best low swaps forex brokers.

In our broker rating reviews, we also check the swap rates to make sure they are around the industry average. However, the average does change as swap fees are usually based on a combination of interest rates and a broker markup.

Nowadays forex brokers offer a range of account types with different combinations.

• Accounts that offer spreads from 0.0 pips will often charge a commission to open and close a trade.
• Accounts that offer zero commission to open and close a trade will usually have a higher spread.

There are also some non-trading fees to take into consideration such as:

• Account management fees. Not a typical fee but few institutional brokers will charge this.
• Inactivity fee. A more common fee is charged if you have not performed any activity on your trading account over a fixed period such as 12 months.
• Deposit and withdrawal fees. These are fees to deposit and withdraw funds and usually vary depending on the method used.

What is the best type of forex brokerage account for MT5?

Across the spectrum of forex brokers using the MetaTrader 5 trading platform, there will be a range of different account types offered. These are usually separated by how the trade is executed and may include:

• Dealing desk. This is where your broker takes the other side of your trade.
• STP. Straight Through Processing accounts route client orders directly to the broker’s liquidity provider.
• ECN. Electronic Communications Network accounts match client orders to prices from a wide range of liquidity providers in an anonymous network.
• DMA. Direct Market Access accounts allow clients to trade directly with interbank market participants.

Another consideration is your starting capital. Most account types will have different minimum deposits. Generally speaking, the higher the minimum deposit, the better trading terms and features you will receive.

It’s worthwhile researching all the different options available so you can identify what terms and products are best suited for you. You may also be able to open a demo trading account and actually test the products and services in a virtual environment before you open a live account.

Read more about Best STP forex brokers and Best ECN forex brokers.

How to choose a leverage level?

Choosing the right leverage in forex trading involves understanding CFD accounts, which allow you to control a large position with a small deposit. For instance, a 30:1 leverage means with $1,000, you can handle a $30,000 position. The available leverage varies depending on the broker’s location, regulatory body, and client categorization.

Tier 1 regulators typically offer more protection for retail traders, as seen in the 2018 MiFiD II European Market Directive Act, which limited leverage to reduce account wipeouts. Retail accounts under tier 1 regulation usually include negative balance protection and lower leverage (up to 30:1 in forex). In contrast, professional accounts might offer higher leverage (up to 200:1) with optional negative balance protection.

Be cautious of extremely high leverage offers like 1:1000, often from unregulated or offshore brokers with lower standards. Remember, risk management and safety are crucial in financial market trading.

Explore Best forex brokers with high leverage.

How you can use MT5 platform?

The MetaTrader 5 trading platform can be accessed in several ways:

• Desktop version for Windows computers.
• The desktop version for a Mac computer can only be used by downloading another program to run Windows programs on Apple Mac computers.
• The Web Trader platform can be accessed from any web browser such as Chrome, Safari, etc.
• A mobile trading app for iOS and Android users.

Check out Best mobile trading apps.

You should decide how you are most likely going to identify and execute your trades so you can check if the broker offers the right medium to do so. Most Mac users would simply use the MT5 Web Trader or the broker’s own web platform.

However, algorithmic traders can only use the MT5 desktop version as customized indicators and algorithmic trading strategies cannot be used on the web version. Many of the brokers listed above will also offer extra plugins and tools for the MetaTrader 5 platform. These are only available on the desktop version but will provide much value for more active traders.

What to look for in MetaTrader 5 platform offering?

The MetaTrader 5 platform itself is the same across the different brokers. This is because the platform is provided by a company independent of the broker called Metaquotes. There are several things to look out for when considering a broker’s MT5 offering.

Many brokers will offer additional plugins and research tools for free to upgrade your MT5 platform. These are usually provided by third parties. For example, some brokers will offer you access to the Autochartist plugin for MT5 which provides automated technical analysis ideas which may prove to be useful for you.

On top of additional tools, you also want to check the broker has its own mobile trading app for iOS users. This is because the MT5 mobile trading app has been removed from the Apple App Store. If you want mobile trading from an iOS device you either need to use the broker’s own mobile app or the MT5 web trader from a browser.

Some brokers may also offer other tools to support your MT5 trading such as a VPS where you can run algorithmic trading systems 24 hours a day. However, automated trading on MT5 is only available on the Windows desktop version so Mac users may need to use another service to run Windows applications.

Our Methodology

As a pioneer in the reviews of brokers, our rating system has changed over time to keep up to date with regulatory and technological changes. Each review and rating system is used to evaluate broker tests for more than 250 data points across nine key categories.

These categories include trust, fees, platform and tools, tradable instruments, customer service, account types, research and education, and deposits and withdrawals. To do this, we open a live trading account to test the overall user experience.

To select the best MT5 brokers, I have used the findings from our research team and have also further refined the brokers according to the following factors:

• Overall score of 4+ from our 250-point rating review
• Lowest spreads possible compared to the industry average
• Spreads without high mark-ups with access to raw spread pricing
• Low fees and commissions per lot (100,000 units of currency traded)
• The broker’s minimum deposit, and whether it is high or low
• The overall quality of the broker, its regulation, and reputation
• The trading platforms offered and additional trading tools available
• The variety of tradable instruments

These data points allow me to compare each broker in relation to what is offered in the industry, helping me provide you with a detailed list of the best MT5 brokers. I have further categorized these brokers into the best for beginners, professionals, crypto traders, fees, tradable instruments, trading tools, and account offerings.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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