Top MetaTrader (MT5) Forex Brokers

Below show the best MT5 forex broker by each 2022 MetaTrader 5 trading category

  • FP Markets FP Markets - Best MetaTrader 5 CFD Broker
  • Pepperstone Pepperstone - Top Execution MQL5 Speeds
  • IC Markets IC Markets - Lowest Spread MT5 Forex Broker
  • fxpro logo new FxPro - Top MetaTrader 5 Currency Pair Range
  • admiral markets logo Admiral Markets - Good MT5 Crypto Trading
  • fxtm logo new FXTM - Good Beginner MetaTrader 5 Broker
  • XM logos XM - Lowest MetaTrader Deposit Broker

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FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
Our Rating
8
9.17
8.50
7.46
7.83
FP Markets Review
Review Of Pepperstone
Review Of IC Markets
Review Of FxPro
Admiral Markets Review
The vast majority of retail investor accounts lose money when trading CFDs.
74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider
77% of retail investor accounts lose money when trading CFDs with IC Markets (EU) Ltd
76.14% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider
79% of retail clients lose money with Admiral Markets

Regulations and Licenses

Feature
FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
ASIC (Australia)
FCA (UK)
FSCA (South Africa)
CYSEC (Cypus)
DFSA (Dubai)
BaFin (Germany)
FSA (Seychelles)
FSC BVI (British Virgin Islands)
SCB (Bahamas)
BMA (Bermuda)
VFSA (Vanuatu)
SCA or CBUAE (UAE)
Unregulated

Brokerage

Feature
FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
EUR/USD Avg. Raw Spread
0.20
0.17
0.02
0.55
0,1
GBP/USD Avg. Raw Spread
0.40
0.59
0.23
0.46
0.6
AUD/USD Avg. Raw Spread
0.30
0.24
0.17
0.76
0.5
EUR/USD Standard Spread
1.30
0.75
0.62
1.40
0.8
EUR/USD Fixed Spreads
-
-
-
1.69
-
Commissions (USD Base)
$3.00
$3.50
$3.50
$4.50
$3.0
Minimum Deposit
$100
$0
$0
$0
$100
Swap Free Account
No Inactivity Fees
Funding Methods
10+
16+
15+
4+
12+
No Funding Fees

Markets and Instruments

Feature
FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
Currency Pairs
63+
62+
61+
69+
122+
Cryptocurrency CFDs*
4+
12+
18+
30+
37+
Index CFDs
14+
14+
16+
24+
44+
Share CFDs
12,986+
300+
100+
150+
3441+ (MT5)
Commodities CFD
7+
9+
26+
21+
36+
Stockbroking
-
-
-
-
-
Retail Max Leverage (Australia)
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 200:1
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max Leverage (Australia)
500:1
500:1
500:1
-
500:1
Retail Max. Leverage (The United Kingdom)
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
-
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max. Leverage (The United Kingdom)
500:1
500:1
-
200:1
500:1
Retail Max. Leverage (Europe)
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max. Leverage (Europe)
500:1
500:1
500:1
200:1
500:1
Retail Max. Leverage (UAE)
-
Major Pairs 30:1
Minor Pairs 20:1
-
-
-
Pro. Max. Leverage (UAE)
-
500:1
-
-
-
Pro. Max. Leverage (Kenya)
-
-
-
-
-
Pro. Max. Leverage (South Africa)
-
-
-
200:1
-
Retail Max. Leverage (With offshore regulators)
500:1
200:1
500:1
200:1
500:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

Feature
FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
Proprietary Platform
Automated Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Only in France
Demo Account
Unique Feature
Fastest Limit Order Execution Speed
Smart Trader Tools
ECN pricing
1,300,000 client accounts
Volatility Protection

Overall

FP Markets
Pepperstone
IC Markets
FxPro
Admiral Markets
Our Rating
8
9.17
8.50
7.46
7.83
FP Markets Review
Review Of Pepperstone
Review Of IC Markets
Review Of FxPro
Admiral Markets Review
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FP Markets Offers Offers The Best MetaTrader 5 Share CFDs

Metaquotes upgraded MetaTrader 4 to enhance CFD trading, especially share CFDs. FP Markets are the leader in this space with 10,000 Share CFDs to choose from, FP Markets offers far greater market access to international stock markets when compared to other online brokers’. Shares from three different continents are available to trade.

FP Markets Share CFDs

Share Market News and Data Subscription Fees

For an additional fee, FP Markets clients’ can access additional market data and news relevant to equity markets. Fees vary between news and data sources, with the ability to receive rebates of fees if a specific number of trades are made per month.

FP Markets Data Fees

Share CFD Financing Fees and Benefits

With long positions, the trader is required to pay a financing fee for each CFD. If the trader is short, they may be paid interest. Financing fees only apply to positions held for longer than a day, with rates calculated with the face value of the position (including leverage).

Interest rates can be determined by adding the brokers base rate + 3% -4%, with FP Markets variable base rate of around 1.5%. Additionally, short positions carry a stock borrow fee that starts at 1.5%.

Commission Fees When Trading Share CFDs

Commission charges are dependent on the exchange’s location. Minimum commission charges apply to all exchanges except Australia. For Share CFDs, fees are calculated on a percentage basis, ranging from 0.08-0.3% for Australia, Singapore, Hong Kong, London, and Frankfurt. While US exchanges such as NY NYSE and NY NASDAQ charge USD $0.02 per CFD.

FP Markets Share CFD Fees

Share CFD Dividends

A long position in Share CFDs will receive a dividend usually on the ex-dividend date, while traders in short positions will see a debit from their trading accounts. The value of the dividend equates to the gross unfranked dividend derived from the CFDs underlying shares.

FP Markets MT5

MT5 and Share CFD Trading

Due to MetaTrader 4’s restrictions with Share CFD trading, MetaQuotes developed MT5 to cater to traders’ wanting to gain exposure to equity markets. MT5 offers a range of tools and features to enhance a users’ trading experience, including depth of market, multiple order types, and Expert Advisor (EA) functionality.

In addition to Share CFDs, FP Markets clients’ can trade a range of instruments including Metals, Forex, and other CFDs. The broker also offers IRESS for Australian traders only on top of MetaTrader.

View FP Markets Review >>Visit FP Markets >>

Our Rating

The overall rating is based on review by our experts

8.83
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
10 / 10
Risk Management
5 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

Pepperstone Has Superior MLQ5 Execution Speeds

Automated trading with the MLQ5 code requires a broker offering the fastest Market Order execution speed. The comparison below shows that Pepperstone is the MT5 forex broker with the fastest execution speeds, ensuring traders get the price quotes and avoid slippage.

Pepperstone processes most orders in ~30ms* through its superior infrastructure. This includes the use of Equinix servers in New York near liquidity pools. This state-of-the-art facility has the most powerful infrastructure and access to leading financial institution servers, providing superior trading conditions to most other MT5 forex brokers.

pepperstone executions

The superior trading speeds mixed with strong customer service are why the Investment Trends award from actual traders included the:

  • Overall Client Satisfaction
  • Best Platform Features
  • Platform Reliability
  • Speed Of Fund Withdrawals

Pepperstone also has won a plethora of awards for customer support and its market depth is unmatched by any competitor globally. The broker is based in Australia but also has FCA regulation in the UK and DFSA regulation in Dubai. Other forex trading platforms offered by Pepperstone include MetaTrader 4 (using MQL4) and cTrader.

Review Of Pepperstone >>Visit Pepperstone >>

IC Markets Is The Lowest Spread MetaTrader 5 Broker

Below compares the average spreads of the best forex brokers offering ECN style trading accounts with low spreads and commissions. This spread comparison is updated monthly based on the broker’s published spread reports.

IC Markets Raw Account Spreads
0.02 0.17 0.27 0.23 0.85
0.17 0.24 0.40 0.59 1.38
0.20 0.30 0.40 0.40 1.30
0.20 0.20 0.40 0.50 1.50
0.44 0.42 0.40 0.85 1.30
0.17 0.30 0.54 0.59 N/A
0.20 0.40 0.50 0.60 10.00
0.10 0.50 0.60 0.60 1.30
n/a 0.50 0.60 0.20 3.10
0.33 1.11 0.92 0.83 2.07

Data taken from broker website. Accurate as at 01/05/2022

On average, IC Markets has the lowest spreads from their RAW Spread Account. The table does highlight that for some crosses other brokers may have lower spreads such as Pepperstone or IC Markets which should be considered.

How Does IC Markets Achieve Low Spreads?

The Raw Spread account works as an ECN broker allowing Straight-Through-Processing (STP) of orders with no dealer intervention. Advanced traders will only choose ECN accounts with Direct Market Access (DMA) to minimize brokerage and achieve optimal execution speeds. IC Markets also has the best access to liquidity pools, including financial institutions. 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.

IC Market MetaTrader 5 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.

Base Currency US Dollar Australian Dollar Pound Stirling Singapore Dollar New Zealand Dollar Japanese Yen Canadian Dollar Hong Kong Dollar The Euro Swiss Franc
Commission (Round Turn) $7 USD $7 AUD £5 GBP $9 SGD $9 NZD ¥‎650 JPY $7 CAD $54.25 HKD €5.50 EUR ₣6.60 CHF

The forex brokerage calculator above shows that IC Market’s low commissions make it more competitive for some base currencies (e.g. AUD) compared to others such as EUR. This is why you should determine what base currency you will select when commencing with the forex trading platform before finalizing the best broker for your needs. Commissions are the same for individuals who select MetaTrader 4, while cTrader has a different fee structure.

Other Fees To Consider

IC Markets Raw Spread AccountIC Markets charges no deposit or withdrawal fees with a minimum deposit requirement of $200. Only a $20 fee may be passed on from the bank for international transfers.

Overnight financing fees 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 and interest rate differentials. IC Markets clients’ should note that swap rates (excluding the Islamic accounts, which are swap-free) 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.

Why IC Markets Is Recommended Based On Spreads

Clients trading with IC Markets via MetaTrader 5 (or MetaTrader 4) 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. The broker offers the ZuluTrade add-on for social trading. IC Markets is regulated with:

  • ASIC (Australia) With AFSL 335692
  • CySEC (Cyprus) With Licence No 362/18
  • Seychelles With Company Number 8419879-2
View IC Markets Review >>Visit IC Markets >>

fxpro 150x100 logo newFxPro Offers The Most Currency Pairs

With access to over 70 major, minor and exotic currency markets, FxPro offers an impressive range of fx pairs to trade. While many forex brokers only provide frequently traded major forex pairs to choose from,  FxPro offers exotic currencies such as the Russian Ruble, Norwegian Krone, Polish Zloty and Turkish Lira against major currencies such as the US dollar and Euro.

When trading forex with FxPro, commission fees are included in the spread, with no additional commission charges on top of the spread.

FxPro EURUSD

Although the commission is included in forex spreads for MT5, additional trading fees may apply. The online broker provides calculators on their website to forecast fees such as swap rates.

In addition to the wide range of forex pairs, FxPro clients can trade over 173 Commodity, Stock and Index CFDs.

View FxPro Review >>Visit FxPro >>

*Your capital is at risk ‘75.18% of retail CFD accounts lose money’

Admiral Markets Excel At Cryptocurrencies

Admiral Markets offer an extensive range of cryptocurrency when compared to other online brokers. Only IC Markets offers a slightly wider range of digital currencies. The table below outlines a side-by-side comparison between the two brokers.

Please note that under Admiral Markets UK Ltd there are restrictions for crypto trading due to the recent regulatory ban on crypto assets by the FCA. This means that all retail clients that have a country of residence in the UK will not be offered cryptocurrencies. However, if you’re not living in the UK, then you can open an account under Admiral Markets Cyprus Ltd – for EU traders, or under Admiral Markets Pty Ltd – for Australian traders. Then, with your retail account, you’ll be able to trade cryptocurrencies.

Cryptocurrency CFD Admiral Markets IC Markets
Bitcoin ✔ ✔
Bitcoin Cash ✔ ✔
Ripple ✔ ✔
Ethereum ✔ ✔
Ether ✔ ✘
Dash ✔ ✔
Litecoin ✔ ✔
Stellar ✔ ✘
Monero ✔ ✘
zCash ✔ ✘
EOS ✔ ✔
Emercoin ✘ ✔
NameCoin ✘ ✔
PeerCoin ✘ ✔

When trading with Admiral Markets, 11 different Crypto CFDs are available to choose from, all vs the USD or Euro. This means that you’ll have access to a total of 22 crypto pairs. By comparison, IC Markets only offers 10 Crypto CFDs, available vs the US dollar.

Crypto CFD Spreads

Cryptocurrency CFD FP Markets Minimum Spread FP Markets Average Spread IC Markets Minimum Spread IC Markets Average Spread
Bitcoin (BTC/USD) 2.02 7.66 5.00 10.00
Bitcoin Cash (BCH/USD) 5.00 5.04 5.00 6.00
Litecoin (LTC/USD) 3.30 3.31 3.00 3.50
Ripple (RPL/USD) 0.0005 0.0009 0.015 0.016

Cryptocurrency CFDsCryptocurrency CFD spreads are shown in the above table and are similar between the two brokers. Admiral Markets spreads on the most popular Crypto, Bitcoin, are more competitive than IC Markets with a minimum of 2.02 compared to IC Markets 5.00.

IC Markets charges no commission fees on top of cryptocurrency spreads. As traders’ are buying and selling Crypto CFDs and not the underlying asset, clients can go long or short and leverage their positions up to 5:1. Likewise, Admiral Markets allows traders to trade Crypto CFDs on 5:1 leverage.

View Admiral Markets Review >>Visit Admiral Markets >>

XM Logo

XM Requires The Lowest Minimum Deposit

Traders’ using XM are required to make an initial minimum deposit of as little as USD $5. No deposit or withdrawal fees are charged, regardless of the funding method.

Funding methods

XM clients’ can deposit and withdraw funds via:

  • Visa and Mastercard
  • Wire Transfer (minimum $60)
  • Local Bank Transfer
  • Neteller, Skrill and Perfect Money
  • Western Union and MoneyGram
  • Cryptocurrency Deposit

Any currency can be deposited, with XM automatically converting the funds into the base currency of the traders’ account. Base currencies available include EUR, USD, CHF, GBP, JPY, RUB, PLB, HUF and AUD.

XM Deposits

View XM Review >>Visit XM >>

FXTM Is The Ideal Beginner Forex Broker

There are five retail investor accounts including three ECN accounts for beginner forex traders to choose from. All these retail investor accounts offer the MT5 trading platform. As shown below, two of these accounts offer the highest leverage of any forex broker at up to 2000:1.

FXTM Retail Investor Accounts

FXTM also has a copy trading facility with FXTM Invest. If a beginner trader doesn’t feel confident making their own trades, through copy trading they can select another strategy manager and duplicate their trades. This will make the individual shadow the trader’s profit or losses as trades are made.

FXTM Invest

FXTM (ForexTime) is Regulated with CySEC in Cyprus with the licence 185/12, FSCA in South Africa with FSP No 46614, FCA in the UK with number 600475 and FSC in Mauritius with number C113012295.

View FXTM Review >>Visit FXTM >>

AvaTrade Has The Lowest Fixed Rate Spreads

Very few MT5 brokers offer fixed spreads, with AvaTrade being one exception. Not only that, but their fixed spreads are the lowest of any foreign exchange broker (across all forex platforms). AvaTrade is able to keep a low fixed spread year-round due to its relationship with multiple tier-one liquidity providers. The main reason why AvaTrade is able to offer competitive spreads is due to its market maker pricing model.

Forex Spread EURUSD

With AvaTrade’s transparent pricing model, the average EUR/USD spread is 0.9 pips and 1.10 pips for AUD/USD. Below shows the latest fixed spreads across the lowest fee providers.

Fixed Spreads
0.90 1.10 1.50 1.80 1.50
0.70 1.20 2.00 1.50 1.80
1.69 N/A 1.87 2.07 2.00
1.60 1.90 1.70 2.40 2.10
1.50 1.80 2.00 2.00 2.00
3.00 3.00 3.00 3.00 3.00
4.00 4.00 3.00 5.00 5.00
3.00 4.00 4.00 6.00 4.00

Data taken from broker website. Accurate as at 01/05/2022

The fixed spreads are offered on over 1,250 financial instruments spread across 8 different asset classes including forex, stocks, indices, ETFs, bonds and more. The main advantage of the fixed spread model is that you know upfront the total cost of your trades. No additional commission will be charged on your trade, as AvaTrade is mainly compensated through the bid-ask spread.

CFD Instruments

AvaTrade is a regulated broker in multiple jurisdictions worldwide, including Australia’s ASIC, Canada’s IIROC and Japan’s FSA. AvaTrade welcomes all types of traders as it caters to the needs of both beginner traders and more experienced traders.

Markets.com offers the Best MT5 Trading Tools

Markets.com offers an exceptional range of exclusive trading tools to use with their MetaTrader 5 technological solution. At Markets.com, clients can access over 2,200 CFD instruments spread across 8 different asset classes, 14 leading-edge trading tools and actionable trade signals.

Best MetaTrader 5 Forex Brokers

MT5 Trading Tools

The premium tools offered by Markets.com can let you discover new trading opportunities by studying hidden price behaviours. MT5 trading tools are divided into three sections:

  1. Sentiment tools (Bloggers Opinions, Hedge Funds Investment Confidence, Insider Trades, Real-Time Signals, Trading Analyst Recommendations, Trends In Trading)
  2. Technical tools (Related Instruments, Advanced Charting tools package)
  3. Fundamental tools (Financial Commentary, Advanced Alerts, Thomson Reuters Stock Report)

Technical Analysis Tools

With the 6 different sentiment tools, you can get a real-time view of the buying and selling activity that goes in the market. The Hedge Funds Confidence tool is probably one of the unique tools in this category as it can help you feel the market pulse. This tool shows you the intention of smart money.

Additionally, the Signals tool can help you take your trading to the next level via actionable trading ideas. The signals are generated by combining 5 pattern recognition tools. The signals will include the name of the market, the direction of the trade (long or short) along the tools used to generate the trade recommendation.

markets.com trading platform overview

XRay Live Stream Service

Traders can get real-time market news and analysis XRay – a powerful streaming service. The XRay live news stream is hosted by UK leading financial experts who cover a broad range of topics from trading strategies to the latest news that has the potential to impact the foreign exchange rates.

Subscribers can also ask questions and Markets.com experts will answer your inquiries live.

In addition to forex trading, Markets.com’s clients can also access a huge selection of stocks from around the world and benefit from 3 months’ free commissions when you open a live trading account.

View Market.com–all-tables Review >>Visit Markets.com >>

*Your capital is at risk ‘70% of retail CFD accounts lose money’

Best MT5 Brokers FAQ

IC Markets tops the rank for being the best MetaTrader 5 (MT5) forex broker. IC Markets is a multi-regulated forex broker, has the lowest spreads in the FX industry, offers 64 currency pairs, low latency trading and free VPS. IC Markets MetaTrader 5 servers are located in the heart of the largest financial centre in the world – Equinix NY4 data centre in New York.

MetaTrader 5 (MT5) is the upgraded version of the MetaTrader 4 (MT4) which makes it a better fit for some traders. MT5 added some additional features, more CFD markets (stocks, futures, bonds, etc.), depth of market (DOM), more technical indicators, more timeframes (21 versus 9) and allows both hedging and netting. MetaTrader 5 Client Terminal requires Windows 7 or higher and it’s also compatible with MAC OSX.

MetaTrader 4 remains one of the most popular trading platforms, so if you’re still looking to trade on the  MT4 trading platform see our Top 10 MetaTrader 4 Brokers comparison page.

MetaTrader 5 (MT5) has a user-friendly interface much like its predecessor MT4. Some of the best tradings features MT5 has to offer includes multiple order types, interactive charting package, 4 execution models, 80 technical indicators, fully customizable charts and copy trading feature.

IC Markets Logo

Overall, 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 >>

 

MetaTrader 5 Broker Comparison Table

MT5 EUR/USD Spread GBP/USD Spread EUR/GBP Spread AUD/USD Spread USD/SGD Spread AUD/JPY Spread Social Trading Share CFDs Forex Pairs Tradable CFDs Minimum Deposit
IC Markets 0.1 0.4 0.4 0.2 0.3 0.4 Zulu Trade 153 60 236 $200
Pepperstone 0.13 0.44 0.41 0.14 1.16 0.33 MetaTrader Signals 64 61 160 $200
FP Markets 0.1 0.49 0.61 0.3 1.15 0.78 Myfxbook 10,000 45 10,070 $100
GO Markets 0.2 0.5 0.4 0.2 1.5 0.5 Myfxbook 280 50 350 $200
Admiral Markets 0.4 0.6 0.6 0.5 1.3 1.1 - 2074 47 2608 $100
FXTM 0.3 0.7 0.6 0.7 1.8 1.1 FXTM Invest 19 59 91 $500
FxPro 1.51 2.52 1.78 2.18 22.74 2.77 SuperTrader 141 70 262 $100
HotForex 1.2 1.8 1.8 1.5 5.1 2.3 HFcopy 56 50 132 $200
XM 1.7 2.4 2 1.9 20 3.3 - 1184 57 1274 $5
AvaTrade 0.9 1.6 1.5 1.1 3.3 2.1 Zulu Trade 624 55 781 $100
ThinkMarkets 1.3 1.6 1.6 1.5 3 1.9 - 1200 38 1263 $250

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 (Windows and Mac OSX), 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 and fast order execution while a trader is on the move.

Technical Analysis

Traders using MT5 can utilise the platform’s 21 timeframes, much more than MT4’s 9 and an excellent upgrade suited to day traders and scalpers. Regarding 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 the instrument’s 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 instrument’s 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

MetaTrader 5 Forex Trading Platform

Why Choose MetaTrader 5?

1) Improved Timeframes and Charting

MetaTrader 5 offers 21 timeframes compared to just 9 for MT4. There are also unlimited charting options with over a hundred that can be open at one time.

2) Fundamental Analysis Availability

There is an inbuilt MT5 forex calendar that has features such as schedules, new events, forecasts, expected impacts and other elements. These are perfect for traders who prefer fundamental analysis to make their trading decisions.

3) Commerce Integration

Unlike MT4, the newer platform has commerce integration that allows traders to rent or purchase currency (forex) products directly. This can be done through the market tab.

4) Extra Indicators

MetaTrader 5 has 38 inbuilt indicators and 22 analytical objects along with 46 graphical objects. Compare this to MT4’s 30 indicators and it’s the financial instruments advancements made.

5) A Plethora Of Market Order Ability

MT5 allows for 2 market orders and 6 pending orders, as well as 2 stop orders. Compare this to MT4, hich only allows 2 market orders and 4 pending orders.

Devices Supported on Metatrader 5

Major Benefits of MT5

One of the major benefits of the Metatrader 5 platform is that traders are not confined to just utilise the built-in analytical resources such as the Metatrader 5 tables, graphs and market indicators. Thanks to MQL5, a high-performance programming language, traders can create their very own technical indicators. With a bit of coding know-how, traders can even create trading robots often called “Expert Advisors.” Trading robots can automatically implement nearly any trading strategy based on several key input calculations, affording traders the ability to access highly accurate market analysis and forecasts.

The Benefits of Metatrader 5

Why is MetaTrader 5 better?

Many people question the difference between the Metatrader platforms and what makes Metatrader 5 better than its predecessors Metatrader 3 and Metatrader4. The answer is quite simple. Companies evolve and adapt to changes in the market and the needs and demands of their key stakeholders. In 2005, when Metatrader 4 was released, it provided traders with a revolutionary new tool enabling them to create their programs. This gave rise to automated or algorithmic trading. Metatrader 4 addressed clients’ needs to test and optimise their trading strategies.

With automated trading continually evolving and gaining in popularity, MetaTrader 5 was created to allow traders the ability to take advantage of all the benefits the Metatrader has to offer across nearly every financial market. Algorithmic trading has become commonplace and the programming language offered with the Metatrader 5 product is far superior to MT4. Advanced trading signals (discussed in our best forex signal providers guide), moving trades and other enhancements have further helped traders analyse and execute trades.

  MetaTrader 4 MetaTrader 5
Supported Markets Forex Forex / Futures /
Options / Stocks / Bonds
Strategy Tester Single Thread Multi-threaded
+ Multi-currency
+ Real ticks
Economic Calendar No Yes
Depth of Market No Yes
Order Fill Policy Fill or Kill Fill or Kill
Immediate or Cancel
Return
Partial Order Filling Policies No Yes
Pending Order Types 4 6
Timeframes 9 21

Risk Disclaimer

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 Investments Commission) for Australian traders, 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, features offered by many top forex brokers. Traders should consider all brokers offering MT5 and read their product disclosure statements.

top metatrader 5 brokers 2022

top metatrader 5 forex brokers 2022

 

About the author: Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

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Daniel
Daniel
7 months ago

Can you trade stocks with MT5?

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David Levy
Forex Expert
David Levy
7 months ago

Yes. Unlike MetaTrader 4 which is designed for forex trading which is decentralised, MetaTrader 5 is designed for centralised and decentralised trading. Centralised trading means financial instruments that are traded through a central exchange.

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