Best 6 Brokers for MetaTrader 5 [Updated 2024]
Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.
Which Are the Best MT5 Brokers?
There are so many different MetaTrader 5 brokers available to choose from.
Below, you will find a range of broker reviews of the best available brokers, alongside information about each to help you find the right broker for your needs.
1. Pepperstone
Advantages
1200+ assets
Copy trading
Fully regulated
Low fees
No minimum deposit
Commission-free options
Disadvantages
There are no interactive components to the educational material or quizzes for beginners to check their progress and understanding
With an extensive range of educational materials, Pepperstone is a CFD broker that could be the perfect choice for beginner and expert forex traders that want to trade CFDs.
Users can learn how to develop strategies, the processes used in trading, and skills such as risk management.
More advanced traders will also find that there are plenty of features and tools to help them develop their skills further and perform the trades they want.
There is no minimum deposit and relatively low fees, making it a competitive option for those learning or wishing to trade smaller amounts.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
2. AvaTrade
Advantages
Low minimum deposit
No withdrawal limit
A large number of trading options
Disadvantages
AvaTrade can’t be used in the United States, New Zealand or Belgium
A limited number of cryptocurrency options
Limited customer support
Operating since 2006, AvaTrade is consistently one of the most popular options for individuals looking to trade.
Offering a free 21-day demo account to help beginners get to grips with the platform's functions and a welcome bonus for new accounts, AvaTrade operates across a broad spectrum of the globe.
With plenty of educational materials to help beginners and a wide range of trading options, AvaTrade offers something for everyone, whether they are beginner, intermediate, or more advanced traders.
Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread betting and CFDs work and whether you can afford to take the high risk of losing your money.
3. ActivTrades
Advantages
Wide range of trading options
No first-time minimum deposit
Fully regulated
No commission
Range of educational materials
Disadvantages
Not available in the US
Spread betting is only available in the UK
With over 20 years of experience as a trading platform, ActivTrades offers users over 1,000 different trading options.
Beginners can learn from the range of educational materials, and new users can benefit from no minimum first-time deposit.
After this, a minimum deposit of $500 is higher than some of the alternative platforms.
4. Moneta Markets
Advantages
Fully regulated
A variety of options for depositing funds
An extensive range of educational tools
Disadvantages
Withdrawals can only be performed via bank transfer
Relatively new
With a minimum $200 initial deposit, Moneta Markets finds itself in the middle of the pack in relation to initial outlay and costs.
The fact that this is a relatively new platform can make users a little more cautious.
Still, the easy-to-use interface can make Moneta Money a particularly good option for new traders and those wishing to develop their trading strategies.
5. Vantage Markets
Advantages
No deposit fees
No withdrawal fees
$50 minimum deposit
Disadvantages
Commission to pay on Raw and Pro account types
Minimum deposit of $20,000 for Pro accounts
Founded in 2009, Vantage Markets is fully licensed and regulated.
With a wide variety of options for trading and a rebate system for users with over $10,000 in their accounts, this platform is particularly well-suited to experienced traders.
Beginner traders may be attracted by the low initial deposit requirements and variety of educational tools.
6. Admiral Markets
Advantages
No withdrawal fees
Low initial deposit
Extensive educational tools
High level of customer support
Disadvantages
The mobile app doesn’t have as many features as the desktop platform
Inactivity fees
Based in the UK, Admiral Markets offers a wide variety of trading options including Forex and cryptocurrencies.
Users can trade via both mobile and desktop platforms.
While the minimum deposit of $100 is competitive with other platforms, inactivity fees for users who don’t access their accounts regularly can make it less popular with those who are learning to trade for the first time.
However, there is extensive customer support and a large number of educational tools and resources which can help beginners to develop trading strategies and learn about the processes involved in trading.
These features make it one of the most popular options among both beginners and professional traders.
Those wishing to mitigate their risks will also be glad to note the range of risk prevention strategies that are available.
What Is a MetaTrader 5 Stock Broker?
If you are considering trading in foreign currencies, you will likely need the services of an MT5 forex broker.
In simple terms, a broker is an individual or company that provides access to trading platforms.
Access to trading platforms is required to buy and sell foreign currencies to make a profit. Sometimes, a broker will be a single individual who trades on behalf of someone else.
Other times, a broker can be a large firm, trading on behalf of dozens of clients at the same time.
What Is MT5 Forex Trading?
Forex trading, or foreign exchange, is the term used to describe the exchange of foreign currencies, undertaken in currency pairs.
Most of the time, these trades will take place via a dedicated MT5 trading platform, with traders and brokers all aiming to make a profit.
There are several different trading styles that can be used when it comes to trading Forex, with individual traders and brokers creating trading strategies that work for them.
Largely, the trading style and strategy used will be personal to the individual and vary depending on factors such as their willingness to take risks and the amount of money they can afford to lose.
What Is MetaTrader 5?
Built by MetaQuotes, MetaTrader 5, or MT5, is an online trading platform.
Unlike its predecessor, MetaTrader 4, which was focused on solely trading foreign currencies, MT5 allows users to trade and exchange stocks and futures, as well as foreign currencies.
Users can keep track of their trades via desktop and mobile systems, enabling them to monitor progress 24/7 and act quickly when necessary.
MT5 also has increased proficiency for technical analysis, making it a good option for serious traders.
How to Choose a Good Broker
If you are struggling to decide which broker is going to be the best one for you, there are a few things to consider:
Spreads, Costs and Commission
When choosing a broker, you will want to know about the hidden, and not so hidden, costs.
All brokers will change in some way, so you should make sure to check how these costs will be incurred.
In most cases, there will be fees for withdrawing funds alongside commission charges.
You may also find that there are charges for inactive accounts and other costs associated with making trades.
Make sure that you are aware of the costs before signing up so that you aren’t caught by surprise.
Variety of Markets to Trade
There are so many different trading options to choose from.
If you want to trade Forex, cryptocurrencies, stocks, or anything else, you will need to make sure that your chosen platform offers these options.
Types of Brokers
There are four main types of brokers: stock broker, Forex broker, discount broker, and a full-service broker.
Before choosing the broker you want, make sure you are aware of the type of brokerage you are signing up for.
Execution Speeds and Slippage
There will often be a slight time delay between requesting a trade to be made and the action being performed.
This is referred to as the execution speed. A slow execution speed can sometimes mean that prices have changed and you won’t always be able to secure the price you wanted.
The difference between these prices is known as slippage. It is important to be aware of a broker's execution speeds and potential slippage rates.
Regulation
You will want to feel confident that whichever broker you choose is appropriately monitored and regulated by the appropriate bodies in the country you will be trading from.
Customer Support
If you are new to trading or unfamiliar with the technology, knowing what support is available to you and how you can access it can be reassuring.
Each broker will have different customer support systems in place, so find out about each and choose the one that suits you best.
Frequently Asked Questions
Is the MT5 platform better than MT4?
This will largely depend on what you want from a platform, but for many people, MT5 will be the better platform to choose.
MetaTrader 5 is faster than its predecessor and runs more efficiently. It also offers trading across a wider range of markets.
Is an MT4 account transferable to MT5?
Yes, you are able to transfer funds between your accounts.
Is MetaTrader 5 good for beginners?
If you are looking to start trading from a beginner level, MetaTrader 5 can be an ideal choice. The platform offers real-time access to your account.
You will be able to keep updated with prices and stay up-to-date with the progress of your trades.
What sites offer a demo account on the MT5 platform?
Many platforms offer MT5 demo accounts in some way, with the quality and accessibility of these accounts varying from broker to broker.
If you are a beginner trader, you might find a MetaTrader 5 demo account useful. Demo accounts offer users a way to familiarize themselves with a particular platform and practice trading strategies without risking real money. Instead, you essentially use a dummy account to practice hypothetical trades in the same way that you would on the real markets. This can be a good way of assessing your risk level, trying out new ideas, and getting a feel for how different markets work.
All of the sites listed above offer free demo accounts to users. In some cases, these will be short-term opportunities. For example, Moneta Markets offers users access to a demo account for 30 days. In other cases, such as with AvaTrade, users have unlimited access to demo accounts.
How can I start trading on MT5?
To be able to trade on MetaTrader5, you will need to make sure that you have a broker.
Once you have set up an account with a broker and made the required minimum deposit, you will be able to start trading.
Can my MetaTrader 5 account get hacked?
The platform provides a multi-step authentication process and data encryption to users to guard against hackers.
However, it’s always a good idea to make sure that your antivirus software is up to date to help protect your data.
It can also be a good idea to change passwords regularly as an added precaution.
How can I withdraw money from My MT5 Account?
Your money is technically stored with your chosen broker. For this reason, you will need to contact your broker to withdraw funds.
Can I trade on MT5 without a broker?
No, you will need to sign up with a broker to trade.
What MT5 broker has the lowest minimum deposit required?
Each broker has its own rules when it comes to minimum deposit amounts. Pepperstone is often considered to be one of the lowest, with a $0 minimum deposit.
Although you may be able to open an account with a broker without making a payment, you will obviously need to deposit funds before you will be able to trade.
Do UK authorities regulate MT5 brokers?
This will partially depend on the broker. If you choose a broker which operates within the UK, they will be regulated by the UK Financial Conduct Authority, or FCA.
Brokers which are not regulated will generally not be available within the UK.
Final Thoughts
If you are considering trading via MetaTrader5, you will need to make sure that you find a broker which meets your needs.
With so many different options available, there is a broker to suit every possible trading style and risk level.
All forms of trading come with a certain level of risk and it is important to know what your limits are before you start MT5 trading.
While it is possible to make money trading, losing it is just as possible. You should never trade more money than you can afford to lose, and always make sure that you are able to stop if you need to.
Knowing that you have selected the best broker for your personal circumstances will help to give you confidence that your money and investments will be as safe as possible.