Best MT5 Brokers

We liked IC Markets for its blend of tight spreads, low commissions, and excellent MT5 integrations, earning it our pick as the best forex broker for MT5.

IC Markets consistently delivers in a field where every pip and millisecond counts, putting it head and shoulders above the competition. While it may not sweep the board in every category, its consistent high-level performance makes it a standout choice.

As well as being the best MT5 forex broker, IC Markets stood out from our testing for the following reasons:

• Tight average spreads – 1.03 pips
• Good range of trading platforms
• Excellent MT5 integrations

Tightest MT5 Commission-Free Spreads

When looking at spreads, Ross Collins, our Head of Research, tested the average spreads you can expect if you trade on a Standard account with our top brokers. Based on his findings, IC Markets offers the tightest spreads of any Tier-1 FX broker at1.03 pips for the major currency pairs.

A spread of 1.03 pips means each lot costs USD 9.63, so you’ll pay USD 9.63 for every USD 100,000 you trade. Compare that to our worst-performing broker (FXPro), which posted average spreads of 2.22 pips. Under those trading conditions, a single lot costs USD 20.83 – almost twice as much as IC Markets.

Low RAW Spreads on MT5

Along with the lowest Standard account spreads, IC Markets also offers ultra competitive RAW/ECN account spreads. According to Ross’ tests, IC Markets had the third lowest RAW spreads of 0.32 pips across the USD-backed majors. Only Fusion Markets (0.22 pips) and City Index (0.25 pips) had lower spreads.

While both of our spread tests were done using MT4, MT5 will almost certainly produce lower spreads being a more powerful and faster platform. As such, IC Markets can back up our claim as one of the lowest spread, MT5 forex brokers.

IC Markets Raw Account Spreads	EUR/USD USD/JPY USD/CAD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD USD/JPY USD/CAD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD USD/JPY USD/CAD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD USD/JPY USD/CAD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD USD/JPY USD/CAD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD
	0.02	0.14	0.25	0.27	0.17
	0.10	0.40	0.60	0.40	0.20
	0.23	0.60	0.66	0.90	0.65
	0.52	0.70	1.13	0.86	0.80
	n/a	n/a	0.60	0.60	0.50
	0.10	0.30	1.10	0.60	0.50
	0.44	0.20	0.83	0.40	0.42
	0.20	0.30	0.70	0.50	0.40

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Excellent MT5 Integrations to Enhance Your Trading

While IC Markets offers a range of third-party platforms (including MT4, MT5 and cTrader), if you opt to trade with MT5, you’ll find the broker supports most trading strategies and styles. This includes scalping, hedging, automated trading, social trading and copy trading.

However, in addition to MetaQuotes’ tool, MetaTrader Signals, IC Markets account holders can integrate copy trading and social trading tools like ZuluTrade and Myfxbook with MT5.

While we don’t love that this requires opening two accounts – my colleague Dave found it time-consuming and tedious to manage both interfaces – we do like that the broker provides tools for these strategies.

If you’re a more traditional trader like me, you’ll appreciate the option to supercharge your analysis with an Autochartist integration. Combined with MT5’s 38 technical indicators, Autochartist’s scanning and pattern recognition tools can give you a remarkable depth of insight into market movements and refine your overall strategy.

As you can see, IC Markets doesn’t require a minimum deposit to begin trading, nor does the broker charge you to add money to your account. (We dislike that practice and deduct points from brokers that charge this fee when calculating scores.) We also contacted IC directly and confirmed that they don’t charge an inactivity or withdrawal fee.

That said, be aware that IC Markets, like most other brokers, charges overnight financing fees for positions you keep open overnight. Swap rates will vary depending on the currency pair you’re trading, interest rates, and whether you’re going long or short, but IC Markets does simplify things for MT5 traders. If you trade via MT5, IC will convert the swap rate into the base rate of your account to make it easier to calculate your fees. On Wednesday nights, the swap rate triples. The broker also has a swap-free account, but this is only for Islamic traders, and you will need to prove you follow Sharia law.

​​IC Markets Offers Excellent MT5 Integrations to Enhance Your Trading

If you opt to trade with IC Markets using MT5, you’ll find the broker supports most trading strategies and styles, including social trading and copy trading.

IC Markets ReviewVisit IC Markets

We liked how Pepperstone has the fastest order execution of any MT5 Forex broker, which means your orders will be filled with minimum slippage.

Pepperstone makes it dead easy to get started, especially if you’re keen on checking out the broker’s MetaTrader 5 capabilities.

From our testing of Pepperstone, we found the Australian broker offers some of the fastest speeds an MT5 broker offers, along with competitive spreads, an easy account opening process and a top MT5 trading experience.

Fast Execution Speeds

When testing the execution speeds of 20 top brokers, we found Pepperstone offers the third fastest execution speeds overall for an MT5 broker. Using limit and market orders, Pepperstone recorded average limit orders speeds of 77ms and market order speeds of 100ms.

Only BlackBull Markets (72 and 90 ms) and Fusion Markets (79 and 77 ms) offered faster execution speeds overall when averaged out.

15/15 Account Opening Experience

We tested the Pepperstone signup process and found the first thing you need to do is choose between a demo account and a live account.

A demo account with Pepperstone is free for MT5, and you don’t need to provide any documentation such as a passport or driver’s licence or funding details such as your credit card. All you need to do is provide some basic personal details and verify your email or phone number, and you can test the MT5 trading platform and practice trading in just minutes.

We also tested the live account opening process and found it very easy. The main challenge was the 7 questions for the appropriateness test to show we know what forex trading is and the risk involved, but if you do get one wrong, you can reset the test.

Once you pass, you need to upload documentation proof of who you are and your funding details. However, you don’t actually need to fund the account until you start trading, which we thought was a big plus. We couldn’t fault the signup experience with Pepperstone, so scored them 15/15.

Top MT5 Trading Experience

As you might’ve guessed from our name, the team at Compare Forex Brokers focuses our trading on forex. Most of us use MT4 by default because it is the most common and popular, but we have to admit that we’re fans of the Pepperstone MetaTrader 5 trading experience.

Dave and Sean, our testers, found the Trade Terminal and Market Manager tools especially useful for developing a big-picture, at-a-glance view of their trading activity.

Sean also used the Correlation Matrix to identify a pattern he hadn’t previously noticed and opened a profitable position.

We think BlackBull Markets nailed it in terms of execution speed, but what truly sets it apart is the generous leverage of up to 1:500, available to traders globally.

Sometimes referred to as trading on margin, leverage allows you to amplify the size of your position exponentially by borrowing money from your broker.

This high leverage is possible because the broker operates out of New Zealand, where the regulations are less restrictive than ASIC-supervised brokers. For traders keen on maximising their exposure while using MT5, BlackBull Markets is an undeniable frontrunner.

While BlackBull Markets earned top marks for execution speeds, the broker stood out to us with its 1:500 leverage available to MT5 traders. We also appreciated the broker’s excellent platform tools, which improved our MT5 trading experience overall.

Fastest Execution Speeds

Based on our execution speeds testing, BlackBull Markets is the fastest MT5 broker overall. The broker averaged execution speeds of 72 ms for limit orders and 90 ms for market orders, putting it at the top of our list.

We found having fast execution speeds is important when trading with BlackBull Market’s high leverage of 1:500 as a lower latency greatly reduced our risk of slippage, which high leveraged trading can amplify.

High 1:500 Margin on MT5

Sometimes referred to as trading on margin, leverage allows you to amplify the size of your position exponentially by borrowing money from your broker. While this can lead to significantly larger profit margins if you’ve read the market correctly, it can also mean considerable losses if you fall victim to slippage or requotes.

Most regulators cap the amount of leverage a broker can offer non-professional traders at 1:20 or 1:30. BlackBull Markets, on the other hand, gives you access to leverage of up to 1:500 no matter where in the world you’re trading from. BlackBull Markets can offer high leverage because they are based in New Zealand, which has more relaxed leverage rules than ASIC-regulated Forex brokers.

Excellent Trading Platform Tools

Other with MT5, BlackBull Markets offers a decent range of platforms, including MT4, cTrader and TradingView. In particular, we’d like to highlight the useful trading tool add-ons BlackBull Markets offers. Social traders have access to a MyFxBook integration for MetaTrader 4, as well as ZuluTrade and Hokocloud.

What stood out to us, however, was its offering of both a VPS (Virtual Private Server) and API FIX service, which gave us better trading connectivity, faster execution speeds and lower latency.

We liked Fusion Markets specifically for its unbeatable low commissions when using MetaTrader 5. This broker stands out as a top option for cost-conscious traders in a trading landscape where costs can eat into profits.

Based on our experience, this isn’t just a promotional gimmick; Fusion Markets genuinely offers some of the most competitive rates in the industry.

When analysing trading costs, including spreads and commissions, Fusion Markets stood out as having some of the lowest spreads and cheapest commissions for an MT5 broker. Here is a summary of our test findings.

1. 3rd for Standard Accounts spreads (avg 1.19 pips for major pairs, 1.01 pips for EUR/USD)
2. 1st for RAW Account Spreads (0.22 pips for major pairs, 0.26 pips for EUR/USD)
3. 2nd for order execution speeds (79 ms limit orders, 77 ms market orders)

Ultra Competitive Spreads and Fast Execution Speeds

When interpreting the above spread results, the industry average for Standard accounts is 1.52 pips, while it is 0.44 pips for RAW accounts across the 5 most traded currency pairs. As such, Fusion Markets was well below the average for both and only IC Markets (1.03 pips) and CMC Markets (1.11 pips) had tighter spreads for Standard accounts.

For execution speeds, Fusion Markets had the second fastest speeds overall, with only BlackBull Markets having faster limit order speeds of 77 ms.

Lowest MT5 Commissions

When comparing commission costs, Fusion Markets had the cheapest commissions of any MT5 broker we tested.

Of all the ASIC-regulated brokers, Fusion Markets came out on top with a commission of AUD $4.50 round turn per standard lot, which is $2.50 less than the industry standard of $7. And while the commission cost is definitely a cost to consider, it is only good if the spreads remain competitive, which we have proven in our tests.

We liked Eightcap for its extensive range of cryptocurrencies and crypto CFDs. In the realm of crypto trading, Eightcap leaves competitors in the dust.

For context, while Pepperstone offers 19 cryptos and IC Markets brings 25, Eightcap surges ahead with an even broader selection. In our experience, for traders looking to capitalise on the volatile crypto market, Eightcap stands out as the most popular MT5 broker for crypto CFDs.

Top Crypto Offering for MT5

Compared to the other brokers we reviewed for this roundup, Eightcap had the widest selection of 95 cryptocurrencies using MT5. By way of example, other MT5 brokers include Pepperstone offering 19 cryptos, IC Markets with 25, and ThinkMarkets with 27.

From our extensive analysis, the table below highlights that Eightcap offers the largest crypto range against other brokers by some margin.

Competitive Crypto Spreads with MT5

When looking at spreads, we tasked Ross with testing the average spreads for cryptocurrencies for other MT5 brokers including eToro, IG Group and IC Markets. He found that Eightcap’s spreads compared favourably overall.

The broker averaged 12 points for Bitcoin compared to IC Markets of 18.2 pts, 0.45 pts for Ethereum compared to IG Group’s 1.2 pts and 0.004 pts Cardano compared to eToro’s 0.0085 pts.

Top MT5 Tools

Eightcap also provides some helpful trading tools for crypto trading, such as Capitalise.ai, and FlashTrader, though you will need to use MT4 to take advantage of them.

We particularly like FlashTrader, which is an execution tool that lets you target multiple profits, calculate position size, and place stops and limits in just one click, using your trade ticket.

We liked FxPro for its unmatched variety of currency pairs when using MetaTrader 5. With more than 69 currency pairings, including majors, minors, and exotics, this broker offers the most options in the FX market.

On top of that, FxPro provides a broad array of asset classes like equities, indices, and commodities for CFD trading. FxPro also offers up to 30 cryptocurrencies and crypto CFDs for international traders.

Large Range of FX Pairs on MT5

FxPro gives you access to a large range of 69 currency pairs on MT5, including majors, minors, and exotics. If you suspect that the path to riches lies in pairing the Norwegian Krone, Russian Ruble, Polish Zloty, and Turkish Lira with the US dollar and Euro, then you’ll find lots to like about FxPro.

In addition to forex, you can trade CFDs across a wide range of asset classes, including +2000 shares, indices and commodities and cryptocurrencies.

Best Account Features with MT5

When you open an account with FxPro, you can choose MT4, MT5, cTrader or the FxPro platform.

For the best features and lowest spreads, we recommend the MT5 RAW account. The added benefit of MT5 compared to the other platforms is you have access to EA trading, DoM (depth of market) liquidity, over 35 indicators, 21 timeframes and an integrated economic calendar.

By comparison, FxPro and MT4 don’t have DoM trading, a less powerful programming language and fewer charting tools.

In terms of minimum spreads, FxPro claims average spreads for its RAW account are 0.2 pips for EUR/USD but our testing has them at 0.32 pips, which is higher than the industry average of 0.24 pips.

We liked FXTM as a top pick for those just dipping their toes into the MT5 trading waters. With its straightforward cost structure and narrow spreads, especially in its ECN accounts for retail traders, FXTM makes it easy for beginners to navigate the complexities of forex trading.

Unlike with a Standard account, you can sidestep the added costs and risks of slippage. Essentially, it’s a no-nonsense approach that lets you focus on what matters most: your trades.

Top MT5 Broker for Beginners

While most new traders are naturally drawn to Standard accounts while navigating the forex markets due to their no-commission fee structures, you’ll save money on a RAW spread or ECN-like account.

As such, we highly recommend FXTM’s Advantage (RAW) account for beginners, due to its straightforward cost structure. From our spreads analysis, we found the broker averaged 0.22 pips across the 5 most traded currency pairs, putting it well below the industry average of 0.44 spreads.

In addition to low spreads, FXTM offers cheap commissions (USD $2.50 per side) which is just amongst the lowest we’ve tested, just behind Fusion Markets at $2.25.

This is why we like FXTM’s Advantage account for new traders using MT5. You lose the extra expense and potential for slippage that come with a Standard account’s higher spreads without the overwhelm of a complex set of commissions.