Best MetaTrader 5 Brokers

MetaTrader 5 (MT5) facilitates online trading in forex, stocks, and futures. Rich analysis tools and indicators make it an excellent platform for experienced traders. We review the MT5 platform and list the best MetaTrader 5 brokers in 2024.

Top 5 MetaTrader 5 Brokers

We have tested hundreds of brokers as of February 2024 and found that these are the 5 best brokers with MetaTrader 5 integration:

Best MetaTrader 5 Brokers Comparison

Best MetaTrader 5 Brokers Comparison
Broker MetaTrader 5 Auto Trading Instruments Regulators Minimum Deposit Visit
Forex.com logo
Expert Advisors (EAs) on MetaTrader Forex, Spot Metals NFA, CFTC $100 Visit
DNA Markets logo
Expert Advisors (EAs) on MetaTrader CFDs, Forex, Indices, Commodities, Stocks, Crypto ASIC $100 Visit
Pocket Option logo
Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos MISA $50 Visit
Scope Markets logo
Expert Advisors (EAs) on MetaTrader Forex, CFDs, Stocks, Commodities, Indices, Futures CMA, FSC, FSCA $50 Visit
ForexChief logo
Expert Advisors (EAs) on MetaTrader CFDs, Forex, Metals, Commodities, Stocks, Indices VFSC $10 Visit
Axofa logo
Expert Advisors (EAs) on MetaTrader Forex, CFDs, Stocks, Indices, Commodities SVGFSA $1 Visit
Coinexx logo
Expert Advisors (EAs) on MetaTrader Forex, Commodities, Indices, Cryptocurrencies - 0.001 BTC Visit
World Forex logo
Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts SVGFSA $1 Visit

#1 - Forex.com

Why We Chose Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"Forex.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC
  • The $100 minimum deposit requirement makes the broker accessible for beginners
  • You can enjoy industry-leading forex pricing starting from 0.0 pips, plus fast execution speeds of less than 1 second

Cons

  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
  • It's a shame that there's no copy trading platform for beginners or signal providers
  • The investment offering varies between countries

#2 - DNA Markets

Why We Chose DNA Markets

DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Indices, Commodities, Stocks, Crypto
  • Regulator: ASIC
  • Platforms: MT4, MT5
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:500

Pros

  • Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
  • Low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
  • Convenient account funding with 7 base currencies, a $100 deposit and a wide range of payment methods

Cons

  • Although it continues to strengthen its client base and reputation DNA Markets lacks the track record of top brokers like Vantage
  • Despite access to MT4 and MT5, there is no proprietary trading app
  • The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities

#3 - Pocket Option

Why We Chose Pocket Option

Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

- DayTrading Review Team
  • Instruments: Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
  • Regulator: MISA
  • Platforms: Web, MT4, MT5
  • Min. Deposit: $50
  • Min. Trade: $1

Pros

  • Extremely fast and smooth sign-up process that takes less than 2 minutes
  • The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
  • The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks

Cons

  • The MISA is a weak regulator with limited investor protection for retail traders
  • The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
  • Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests

#4 - Scope Markets

Why We Chose Scope Markets

Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

"Scope Markets continues to appeal to experienced short-term traders seeking highly leveraged CFDs and spot investment products on the powerful MetaTrader 5 platform. Investors can also access additional trading tools, including premium signals and PAMM/MAM accounts. "

- DayTrading Review Team
  • Instruments: Forex, CFDs, Stocks, Commodities, Indices, Futures
  • Regulator: CMA, FSC, FSCA
  • Platforms: Scope Trader, MT4, MT5
  • Min. Deposit: $50
  • Min. Trade: 0.01 lots
  • Leverage: 1:2000

Pros

  • The broker offers multilingual, 24/5 customer support via telephone, email and live chat
  • There's a decent range of research and analysis resources including a market blog, forex calculators and an economic calendar
  • The Scope Trader proprietary platform offers high quality technical features, including 50+ charting tools

Cons

  • Spreads are wider than some alternatives, starting from 0.9 pips for major pairs - the best brokers offer spreads from 0.0 pips
  • Scope Markets is not overseen by any of the top-tier regulators in the US, Europe or Australia
  • Educational resources are very limited which will reduce the appeal for beginners

#5 - ForexChief

Why We Chose ForexChief

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

"ForexChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
  • Regulator: VFSC
  • Platforms: MT4, MT5
  • Min. Deposit: $10
  • Min. Trade: 0.01 Lots
  • Leverage: 1:1000

Pros

  • ForexChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
  • Traders can access a copy trading solution via the MetaQuotes Signals service
  • ForexChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side

Cons

  • ForexChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
  • The total range of 150+ assets is much lower than most competitors who typically offer hundreds
  • The broker trails competitors when it comes to research tools and educational resources

History of MetaTrader 5

MetaQuotes released the MetaTrader 5 platform in 2010 as a successor to the hugely popular MetaTrader 4. Retaining the same iconic logo, MetaTrader 5 was marketed to the advanced trader, offering an extensive suite of trading tools.

The platform connects retail traders to multiple markets:

Getting Started with MT5

System Requirements

MetaTrader 5 is free to use and available directly through an online web browser. Alternatively, you can download the platform to your PC. The software is compatible with Windows XP, 7, 8, and 10. The download also works on Mac devices, except with MacOS Catalina. The software should run smoothly on both 32-bit and 64-bit processors. MetaTrader 5 is also compatible with Linux.

Registration

Once you have downloaded MetaTrader 5 to your PC or navigated to the login page on your browser, register for a new account. Most brokers will require basic information to verify your identity, trading objectives, and risk appetite.

From your account dashboard, you can make deposits and withdrawals. Minimum deposits vary between brokers. Payment fees also depend on the provider and method selected.

Trading costs, commissions, and leverage levels are flagged when you sign up for an account. Forex traders may see a swap charge against their account. A swap fee is interest earned or paid on trades kept overnight.

Technical Analysis

MetaTrader 5 offers 38 built-in technical indicators, including:

Custom indicators are also available from Code Base and the Market.

Over 100 price charts are available on the platform with 21 timeframes, ranging from one-minute to one-month. This makes the platform suitable for analysing both short-term and long-term price trends.

Additional Tools

MetaTrader 5 is home to real-time international news streams and an economic calendar. The software also has a Depth of Market feature to see liquidity, plus one-click trading and a vast library of historical market information, such as NSE stock data.

MetaTrader 5 allows for separate accounting of orders and trades, plus support for all types of trading orders and execution models.

The two accounting modes are:

For further guidance on how to build a trading strategy, see here.

Customisation

The MetaTrader 5 web terminal has been designed with personalisation in mind. Gateway Java and Python APIs, for example, enable integration so users can run:

Note you can also personalise the look and feel of the platform, including choosing between the light and dark mode.

Expert Advisors

Automated trading is available through expert Advisors (EAs). Following pre-determined criteria, algorithms will automatically execute trades on your behalf.

The MQL5 programming language allows for the development, backtesting, and optimisation of expert advisors. The MQL5 Wizard helps beginners get started with trading robots. For advanced traders, MQL5 IDE provides additional tools:

Expert advisors can also be bought directly from the Market or free downloads are available at Code Base. Detailed tutorial PDFs that explain how to get started with MetaTrader 5 robots can be found online.

Mobile App

If you need to step away from your MacBook or Chromebook, the mobile app has everything a pro needs to operate. You can access a complete set of trading orders, including pending orders and level 2 prices, with up to 32 quotes. Mobile traders also benefit from fast switching between financial instruments on charts, free financial news, push notifications, 30 technical indicators, and 24 analytical tools. Additionally, the History Center can be used to view price quote history.

Download the Android mobile app (APK) from the Google Play Store. For iPhone users, head to the Apple App Store. Alternatively, the platform is available through the WebTrader login page on your mobile browser. A tutorial for MT5 mobile beginners is offered by most brokers.

Note the time zone is set by the broker and cannot be changed from your iPhone or Android device.

Demo Account

The free MetaTrader 5 demo account is an excellent preliminary step to take before opening a real live account. Beginners can get familiar with trend analysis and order execution. You could test a strategy on shares, for example, without risking real money. You could also play around with different lot sizes in a forex strategy, or try trailing stops and risk management tools. Note 1 lot equals 100,000 of your base currency while a mini lot equals 10,000 and a micro lot equals 1,000.

A useful tip for new traders is to keep a trading journal, documenting what does and doesn’t work. For further guidance on demo accounts, see here.

Support

Support is available to MetaTrader 5 customers through several avenues. Head to the ‘Help’ page for key topics, including:

For common issues, such as no connection, the platform keeps closing, or you’ve forgotten your password, most brokers operate a live chat or telephone support service. To get complex topics explained and standard templates, user manuals and guides in PDFs or online videos are a good place to start.

However, arguably the greatest source of support is the online MetaTrader 5 community. If you’re having issues with the platform not updating, connecting or working, or if you want a review of keyboard shortcuts and hotkeys, you’ll find forums with users willing to help. Avid users are also great for updates on how to get the most out of the latest version of MetaTrader 5.

Errors

Common platform errors include:

Head to the ‘Contact us page’ to speak to a manager from one of MetaTrader’s representative offices.

MetaTrader 5 Vs MetaTrader 4

MetaTrader 5 certainly isn’t as widely used as MetaTrader 4, but it still has a lot to offer. The key difference is that MetaTrader 5 is geared towards the advanced trader. MT5 offers 38 technical indicators while MT4 has 30. MT5 has 44 graphical objects to MT4’s 31. And MT5 has 21 timeframes while MT4 has nine.

MetaTrader 5 is also considered a multi-asset platform, whereas MetaTrader 4 is primarily used by forex traders. Finally, MetaTrader 5 has two market orders, six pending orders, plus two stop orders, whilst MT4 offers two market orders and four pending orders. But the price of MT5’s additional tools is that beginners and those looking for an uncomplicated platform might be deterred.

So when it comes to the choice of MetaTrader 5 or MetaTrader 4, consider your needs. MT5 is probably the best fit for advanced traders seeking a state-of-the-art platform, but MT4 will suffice for most.

MetaTrader 5 vs NinjaTrader 8

For forex traders, there is a MetaTrader vs NinjaTrader debate. Both platforms are aimed at experienced traders using sophisticated strategies.

The benefit of NinjaTrader is that it promises more customisation than MetaTrader 5. The downside is it’s not as readily available as MetaTrader. This means less choice when it comes to brokers and a smaller online community. In contrast, the MetaTrader 5 community is extensive, ensuring help is always on-hand, be it you want to change the platform’s time zone indicator or view the latest update release notes.

Overall, MetaTrader 5 is more widely available and still offers ample customisation.

Final Word

For experienced traders wanting a multi-asset platform and access to powerful trading tools, MetaTrader 5 is a sensible option. The server allows you to operate multiple accounts with different brokers. It also has excellent automated trading capabilities and copy trading. Overall, for complex trading strategies, MetaTrader 5 is among the best.

FAQ

What is MetaTrader 5?

MetaTrader 5 is an online trading platform that connects retail investors to the financial markets. It’s commonly used for trading on forex, stocks, and futures.

Is MetaTrader 5 a broker?

No – MetaTrader 5 is not a broker. It’s offered by brokers to customers who use the interface to manage trading activity, including conducting analysis and executing trades.

Is MetaTrader 5 a legitimate platform?

MetaTrader 5 is a legitimate and well-regarded platform. Its developers, MetaQuotes, are among the industry’s best-established providers.

How do I use MetaTrader 5?

To use MetaTrader 5 you need to download the platform to your Mac or Windows device, or open the terminal in your web browser. You will then need to register for a new account. Once you have your login details, sign-in to deposit funds, conduct price analysis, and place trades.

Is MetaTrader 5 free?

MetaTrader 5 is free to use for traders. The broker pays an upfront fee and a monthly charge to be able to license the platform to its customers.

How do I use a MetaTrader 5 demo account?

To use a MetaTrader 5 demo account, simply register for a new account, select ‘demo’, and follow the on-screen instructions.

Is MetaTrader 5 safe?

MetaTrader 5 is a relatively safe platform, using data encryption and extended authentication to protect client information from hackers. With that said, it’s impossible to guarantee the security of any online platform. Also, trading by its very nature is risky, so do not risk more than you can afford to lose.