9 Best MetaTrader 5 (MT5) Brokers and Platforms of 2024

A detailed guide on how to use MT5 for trading along with a list of the Top MetaTrader 5 Brokers. Pick the best MT5 Brokers of your choice for securely trading various assets:

MT5 trading platform is now supported by most trading brokers for trading CFDs of forex, stocks, indices, commodities, metals, cryptocurrencies, and other assets. It is the most powerful trading platform so far.

MT5 is superior compared to the most used MT4, with more trading indicators, drawing tools, chart types, pending order types, trading robots, and better capability to develop automated trading strategies.

With it, traders can access free trading robots, craft theirs, or buy from the marketplace. Traders can use it on desktop, iOS, Mac, and Android, just like MT4.

Top MetaTrader 5 Brokers & Trading Platforms

The extent to which you can leverage the tools built-in on the MT5 platform for your trading also depends on the trading broker you choose. They may provide one or more types of assets to trade on MT5, extra trading tools, and trader support ecosystems, for instance, through research and information/data or other things.

Besides, different brokers charge differently for their services, and the jurisdictions in which they operate also differ. Hence the MT5 broker you choose matters.

This tutorial discusses how to use MT5 to trade, how to choose MT5 brokers, and reviewed (based on diverse factors) the top MetaTrader 5 brokers with which you can trade different assets.

What is MT5

MT5 is a trading platform by MetaQuotes company. It is an improvement of their most successful trading platform, MT4. It can trade multiple assets on the web, desktop, and mobile. It can trade 7 asset classes; has numerous trading tools, indicators, and graphical objects; and enables the trader to use 6 different order types, multiple automated strategies, and market depth.

Features of MT5:

• Trade multiple types of assets: MT5 lets users trade a range of assets such as cryptocurrencies, stocks, commodities, indices, forex pairs, bonds, and ETFs.
• 5 order types: Market order and six pending orders (buy stop, sell stop, buy limit, sell limit, buy stop limit, and sell stop limit).
• In-depth technical analysis tools: 38 technical indicators, 44 graphical objects, 21 time-frames. Traders can also add unlimited charts. The indicators include trend, oscillators, volume, Bill William’s tools, Volume, and custom indicators. The drawing tools include geometric shapes, channels, Gann tools, Fibonacci and Elliot tools.
• Fundamental analysis tools: These include Financial News from international news agencies and an Economic Calendar.
• MQL5 Community: MQL5 is the language used for developing automated trading strategies, technical indicators, scripts, and function libraries or robots on MT5. Users can develop theirs, rent, or purchase trading applications such as robots, interact with other traders, or they can order programmers to code robots for them. Moreover, MT5 users can acquire VPS on which to use the automated trading strategies without interruptions.
• The terminal can operate several indicators, scripts, and EAs simultaneously to open orders, deals, and positions.
• Education guides: Here you can learn all the MT5 offers and read guides on how to use the MT5.

MT4 vs MT5

• While MT4 is primarily used for forex trading, MT5 is multi-asset means it can trade Forex, stocks, indices, commodities, metals, and cryptocurrencies via CFDs, and other financial instruments.
• MT5 has more trading functionalities than MT4. MT5 provides 38 technical indicators, 44 drawing or graphical objects, and 21 time-frames, while MT4 has 30 technical indicators, 31 graphical or drawing tools, and 9 time-frames. MT5 also has an in-built economic calendar for tracking important financial announcements, but these are not available on MT4.
• The 21 time frames on MT5 are minute (M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30), hourly (H1, H2, H3, H4, H6, H8, H12), daily (D1), weekly (W1), and monthly (MN). The 9 time frames on MT 4 are minute (M1, M5, M15, M30), hourly (H1, H4), daily (D1), weekly (W1), and monthly (MN).
• You can, on both platforms, add custom indicators downloadable from the code base or buy ones available in the market. For MT4, you can download 2000 custom indicators from the free code base and buy 700 more from the market. MT5 has more free and paid custom indicators from the market. There also are thousands of free trading robots you can download from the MQL5 code base, or can create theirs using the Wizard which does not need programming experience to use, or engage a team or one of the many freelance MQL5 programmers available to help in case you need a more custom robot.
• MT5 uses MQL5 while MT4 uses MQL5 programming language and both support hedging. Both are similar in design and usability and are each available for desktop, mobile, and web usage.
• MT5 has 6 compared to 4 pending order types (buy stop, buy limit, sell stop, and sell limit) on MT4. The order fill policy on MT5 is Fill or Kill, Immediate or Cancel, and Return, while MT4 supports only Fill or Kill. MT5 supports the partial order fill policy, has an economic calendar in-built, and allows emails with attachments but MT4 does not support partial fills, does not have an economic calendar and the email system does not support attachments.
• Other features on MT5 but not on MT4 are funds transfer between accounts, depth of market, netting, and exchange trading.

Suggested Read =>> Top MetaTrader 4 Brokers

How to Choose the Best Broker with MT5 Platform?

• Consider if the broker offers a market for the assets or financial instruments (or a range of them) that you want to trade. Consider the minimum deposits, the trading lot sizes, and the additional trading tools and services provided by the broker on top of the natively supported ones on MT5. For instance, they might provide more technical and fundamental analysis indicators, expert-driven analyses and commentaries, risk management tools, etc.
• Trading costs are a very important consideration when choosing your MT5 broker including the type of broker and the spreads, commissions charged on the trades in addition to spreads, mark-up fees, overnight fees, currency conversion fees, withdrawal and deposit fees, and inactivity fees. Check for brokers with programs to help reduce those costs if you can manage high volumes of orders per month and what you need to qualify for those programs (for instance the deposit minimums or trading volume that you need to manage monthly to qualify).
• Most brokers allow you to trade with leverage and expert traders can use this feature to multiply their profits. Nevertheless, check for the risk management tools supported or integrated by the broker e..g. types of risk management orders, which can help reduce trading losses in unforeseeable market situations.

How did we Select the Best MT5 Brokers?

We have ranked MT5 brokers based on several factors including client ratings and popularity among traders (most used broker platforms over the years), but most importantly how powerful their MT5 products and related services are for traders of all kinds.

We considered the types of assets people can trade with MT5 on the broker platforms, the trading tools available as well as the broker add-ons to the native tools, leverages, minimum deposits, trading lot sizes, regulation, security of trading, maximum leverage availed, trading costs, research and analytics tools provided by the broker, etc.

Further Reading => Top Rated ECN Forex Brokers of the Year

List of the Best MT5 Brokers

Here is the list of some top-rated brokers for MetaTrader 5 to opt for:

1. IC Markets
2. AvaTrade
3. FP Markets
4. RoboForex
5. FxPro
6. Pepperstone
7. Exness
8. BlackBull
9. BD Swiss

Comparing the Top MetaTrader 5 Brokers

Detailed reviews:

#1) IC Markets

Best for non-restrictive trading on accounts and social trading.

IC Markets supports trading with MT5 on ECN accounts called Raw Pricing accounts, and Standard accounts. The ECN broker IC Markets streams direct prices from 25 different liquidity providers, making it possible to provide tight spreads as low as 0 pips on major FX pairs.

Here, traders use MT5 to trade forex, stocks, indices, bonds, cryptocurrencies, and CFDs on Commodities.

Due to its supporting no-restrictions trading for accounts. There are no restrictions on trade sizes allowing lots as small as a micro lot (0.01) to be traded, traders can place orders (including stop loss orders) at any level between the spread, there is no minimum order distance imposed, and the freeze level is zero.

There also is no first in first-in-first-out (FIFO) rule applied on accounts so traders can hedge positions in MT5 and all other supported trading platforms.

Other Features:

• Deposit and withdraw methods include credit/debit card, Skrill, wire transfer, Neteller, FasaPay, China Union Pay, Rapidpay, Klarna, WebMoney, Bpay, and broker-to-broker transfer.
• Trading hours are 24 hours a day, 5 days a week (Monday to Friday mainly).
• VPS services are tiered with different speeds and memory (categories are different for those meeting 15 lots/month, 30 lots/month, and 75 lots/month). Free VPS for traders who achieve certain monthly trading volumes.
• Traders can open trades from 1 micro lot (1,000 base currency) to 200 lots (20 million base currency) through the IC Markets bridge.
• Trading communities plus support for copy trading, chat, and sharing of trading ideas. Risk management on copy trading is also available.
• Insurance cover for client funds (available balance and open CFD positions) is up to US$1,000,000 per client.
• Education, Webinars, demo accounts, Web TV, economic calendar, blog, forex calculators, etc.

How to open an MT5 account on IC Markets:

Pros:

• Non-restrictive trading is very useful for scalping and all other types of traders.
• Extra offers for large volume traders including free VPS and discounts on trading fees.
• Leverage of up to 1:1000.

Cons:

• Limited accessibility in some regions. For instance not available for use by clients in the United States of America, Canada, Israel, New Zealand, Iran, and North Korea (Democratic People’s Republic of Korea) or other places where such activity may not be legal.

Why we picked it:

IC Markets offers extra tools for use with MT5 including extensive analysis and research tools, and it does not impose restrictions on the placement of orders e.g. order distance.

Trading Cost/Charges: Raw Spreads account, for 0 pips but the average is between 0.02 to 0.25 pips for FX majors, 0.38 to 0.86 pips for minors, and 0.9 to 138.98 pips for exotics. Standard accounts, 0.74 to 0.85 for majors (minimum is 1 0.6 pips), 1.3 to 2.98 for minors, and 1.85 to 139.98 pips for exotics.

Commissions: $3.50 per lot per side. Swap or overnight fees apply.

#2) AvaTrade

Best for social and copy trading, running multiple accounts.

AvaTrade is one of the most feature-rich trading platforms with support for copy trading, extensive technical analytics support (for instance through morning briefs, AI-generated analyses on some platforms, analyst views, and daily strategy newsletters), trading academy, and tutorials, among others.

Customers can trade Forex, Stock, Index, Commodity, Cryptocurrency, and ETF CFDs with MT5 on AvaTrade.

The company also introduced AvaProtect through which clients can protect specific trades against losses over a chosen time frame, using insurance of up to one million dollars although this is not available on MT5 or non-AvaTrade platforms.

AvaTrade which acts as a market maker type of a broker, also allows customers to open multiple accounts and even do inter-account transfers between those accounts. There also is a single login for all trading platforms a customer could be using.

A customer can also stream news, trade micro-lots, and trade with 6 pending order types (orders that can be used include Market orders, one cancel the other order, limit and stop orders, entry orders, stop loss and limit orders) as supported natively on the MT5 platform.

Other Features:

• Financial market news (market news scanner scans for and streams in real-time news from 7000 leading media sources). Trading courses, guides, tutorials, trading signals, Islamic accounts, economic calendar, trading calculator, earnings releases, etc.
• Free trading community chat function. AvaSocial and DupliTrade are also supported for extensive social and copy trading functionalities.
• VPS for trading.
• Signals and analyst recommendations through Trading Central.
• Dedicated account managers.
• Trade from Sunday 22:00 GMT to Friday 22:00 GMT except on public holidays.
• Professional trading accounts for those with over €500,000 financial instrument portfolio and meet other trading requirements. These have benefits such as rebates, etc.
• Deposit and withdrawal methods include credit cards, wire transfers, Skrill, WebMoney, and Neteller, among others.

How to open an MT5 account on AvaTrade:

Pros:

• Robust fundamental analysis tools: For instance, you get access to news derived from 7000 leading media sources.
• Leverage of up to 1000 times.
• Professional accounts with better risk protections, negative balance protection, etc.

Cons:

• High inactivity fee of $50 per year.

Why we selected it:

• AvaTrade is one of the most feature-rich trading platforms with many add-ons on the accounts, which you can leverage to trade better on MT5.

Trading cost/Charges: 0.9 to 300 basis points depending on FX pairs. Most regular pairs are charged below 4 basis points. FX options spreads range from 0.0005 to 2.8 basis points. The margin for the options is 1% to 5%.

No commissions on all trades. Overnight fees, inactivity fees ($50 after 3 months of inactivity), $100 administration fee after 12 months of inactivity, etc.

#3) FP Markets

Best for Forex VPS, copy trading, Multi-Account Manager, and Percentage Allocation Management Module Manager.

FP Markets makes it possible for traders to use MT4 to trade Forex, Shares, Metals, Commodities, Indices and Cryptocurrencies. Apart from the native MT5 features we discussed in the introductory section of this tutorial, there are many reasons for using MT5 on FP Markets to trade your preferred assets.

These include you can trade with much high leverage, benefiting from forex signals, and copy trading functionalities, setting and using alerts with e-mail and push notifications on mobile devices, and enjoying an in-built market of trading systems & apps.

Other Features:

• No minimal distance between the spread, which allows scalpers to trade more efficiently.
• Trading tools include MAM/PAMM for money managers and allocation managers, Traders Toolbox to add onto MT4 and MT5, Forex Calculator, Autochartist, and Trading Central. Copy trading and social trading are also supported including through Myfxbook Autotrade and Signal Start.
• Trading hours are daily for 24 hours for some assets. Others are Monday to Friday mostly.
• Affiliate and partnership programs.
• Resources include trading courses, tutorials, videos, market news, technical and fundamental analyses, economic calendars, forex calculators, webinars, podcasts, events, ebooks, etc.
• Multi-lingual client support.

How to open an MT5 account on FP Markets:

Pros:

• 10,000+ tradable symbols and financial instruments.
• Leverage of up to 1:500 which is relatively high.
• MAM/PAMM accounts for money and allocation managers.

Cons:

• Expensive money transfers from banks.

Why we picked it:

• FP Markets affiliate and partnership programs are relevant to other brokers and institutions willing to offer trading services to their clients. It also does not limit the placement distance of order between the spreads and there is great support for copy and social trading.

Trading cost/Charges: Costs are built into the spreads for standard accounts. For raw accounts, MT5/MT4 costs are from zero (built into the spreads for crypto, indices, and commodities) to $3 or equivalents in other currencies for forex and metals.

Commission per side for equity ranges from 2 cents per share to 0.05% depending on location, Minimum charge per side is 2 (in any currency) or 5 AUD. For ETFs traded on MT5, the commission per side is 2 cents/share with the minimum charge per side being $2.

#4) RoboForex

Best for Partner affiliation revenue sharing, and trading rebates.

RoboForex is offering a limited-time free VPS server offer for any 500 USD deposits to the MT5 account. Besides that, it allows trading on MT5 regardless of the account you open, not failing to mention that the deposit minimums even on pro advanced accounts remain 10 USD when most brokers will require thousand dollars and above for pro accounts.

A client will also enjoy Civil Liability insurance of up to 2.5 million EUR against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients. Except its services cannot be used by clients in the USA, Canada, Japan, Australia, and close to 20 other countries.

Roboforex is also one of the leading when it comes to bonuses with welcome, profit share, free cash offer on deposit (up to 10%), and classic bonuses. It also has a partner income-sharing bonus program and a cash rebate program for very active traders. With MT5, customers can trade forex, stocks, ETFs, metals, indices, and crypto.

Other Features:

• 0% charge on deposits on all supported deposit methods. There is always an offer to withdraw money without any charges on the first and third of every month, which applies to only one and the first withdrawal done in a month. On other days, withdrawals can be quite expensive (up to up to 2.6% +1.3 USD for VISA/MasterCard/JCB/CUP methods).
• Deposit and withdraw methods include Western Union, QR & Vouchers, VISA/MasterCard/JCB/CUP, STICPAY, Perfect Money, Neteller, Skrill, AstroPay, Local bank transfer, and SEPA.
• CopyFX partner program which allows pro traders to earn commissions by sharing their trading strategies with investors. Partners can also earn income by inviting investors to copy a trader.
• Partner commissions through affiliation. Partners who provide Expert Advisors to clients can earn income through trading accounts that have increased spreads.
• Financial Commission compensation fund which protects a client with up to  €20,000 per case should a Member refuse to adhere to a judgment from the Financial Commission.
• Trading rebates of 5% for 10-1000 lots monthly volume on all accounts. The rebate is 7% to 10% for 1,000 – 3,000 lots, and 10% to 15% for more than 3,000 lots trading volume per month.
• Prizes for partners.
• Market analyses, economic calendar, blog, R StocksTrader Strategy Builder, trading calculator, and financial charts.

Pros:

• Hefty bonuses and offers.
• Trading rebates for large-volume traders. Rebates start at just 10 lots volume per month.
• Deposits (and sometimes withdraws) are free.

Cons:

• When withdraws are not made on the first and third of every month, they can be quite expensive. Additionally, only the first one is free.

Why we selected it:

• Roboforex’s free deposits and withdrawals sometimes, its hefty bonus offers, as well as its rebate program that starts for clients with just 10 lots per month.

Trading cost/Charges: 0 pips to 28.4 pips on average. The minimum is 0 pips on all pairs. The commission is 20 /mio per trade on all FX pairs.

#5) FxPro

Best for trading forex with prime accounts and VIP clients where the minimum deposit requirement is relatively low.

FxPro has 20+ years of operation in offering trading services and has garnered 105+ U.K. and international industry awards. With MT5 on FxPro, you will trade CFDs on forex, metals, indices, energy, stocks, and futures.

In addition to the diverse trading tools and conditions natively supported on the MT5 platform, you get support with the extensive Trading Central resources such as technical analyses to help you identify new trading opportunities when and before they arise.

It supports 8 base currencies which are USD, EUR, GBP, AUD, CHF, JPY, and PLN.

Other Features:

• Trading education, trading guides including videos, market and forex news, market analyses, economic calendar, earning calendar, market holidays information, etc.
• Transparency on slippage and requote statistics which are published for previous periods.
• Liquidity from 12+ providers.
• Funding via the FxPro wallet for easier funding and withdrawals. Deposit methods include Skrill, Neteller, and credit and debit cards.
• Trading MT4 VPS provided by BeeksFX VPS provider for $30 per month. Free for VIP clients (accounts with deposits of $50,000 or equivalent).
• Corporate accounts, Islamic swap-free accounts, VIP accounts, and joint accounts. Also, run up to 5 multiple accounts and transfer funds between them using the FxPro wallet.
• Small mark-up and swap charges are applied to the spreads for standard accounts. These accounts do not attract any commissions.
• Dynamic leverage model where leverage decreases with an increase in traded volume per instrument.
• Fixed spreads on 9 major FX pairs on MT4 Fixed account.

How to open an MT5 account with FxPro:

Pros:

• Free deposits. Free withdrawals if the funds have been trading and if refunds are asked after 6 months after depositing in case of refunds.
• Trade micro-lots (0.01).
• Free VPS and other offers on VIP accounts.

Cons:

• Withdrawals incur a fee of up to 2.6% if the funds have never been traded. Refunds also incur a fee if asked for within six months of deposit. Limited withdrawal and deposit methods.
• No guaranteed stop-loss orders.

Why we picked it:

• FxPro provides free VPS for large-volume traders, it is possible to trade micro lots on the platform, and there are free deposits and withdrawals.

Trading cost/Charges: Spreads from 0.6 pips on Pro accounts (from 1.2 pips on Standard accounts and 0 pips on Raw+ and Elite accounts).

Standard MT5 accounts have no commissions. A small mark-up fee and swap fee apply. Raw Spread accounts are charged a commission of $3.5 per lot to open and close positions. cTrader accounts attract a commission of $35 for every 1 million USD traded on FX and metals instruments.

#6) Pepperstone

Best for automated charting (with multiple tools supported for flexibility), auto trading, and base currency flexibility (with 10).

Pepperstone supports trading of forex, indices, commodities, currency indices, crypto, shares, and ETFs on MT5. Pepperstone has several extra offers for MT5 premium traders who manage a notional monthly trading volume of $15 million.

These include priority support, advanced market insights, access to ATP discounts via the Advanced Trader Program, as well as invitations to events. These traders also get advanced trading tools and free VPS. It also provides user guides on how to use the platform.

Other Features:

• Market analyses (via DailyFix, charts, analysts’ views, etc), news, Trading education, webinars, trading guides, etc.
• Social trading via DupliTrade, MT4 Signals platform.
• Fund accounts via credit and debit cards, bank transfers, PayPal, Neteller, Skrill, and Union Pay.
• Exclusive rewards, rebates, or discounts for premium clients with high volumes. $1, $2, and $3 discount per lot depending on trading volume tier.
• Account managers to support premium clients.
• Up to 10 base currencies which are USD, AUD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
• Trade 24 hours a day mainly from Monday to Friday.

Pros:

• Exclusive offers, rebates, and discounts for pro traders. Also advanced analyses and trader support for these clients.
• Minimum 0.01 lots trading size for forex accounts. The maximum is 100 lots.

Cons:

• Limited additional tools and support for ordinary clients on MT5.

Why we selected it:

• Pepperstone offers free VPS and trading rebates for large-volume traders on MT5.

Trading cost/Charges: Spreads from zero for Razor accounts.

Commissions are from $3 per lot per side for Razor accounts and zero commissions for Standard accounts.

#7) Exness

Best for non-swap trading, and for VIP trading where minimum deposit requirements are relatively low.

The MT5 platform can be used to trade currencies, shares, digital currencies, energies, metals, and indices on the Exness platform. In addition to MT5 native tools and support, Exness does not charge any swaps on all traders while most other brokers apply non-swaps to Islamic accounts.

The platform has support for social trading and copy trading. Portfolio Manager accounts are also supported such that owners can invite investors to invest with them and the owners earn performance fees.

Other Features:

• Instant deposits through methods like local banks, MasterCard, Visa, eWallets such as Skrill, WebMoney, MPESA mobile money, Perfect Money, Neteller, Digital Wire, etc.
• Trading signals by Trading Central, market news, investment calculator, economic calendar, currency converter, Trading Central Webtv, historic tick data drawn from real-time pricing,
• Multilingual support.
• Free VPS hosting for all clients who meet the criteria (USD 1,000 account balance across all accounts, and a $500,000 monthly trading volume).
• Up to 200,000 Euros Financial Commission compensation fund.
• Revenue sharing of up to 40% on the broker referral program. The affiliate program gives up to $1850 for every client.
• Multilingual support.

Pros:

• No swaps for all traders.
• The minimum lot size is 0.01 lots for all account types. The maximum is 200 lots.
• Unlimited leverage even on standard accounts in addition to pro accounts. Unlimited number of positions for all account types except Standard Cent type of account.
• No charges on withdrawals and deposits. No management fees.

Cons:

• Fewer additions of trading tools for MT5.

Why we picked it:

• The non-trading fees on the platform are lessened by the company not charging for deposits and withdrawals. Besides, all traders do not pay overnight fees.

Trading cost/Charges: From 0.3 pips on Standard accounts, which also do not have any charged commissions. From 0 pips on professional accounts. Commission on Professional accounts is up to $3.5 per lot per side for the Raw Spread type, $0.2 per lot per side for the Zero account, and $0 for the Pro account.

#8) BlackBull Markets

Best for social and copy trading. VIP accounts also have relatively low deposit minimum requirements.

BlackBull Markets supports trading of up to 26,000 assets on the MT5 platform (including forex, commodities, equities, indices, metals, and crypto), at a maximum leverage of 1:500, and no minimum deposit.

BlackBull Markets also offers a free VPS for accounts with a minimum deposit of $2,000 and 20 lots monthly trading volume, in addition to trading tools natively supported on MT5 namely Autochartist, Zulu Trade, Myfxbook, and Fix API Trading.

Other Features:

• Trading education hub, tutorials, market reviews, webinars, demo account, economic calendar.
• 18+ deposit and withdraw methods including credit cards, debit cards, Skrill, crypto, local bank transfer, and China Union Pay.
• Islamic swap-free accounts.

Pros:

• Minimum trade size of 0.01 lots for all accounts.
• Leverage of up to 1:500 which is on the higher side.
• Free VPS for automated trading.
• 26,000+ financial instruments are tradable.

Cons:

• $5 withdrawal cost on all methods and there is a high deposit minimum of $2,000 and $20,000 for ECN and institutional accounts respectively.
• Commissions are relatively higher.

Why we selected it:

• BlackBull allows traders to trade 26,000+ assets and financial instruments, one of the most diverse offers, and with a $2,000 deposit and 20 lots monthly trading volume you enjoy VIP treatments.

Trading cost/Charges: From 0 pips for Institutional accounts, from 0.1 pips for prime accounts, and starting from 0.6 pips for Standard accounts. The commission is zero for standard accounts, $6 per lot per side for Prime, and $4 per lot per side for Institutional accounts.

#9) BDSwiss

Best for VIP and Raw account trading, partnership, and affiliate trading programs.

In addition to what MT5 natively offers, BDSwiss has more, allowing you to trade +250 CFDs on the platform. You also get daily account statements, account history, multi-language features, and the ability to display 100 charts simultaneously. In addition to the technical indicators provided on MT5, you get a total of 80 with BDSwiss and 40 analytical objects.

The broker offers CFD markets for currency pairs, stocks, commodities, shares, indices, and cryptocurrencies. The broker supports personal as well as VIP accounts.

Other Features:

• Trading research tools include market analysis reviews, technical analyses by experts, daily videos, and weekly outlooks. The broker also hosts live webinars, offers VPS service, and free data-driven trading insights through Trade Companion on the user’s dashboard (VIP or Raw accounts). Also provided are trading alerts via Telegram (to VIP and Raw  Holders).
• Trading academy, forex ebooks, learning center, educational videos, etc.
• Partnership and loyalty programs for traders, and affiliates, and introducing brokers such that they can earn trading commissions.
• Copy trading via the Master Trader program.
• Autochartist and Trading Central.
• Islamic accounts: Cent, Classic, and VIP.
• Over 14 deposit and withdraw options including PayPal, Neteller, Skrill, and credit and debit cards.
• EU client deposits have protection up to a maximum of €20,000 through the Investor Compensation Fund (CIF) provisions. 

Pros:

• The minimum deposit requirement for VIP and Raw accounts is just $500. For the other account types, it is $10. Corporate clients can choose from these options.
• $0 fees on deposits and cc withdrawals. Withdrawals are instant.
• Free personal account manager on VIP and Raw accounts. Others need to deposit a $1000 min deposit to access. Autochartist Performance Stats are also freely accessible to VIP and Raw account holders. Others need to deposit a $500 min deposit. VIP and Raw accounts also get free VIP webinars and priority services unavailable to Cent and Classic accounts.

Cons:

• Spreads can be prohibitively high for Cent accounts.

Why we picked it:

BDSwiss should be your choice MT5 broker because of the extra offers that can be used to supplement trading on the platform. As a large-volume trader, you get low spreads and extra offers to negate the higher commissions charged.

Besides, you get VIP treatment at a much lower deposit requirement compared to requirements on other broker platforms.

Trading cost/Charges: Average spreads from 0.3 pips. The commission is from 0 pips for all pairs on Cent, Classic, and VIP accounts when trading forex. A commission of $2 is charged on indices & 0.15% on shares for Classic accounts, and 0.15% on shares on VIP accounts.

Commission on Raw accounts is as follows: $5 on all FX pairs, $5 on commodities, $2 on indices, & 0.15% on shares.

How to Trade with MT5 – Including How to Place Trades

The MQL5 forum details all the specific information beginner and advanced traders need when working with MT5 including how to use the language to program their trading robots or Expert Advisors and to carry out integrations.

Step #1: Download and click to install the MT5 installation file from the MQL5 website: For the desktop platform, you need Windows 7 OS or higher (a 64-bit system is recommended). The machine also requires a Pentium 4/Athlon 64 processor or higher.

If you are downloading from a broker site, they will offer guides on how to install but it will essentially be clicking on the installation set-up file, reading the license agreement, and waiting for it to install.

You can also download the Android MT5 version, Mac version, or iOS version, or use the web version according to the link shared by your forex (or other asset) trading broker.

Step #2: If you have signed up for an MT5 account with a broker and have had the account approved, the broker certainly has sent login information to your email. Log in to the MT5 using the broker login information.

A demo trading account can be opened directly on the MT5 platform.

Step #3: Start trading. To place an order, access the Tools on the Menu bar and select New Order. On the Market Watch window, double-click or tap on the asset you want to trade. Alternatively, just right-click on the asset you wish to trade and select New Order.

Right-click on the Trade tab on the lower terminal and select New Order. Alternatively, press F9 for one-click trading on the chart of your favorite asset.

From any of the above options, the Order Screen will pop up and after this, you can see on the right the options to customize the order while the tick chart is on the left. The latter shows you the bid and ask prices and therefore the real-time spreads.

On the right, the options are Symbol which is the asset or pair to be traded, order type, and the volume or the quantity in lot sizes, stop loss, and take profit to curb the maximum loss when the price moves against your expectation, while take-profit, enables you to book profits when asset price moves in your favor, comment (notes regarding orders being traded).

The stop loss and take profit levels can be set optionally. The Fill or Kill policy is set to execute an order at only a specific volume. The Immediate or Cancel is chosen to execute a deal with the volume maximally available in the market within that indicated in the order.

Once placed, orders appear on the Trade tab which allows a trader to monitor existing positions. If they are pending order types, they can be modified or canceled/closed altogether. The History tab shows canceled orders and deals generated from the execution of the trading orders.

To use a robot, navigate to the File – Open Data Folder – MQL5 folder after installation. You will find indicators, expert advisors, scripts, and services. Once you download an Expert Advisor, you can place them in the folder so the platform will recognize and be able to use them.

By clicking on the subfolder of any robot in this main folder, you can access the two mq5 and ex5 file types. The first allows editing of the robot with the MetaEditor and by clicking on the second, you can launch the bot.

Tick the Allow algo trading option after launching and then proceed to edit the input parameters as wished.

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The MetaEditor lets you edit any strategies and it has a debugger and compiler. You can test and optimize any strategy from the Strategy Tester. You can also visit the Toolbox – CodeBase to see and use more automated trading robots built by the members of the MQL5 community.

Frequently Asked Questions

Conclusion

This tutorial discusses details of how to use MetaTrader 5, as well as how to arrive at the best MetaTrader 5 brokers to trade any CFD financial instrument. Our MetaTrader 5 brokers list was arrived at by considering a host of factors including trading costs and trading tools the brokers support.

Among the recommended overall best brokers for Metatrader 5 is IC Markets which allows scalpers to place trades at any spread distance without any restrictions in addition to the low forex spreads.

If you are a large volume trader on MT5, you can do a lot with the platform’s trading robots coupled with trading rebates and a free VPS from IC Markets, which you can also get from multiple other brokers (AvaTrade, FxPro, BlackBull, Exness, Pepperstone, etc).

IC Markets, BDSwiss, and FxPro trading costs are among the lowest when compared with what most brokers charge.

FxPro, Exness, and Roboforex will probably offer the lowest trading costs given that some of the non-trading fees are waived. Exness, for instance, does not charge swaps on all accounts while most will offer this for Islamic accounts only.

Among the best brokers for Metatrader 5 that offer high trading leverage is IC Markets, AvaTrade, and Roboforex, which is up to 1:1000+.

Further Reading => Most Popular Forex Brokers in the UK

Research process:

• MetaTrader 5 Brokers initially listed for review: 30
• Total MT5 Brokers reviewed: 9
• Time taken to research: 2 days