Best MetaTrader 5 Brokers: Which is Best for You? • Benzinga (2024)

Want to skip to the answer? The best MetaTrader 5 Broker is FOREX.com. Now available for U.S. traders!

The revolutionary MetaTrader 4 gave forex traders unprecedented control over trading strategies and timing. Automated trading systems could be implemented, but the platform was restricted to currency traders only.

Equity, bond and options investors were shut out of using MetaTrader 4 despite a surge in popularity. When would stock market investors gain access to this powerful platform? The release of MetaTrader 5 answered that question in 2010.

Quick Look: Best Forex Brokers with MT5

• Best for US Clients: FOREX.com
• Best for Ease of Use: AvaTrade
• Best for Trading Experience: Pepperstone
• Best for Building a Diverse Portfolio: RoboForex
• Best for Traders Who Rely on Technical Analysis: FXGT.com
• Best for Mobile Use: XM
• Best for CFD Trading: HYCM
• Best for Multiple Platforms: Blackbull Markets

As of this writing, only FOREX.com supports MT5 in the United States. Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. If you want to trade stocks or options on MetaTrader, you’ll generally need to do so outside the United States. Still, plenty of quality brokerage options exist for international traders who wish to use MetaTrader 5. Benzinga has compiled a list of the best MetaTrader 5 brokers based on functionality, reputation and number of tradable markets.

1. Best for US Clients: FOREX.com

FOREX.com is one of the only forex brokers to provide MetaTrader support for U.S. clients. They have an impressive group of pairs to trade and 3 different accounts to choose from. FOREX.com also provides extensive educational materials are spot-on. They support both MetaTrader 4 and MetaTrader 5, and are continually ranked the #1 forex broker in the U.S. by Benzinga.

Here is a preview of the types of accounts you can get through FOREX.com.

• Standard: This is a traditional forex trading account which charges no commissions. The client will only have to worry about the spread cost, which can be higher compared to other account types.
• Commission: The commission account greatly impacts the spreads by reducing them in exchange for a fee on each trade. These accounts aren't available for MetaTrader users, however. The commission is $5 per 100,000 units traded.
• Direct market access: Using theDMA account, advanced traders can access the plumbing of the forex market. Traders can match orders to certain liquidity providers and take advantage of rapid price movements. This style of trading is quite advanced and FOREX.com recommends it only to clients with over $25,000 to deposit.

If you're looking for a MetaTrader 5 broker, beginners will eat up the educational resources. Also, anyone will love their low account balance and trade minimums. For the more experienced forex traders, there are multiple platforms of varying sophistication to choose from. And active traders earn discounts on high monthly volumes.

2. Best for Ease of Use: AvaTrade

AvaTrade is a well-known MT5 broker that offers a wide range of trading instruments and advanced trading features. With AvaTrade, traders can trade various asset classes including forex, stocks, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads, leverage options, and a user-friendly interface to enhance the trading experience. Additionally, AvaTrade provides educational resources, market analysis, and customer support to assist traders in making informed trading decisions.

3. Best for Trading Experience: Pepperstone

With competitive spreads and a simple trading platform, you can use Pepperstone to build your portfolio in any way you like. You can use Autochartist, try algo trading, use API trading and speak to the customer support team at any time. Yes, slippage has occurred in the past, but you will also enjoy benefits like:

• No minimum deposit
• Over 60 currency pairs
• MT4, MT5, cTrader, Web Trading Platforms and Mobile App (if you want more options)
• Leverage starting at 30:1 for retail clients and up to 500:1 for professional clients

Trading on MT5 is a good way to build your portfolio, and you will find that it’s easy to manage your portfolio if this is the platform you prefer.

4. Best for Building a Diverse Portfolio: RoboForex

RoboForex Ltd is an international broker with over 1 million clients in 169 countries, and has received recognition from respected financial experts. The company is based in Belize City, Belize.

The online broker received several awards in 2022, such as Best Mobile Trading App from Global Forex Awards, Most Trusted Broker by International Business Magazine Awards, and Most Transparent Broker by World Economic Magazine Awards.

RoboForex offers support for various trading platforms and offers leverage ratios up to 2,000:1, based on your jurisdiction. Besides forex trading, RoboForex allows trading of stocks, CFDs, ETFs, indices, commodities, energy commodities, and metals.

5. Best for Technical Analysis: FXGT.com

FXGT.com is an online broker that specializes in CFD trading on various assets such as forex, stocks, equity indices, cryptos, energies, precious metals, NFTs, DeFi tokens, GTi12 index, and synthetic crypto pairs. They have a significant market presence in Africa, Asia, and the Middle East. The platform provides leverage that varies based on volume up to 1:1000, depending on the asset class.

Traders have the option to select from multiple account types that offer distinct features such as micro lots, raw spreads, and zero swaps. Eligible individuals have the opportunity to receive bonuses and promotions, as well as utilize automated Virtual Private Server (VPS) trading for their benefit.

6. Best for Mobile Use: XM

XM is part of Trading Group, a U.K.-based firm regulated by the FCA. XM is the forex and CFD wing of the firm and it’s got unprecedented accessibility for MetaTrader users. Not only can MT4 and MT5 be used on any computer, but also any smartphone or tablet too. You’ll be able to trade from pretty much anywhere in the world with MT5 for iOS and Android. XM also gives you more than just a simple trading account.

Customer support stands by 24/5 for live help, its video tutorial library use is unlimited and you’ll get daily technical analysis and market research for free. You also get a personal account manager, too — an actual human being! XM has 55 different currency pairs to trade, along with CFDs on stocks from 17 different countries, commodities and precious metals. Choose from seven different asset classes and thousands of individual products, including indices and cryptocurrencies. XM is a great spot for beginners thanks to its demo account. Newcomers can test out strategies with $100,000 in virtual cash before putting hard-earned money into accounts.

7. Best for CFD Trading: HYCM

HYCM has been in the business since 1977 and is considered a trusted and valued platform. The platform processes 25,000 orders a day and offers a customer service department that is reachable 24 hours a day Monday through Friday.

You can open several types of accounts with HYCM including those that are commission free and those that charge $4 per round. You will find 0.1 to 1.5 pips and leverage of up to 500.1.

8. Best for Multiple Platforms: Blackbull Markets

There is a reason that Blackbull Markets won the Best in Class for Offering of Investment from the ForexBrokers.com 2023 Annual Awards – it’s a great platform. It offers traders seven trading platforms to choose from including MetaTrader 4 and 5.

The platform offers tool, resources, and education for beginner, intermediate, and advanced traders. And with 0.0 pips, 500:1 leverage, and an average execution speed of 20 ms, it’s easy to see why the platform is so popular.

What is MetaTrader 5 and Who Uses it?

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

MetaTrader 4 and 5 might look similar, but they aren’t backward compatible. MetaTrader 5’s programming is written in an entirely different 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 (which are analytical and trading process automation tools) and other robots, and these 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.

In the United States, finding a reputable broker that offers MetaTrader 5 is harder than finding a Yankees fan who hates Derek Jeter. Though it opened up to equities, MetaTrader 5 traders represent a very small percentage of the platform’s users. Even the big currency brokers Forex.com and OANDA exclusively support MetaTrader 4. To find a home with MetaTrader 5, you’ll have to venture outside the borders of the United States.

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.

For a deeper dive comparing these platforms, check out MetaTrader 4 vs. MetaTrader 5.

Why Brokers Offer MetaTrader 5

MetaQuotes Software has begun to nudge clients toward MetaTrader 5. The platform is technically superior to MetaTrader 4, but the best forex brokers are hesitant to purchase new licenses and traders don’t want to lose the programming language with which they’ve written so many robots. A tug-of-war is underway and MegaQuotes has increased the pressure.

Support for MetaTrader 4 was recently cut off and new brokers now must choose between MetaTrader 5 or nothing at all. In addition to MetaQuotes’ gentle pushing, equity brokers can now offer the software for stock exchange trading. Most MT 5 brokers offer a variety of different markets to trade in. Previously, only forex brokers used the platform.

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. All United States forex brokers support MT4 only. 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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