75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

EditorEditor: Chris CammackUpdated: Dec 8, 2023

Last Updated On Dec 8, 2023

Jeffrey Cammack

MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.

Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed, and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we ensured that all brokers on this list were fully regulated to ensure trader safety.

According to our testing and research, these are the best MT5 brokers in the Philippines for 2024.

  • FP Markets - Best MT5 Broker in Australia
  • AvaTrade - Best Commission-Free MT5 Account
  • XM - Best MT5 Demo Account
  • IC Markets - Best ECN MT5 Broker for Beginners
  • HFM - Three MT5 Accounts, 1000:1 Leverage
  • FBS - Best MT5 Cent Account
  • Pepperstone - Best ECN Broker with MT5 Support
  • Eightcap - A Top MT5 Choice for Advanced Trading
  • Admirals - Best ASIC MT5 Broker
  • Fusion Markets - Best Copy Trading Solutions

Best MT5 Forex Brokers 2024

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
MetaTrader 5 (MT5)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Website Language: English
Support Language: English
Compare
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 100
30:1
Excellent
USD 7
0.10 pips
0.10 pips
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Capital Markets Authority
The Seychelles Financial Services Authority
10162
70
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100
30:1
Excellent
USD 9
0.90 pips
0.90 pips
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
930
63
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 5
30:1
Excellent
USD 6
0.60 pips
0.60 pips
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
International Financial Services Commission
FSCA Regulated Forex Brokers
1554
57
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 200
30:1
Excellent
USD 8
0.10 pips
0.02 pips
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
1744
64
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0
2000:1
Excellent
USD 10
1.00 pips
0.10 pips
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
1230
53
FBS
4.33 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 5
30:1
Excellent
USD 7
0.70 pips
0 pips
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
254
37
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
USD 0
30:1
Excellent
USD 10
1.00 pips
0.17 pips
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
1275
100
Eightcap
4.53 /5
Read Review
Visit Broker >
N/A of retail CFD accounts lose money
AUD 100
500:1
Excellent
USD 10
1.00 pips
0.06 pips
ASIC Regulated Forex Brokers
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
846
55
Admirals
4.28 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 25
30:1
Excellent
USD 8
0.80 pips
0.10 pips
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Jordan Securities Commission
3996
82
Fusion Markets
4.41 /5
Read Review
Visit Broker >
89% of retail CFD accounts lose money
AUD 0
30:1
Excellent
USD 4.50
0 pips
0 pips
ASIC Regulated Forex Brokers
Vanuatu
247
81

How to compare MT5 brokers

The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.

Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.

Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.

Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.

Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.

Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.

Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.

Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.


Others Also Visit

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Visit
Exness
4.32 /5
Read Review
Visit
IC Markets
4.56 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit

FP Markets – Best ASIC-Regulated MT5 Broker

Broker Score
4.404.40 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 6 USD round turn commission per lot. Minimum deposit on both accounts is 100 AUD.

FP Markets’ MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.

Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
AlertAccepts Filipino Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

AvaTrade – Best Commission-Free MT5 Account

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT5 platform. AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other non-commission accounts. MT5 traders have access to the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 400:1, and spreads are tight for a relatively low 100 USD minimum deposit and no commission.

AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5 but both the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Filipino Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – Best MT5 Demo Account

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms.  The XM Zero account offers spreads down to 0 pips and a commission of 3.50 USD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.

The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts Filipino Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

IC Markets – Best ECN MT5 Broker for Beginners

Broker Score
4.564.56 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.

IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.

HFM (formerly known as HotForex) – Three MT5 Accounts, 1000:1 Leverage

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM offers No-Dealing Desk execution and MT5 support on three of its six account types. The MT5 Micro Account offers leverage up to 1000:1, a minimum deposit of 5 USD and spreads of 1 pip on major Forex pairs, which are very tight compared to Micro accounts at other brokers. For more experienced traders, the MT5 Zero Spread Account offers spreads down to 0 pips and a round turn commission of 6 USD on major Forex pairs with a minimum deposit of 200 USD.

HFM devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone numbers.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FBS – Best MT5 Cent Account

Broker Score
4.334.33 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FBS is a large international broker with a low minimum deposit and three trading accounts on the MT5 platform. The FBS Cent account is great for traders who want to minimize risk but want to practice trading on the MT5 platform. This account has a minimum deposit of 1 USD, and all transactions are in cents rather than dollars – which of course, keeps fees very low. Leverage up to 1000:1 is available.

The FBS Micro Account and Standard Account are also available on the MT5 platform. Both have very high leverage – of 3000:1. The minimum deposit on the Micro Account is still relatively low at 5 USD. Traders can choose between three different bonuses when opening a new account: a 100% Deposit Bonus, Level Up Bonus or Cashback. With floating spreads starting from 0.5 pips (EUR/USD), the Standard Account is aimed at more experienced MT5 traders, with a higher minimum deposit, at 100 USD, but the Level Up Bonus and 100% Deposit Bonus are still available.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts Filipino Clients. Spreads start at 0.70 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.

Pepperstone – Best ECN Broker with MT5 Support

Broker Score
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is an Australian ECN broker with two simple accounts, ASIC regulation and full support for MT5, including hedging and shares trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.

Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free and spreads on the EUR/USD is starting at 1.00 pips. The Razor Account charges a commission of 7 USD round turn but the average spread on the EUR/USD is 0.10 pips – about as close as traders can get to true market prices as possible.

Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

Eightcap – A Top MT5 Choice for Advanced Trading

Broker Score
4.534.53 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Eightcap, a well-established broker, offers the MetaTrader 5 (MT5) platform, a favourite among traders worldwide. For Filipino traders, this platform’s appeal lies in its advanced features, user-friendly interface, and versatility. Eightcap’s MT5 platform provides traders with access to Forex, indices, commodities, share CFDs, and an impressive range of over 100 cryptocurrencies, which is one of the largest sets in the industry.

The MT5 platform at Eightcap is further enhanced with Capitalise.ai, a unique platform that empowers traders to craft automated trading strategies using intuitive non-coding language, and a free VPS service for traders who deposit over 1,000 USD. 

While Eightcap’s educational resources may not be as extensive as some competitors, their MT5 platform, combined with their responsive and knowledgeable customer service, makes them a top choice for Filipino traders seeking a robust trading experience.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
AlertAccepts Filipino clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC, the FCA, CySEC, and the SCB.

Admirals – Best ASIC MT5 Broker

Broker Score
4.284.28 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Admirals has four accounts, two of which focus on the MT5 platform – Trade.MT5 and Zero.MT4. Both MT5 trading accounts have a 100 USD minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. The Trade.MT5 account has a minimum spread from 0.5 pips with no commission and the Zero.MT5 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT5 account is 5 USD round turn, which is at the lower end of what other brokers can offer.

Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5, has advancements in technical analysis, improved trading widgets, the trader terminal, charts, and indicators that update the old standard versions of the software with both functionality and usability. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Filipino Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admirals is regulated by ASIC, CySEC, and the FCA.

Fusion Market – Best Copy Trading Solutions

Broker Score
4.414.41 / 5
🏦  Min. DepositAUD 0
🛡️  Regulated By
💵  Trading Cost 
USD 4.50
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2017 in Melbourne, Fusion Markets is an ASIC-regulated broker with exceptionally low trading costs, MT5 support, and no minimum deposit requirements. Alongside an excellent range of market analysis materials, Fusion Markets also offers no less than three different copy-trading solutions.

Its own Fusion+ copy trading platform is only available in a proprietary trading platform, but it also offers Duplitrade and Myfxbook Autotrade – one of the largest Forex social trading communities in the world.

In terms of traditional trading, Fusion Markets is one of the lowest-cost brokers in the world. EUR/USD spreads start at 0 pips on its Zero Account with a very low commission of 4.5 AUD. The only drawbacks are a relatively limited number of CFDs (though 85 Forex pairs, many more than most brokers) and no education to speak of, so beginners will have to educate themselves elsewhere.

Pros
  • Low minimum deposits
  • Tight spreads
  • Excellent market analysis
Cons
  • No in-house platform
  • No education
AlertAccepts Filipino Clients. Average spread EUR/USD 0 pips with 0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader platforms supported. Fusion Markets is regulated by ASIC, FSA (Seychelles), & VFSC.

What is MT5?

Released in 2010, MetaTrader 5 (MT5) is the latest version of the market-leading MetaTrader trading software. Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.

MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners. 

Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators. 

MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.

MT5 Pros and Cons

Pros:

  • Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
  • MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
  • MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

  • MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
  • MT5 scripts written in MQL5 are not backwards compatible with MQL4 – so anyone making the transition from MT5 to MT4 will lose all their EAs and scripts.
  • MT5 is a more complex platform than MT4.

MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.

Should I use MT5?

If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4. 

If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.

The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.

That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.

All MT5 Brokers

Here is our curated list of all of the regulated MT5 brokers we have reviewed, ordered by overall score. The broker with the highest score will appear at the top of the list.

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Broker Score
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
USD 100
USD 7
Fees Included in Spread
56
4.62 /5
Read Review
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Cayman Islands Monetary Authority
USD 100
USD 7
Fees Included in Spread
91
4.61 /5
Read Review
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 0
USD 10
From 7 USD / lot - Razor Account
100
4.59 /5
Read Review
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Central Bank of Ireland
Financial Regulatory Services Authority
USD 100
USD 9
Fees Included in Spread
63
4.58 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 100
USD 6
6 USD/lot
62
4.56 /5
Read Review
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
USD 200
USD 8
7 USD / lot - Raw Spread Account
64
4.53 /5
Read Review
ASIC Regulated Forex Brokers
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
AUD 100
USD 10
7 USD / lot
55
4.53 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
USD 0
USD 10
6 USD / lot - Zero Account
53
4.45 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
USD 0
USD 6
6 USD / lot - ZERO Spread Account
53
4.45 /5
Read Review
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
FSCA Regulated Forex Brokers
USD 5
USD 6
Fees Included in Spread
57
4.43 /5
Read Review
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
USD 0
USD 11
7 USD / lot - ThinkZero Account
46
4.41 /5
Read Review
ASIC Regulated Forex Brokers
Vanuatu
AUD 0
USD 4.50
4.5 AUD / lot (EUR/USD)
81
4.40 /5
Read Review
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Capital Markets Authority
AUD 100
USD 7
6 USD / lot - RAW Accounts
70
4.39 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 100
USD 14
9 USD / lot
70
4.37 /5
Read Review
Financial Services Commission
The Seychelles Financial Services Authority
FSCA Regulated Forex Brokers
Mwali International Services Authority
USD 10
USD 13
6 USD / lot - Zero-Spread account
53
4.35 /5
Read Review
FCA Regulated Brokers
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
Cayman Islands Monetary Authority
USD 50
USD 6
6 USD / lot - ECN Account
46
4.33 /5
Read Review
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
USD 5
USD 7
6 USD / lot - ECN Account
37
4.33 /5
Read Review
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Cayman Islands Monetary Authority
USD 50
USD 15
3 USD / lot
50
4.32 /5
Read Review
FSCA Regulated Forex Brokers
Capital Markets Authority
British Virgin Islands Financial Services Commission
Financial Services Commission
USD 3
USD 7
7 USD/lot
100
4.28 /5
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ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
USD 25
USD 8
1.8 - 3 USD per lot
82
4.28 /5
Read Review
Financial Markets Authority of New Zealand
The Seychelles Financial Services Authority
USD 0
USD 8
Fees Included in Spread
70
4.27 /5
Read Review
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
Capital Markets Authority
USD 10
USD 15
From 4 USD / ECN Accounts
62
4.25 /5
Read Review
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
British Virgin Islands Financial Services Commission
USD 0
USD 10
4 USD / lot
45
4.25 /5
Read Review
FCA Regulated Brokers
The Seychelles Financial Services Authority
USD 5
USD 7
6 USD / Lot
80
4.17 /5
Read Review
Malta Financial Services Authority
British Virgin Islands Financial Services Commission
Securities and Exchange Regulator of Cambodia
USD 50
USD 18
Fees Included in Spread
50
4.12 /5
Read Review
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Cayman Islands Monetary Authority
USD 100
USD 12
8 USD / lot - Raw Account
70
4.08 /5
Read Review
ASIC Regulated Forex Brokers
Vanuatu
USD 50
USD 10
Fees Included in Spread
63
4.02 /5
Read Review
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
British Virgin Islands Financial Services Commission
USD 25
USD 18
Fees Included in Spread
63
4.00 /5
Read Review
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
Dubai Financial Services Authority
USD 1000
USD 13
Fees Included in Spread
84
3.97 /5
Read Review
CySEC Regulated Brokers
Financial Services Authority – St. Vincent & the Grenadines
USD 50
USD 19
10 USD / lot - ECN Account
56
3.87 /5
Read Review
CySEC Regulated Brokers
The Seychelles Financial Services Authority
USD 50
USD 15
Fees Included in Spread
50
3.80 /5
Read Review
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Finansinspektionen
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 250
USD 40
Fees Included in Spread
48
3.70 /5
Read Review
CySEC Regulated Brokers
USD 100
USD 20
50
3.68 /5
Read Review
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 250
USD 17
Fees Included in Spread
47
3.61 /5
Read Review
FCA Regulated Brokers
Financial Services Commission
Finansinspektionen
Financial Services Authority – St. Vincent & the Grenadines
USD 0
USD 13
7 USD / lot - Zero Account
48
3.60 /5
Read Review
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Financial Services Commission
USD 0
USD 6
6 USD / lot
43
3.53 /5
Read Review
CySEC Regulated Brokers
Vanuatu
USD 500
USD 16
Fees Included in Spread
49
3.52 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
USD 500
USD 7
5 USD / lot
42
3.52 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
USD 100
USD 19
Fees Included in Spread
55

Conclusion

MT5 will eventually overtake MT4 as the industry standard, unless one of the MetaQuotes competitors get there first, it’s just a matter of when.

The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.

The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.

If you use MT4 and you appreciate it, stick with it as it’s going to remain the industry-standard for some time yet. If you are new to trading it’s worth considering going straight to MT5.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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