Zornitsa Stefanova
Zornitsa Stefanova is a Financial Research and Platform Testing Analyst at BestBrokers.com, specialising in hands-on reviews of forex, crypto and stock trading platforms. She evaluates brokerage companies from a user-focused perspective, testing key areas such as account setup, trading conditions, platform usability, available markets and overall reliability.
| Expert Editor 
Eugene Lee, CFA
Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he applies more than two decades of experience in global markets, portfolio management, derivatives and fintech analysis to the evaluation of online brokers. His background in institutional investing and quantitative research helps ensure broker reviews are based on data, risk assessment and practical trading conditions. 
| Updated: Developed by MetaQuotes, MetaTrader 5 (MT5) has grown into one of the most widely used third-party trading platforms in the world. Although adoption was initially slow after launch, the platform gained momentum in the years that followed and is now supported by hundreds of retail brokers worldwide. Its broad appeal stems from its advanced charting tools, fast order execution, and support for multiple asset classes. Below, we list some of the most reliable and trustworthy brokers offering access to MetaTrader 5.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro52% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
Pepperstone73.7% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose money
Libertex84% of retail investor accounts lose money
AvaTrade57% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money when trading CFDs with this provider.The selection process can be cumbersome and time-consuming, even more so given the number of forex brokers working with MT5. To assist you in making the right choice, the following brokers were selected based on full support for MetaTrader 5. The final ranking reflects thorough research and hands-on analysis, with each broker tested using live MT5 accounts.
MetaTrader 5 Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. IC Markets | 48,248 | 4.8 ⭐ |
| 4. AvaTrade | 11,076 | 4.7 ⭐ |
| 5. Pepperstone | 3,144 | 4.4 ⭐ |
| 6. Tickmill | 1,077 | 4.1 ⭐ |
| 7. Eightcap | 3,429 | 4.0 ⭐ |
| 8. Libertex | 9,566 | 3.9 ⭐ |
| 9. XM Group | 2,787 | 2.7 ⭐ |
Comprehensive Comparison of MetaTrader 5 Forex Brokers
| MetaTrader 5 Forex Broker | Forex Maximum Leverage | Min Deposit | Trust Pilot Rating | Regulators |
|---|---|---|---|---|
| 1. AvaTrade | 1:30 (1:400 for Pro and Non-EU Accounts) | $100 | 4.7 ⭐ | CBI (No. C53877), ASIC(No. 406684), FFAJ (No. 1574), ADGM / FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) |
| 2. Tickmill | 1:30(1:500 for Pro EU Accounts)1:1000 (Non-EU Accounts) | $100 | 4.1 ⭐ | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464), DFSA (F007663) |
| 3. Pepperstone | 1:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA) | $0 | 4.4 ⭐ | ASIC (No. 414530), UK FCA (No.684312), CySEC (No. 388/20), BaFin (No.151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) |
| 4. Eightcap | 1:30 (ASIC, CySEC)1:500 (FSA) | $100 | 4.0 ⭐ | SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296), FSC (GB25204603), FSA (SD100), SCA |
| 5. Fusion Markets | 1:30 for ASIC Entity (1:500 for VFSC Entity) | $0 | 4.8 ⭐ | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 6. Libertex | 1:30 (EU)1:1000 (Non-EU) | $10 | 3.9 ⭐ | CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686), SVGFSA (No. 1278), FSCM |
| 7. XM Group | 1:30 for CySEC and ASIC Entities (1:1000 for Other Jurisdictions) | $5 | 2.7 ⭐ | CySEC (license no. 120/10), FSC Belize (license no. 8557558 ), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), SCA (20200000322), CMA (233), Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI |
| 8. IC Markets | 1:30 (European and Australian Retail Accounts); 1:500 (Pro); 1:1000 (FSA Clients) | $200 | 4.8 ⭐ | FSA (Seychelles), CySEC (Cyprus), ASIC (Australia), SCB (Bahamas), CMA (Kenya) |
| 9. FP Markets | 1:30 (Retail)1:500 (Professional) | $50 (AU$100) | 4.9 ⭐ | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSCM (Mauritius) |
Top 11 Brokers Supporting MetaTrader 5
The 11 brokers listed below provide a smooth trading experience via MetaTrader 5. The ranking is based on several criteria, including regulatory compliance, number of tradable instruments, available account types, and overall trading costs. The availability of additional plugins like Autochartist was also taken into account as such add-ons greatly enhance the efficiency of the MT5 software.
Fusion Markets is an MT5 broker known for its low trading costs, robust product portfolio of over 250 tradable markets, and focus on customer satisfaction. The broker is particularly suitable for traders from Australia, as Fusion Markets is fully compliant with ASIC requirements. The company serves international customers with a Vanuatu license, allowing higher retail leverage ratios of up to 1:500.
Clients of Fusion Markets can trade over 90 currency pairs at a low cost via MT5, MT4, cTrader, or TradingView. We tested the broker with a Zero account connected to MT5 and enjoyed highly competitive raw spreads, averaging 0.01 pips for EUR/USD, 10.3 pips for XAU/USD, and 3 pips for major indices like US500. We incurred a $2.25 commission per standard lot each way for forex and precious metal positions.
MT5 users, in particular, will benefit from advanced order management and charting tools, including 21 different timeframes, over 80 built-in graphical objects, and Depth of Market (DoM). Fusion Markets also gives them the option to subscribe to MT5 forex VPS hosting services to keep abreast of the global currency markets at all times.
We also found that the broker provides a comprehensive suite of Expert Advisors (EAs), enabling low-latency algorithmic trading with advanced pending orders.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
Traders looking for a swift and reliable experience can consider joining FP Markets, a multi-regulated broker offering full support for the popular MetaTrader (MT5) platform. Linking your FP Markets account to MT5 comes with multiple benefits, starting with the ability to trade over 70 currency pairs, commodities, indices, and cryptocurrencies with competitive spreads from 0.0 pips. All in all, the broker advertises a portfolio that encompasses more than 10,000 financial markets.
Customers have access to various technical indicators and 8 order types, including advanced options like Sell Stop and Buy Stop Limits. MT5 can be connected to FP Markets’ Standard accounts for commission-free trading with minimum spreads from 1 pip. Raw accounts are also available, with prices streamed from liquidity providers and a $3 commission each way per standard lot on currency pairs and metals. We tested FP Markets through a live Raw account, with orders routed via the Equinix NY4 server cluster. Average spreads stood at 0.19 pips for EUR/USD, 9 pips for XAU/USD, and 2.5 pips for US500.
FP Markets reports fast order execution, with average speeds below 40 milliseconds. Our evaluation confirmed strong platform depth, with more than 80 technical indicators, 44 graphical objects, 21 timeframes, and a clear Depth of Market (DoM) display. We could also deploy forex signals, use copy trading, and access the built-in marketplace for trading strategies and apps.
We also benefited from an improved strategy tester for EAs, 6 pending stop order types, and mobile trading alerts. New customers can start trading with deposits of $50 or $100, depending on their country, while a free demo account allows newcomers to test MT5 and FP Markets’ trading conditions without depositing.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. With over 26,000 tradable symbols, including 70 currency pairs, there is no shortage of trading instruments at BlackBull Markets. The FMA and FSA-licensed broker offers competitive trading conditions, including spreads from 0.0 pips for institutional clients. Retail customers can trade forex with no commissions and spreads as low as 0.8 pips via ECN Standard accounts. In terms of supported trading platforms, besides MT5, the broker also offers TradingView, cTrader, MT4, MetaTrader Web Trader, BlackBull Copy Trader, and BlackBull Invest.
Lower spreads from 0.0 pips are available to clients with ECN Prime accounts, where a $3 commission applies when you enter or exit positions in forex and precious metals. We opened an ECN Prime account for testing purposes and connected it to MT5, recording average spreads of 0.10 pips for EUR/USD, 6 pips for US500, and 12 pips for gold against the US dollar.
The broker ensures fast order execution, with speeds averaging 52 milliseconds for limit orders during testing. BlackBull Markets derives prices directly from liquidity providers like Citibank, Goldman Sachs, and Barclays. Orders do not pass through an in-house dealing desk as the broker has adopted the electronic network communication (ECN) pricing model.
Our testing also showed that the client portal offers great administrative and technical flexibility, allowing us to check and adjust MT5 leverage settings up to 1:500 with ease. The platform also includes standard chart timeframes from M1 to MN1 and can display your profits in either points or pips. In addition, customers can qualify for complimentary VPS hosting to reduce latency, provided they maintain a balance of $2,000 and trade at least 20 lots per month.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.- 4. Eightcap
Eightcap is a popular MT5 broker that offers over 800 markets for forex, commodities, shares, equity indices, and cryptocurrencies. The Melbourne-based company has won multiple awards for innovation and excellence, including Most Reliable Global Broker and Most Trusted Broker in Asia at the 2025 Global Forex Awards. It operates internationally with licenses from the CySEC, ASIC, SCB, and FCA, among others.
We chose to test their infrastructure through a live Raw MT5 account, which features a competitive $7 round-turn commission per standard lot and raw spreads from 0.0 pips. Our tests revealed competitive pricing, as we traded EUR/USD with average spreads of 0.17 pips. The averages for XAU/USD and US500 came at 14 pips and 4.5 pips, respectively.
Technical analysts at Eightcap will benefit from MT5’s advanced charting package that enables them to accurately identify long-term trends and price movements.
The charting package showed great utility for detailing price action during testing. We could deploy more than 80 built-in indicators and jump across 21 different timeframes to identify short-term price fluctuations. We can also confirm the platform is fully optimized for launching trading bots and managing automated strategies with Expert Advisors (EAs).
Additionally, there is a comprehensive economic calendar with over 600 aggregated statistics for the world’s largest economies. Platform availability depends on where you access the website from. For instance, TradingView is the only option for Eightcap customers based in the UK. Clients from Europe can use both TradingView and MT5, while those at the offshore entity can also access MT4.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. Pepperstone
Pepperstone is trusted by more than 750,000 customers from over 160 countries. The broker offers highly competitive conditions for trading over 90 currency pairs, commodities, crypto, indices, and stocks. The company has secured licenses from several regulators including the FCA, CySEC, and ASIC.
Retail clients looking to trade via MT5 at Pepperstone can choose from Standard and Razor accounts. We evaluated the broker using a funded Razor account linked to MT5, which enables us to trade with round-turn commissions of $7 on forex and gold and average spreads of 0.1 pips for EUR/USD, 23 pips for XAU/USD, and 4 pips for US500. Clients will benefit from fast processing times with average speeds of 30 milliseconds, advanced customization features, and enhanced market analysis tools.
The MT5 platform at Pepperstone also includes additional chart setups like Renko and Range bars, plus 10 extra technical indicators and 13 more graphical objects. It enabled us to choose from 21 different timeframes, including tick charts that provide detailed insights into short-term price movements. Retail customers have access to the Figaro and Smart Trader Tools packages, which include additional expert advisors for better risk management and trade execution.
When we engaged in algorithmic trading, we benefited from a multi-threaded strategy tester that uses advanced algorithms to deliver noticeably faster and more accurate back-testing results for EAs. We were also able to set stop-limit orders in this environment, giving us greater control over order execution during volatile market conditions. Position hedging is also possible for MT5 users at Pepperstone. The broker also supports MT4, TradingView, and cTrader.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. XM Group
XM is also a solid choice for traders looking to leverage MT5’s advanced charting and analytical capabilities. The broker serves 15 million customers from over 190 countries with licenses from BaFin, AFM, CySEC, ASIC, and KNF. Traders at XM can invest in over 1,400 instruments across seven asset classes, including forex, stocks, equity and thematic indices, hard and soft commodities. The broker offers leverage as high as 1:1000 in some countries.
We tested XM under live market conditions to gauge its real-world performance, using a funded Zero account connected to MT5. This account type offers raw pricing, with spreads starting from 0.0 pips and a $7 round-turn commission. During our testing, spreads averaged 0.3 pips for EUR/USD, 12 pips for gold, and 5.2 pips for the US500 index.
XM provides a choice from several platforms and MT5 is among them. Customers who opt for MT5 will benefit from one-click trading, multiple expert advisors for algorithmic trading, hedging, depth of market, and over 80 indicators for advanced technical analysis. Our testing also confirmed strong support for both manual and automated trading.
We successfully deployed 44 analytical objects on the charts and used the native MQL5 language to build custom indicators. The platform’s advanced backtesting capabilities enable XM clients to test new strategies for multiple forex pairs at a time. Other available platforms include MT4 and XM’s proprietary software.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. AvaTrade
AvaTrade is a well-established MT5 broker. It offers tight spreads, multilingual customer support, and a broad spectrum of over 1,200 tradable instruments, including forex, indices, stocks, crypto, commodities, and vanilla options. The broker has obtained licenses from multiple financial regulators, such as CySEC, ASIC, FCA, CBI, FSRA, FSCA, and FFAJ in Japan.
We tested AvaTrade firsthand using a funded retail MT5 account, and the broker delivered stable execution, alongside average spreads of 0.8 pips for EUR/USD, 37 pips for XAU/USD, and 2 pips for CFDs on US500 futures.
Customers of AvaTrade will benefit from the robust trading capabilities of MT5, which gives them access to a greater range of advanced order types, graphical objects, and analytical tools. While reviewing the broker, we were able to access 38 built-in indicators, 37 analytical objects, and 12 distinct timeframes. The platform additionally facilitates algorithmic and copy trading at AvaTrade. We can confirm the broker enables EA backtesting with a multi-threaded strategy tester and offers detailed guides on using MT5 and its native MQL5 language. We could also make use of 6 pending order types and one-click trading on the MT5 terminal.
Registered customers can install the downloadable version of MT5 or trade directly in their browsers on any Windows, Linux, or macOS device. The first iteration of the platform, MetaTrader 4, is also supported. Automated trading platforms and tools like Capitalise.ai, DupliTrade, and the proprietary AvaSocial are available as well.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. Libertex
Established in 1997, Libertex is a Cyprus-based financial company offering reliable order processing, a transparent pricing structure, and over 300 underlying assets tradable as CFDs via the MT5 platform. Besides MT5, the broker also supports the MT4 platform, and a native trading platform. The broker operates with licenses from BaFin in Germany and CySEC in Cyprus.
We deposited into a live retail account and connected it to MT5 to evaluate the broker’s pricing and execution quality across different markets and asset classes. Our tests captured competitive average spreads of 0.1 pips for EUR/USD, 32 pips for XAU/USD, and 4.0 pips for cash-settled CFDs on the US500. Meanwhile, contracts on e-mini US500 futures showed an average spread of 5.7 pips during testing.
New customers from the EU can register MT5 accounts in four base currencies (GBP, EUR, PLN, or CHF) to benefit from competitive spreads, zero commissions, and algorithmic trading. The platform allows them to lock their positions to reduce market volatility and minimize potential losses. Mobile users can install native applications for MT5 on their iOS 15.0 and Android 6.0 devices. Customers have access to an economic calendar, news feeds, 12 timeframes designed specifically for scalpers, and algorithmic trading via Expert Advisors (EAs).
There were no restrictions on the number of charts we could create, and we had access to 38 built-in technical indicators, up from 30 on MetaTrader 4. The integrated economic calendar provides information on impact levels, affected assets, and potential price movements for upcoming macro releases. From a development standpoint, MT5’s MQL5 programming language uses a positional system instead of the older order system, which simplifies how EAs manage complex multi-asset portfolios and utility apps.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 9. IC Markets
IC Markets is a strong option for traders seeking swift order processing, low pricing, market versatility, and timely customer support. The Sydney-based broker offers an inventory of over 2,850 tradable instruments, ranging from forex and commodities to bonds, indices, futures, and stocks. Several regulatory entities monitor the company for compliance, including CySEC, ASIC, and FCA.
New traders can register Raw Spread or commission-free Standard MT5 accounts with IC Markets itself explicitly recommending MT5 over the older iteration MT4. Customers also benefit from deep liquidity, low latency, and tight spreads from zero pips with Raw Spread accounts, where a round-turn commission of $7 is charged per standard lot.
We evaluated IC Markets’ MT5 infrastructure by installing the desktop client on a device running on Windows 11, although the platform can also run on older versions of the OS like Windows 7. After we connected our Raw Spread account to MT5, we were able to trade EUR/USD with spreads of 0.06 pips on average. Gold and the US500 index showed averages of 19 pips and 3.6 pips, respectively.
To achieve optimal execution speeds, all IC Markets MT5 trade servers are located in the Equinix NY4 data center in New York, maintaining low-latency connections of under 1 millisecond to major collocated VPS networks.
Orders, including stop-loss orders, can be placed at any level in the absence of minimum order distance and a freeze level set at zero. The brokerage imposes no forex trading restrictions on MT5 users and facilitates different strategies, including scalping and hedging. There is no FIFO rule to restrict flexible position management. Placing orders between the spread is also possible for MT5 traders at IC Markets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. ActivTrades
ActivTrades provides a range of robust platforms designed for traders of different experience levels. One of them, MetaTrader 5, the successor to MetaTrader 4, delivers strong performance across desktop and mobile devices, while MT5 Web offers browser-based access with no download required.
We tested ActivTrades’ infrastructure under live market conditions using a funded retail account on MT5. This commission-free account delivered competitive pricing, with average spreads of 0.5 pips for EUR/USD, 25 pips for gold, and 2.3 pips for US500 cash index positions. US500 futures CFDs averaged 2.5 pips.
Alongside 54 currency pairs, the platform supports trading in over 1,000 CFDs across more than 500 shares, crypto, indices, bonds, commodities, and exchange-traded funds. As with ActivTrader and MT4, mini and micro lot trading is available. Automated trading is supported on both MT5 and MT4, while MT5 offers 8 order types, 21 timeframes, 3 chart types, and an advanced multi-threaded strategy tester.
During our research, we found that ActivTrades hosts its trading network on IBM Cloud, delivering average execution speeds of around 4 milliseconds. Over 93% of our orders were executed at the requested price without requotes. The platform also supports FIFO netting, where multiple positions in the same contract are consolidated for clearer trade management.
Traders interested in MT5 can open an individual or demo account. A Pro account is available to clients who meet the requirements for professional status, while qualifying traders can also switch to swap-free accounts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 11. Axi
Founded in 2007 and headquartered in Sydney, Australia, Axi is an online trading broker providing access to over 1,000 financial markets, including forex, commodities, cryptocurrencies, and indices. As soon as traders set up their accounts, they can pick from diverse options, including MT4 for PC, the MT4 trader, the MT4 for mobile devices, and the Axi Trading Platform app.
We opened a funded Pro account at the offshore entity and connected it to MT5 to better evaluate what the platform has to offer to Axi customers. This enabled us to trade with raw spreads from 0.0 pips and a $4.50 round-turn commission on forex and precious metals. The account yielded narrow spreads that averaged 0.1 pips for major pairs like EUR/USD and 9 pips for gold against the US dollar. We traded the US500 index commission-free, and average spreads came at 3 pips.
As of now, the MetaTrader 5 platform is not available across all jurisdictions where the broker operates. At the time of publication, using MT5 is an option for customers registered under the offshore entity, incorporated in Saint Vincent and the Grenadines. Clients from Europe can only use MT4 for the time being though this may change in the future.
While testing Axi, we used the economic calendar embedded in MT5 to access real-time macro alerts and were able to build advanced charts across 21 timeframes. As many as 38 built-in indicators and 44 graphical objects were at our disposal during testing. We particularly liked the integrated MQL5 chat that enabled us to communicate with fellow traders, exchange ideas, and join different discussion groups.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What Is MetaTrader 5?
MetaQuotes introduced MT5 in 2010 as the worthy successor of the massively popular MetaTrader 4. This next-generation platform comes with numerous upgrades and supports multiple asset classes, including forex, stocks, futures, options, and commodities, although market availability varies from one broker to another. MT5 is available via a 64-bit multi-threaded downloadable desktop terminal and a web-based interface. Mobile traders can download free MT5 applications for iOS 15.0 and Android 6.0 or higher.
Below you can find a video tutorial explaining how to use MetaTrader 5, recorded by Christopher Lewis, a prominent Forex trader and analyst.
Main Reasons to Use MetaTrader 5
MetaTrader 5 would never have gained broad adoption had it not been for the multiple advantages it offers. Here are some of the main benefits this advanced software offers to discerning traders.
- MetaTrader 5 easily beats rival platforms in terms of availability as literally hundreds of online brokers support it.
- MT5 users can improve their performance with 38 built-in technical indicators, 21 timeframes, and 46 graphical objects.
- The platform facilitates multiple trading styles and strategies, including hedging, scalping, and netting.
- MT5 delivers superior speed of order execution and has lower latency than its predecessor.
- MT5 users will benefit from a multi-threaded strategy tester for improved 64-bit backtesting and performance.
- The number of financial instruments MT5 users can plot charts for is unlimited compared to 1,024 symbols in MT4.
- MetaQuotes added an economic calendar to MT5, allowing traders to browse major upcoming events with a significant impact on market prices.
- The Depth of Market feature gives short-term traders access to the most accurate prices in highly liquid markets like forex.
- MT5 includes built-in support for copy trading and signal services, making it easier for users to follow and replicate the trades of successful professionals.
- The platform also offers native integration with the Python programming language via a dedicated package, enabling sophisticated data analysis and algorithmic trading.
| Platform | MT5 | cTrader | MT4 | TradingView |
|---|---|---|---|---|
| Supported Trading Assets | Forex, CFDs, Metals, Energy, Crypto, Bonds, Futures, Stocks, Indices, Options | Forex, Stocks, Indices, Commodities, ETFs, Crypto | Forex, CFDs (Forex, Crypto, Metals, Energies, Bonds, Indices, Shares) | Forex, Metals, Indices, Energy, Soft Commodities, Crypto, Stocks |
| Chart Types | Bar Chart, Candlesticks Chart, Line Chart | Bar Chart, Candlesticks Chart, Line Chart, Dots Chart, Heikin Ashi Chart, HLC Chart, Renko Chart, Range Chart | Bar Charts, Candlestick Charts, Line Charts | Bars, Candles, Hollow Candles, Volume Candles, Line, Line With Markets, Step Line, Area, HLC Area, Baseline, Columns, High-low, Time Price Opportunity, Heikin Ashi, Renko, Line Break, Kagi, Point and Figure, Range |
| Order Types | Market Orders, Pending Orders (Buy Stop, Buy Limit, Sell Stop, Sell Limit, Buy Stop Limit, Sell Stop Limit), Take Profit, Stop Loss | Market Orders, Limits Orders, Stop Orders, Stop Limit Orders, Buy Limit, Buy Stop, Buy Stop Limit, Sell Limit, Sell Stop, Sell Stop Limit | Market Orders, Pending Orders (Buy Limit, Buy Stop, Sell Limit, Sell Stop), Stop Loss, Take Profit | Limit Orders, Stop Orders, Market Orders, Stop-Limit Orders |
| Programming Language | MetaQuotes Language 5 (MQL5) | C# | MetaQuotes Language 4 (MQL4) | Pine Script™ |
| Direct Deposit/Withdrawal Option | Yes | Yes | No | No |
| Backtesting Feature | Strategy Tester | Backtesting Plugins | Strategy Tester | Manual, Automatic |
| Automated Trading Instruments | Algorithmic Trading | cTrader Automate (cTrader Algo) | Expert Advisors | Not directly, possible via Webhooks |
| Platform Pricing Options | Free | Free | Free | Retail Traders – Essential, Plus, and Premium; Professional Traders – Expert, Elite, and Ultimate |
How to Connect Your Broker Account to MetaTrader 5?
New users must register for MT5 before they can start using the platform. The registration process is relatively straightforward, and some brokers provide a unique account ID or login credentials via email after account creation, which must be used to connect MT5 properly. There are two ways to access your newly created account. Signing in with your “master” password gives you full access to your trading account while using your “investor” password only enables you to examine bid-ask prices and use expert advisors (EA) without the capability of executing trades.
After completing the MT5 registration process, users must open the “file” menu and navigate to the “log-in to trade account” submenu. The next step involves typing in the number and password of your broker account. You must also select the appropriate server to log in from, either a demo or live account.
Once logged in, the platform may take a few moments to synchronize account data and download historical price charts, ensuring a smooth trading experience. It is crucial to save your login credentials securely and avoid sharing your “master” password with others to prevent unauthorized access.
Costs Associated with Using MetaTrader 5
Downloading and using MetaTrader 5 is entirely free as partnering brokers typically build the trading costs into their bid-ask spreads. Depending on the asset classes they trade, MT5 users may also be eligible for commissions, as is usually the case with stock positions. With this in mind, certain features and add-ons incorporated into the platform require paid subscriptions. Copy trading is one example as users must pay small commissions to the strategy providers they follow. Furthermore, users running automated strategies may also subscribe for the paid MetaQuotes VPS Hosting service to ensure their Expert Advisors run 24/7 with minimal latency.
Does MetaTrader 5 Support Forex Backtesting?
MT5 facilitates advanced forex backtesting compared to its predecessor, thanks to its multi-threaded strategy tester. This allows for significantly faster and more efficient trading strategy optimization. The testing process involves multiple computing agents installed on your device as background services, allowing MT5 to leverage all your available computer power. Users can test multiple symbols incorporated into a single strategy without adding them manually each time.
The software automatically runs each strategy multiple times using different parameters, helping traders to identify the optimal settings for performance, risk, and reliability. Combined, these features make MT5 a robust tool for traders looking to gain a competitive edge.
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