Best MetaTrader 5 MT5 Forex Brokers in 2024 (2024)

MetaTrader 5 (MT5) has become one of the most popular online trading platforms among retail traders. Its intuitive interface, advanced charting tools, algorithmic trading capabilities, and access to global markets make it an attractive platform for traders of all levels. However, the trading platform is only one part of the equation - you also need a reliable and regulated broker to open an account with.

Top Best Forex Brokers in the word 2024

In this article, we will take a look at the 10 best MetaTrader 5 brokers that you can consider for online trading in 2024. We have analyzed each broker across various parameters such as regulation, trading instruments, platforms offered, spreads and commissions, customer support and more to come up with this list.

Introduction

When choosing an online broker forex trading, you need to make sure that the broker is safe, reliable and suits your specific trading requirements. Below are some of the key factors that you need to consider when selecting a MetaTrader 5 broker:

• Regulation: Choose a broker that is regulated by top-tier authorities like the UK’s FCA, Australia’s ASIC, Cyprus’ CySEC among others. This ensures the broker adheres to strict regulatory compliance and keeps client funds safe.
• Instruments & Markets: The broker should provide access to a range of financial instruments across global markets like Forex, stocks, commodities, indices, cryptocurrencies etc.
• Spreads & Commissions: Check the typical spreads and commissions charged by the broker across different assets and account types to gauge trading costs.
• Platforms & Tools: Along with the MT5 platform, brokers should also offer complementary platforms like MT4, WebTrader and mobile apps equipped with advanced features.
• Customer Support: 24/5 multilingual customer support via live chat, email and phone is necessary for resolving account/platform issues.

With these parameters in mind, let’s take a look at the 10 best MT5 brokers recommended for you:

1. MetaQuotes

MetaQuotes is the developer of the MetaTrader 5 trading platform and offers brokers licensing options for using their software. With over 20 years of experience in the online trading industry, MetaQuotes has established itself as a leading provider of trading platforms.

Features

• Provides MT5 White Label solutions for brokers
• Developed Web Platform, iOS and Android Versions
• Supports CFDs, Forex, Stocks and Futures
• Advanced charting package and trading tools
• MQL5 community & SDK for developers

Pros

• The most advanced and full-featured MT5 platform
• Reliable technology backed by decades of experience
• Regulated broker partners across the world
• Active community of developers on MQL5

Cons

• Direct trading not available for retail traders
• Actual trading conditions depend on the partner broker

Opinion

As the developer of MetaTrader 5 itself, MetaQuotes offers the most well-rounded and technically-advanced version of the platform. For traders seeking a reliable, futures-ready trading platform, MT5 provided by regulated Metaquotes brokers is definitely an excellent option.

2. Admiral Markets

Admiral Markets is a global multi-asset broker headquartered in Estonia and regulated by the UK FCA among other authorities. Known for its transparent trading conditions and cutting-edge platforms including MetaTrader 5, it is our choice as the best overall broker for MT5.

Features

• Regulated broker globally across Europe, Australia and S. Africa
• Access to 7,500+ CFD instruments across Forex, commodities etc
• Ultra-low latency ECN spreads starting from 0 pips
• Award-winning WebTrader & mobile platforms *Advanced trading tools like sentiment indicators, trading calculators etc.

Pros

• Tight spreads from a stable institutional grade broker
• Excellent platform features, tools and analytics
• High leverage available & negative balance protection
• Multitude of account types tailored to each trader’s needs

Cons

• Limited direct phone support
• Product portfolio lacks exchange-traded assets

Opinion

Admiral Markets hits a sweet spot between trading costs, platforms and instrument diversity, while upholding transparency and trustworthiness being an FCA regulated broker. For most traders, Admiral Markets would be an ideal one-stop shop broker to start MT5 trading.

3. IC Markets

IC Markets is a leading Australian ECN broker headquartered in Sydney. With ultra-competitive pricing and latency, it offers among the best trading conditions for high & medium frequency traders on MetaTrader 5 worldwide.

Features

• True ECN trading with tight spreads and fast execution
• Spreads from 0.0 pips for Forex and 0.1 pip for commodities
• Level II Pricing offered directly from liquidity providers
• Ultra-low latency connection ~1 ms with Tier 1 banks
• Wide range of instruments across Forex, indices, commodities etc.

Pros

• Institutional grade spreads & liquidity on MT5
• Feature-rich platform with cTrader & cAlgo also available
• Advanced trading tools like spread indicator, VPS hosting etc.
• Licensed broker with segregated client funds

Cons

• Limited global presence restricted mostly to Asia
• Customer support lacks chat or toll free number

Opinion

For high frequency and volume traders on MetaTrader 5 seeking reliable ECN execution and tight spreads, IC Markets is undoubtedly a top choice. Their combination of pricing, platforms and asset classes makes them suitable for scalpers and high frequency algo traders alike.

4. XM

XM is a globally regulated online broker based in Cyprus offering access to 1000+ instruments across Forex, commodities, equity indices, metals, energies and more. Renowned for its client-centric approach, it offers multiple account types tailored for different trade sizes.

Features

• Global regulation from ASIC, CySEC and other authorities
• Ultra-low Forex costs from 0 pip, $0 commission interbank spreads
• Access to MetaTrader 4, MetaTrader 5 and Web-based XM MT5
• Micro and nano lots available across various Forex pairs
• Fast execution speeds leveraging Equinix NY4 infrastructure

Pros

• Tight trading spreads and zero commission costs
• Excellent platform choice & features
• Top-notch education & market analysis
• Multilingual 24/5 dedicated support team

Cons

• Share CFD portfolio not available globally
• Limited brand recognition in some regions

Opinion

XM strikes an optimum balance between trading costs, platform selection, education and client support - making it suitable for most beginner and intermediate level traders using MetaTrader 5 for Forex and CFD trading.

5. OctaFX

OctaFX is a global ECN broker from St. Vincent catering mainly to fiat and crypto currency traders. It offers deep liquidity via MT5 combined with fast execution and a seamless trading experience through their web and mobile platforms.

Features

• ECN/STP execution model ensuring lowest spreads
• Crypto trading supported with USDT perpetual swaps
• MT5 available across web, desktop and mobile apps
• Generous deposit bonuses up to 50%
• 24x5 customer support via online chat

Pros

• Top-tier trading conditions and liquidity
• Seamless experience across web and mobile
• Lucrative rewards program for active traders
• Quick assistance via 24x5 online chat

Cons

• Narrow assets portfolio beyond forex and crypto
• Initial account funding involves fees

Opinion

OctaFX hits the mark with competitive pricing, platform versatility and dedicated support - making them a dependable option for forex and crypto traders using MetaTrader 5 seeking deep liquidity and fast execution. The user-friendly apps combined with the generous promotions further add to its appeal.

6. Exness

Exness is an award-winning broker from the UK offering seamless access to global markets through MT5 for over 1 million registered traders worldwide. Known for its trading conditions and investment service, Exness caters well to traders of all stripes.

Features

• Regulated globally by FCA, CySEC, ADGM Abu Dhabi and others
• Zero commission on all trades & ultra-tight spreads from 0.1 pip
• Negative balance guarantee across account types
• Copy trading via MT5Signals community built-in
• Islamic (swap-free) accounts compliant with Sharia laws

Pros

• Leading trading costs & conditions
• Advanced platforms with insightful analytics
• Auto trading services via MT5signals marketplace
• Multilingual 24/5 dedicated support staff

Cons

• Limited CFD outside forex and metals
• Payment options vary across country promotions

Opinion

Exness rightfully earns industry-wide recognition for providing reliable trading conditions and technologies to empower traders while keeping transparency with global regulation. For scalpers and high frequency MT5 traders focused purely on tight spreads across forex and metals, you’ll struggle to find a better broker than Exness.

7. Tickmill

Tickmill is an award-winning UK broker renowned for its institutional-grade ECN infrastructure coupled with transparency and reliability. It offers unmatched trading conditions for high frequency traders seeking liquidity and stability.

Features

• True ECN execution combined with ultra-tight spreads
• Aggregated liquidity from top global banks and venues
• Level 2 pricing across all account types
• Advanced VPS, EA Builder and other tools included
• MT5 available across desktop, web and mobile apps

Pros

• Institutional ECN liquidity and order flow
• Near instantaneous order execution times
• Suite of advanced complementary tools
• “Raw ECN spreads” displayed transparently

Cons

• Limited educational resources on site
• Mobile platforms lack some features

Opinion

With its reliable technology stack, institutional grade liquidity and complete transparency, Tickmill provides a robust trading infrastructure for high volume MT5 algorithmic and traders seeking ultra-low latency connectivity. If you demand stability combined with honesty from your ECN broker, Tickmill hits the mark.

8. Axiory

Axiory Global is an award-winning broker regulated in multiple jurisdictions catering well to developing traders seeking guidance, education and community. Alongside its competitive pricing, platform and service, Axiory focuses heavily on elevating its clients through knowledge sharing.

Features

• CySEC, FCA, MFSA and other regulations
• True ECN account connectivity & pricing
• Built-in mirror trading strategies forum
• Multilingual 24/5 support & personal account manager
• Advanced platforms across MT4, MT5 and cTrader

Pros

• Low cost transparent ECN execution
• Copy trading community marketplace
• Personal support representative assigned
• Lucrative market research & education

Cons

• Limited assets outside currencies
• Higher minimum account balances

Opinion

Axiory manages to differentiate through its emphasis on trader education, mirror trading and multilingual support - making it suitable for beginner to intermediate traders seeking guidance alongside tight spreads. The built-in investor forum further aids collaboration.

9. FP Markets

FP Markets is a renowned Australian ECN broker formed in 2005 offering access to over 10,000 instruments from major global markets. Regulated locally by ASIC, it delivers institutional grade access t0 traders through consistently tight Bid-Ask spreads.

Features

• True ECN pricing & fast executions leveraging Equinix
• Ultra-competitive interbank spreads from 0.0 pips
• More than 10,000 tradable instruments available
• IRESS platform connects directly to liquidity pools
• Advanced trading tools from TORA suite included

Pros

• ECN spreads from 0.0 pip through top liquidity
• Massive product portfolio across Forex, commodities, indices and more
• TORA trading suite with advanced charting & analytics
• Local ASIC regulation and segregated funds

Cons

• Higher overall trading costs from commissions
• Mobile apps lack full IRESS feature set

Opinion

FP Markets hits a sweet spot between product range, pricing and platforms - offering institutional grade liquidity using advanced technologies tailored for both new and experienced traders alike seeking diversity across markets.

10. XTB

XTB is an established European listed brokerage regulated locally across Europe, offering CFD trading across 5000+ global markets. It offers award-winning trading platforms including slick xStation Suite covering MT5 desktop, web and mobile access.

Features

• Publicly listed broker on Warsaw SE
• Local regulation across EU by FCA, CySEC and more
• Access to 10,000+ instruments from top markets worldwide
• User-friendly xStation suite for beginners
• Advanced client sentiment indicators built-in

Pros

• Highly transparent practices as listed company
• Intuitive proprietary all-in-one platform suite
• 10,000+ global instruments across all categories
• Advanced built-in sentiment analytics

Cons

• MT5 lacks full customizability features
• Higher spreads & commissions vs rivals

Opinion

For traders seeking simplicity and convenience through an intuitive platform with massive product range across 5000+ global markets, XTB hits the sweet spot. Though pricing falls short of dedicated ECN rivals, transparency and custom tools make up for it.

Conclusion

MetaTrader 5 undoubtedly provides a versatile cutting-edge platform to gain access to and trade markets worldwide. However, the overall trading experience ultimately depends on your broker’s execution quality, platforms, asset classes offered and tools available to you.

We have compiled for you the 10 best all-round MT5 brokers catering to most trader requirements through our research across pricing, regulation, reputation and features offered. Both seasoned and new traders can pick a suitable partner recommended here based on their priorities and start MetaTrader 5 trading on a dependable note with peace of mind.

Frequently Asked Questions (FAQs)

What is the benefit of using MetaTrader 5?

MetaTrader 5 offers advanced charting tools, customizable indicators, trading bots for automation, algo trading capabilities and access to global markets under one platform. It is an ideal solution for active traders.

Is MT5 better than MT4?

MT5 comes with several enhancements over MT4 like additional pending order types, NASDAQ Level II prices integration, additional timeframes, 21 time & price strategy tester enabling broader backtesting of strategies plus analytics to gauge performance.

What assets can I trade with MetaTrader 5?

Using MT5 you get access to several financial markets across Forex, commodities, global equities, futures, options, cryptocurrency and more depending on your broker. Most top MT5 brokers offer access to 5000+ instruments.

Is MetaTrader 5 supported on Mac?

Yes, MetaTrader 5 offers a native macOS compatible application alongside Windows and Linux desktop platforms. It is also available across mobiles covering iOS and Android.

What makes Admiral Markets the top overall broker for MetaTrader 5?

With low trading costs, advanced platforms including MT5 cTrader & MT4 Supreme, 7500+ instruments across Forex, commodities and indices all offered transparently by a global regulated broker, Admiral Markets provides an unmatched trading environment suitable for most MT5 traders.