Best MT5 Broker Comparison 2020

The MetaTrader 5 trading platform was designed for trading CFDs from shares, currency pairs to cryptocurrencies wile MetaQuotes other forex trading platform (MetaTrader 4) are focused on forex trading making it a favourite for ecn forex brokers.

View the top MT5 brokers by category from low spreads, features to CFD range.

By Justin Grossbard / Updated: Tuesday, February 18th, 2020

Curency Movements Image

MetaTrader 5 MT5

MetaTrader 5 Forex Broker Spreads + Features

The table below shows the average spreads, products available and MT5 broker features for 2020.

MetaTrader 4 Broker Comparison Table

MT5EUR/USD SpreadGBP/USD SpreadEUR/GBP SpreadAUD/USD SpreadUSD/SGD SpreadAUD/JPY SpreadSocial TradingShare CFDsForex PairsTradable CFDsMinimum Deposit
IC Markets0.10.40.40.20.30.4Zulu Trade15360236$200
Pepperstone0.130.440.410.141.160.33MetaTrader Signals6461160$200
FP Markets0.10.490.610.31.150.78Myfxbook10,0004510,070$100
GO Markets0.20.50.40.21.50.5Myfxbook28050350$200
Admiral Markets0.40.60.60.51.31.1-2074472608$100
FXTM0.30.70.60.71.81.1FXTM Invest195991$500
FxPro1.512.521.782.1822.742.77SuperTrader14170262$100
HotForex1.21.81.81.55.12.3HFcopy5650132$200
XM1.72.421.9203.3-1184571274$5
AvaTrade0.91.61.51.13.32.1Zulu Trade62455781$100
ThinkMarkets1.31.61.61.531.9-1200381263$250

IC Markets Has The Lowest MT5 Spreads

Average Spreads

IC Markets Raw Spread account type provides forex traders’ access to tight ECN-like spreads. When compared to other online brokers’, IC Markets offers the lowest spreads in four out of six currency pairs. For the EUR/USD fx pair, average spreads are as low as 0.1 pips. The top forex brokers’ tight spreads stem from the brokers deep liquidity, allowing traders’ using retail investor accounts to trade in an ECN-like environment. With over 25 liquidity providers, ultra-fast order execution, and no dealing desk intervention, IC Markets clients’ offers one of the most competitive trading environments for retail investors.

Commissions

When trading forex on MetaTrader 5 (MT5) via IC Markets Raw Account, there is no markup on the institutional-grade spreads. Rather than including commission in the spread, clients’ pay a flat-rate commission fee. For MT5 users’, commission fees are $7 per lot round-turn in Australian and US Dollars.

IC Markets Round-turn Commission Fee$7 USD$7 AUD£5 GBP€5.50 EUR$9 SGD¥‎650 JPY₣6.60 CHF$9 NZD$7 CAD$54.25 HKD

Other Fees To Consider

Overnight financing IC Markets Raw Spread Accountfees (Aka swap rates or rollover rates) will apply for any positions kept open until the next trading day. Swap Rates depend on multiple factors, including the currency pair being traded, whether a trader is long or short as well as interest rate differentials. IC Markets clients’ should note that swap rates are 3x the standard rate on Wednesday nights. When using MT5, swap rates are converted to the base currency of the Raw Spread account, simplifying fee calculations.

IC Markets is an online broker with some of the lowest non-trading fees when compared to competitors. Clients’ face no deposit or withdrawal fees except for international transfers that carry a $20 Australian Dollar charge. Additionally, there are no inactivity or account fees, meaning customers can trade with virtually no non-trading costs, very competitive commission fees and low swap rates.

Why IC Markets Is Recommended Based On Spreads

Clients’ trading with IC Markets via MetaTrader 5 gain access to institutional grade spreads averaging 0.1 pips (EUR/USD) while paying low trading and account fees. For this reason, many scalpers, Expert Advisors, and day traders’ prefer trading on MT5 with IC Markets.

 

Open a demo account >>Visit IC Markets >>


Our Rating

The overall rating is based on review by our experts

8.67
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
9 / 10
Risk Management
5 / 10
Range of Markets
8 / 10
Customer Service
10 / 10


IC Markets LogoOverall, IC Markets Is The Best MetaTrader 5 Broker

When comparing top forex brokers offering the MetaTrader 5 trading platform, IC Markets wins due to its tight spreads, low fees and 64 forex pairs. Spreads for currency pairs such as EUR/USD are on average 0.1 pips when trading forex under a Raw Spread Account type, while round-turn commission fees are competitive at $3.50.

IC Markets Tight Spreads

Open a demo account >>Visit IC Markets >>

Background To MetaTrader 5

Software developer MetaQuotes offers two of the most popular trading systems used by retail investors. In 2010, MetaTrader 5 (MT5) was released by MetaQuotes to meet the demand for a multi-asset CFD trading platform that provided access to Share CFD trading and more advanced features. Our MT5 review found the benefits of MT5 include:

  • The ability to trade Share CFDs
  • More intuitive and user-friendly interface
  • Improved charting and analysis tools
  • Expert Advisors and MQL5
  • A range of order types

Share CFD Trading with MT5

Although MetaTrader 4 is the gold standard for forex trading, Share CFD trading is prohibited leading to the demand for MT5. The trading system is popular among retail investors as hedging is allowed with no FIFO rule. As well as Share CFDs, multiple asset classes are available to trade on the MT5 platform.

MT5 Trading SystemMT5 Interface

Compared to MT4, MT5 is easy to install and use. The MetaQuotes software is available as a desktop platform, webtrader platform as well as iOS and Android apps. The desktop and webtrader interfaces allow retail investors to trade in a professional environment, with extensive tools and features available to trade forex and CFDs.  Similarly to the desktop and webtrader platforms, MT5’s mobile apps allow for easy access to financial markets while and fast order execution while a trader is on the move.

Technical Analysis

Traders using MT5 can utilise the platforms 21 timeframes, much more than MT4’s 9 and an excellent upgrade suited to day traders and scalpers. In regards to technical analysis, MT5 offers 38 indicators (compared to MT4’s 30) to assist traders’ with complex trading strategies. Fundamental analysis tools are also available on MT5 and include an economic calendar with news, upcoming events and market conditions.

Order Types

Pending Orders

  • Buy Limit: A buy order that can only be executed at below the market price. A buy limit order is usually placed when the price of a CFD has fallen and it’s expected to rise.
  • Sell Limit: A sell order that can only be executed above a certain price. A useful pending order when a instruments price has risen and it is to decrease.
  • Buy Stop: Used if a CFD price is increasing and expected to continue to increase. A Buy Stop order is placed above the current price.
  • Sell Stop: An order to be executed below market price. A Sell Stop is useful if the instruments price is decreasing, and is anticipated to continue decreasing.
  • Buy Stop Limit: An order that is a combination of a Buy Limit order and a Buy Stop order.
  • Sell Stop Limit: Features of a Sell Limit order and a Sell Stop order.

Pending Order Types MT5

Market Orders

  • Stop Loss: This order automatically closes out positions when a CFDs price moves in an unfavourable direction to limit losses during times of volatility.
  • Take Profit: A Take Profit order automatically closes out an open position when a CFD has increased to a certain price. This allows traders to secure profits when securities are rising in price.

MT5 Stop Loss and Take Profit Order

Expert Advisors and MQL5

Expert Advisors (EAs) are trading robots that perform technical analysis and automate trading activities. EAs allows markets to be monitored 24 hours a day while following an algorithm that increases trading efficiency. Analysing markets manually can be time-consuming, yet when using EAs large amounts of data can be calculated nearly instantly. Therefore when markets become volatile, algorithmic trading strategies such as EAs can execute orders quickly ensuring traders benefit from favourable price movements.

A benefit of MT5 over MT4 includes the multi-thread backtesting abilities. When backtesting automated trading strategies on MT4 only a single currency can be tested, while MT5 allows for multi-currency backtesting. This allows traders to test EA strategies against historical data prior to executing orders in the real market.

MT5 Backtesting Strategy Tester

The MetaQuotes Language 5, aka MQL5, is an advanced programming language that allows traders to write algorithmic trading strategies as well as technical indicators. Compared to MQL4, the upgraded MQL5 is easier to use and a more efficient coding language.

MQL5 MetaQuotes MT5

Risk Warning

When trading complex instruments such as CFDs, retail traders should be aware of the high risk of losing money. As well as being aware of the high risk that leverage creates in forex markets, retail investors should check whether a broker is regulated by top-tier financial authorities such as ASIC (Australian Securities and Investment Commission), CySEC (The Cyprus Securities and Exchange Commission), and the FCA (Financial Conduct Authority). Prior to trading CFDs with real money it is recommended to utilise demo accounts, a feature is offered by many top forex brokers.

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