8 Best MetaTrader 5 (MT5) Brokers for 2024

Founded in 2005, in Australia, FP Markets has entities that are authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), as well as an unregulated entity based in St. Vincent and the Grenadines.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 1,000+ financial instruments through MT5
• MT5 plugins include AutoChartist, Trading Central, Traders Toolbox for extra indicators
• Access a wide range of education and research materials to support trading on MT5

We found that the broker offers access to the MetaTrader 5 and MetaTrader 4 trading platforms across multiple devices. In my own personal experience, I have found MetaTrader 5 to be a great platform. While there is a bit of a learning curve, there are a lot of educational videos and support available.

I enjoy the fact that MT5 allows you to trade multiple asset classes, offers more than 30 different timeframes, a wide range of indicators and advanced features for algorithmic and copy trading. A great feature of FP Markets is that you can also upgrade your MT5 platform with additional plugins and tools offered by the broker.

This includes the AutoChartist plugin for MT5, which provides automated technical analysis trading ideas, a Traders Toolbox providing more indicators for MT5, and auto trading capabilities with Myfxbook. I find the AutoChartist plugin a great addition to help speed up technical analysis research.

After opening a live account with FP Marktes, I found that the live spread for EUR/USD on the commission-free Standard Account was around the industry average of 1.15 pips during the London session. You can also choose to trade from a raw spread account, which will offer lower spreads but charge a commission per trade of $3.00 per lot, per side, which is better than the industry average of $3.50.

With 10,000+ markets available to trade on and top-notch customer service, FP Markets is a top MT5 broker to consider.

BDSwiss was founded in 2012 and is regulated by the FSA of Seychelles and the FSC of Mauritius. You can trade on 250+ CFD instruments covering forex, stocks, commodities, indices, and cryptocurrencies. CFDs (contracts for difference) allow you to trade on margin. This means you can profit from rising and falling markets while using a small deposit to control a larger position.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 250+ financial instruments through MT5
• MT5 plugins include AutoChartist, Trading Central and a VPS service
• Extensive educational materials to help learn all the benefits and features of MT5

I found that there are five different trading accounts to choose from. Beginner traders may appreciate the Classic Account, which provides spreads from 1.5 pips, zero commission on trades, and access to 250+ financial instruments with a low minimum deposit of $10.

From our live fee test for this account, I found the spread for EUR/USD during the London open was 1.6 pips, which is higher than the industry average. However, the broker did have better fees than the industry average for stock market indices such as the DAX 40.

With BDSwiss, you can access the MT5 and MT4 trading platforms, as well as the broker’s own proprietary mobile trading app and web platform. The MT5 platform is accessible for beginner traders, and there are lots of resources on how to use the platform, which can sometimes have a learning curve.

Beginner traders will also enjoy the wealth of educational materials in the Trading Academy section, which includes eBooks, educational videos, and live trading webinars in different languages (English, German, etc), as well as a wealth of research tools such as daily market analysis reports, weekly market outlooks, and special reports. I found this material to be well-written, informative, and content-rich for beginner traders.

If there has not been any activity on your account for 90 consecutive days then there is a monthly inactivity fee of 10% of the account balance subject to a minimum charge of 25 Euros and maximum charge of 49.90 Euros.

Founded in 2007, IC Markets is an Australian broker regulated by ASIC, CySEC, SCB, and the FSA of Seychelles. The broker prides itself on providing the best trading platforms and fees for high-volume and high-frequency traders. With IC Markets, you can access the MT5, MT4, and cTrader platforms.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 1,700+ financial instruments through MT5
• MT5 plugins include MT Advanced Trading Tools for extra indicators and ZuluTrade for social trading
• Trade forex pairs from MT5 with zero requotes, low spreads, low commissions and raw spread pricing that is much better than the industry average

In our live fee test with the broker, I found that its trading fees are very competitive and much better than the industry average. The live spread for EUR/USD during the London open on the commission-free Standard Account was just 0.6 pips, which is far better than the industry average of 1.0 pips.

If you prefer to trade with even tighter spreads, you can do so through the IC Markets Raw Spread Account for MT5, MT4, and cTrader, which offers spreads from 0.0 pips and a commission of $3.50 per lot, per side, which is in line with the industry average.

I was also surprised that the fees for trading major and minor currency pairs, as well as stock indices, equities, and commodities, were also very competitive. When checking the live spread for GBP/JPY, I found that it averaged just 1.2 pips on the commission-free trading account during the London open. In my years of trading, I have seen some retail brokers easily quote 5.0 pips for this pair.

IC Markets MetaTrader 5 servers are based in the Equinix NY4 data center in New York, providing Level II pricing to view market depth, resulting in ultra-fast execution and better fees, making it a top broker to consider. Level II is great if you are a very short-term trader, so you can see the liquidity at different price levels.

You can also upgrade your MT5 platform with additional plugins. This package includes 20 tools such as a correlation matrix, stealth orders indicator, and more for advanced trading. There is also the option of installing the AutoChartist plugin to MT5, which can scan for automated technical analysis patterns and trading ideas, aiding your trading further.

If you’re interested in accessing some of the best trading tools available, then Swissquote could be for you. Founded in 1996, the Swiss bank went public in 2000 and is now listed on the SIX Swiss Exchange employing more than a thousand people worldwide.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 400+ financial instruments through MT5
• MT5 plugins include AutoChartist, Trading Central and MetaTrader Master Edition
• Access a good range of extra indicators and trading tools

I found that Swissquote provides access to trading, investing, banking, and robo-advisory tools, which is a great all-round solution for your finances. From the MT5 and MT4 platforms, you can trade on 400+ markets, covering spot forex, forex options, stocks, commodities, bonds, and indices.

The Swissquote MT5 Master Edition provides a great range of additional trading tools for MetaTrader 5. This includes 15 more indicators in the platform and 12 advanced tools such as stealth orders, a correlation matrix, and advanced risk management tools. I personally like the correlation matrix as it can help with risk management to ensure you are not trading markets that have a high correlation with each other.

On top of this, I found that Swissquote provides third-party trading tools from Trading Central and AutoChartist, which provides access to automated technical analysis, trading ideas, and research directly from MT5.

Founded in 2019, Errante is regulated by CySEC and the FSA of Seychelles. The broker provides a good range of account types to trade forex, stocks, indices, commodities, and cryptos from the MT5 and MT4 trading platforms.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 150+ financial instruments through MT5
• Access MT5 through four different trading accounts including commission-free and commission-based accounts

I found that there are four different account types to choose from:

• Standard. Spreads from 1.5 pips. Zero commission. Minimum deposit: $50.
• Premium. Spreads from 1.0 pips. Zero commission. Minimum deposit: $1,000. Daily market summary. Personalized customer support.
• VIP. Spreads from 0.8 pips. Zero commission. Minimum deposit: $5,000. Free VPS. Zero fees on deposits and withdrawals.
• Tailor Made. Spreads from 0.0 pips. Commission-based. Minimum deposit: $15,000. Custom-made solutions. Enhanced education material.

You can trade from the MT5 platform with each account type. The platform can be accessed via desktop download on Windows, web browser on Mac, or via the MT5 mobile trading app. While the MT5 platform is generally offered for free, the minimum deposit for each account type varies greatly so be sure to identify your trading needs first.

From our live test using the commission-free Standard Account, I found the live spread for EUR/USD averaged 1.5 pips during the London open. This is higher than the industry average. However, the VIP and Tailor Made accounts offer tighter spreads with higher minimum deposits.

Founded in 2011, FXTM is regulated by the UK FCA, CySEC, FSCA, and the FSC Mauritius. Professional traders can benefit from access to high forex leverage and trading signals from Acuity Signal Centre delivered thrice daily on multiple asset classes.

Key Features:

• MT5 available on Desktop, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 250+ financial instruments through MT5
• Commission-free US stock trading with real-time data
• ECN trading accounts

I found that the Advantage and Advantage Plus accounts provide ECN pricing and quotes. Holders of an Advantage account have the opportunity to apply to become a strategy manager on the FXTM Invest copy trading portal. As managers, they can receive a portion of their followers’ profits, with the potential to earn up to 30%.

Our live fee test during the London and New York trading session from the Advantage account showed an average spread of 2.0 pips. This is higher than the industry average of 1.08 pips for a commission-free account. The Advantage Plus account offers interbank market spreads from 0.1 pips with a competitive commission of $2.50 per lot per side – beating the $3.50 industry average.

Founded in 2020, FlowBank has become a major Swiss financial institution that is authorised and regulated by FINMA (Swiss Financial Market Supervisory Authority). The bank provides access to trading, investing, and banking products for an all-encompassing offering.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 4,800+ financial instruments through
• MT5 covering CFDs on stocks, forex, indices, commodities and cryptos

FlowBank is a top broker for tradable instruments as you can access 50,000+ instruments from its own proprietary platform and more than 4,000+ instruments from the MetaTrader 5 trading platform which includes:

• 4,650 stock and ETF CFDs (MT5)
• 54 forex pairs (MT5)
• 49 crypto pairs (MT5)
• 34 commodity CFDs (MT5)
• 29 index CFDs (MT5)

From our live test, we found the live spread for EUR/USD during the London open averaged 1.6 pips which is higher than the industry average. FlowBank performed much better on the spreads for stock and index CFDs which were better than the industry average.

I found that one of the broker’s unique features is the FlowBank MT5 rebate program. This allows active traders to earn 3 CHF for every 1 million CHF traded on forex, indices, and commodity CFDs from the MetaTrader 5 platform making it an interesting choice for traders.

Founded in 2006, AvaTrade has multiple regulations worldwide, including CBI, ASIC, and CySEC. Over 1,250+ tradable instruments are available from MT4 and MT5, with copy and social trading solutions using the AvaSocial app and DupliTrade.

Key Features:

• MT5 available on Windows, Mac, Web, iOS and Android devices
• Access both MT5 and MT4 platforms
• Trade on 1,250+ financial instruments through MT5
• MT5 plugins include DupliTrade
• Extensive range of educational content at AvaTrade Academy

AvaTrade has partnered with FCA-regulated firm Pelican Trading to launch its AvaSocial app. From the app, you can view the performance of other traders, interact with them, ask questions, and copy their trades onto your MT4 AvaTrade account.

Another copy and social trading option is to sync your MT5 AvaTrade account with DupliTrade. This user-friendly web platform provides detailed performance statistics of other traders and allows you to copy their trades. A minimum deposit of $2,000 is required to use DupliTrade.

A standout feature of the broker is its extensive range of articles, courses, platform tutorials, and videos in the AvaTrade Academy geared to beginner and intermediate traders. During our live fee test, I found the spread for EUR/USD averaged 0.9 pips, beating the 1.0 pip industry average for a commission-free trading account.