Best overall forex broker for using MetaTrader 5 - IC Markets
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Average Spread EUR/USD - Standard |
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IC Markets is my top choice for forex traders who are looking for the best MetaTrader 5 experience on the market. The third-party research and trading tool plugins available for MetaTrader at IC Markets helped the broker win the ForexBrokers.com 2024 Annual Award for #1 MetaTrader broker (it’s worth noting that IC Markets has won the top spot for MetaTrader 4 years in a row).
MetaTrader users at IC Markets will gain access to the Advanced Trading Tools package, which is a suite of platform add-ons developed by FX Blue. IC Markets also provides installable third-party plugins from Trading Central and Autochartist. Some of the attributes that make IC Markets a popular choice for MetaTrader also make it a great broker for other third-party trading platforms, like cTrader and TradingView.
Many traders at IC Markets take advantage of the broker’s competitive pricing and execution methods to run algo trading strategies. This is the primary reason the broker made the top spot for MetaTrader 5. Over the years, this has resulted in IC Markets having some of the highest global trading volumes among MetaTrader brokers. Learn more by checking out my IC Markets review.
Great low-cost option for MetaTrader 5 - FP Markets
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Average Spread EUR/USD - Standard |
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 FP Markets
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1.1 info |
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FP Markets is a great low-cost option for forex and CFD traders that prefer to use the MetaTrader platform. Traders gain access to the full MetaTrader suite (both MT4 and MT5) as well as the popular cTrader platform. Ultra-competitive spreads are available on MetaTrader at FP Markets by way of its commission-based Raw ECN account.
FP Markets also offers support for Autochartist plugin integration as well as platform add-ons from FX Blue as part of its Trader Toolbox offering.
Overall, forex and CFD traders who want to use MT5 will appreciate the broker’s MetaTrader experience – FP Markets earned Best in Class honors for its MetaTrader offering for four years in a row in the ForexBrokers.com Annual Awards. It’s worth noting though that the scope of its research and educational offering are limited compared to the best brokers. Learn more by checking out my FP Markets review.
Plethora of third-party tools for MetaTrader 5 - Pepperstone
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Average Spread EUR/USD - Standard |
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Pepperstone offers a rich platform experience for MetaTrader enthusiasts. It also offers nearly every third-party platform available on the market, including cTrader and TradingView. Pepperstone won Best in Class honors for our MetaTrader in the ForexBrokers.com 2024 Annual Awards (extending a streak the broker has held onto for a stunning 7 years).
Pepperstone provides multiple platform add-ons that enhance the MetaTrader experience, including access to Autochartist, API trading, and a suite of Smart Trader Tools plugins available as an add-on for MetaTrader accounts.
The availability of both the MT4 and MT5 apps combined with its launch of a proprietary mobile app has helped inch Pepperstone closer to competing with brokers offering the best mobile trading apps, thanks to the modern design of these applications. Check out my Pepperstone review to learn more.
What is MT5?
One of the most well-known retail forex trading platforms in the world, MetaTrader 5 (MT5) is part of a suite of trading applications developed by MetaQuotes Software Corporation for desktop, web, and mobile.
Designed as the successor to the wildly popular MT4 platform, MT5 features multiple upgrades and boasts some significant improvements to the MetaTrader software. Still, MT4 remains one of the most widely used retail forex trading platforms on the market. If you’d like to learn more about MetaTrader 4 and the MetaTrader software suite, check out my complete guide to MetaTrader.
Like previous MetaTrader platforms, MT5 supports multiple execution methods and is designed as a turnkey solution for brokers. Brokers pay a fee to license the MetaTrader software so that they can provide the platform to their clients. Brokers can customize the MT5 platform based on the range of markets they offer to best suit their individual client’s needs – which means that MT5 offerings can vary from broker to broker.
The MT5 platform was first introduced in 2010 and has been slow to gain adoption among traders when compared with MT4, its successful predecessor. To encourage the transfer of accounts to its newest platform, MetaQuotes recently announced its decision to discontinue the sale of new licenses for the MT4 platform. As more brokers have added MT5 to their platform offering over the years, it has slowly gained wider adoption across the brokerage industry.
smartphoneMetaTrader on mobile devices
Android and iOS users can download MT5 for trading on the go. The MetaTrader apps (MT4 and MT5) were briefly delisted from the Apple App Store in September 2022, but MetaTrader is again available for iOS as of March 2023.
MetaTrader 5 Brokers List
We review and continuously monitor the offerings of over sixty different forex brokers. MetaTrader is just one of the numerous features that we test when reviewing a broker. Of the forex brokers that we review, here are the ones that offer MetaTrader 5:
Admiral Markets,
ACY Securities,
AvaTrade,
BDSwiss,
BlackBull Markets,
Eightcap, FlowBank,
FOREX.com,
FP Markets,
FXCM,
FxPro,
HYCM,
HFM,
IC Markets,
IG,
LegacyFX,
Moneta Markets,
OANDA,
OctaFX,
Pepperstone,
Swissquote,
Tickmill,
TMGM,
Trade 360,
Vantage,
VT Markets, and XM Group.
About the MetaTrader 5 Product Suite
Like the MT4 platform, MT5 is available for desktop, web, and mobile. We’ve tested the MetaTrader 5 platform across devices, and we’ve detailed their strengths, weaknesses, similarities, and differences below:
MT5 mobile app
MT5’s popular Mobile Trading app is available for Android devices from the Google Play store, where it has been downloaded over 10 million times and holds a rating of 4.5/5. The Android version is supported on phones and tablets, and – like MT5’s web platform – MT5’s mobile app features 30 built-in indicators.
Note: MetaTrader 5 is available for download from the Apple App store and for Android on the Google Play store.
Take a behind-the-scenes look at the MT5 Mobile Trading app with our video walkthrough:
Bottom line: The MT5 app is light on features compared to the desktop platform, but it still offers more functionality and greater ease of use than the web version.
Some of the best mobile apps are developed in-house by the top forex brokers in the industry. Want to learn more about the wide range of available mobile apps? Read our guide to the best forex trading apps.
MT5 desktop platform
MT5’s desktop terminal is downloadable and designed for use with Windows-based computers. MT5 users gain access to more than 100 interactive charts that feature dozens of analytical tools, such as indicators and graphical objects. The 21 available time frames allow for in-depth technical analysis of currencies, exchange futures, stocks, cryptocurrencies, indices, and spot metals.
Check out our walkthrough of the MetaTrader 5 desktop platform:
Bottom line: If you are hoping to unlock the full potential of MT5’s powerful trading platform, the desktop version is the way to go.
Download MT5 for desktop on MetaTrader’s MT5 site.
MT5 web platform
MT5’s web-based platform can be accessed from any browser or operating system without the need to download any software. Instead, your broker provides a unique URL from which the service can be accessed with the trader’s login details.
The web version of MT5 recently underwent a massive makeover, which updated its charting capabilities and overall responsiveness to be more competitive with modern web platforms like TradingView. Check out my forex charting guide to learn why charts are so important for forex traders.
analyticsTradingView
A popular trading platform that delivers a range of powerful charting functions and robust analysis tools, TradingView is used by millions of traders. Learn more by checking out our TradingView guide.
Note: You can’t manage trading robots or carry out advanced operations on MetaTrader 5’s web platform.
Check out our walkthrough of MT5’s web platform:
Bottom line: WebTrader is a lighter version of MT5’s desktop platform, and only offers the most basic features for carrying out trading and account management.
Start using MT5’s web platform by visiting MetaTrader’s MT5 web platform site.
tips_and_updatesPro tip:
Demo and live account options are available for all versions of MT5. It's always a good idea to try out a free demo account to learn the software before risking your real money.
Comparing MT4 vs MT5
MT4 and MT5 may share the same developer (and the two platforms even look alike), but their coding is significantly different, and each platform has distinct functionalities and features. MT5 brings a number of changes to the MetaTrader platform that have bolstered the computational power of the MetaQuotes’ software suite. For example, MT5 runs in 64 bits to match the capabilities of modern processors, which means that it runs much faster and can handle billions more data points than MT4.
MT5 also features two new order types, advanced Strategy Tester settings, a new MQL programming language, and multiple design optimizations – among other additions and changes.
For a deeper dive into the differences between these two popular versions of the MetaTrader software, check out my MT4 vs MT5 guide.
Can I use MT5 without a broker?
No, you’ll need to open a live account with a broker that offers MetaTrader 5 (MT5) in order to trade with real funds. You can try MT5 out with a demo account, but you won’t be able to do any live trading – and if your demo account is not connected to a broker, you won’t have access to updated rates.
When choosing a forex broker that offers MT5, make sure that the broker offers the range of markets you are interested in trading, and that it can equip you with the trading tools you’ll need for your trading strategy. It’s also important to make sure your forex broker is highly regulated; this is the best way to protect yourself from forex scams.
We’ve evaluated dozens of forex brokers to determine whether you can trust them with your live trading funds – read more about Trust Score.
Which broker is best for MT5?
When comparing the best MetaTrader brokers across all categories, IC Markets stands out as our top pick for MT5 in 2024.
IC Markets also has some of the highest global trading volumes among MetaTrader brokers, as traders tend to run algorithmic trading systems at IC Markets due to its competitive pricing and execution methods available. The qualities that make IC Markets a great broker for MetaTrader also make it a fantastic broker for cTrader, another popular third-party platform. If you are interested in learning about algorithmic trading and automated high-frequency trading systems, check out our guide to high-frequency trading.
Is the MT5 platform free?
Yes, MT5 is totally free to download and use – though you should still be prepared to pay trading fees when you place live forex trades (these can vary from broker to broker). Brokers pay to license the MT5 trading platform directly from the developer, but retail traders are not charged any platform fees to use MT5. Traders will of course still be responsible for paying the standard trading fees incurred with any forex broker – such as commissions, spreads, and overnight carrying costs (premiums).
Should a beginner use MT4 or MT5?
Beginners may not notice any significant differences between MT4 and MT5. On the surface, they are similar in appearance and function, and MT5’s added features and advanced functionalities may not be hugely important for beginners. Before deciding on MT4 or MT5, it’s important for new traders to learn the basics of trading and to develop a keen understanding of how trading platforms work.
Beginner forex traders should start by consuming educational content (check out my guide to the best free forex trading courses for some suggestions) and experimenting with a demo account before trading with a live, fully funded account. Demo and live account options are available for all versions of MT5.
Is it safe to use MetaTrader?
Yes, the MetaTrader platform is safe to use. MetaTrader is a popular software suite for trading forex and CFDs – but it’s not a broker. This means that your level of safety when trading forex will depend on your forex broker, not on the MetaTrader software. Whether you use MT4 or MT5, you’ll want to make sure that your forex broker is well-capitalized and licensed by reputable regulatory agencies.
The ForexBrokers.com Trust Score algorithm provides an at-a-glance score of a broker’s reliability and trustworthiness – learn more about Trust Score and the regulatory agencies that we track.
Our testing
Why you should trust us
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Click here to learn more about how we test.
How we tested
At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
- For Apple, we use MacBook Pro laptops running macOS 14.5, and the iPhone XS running iOS 17.6.
- For Android, we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 14.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser.
Our researchers thoroughly test a wide range of key features, such as the availability and quality of watch lists, mobile charting, real-time and streaming quotes, and educational resources – among other important variables. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms.
ForexBrokers.com 2024 Overall Rankings
Now that you've seen our picks for the top seven MetaTrader 5 brokers, check out the ForexBrokers.com Overall Rankings. We've evaluated over 60 forex brokers, using a testing methodology that's based on 100+ data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.
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Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans
John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Blain Reinkensmeyer
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Tickmill
FP Markets
Pepperstone
FOREX.com
FxPro
Tickmill
Vantage
IG
Interactive Brokers
Saxo
CMC Markets
Charles Schwab
City Index
XTB
eToro
Capital.com
Swissquote
AvaTrade
Plus500
FXCM
OANDA
XM Group
Admirals
Markets.com
FinecoBank
BlackBull Markets
ThinkMarkets
HYCM (Henyep Capital Markets)
HFM
DooPrime
Questrade
ActivTrades
Trading 212
BDSwiss
Trade Nation
TMGM
Eightcap
Moneta Markets
Spreadex
MultiBank
Exness
ACY Securities
easyMarkets
RoboForex
VT Markets
Octa
IronFX
IFC Markets
Trade360
Axi
TeleTrade
iFOREX
FXOpen
FXPrimus
Xtrade
Forex4you
GBE brokers
Alpari
TopFX
Libertex (Forex Club)
LegacyFX
FXGT.com
ATFX
