Best MetaTrader 5 (MT5) Forex Brokers

Best For Earning Cashback on Trades

FOREX.com

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Best For $0 Commissions and Low Fees

Pepperstone

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Best For Dedicated CFD Traders

Vantage Markets

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Best For Excellent Trading Conditions

FxPro

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Best For Lightning Fast Execution Speed

BlackBull Markets

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U.S. and international traders can look to FOREX.com as the best MetaTrader 5 broker.

The MetaTrader platform suite, created by MetaQuotes, includes two popular trading platforms - MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely used by CFD and forex traders. The revolutionary MetaTrader 4 gave forex traders unprecedented control over trading strategies and timing.

MT5 has gained popularity in the forex industry due to its upgrades and improvements over the last decade. It is important to note that MT5, like MT4, is not a broker itself. If you decide to use MT5, you will still need to choose a reliable and regulated forex broker to begin trading. This guide will help you select the best MT5 forex broker, including MT5 brokers for US residents.

Best Brokers That Feature MetaTrader 5

As of this writing, FOREX.com is the only forex broker on this list who supports MT5 in the United States. Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. Still, quality brokers exist for international traders who wish to use MetaTrader 5. We've compiled this list of the best MetaTrader 5 brokers based on functionality, reputation, regulatory status, advanced tools and more.

Best Overall for U.S. Traders: FOREX.com

• Minimum Deposit: $100
• Active Promotions: Up to 5% cashback of initial deposit for new U.S. traders; Active trader cash rebates
• Currency Pairs: 80+

Why We Picked It: FOREX.com stands out as a MetaTrader 5 broker by offering strong incentives like 5% cashback on your initial deposit and exclusive bonuses for VIP traders. Active traders can also unlock volume-based discounts. MT5 and MT4 accounts feature competitive spreads with no extra commissions, making them cost-effective options. Beginners will appreciate the robust educational resources, while retail traders benefit from low minimum deposit and trade requirements. The MetaTrader package includes nine Expert Advisors and 15 custom indicators, giving users a solid edge in market analysis and strategy optimization.

Overview: FOREX.com is one of the only forex brokers to provide MT 5 support for U.S. traders. They have an impressive group of currency pairs to trade and three different accounts, including the RAW pricing, Spread-Only, and MetaTrader accounts. It supports MetaTrader 4 and MetaTrader 5, as well as TradingView and Trading Central, and is continually ranked the #1 forex broker in the U.S.

Best for Low Forex and CFD Fees: Pepperstone

• Minimum Deposit: $0
• Active Promotions: Active Trader Program rewards high-volume traders with commission discounts based on their monthly trading activity. The more standard lots you trade, the greater the discount, making it a cost-effective option for frequent traders.
• Currency Pairs: 90

Why We Picked It: Pepperstone stands out as an MT5 broker due to its commitment to providing a robust and feature-rich trading environment. Pepperstone enhances the MT5 experience by offering access to Smart Trader Tools and Autochartist, empowering traders with sophisticated market analysis and automated trading solutions. Additionally, the broker's support for algorithmic trading through the MQL5 programming language allows for the development and optimization of custom trading strategies, appealing to traders seeking a dynamic and customizable platform.

Overview: Established in 2010, Pepperstone is a globally recognized forex and CFD broker headquartered in Melbourne, Australia. The broker is regulated in multiple jurisdictions, including the UK, Australia, Cyprus, Germany, Kenya, the UAE, and the Bahamas. Pepperstone offers diverse trading instruments, including over 1,200 CFDs in forex, indices, commodities, shares, and cryptocurrencies.

Best for CFD Trading: Vantage Markets

• Minimum Deposit: Starting at $50
• Active Promotions: New clients can receive a 50% bonus on their first deposit, up to $500, and a 10% bonus on subsequent deposits. Existing clients can earn up to $100 for each friend they refer who opens a live account.
• Currency Pairs: 40+

Why We Picked It: Vantage Markets offers a comprehensive trading experience through the MT5 platform, catering to newer and seasoned traders. It provides various advanced tools and capabilities, including comprehensive price analysis features, algorithmic trading applications (trading bots, Expert Advisors), and copy trading.

Overview: Vantage Markets is a versatile online broker offering access to over 1,000 CFD trading products. The platform also offers educational resources through its Vantage Academy, where traders can access webinars, eBooks, and courses to deepen their market knowledge. Additionally, the platform provides promotional incentives, such as deposit bonuses and loyalty rewards, to enhance its users' trading experience.

Best for Algorithmic Traders: FxPro

• Minimum Deposit: $100
• Active Promotions: Refer a friend and you’ll both get a $50 cash bonus deposited straight into your trading accounts.
• Currency Pairs: 70+

Why We Picked It: FxPro offers multiple account options and execution methods. The platform provides its own proprietary FxPro Edge app (available for mobile use) alongside access to the BnkPro app. The MT5 platform also includes a strategy tester, which allows you to backtest and optimize your Expert Advisors using historical price data.

Overview: FxPro offers traders access to the forex and CFD market, where they can access hundreds of assets, including forex, metals, indices, shares, and cryptocurrencies. You can use one of the eight base currencies and save more money because there are no transaction fees, commissions, or account fees. The only fee is the inactivity fee that kicks in after 6 months with no activity. FxPro does not support U.S.-based traders.

Best for Multiple Platforms: Blackbull Markets

• Minimum Deposit: $0
• Active Promotions: When existing clients refer friends to the platform, if the referred friend opens a live trading account and meets the deposit and trading lot requirements, you and your friend will receive a $250 cash reward each.
• Currency Pairs: 70+

Why We Picked It: BlackBull Markets' institutional trading conditions and MT5 offer impressive trading conditions. You can access MT5 on a desktop, web, or mobile app and utilize its robust suite of technical analysis tools, fundamental data feeds, and Expert Advisor (EA) integrations.

Overview: BlackBull Markets offers seven trading platforms, including MetaTrader 4 and 5. With 0.0 pips, 1:500 leverage, and an average execution speed of 20 ms, it’s easy to see why the platform is so popular. BlackBull Markets also offers tools, resources, and education for beginner, intermediate, and advanced traders. However, it does not support U.S.-based traders.

What is MetaTrader 5?

MetaTrader 5 is the most recent software release from MetaQuotes Software, the Russian firm behind the trading platform. Unlike its previous incarnation, MetaTrader 5 allows equities and commodities to be traded alongside the usual forex components. Connection times have improved, and new indicator tools have been added. Sounds like a must-have program, right? Unfortunately, that’s not the case.

Although MetaTrader 4 and 5 might look similar, but they aren’t backward compatible. MetaTrader 5’s programming is written in an entirely different coding language. MetaTrader 4 software is written in MQL4, but MetaTrader 5 introduced the brand-new MQL5. MetaTrader 4 users have entire libraries of expert advisors (analytical and trading process automation tools) and other robots, which became obsolete on the MetaTrader 5 platform.

Naturally, users didn’t want to rewrite or re-purchase robots that worked perfectly fine on the MetaTrader 4 platform.

Source: metatrader5

MT5 Mobile App

The MT5 mobile app is a versatile trading tool that offers a range of features and functionalities for traders on the go. It is particularly suitable for monitoring portfolios and managing copy trading settings.

With the MT5 mobile app, users can easily check the status of their portfolios, track their investments, and keep up with market movements in real-time. The app also allows for adjusting copy trading settings, making it convenient for those who wish to follow the strategies of successful traders.

While the MT5 mobile app supports most trading functions, its small screen size may limit in-depth analysis. Traders may find it challenging to conduct detailed technical analysis or perform complex charting on the app. However, the app is highly efficient for basic trading activities and quick portfolio monitoring.

MT5 Desktop Platform

The MT5 desktop platform offers a range of impressive features and benefits that make it a vital tool for traders. One of the standout features of the MT5 desktop platform is its access to over 100 interactive charts. These highly customizable charts provide real-time data on various financial instruments, allowing traders to make informed decisions. Additionally, the platform offers numerous analytical tools to assist with market analysis and forecasting.

The MT5 platform provides 21 available time frames for technical analysis, giving traders a wide range of options to analyze historical price data. This flexibility allows you to identify trends and patterns, aiding in predicting future price movements.

MT5 Web Platform

The MT5 web platform conveniently allows traders to access trading and account management capabilities directly from a web browser, eliminating the need for software installation. This makes it highly accessible and flexible for mobile traders.

The MT5 web platform allows traders to perform basic trading activities such as placing market orders, setting stop-loss and take-profit levels, and viewing real-time charts. It also provides access to various technical analysis tools and indicators, allowing users to analyze the market and make informed trading decisions.

In addition to trading features, the MT5 web platform offers convenient account management functionality. Traders can view their account balance, transaction history, and manage funding options from the web platform. The MT5 web platform is compatible with different operating systems, including Windows, Mac, and Linux. 

MetaTrader 5 vs. MetaTrader 4

MetaTrader 4 is the dominant version of the trading software, but MetaTrader 5 does have some improvements and upgrades. Most prominently, the platform is no longer just for currency traders. MetaTrader 5 added two additional order types and is now open to stocks, bonds, futures, options and forex trading. Popular features like hedging, expert advisors and automated strategies can still be used.

Partial orders are now available on MetaTrader 5, along with the six different order types. Eight technical indicators and 13 graphical objects have also been added. MetaTrader 5 adds 12 extra timeframes, so research can be done more extensively than ever. The MQL5 community is available 24/5 on the new embedded chat feature and emails can now be sent with attachments.

There’s an economic calendar that shows important dates and data releases, but one of the biggest new perks in the ability to transfer funds between accounts. You can send money between your forex and stock trading accounts without logging off. Improvements and new features are plentiful on MetaTrader 5, but the lack of backward compatibility means MetaTrader 4 is still the primary platform. Stocks, options and futures trading is a big step and could open the door for more in the future.

>> Compare these platforms MetaTrader 4 vs. MetaTrader 5

Take Your FX Trades to the Next Level with the Best MT5 Brokers

MetaTrader 5 has enough improvements and new features to warrant a download, but the MetaTrader 4 community still fiercely defends its version. Most United States forex brokers support MT4 only, you can access the MT5 platform by singing up with FOREX.com. Brokers based in Europe and Australia aren’t as closed off and many support both MT4 and MT5. If you want to expand your trading into areas like equities and commodities, MetaTrader 5 is a great tool. Just make sure the broker you want to use actually supports it.

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