Best MT5 Brokers

We liked IC Markets for its unparalleled blend of tight spreads, low commissions, and swift execution speeds, earning it our pick as the best FX 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.

When we’re discussing the elements that really matter to traders like you—spreads, commissions, and execution speed—IC Markets stood out among all the brokers we’ve put through the paces. It might not have clinched the top spot in every category, but it excelled across the board, which is why it tops our list.

For those of you using MetaTrader 5, IC Markets emerges as our top recommendation, and here’s why:

• Tight average spreads – 1.03 pips for the standard, according to our tests
• Excellent execution speeds
• Low commissions and no hidden administrative fees
• Excellent MT5 integrations for social and copy trading

We Found That IC Markets Has the Tightest Average Spreads

While published spreads are a great starting point when comparing brokers – that’s why we go to the trouble of compiling a monthly analysis of all available spread information – it’s not the whole story. First, it’s important to remember that minimum spreads are just that: the absolute lowest a broker can go and still expect to make money executing a trade.

We go beyond the broker-released information to understand which brokers offer tight spreads. Ross Collins, our Head of Research, analysed the average spreads you can expect if you trade on a Standard account with our top brokers. (Read more about how we tested here.) Based on his findings, IC Markets offers the tightest spreads of any Tier-1 fx broker: 1.03 pips.

Ross explained that 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 if you’re a frequent trader. That means trading ten lots will run you around USD 100. Compare that to our worst-performing broker, 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.

IC Markets Scores High for Low Trading Costs – 80.5/100 in Our Tests

As we explained above, spreads and commissions matter because they are the price you pay to trade with a given broker. They’re also the easiest to see and directly connected to your trading activity, which is why they’re called “direct trading costs.” From our testing above, you can see that IC Markets offers some of the tightest spreads available for Standard accounts – but what if you want to trade with a RAW account?

According to Ross, IC Markets still offers some of the best bang for your buck. This brokerage earned impressive scores using our methodology – 15/15 for their RAW average account spreads and 10/15 for their commissions – making their RAW ECN account as potentially profitable as the Standard, no-commission option.

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
	0.12	0.47	0.50	0.40	0.22
	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 01/09/2023

Ross would like to point out, however, that the extent to which IC Markets surpasses other brokers varies depending on the base currency of your account. For example, if you’re Australian and using AUD, you’ll make it slightly better than an Italian trading in EUR.

We developed an in-house calculator tool to help you make an apples-to-apples comparison of direct trading costs across brokers. Input your target currencies and trade size to see how each of our top picks stack up.

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Don’t forget, though, that spreads and commissions are just one variable in the overall trading costs equation. To truly understand how much you’ll pay to trade with a specific broker, you also need to consider indirect trading costs like inactivity fees, minimum deposits and withdrawal fees. There’s nothing more frustrating than watching the operational expenses of trading eat into your profits, so take a good look at what your preferred broker charges to administer your account before committing.

The good news for MT5 traders? Our calculations found that IC Markets has some of comparable brokers’ lowest indirect trading fees.

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.

Whether you opt for MetaTrader 5, MetaTrader 4 or cTrader, IC Markets allows scalping, hedging and automated trading. In addition to MetaQuotes’ own 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.

IC Markets ReviewVisit IC Markets

We liked how Pepperstone makes it dead easy to get started, especially if you’re keen on checking out their MetaTrader 5 capabilities. When it comes to execution speeds on MT5, Pepperstone is lightning fast, which, let’s be honest, is crucial in this game.

Like most traders, we consider execution speed as important (and sometimes more) than spreads and commissions when choosing a broker. Granted, I’m Australian and trade with Pepperstone myself, but the numbers don’t lie. When Ross tested execution speeds for market and limit orders, Pepperstone was one of the best limit orders.

Pepperstone executes trades using Equinix servers in New York, which means greater proximity to liquidity pools than you would expect from a Melbourne-based broker. By sitting so close to financial servers for leading financial institutions, Pepperstone has a distinct advantage when processing orders. Our tests found that the broker executes a typical market order in approximately 50 ms, while Pepprstone itself reports times as low as 30ms for some order types.

Pepperstone Scored 15/15 For Account Opening Experience

We understand how eager you are to start your trading journey, so the last thing you want to experience is roadblocks when you sign up with your chosen broker.

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 will 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.

We Love the Pepperstone 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. (Except me. I’ll stick with the TradingView Platform.)

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.

Pepperstone ReviewVisit Pepperstone

We liked BlackBull Markets as it 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. This high leverage is possible because they operate 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 earned top marks for execution speeds, snagging the overall top spot with a score of 79/100, we’re more impressed with the amount of leverage available to account holders.

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. With BlackBull Markets, on the other hand, you’ll have access to leverage of up to 1:500 no matter where in the world you are located. (We called them to double-check.) BlackBull can offer high leverage because they are based in New Zealand, which has more relaxed leverage rules than ASIC-regulated Forex brokers.

Once signed up with BlackBull Markets, you can choose from two main account types: standard account and ECN Prime.

BlackBull Markets ReviewVisit BlackBull Markets

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; they genuinely offer some of the most competitive rates in the industry.

The overall results of our extensive testing make it really hard to go past Fusion Markets. Here is how Fusion Markets fared in our tests.

1. 3rd for Standard Accounts spreads (avg 1.19 pips for overall results, 1.01 pips for EUR/USD)
2. 1st for Standard Account Spreads (o.22 pips for overall results, 0.26 pips for EUR/USD)
3. 3rd for Limit order execution speed (79ms)
4. 1st for  Market order execution speed (90 ms)
5. Account Opening score of 14/15 (2nd overall)

I have to say that is an impressive list. How does Fusion markets achieve all this? because they have no marketing budget, all their resources go into giving you the best possible trading experience. This is the same reason you likely have not heard of this broker.

Fusion Markets has the lowest commissions

There is one last test the CompareForexBrokers team did to compare the commission costs between brokers. Given how well Fusion did on our other tests, perhaps we shouldn’t be surprised to see them do well for commissions as well.

Of all the ASIC-regulated brokers, Fusion Markets came out on top with a commission of AUD $4.50 (USD $6.00, £ 3.55, € 4.05) round turn per standard lot, around $2.50 less than the industry standard. And while the commission cost is definitely a cost to consider, it is only good if the spreads remain competitive, as we have shown in our tests.

From this chart, we can comfortably conclude Fusion Markets is one of the best forex brokers for low commissions

View Fusion Markets ReviewVisit Fusion Markets

We liked Eightcap for its extensive range of cryptocurrencies and crypto CFDs. In the realm of crypto variety, 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.

Compared to the other brokers we reviewed for this roundup, Eightcap had the widest selection of cryptos and crypto CFDs. By way of example, Crypos with other brokers with MT5 includes Pepperstone, for example, with 19 Cryptos, IC Markets with 25, and ThinkMarkets with 27.

The table below shows the crypto range with other brokers; as can be seen, Eightcap far exceeds the competition.

With Eightcap, you can access 86 Crypto CFDs, all paired to the USD. Eightcap even provides some helpful trading tools for crypto trading, such as CryptoCrusher and Capitalise.ai, though you will need to use MT4 to take advantage of them.

I also tasked Ross with testing the average spreads for cryptocurrencies for both Admirals and IC Markets. He found that the Eightcap spreads per coin are the following:

I also tasked Ross with testing the average spreads for cryptocurrencies for both Admirals and IC Markets. He found that Eightcap has the best spreads per coin for the following cryptos:

To sign up with Eightcap, you can choose between their Standard and RAW accounts.

Eightcap ReviewVisit Eightcap

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. Don’t reside in the UK? No worries—FxPro also offers up to 30 cryptocurrencies and crypto CFDs for international traders.

FxPro provides access to more than 69 currency pairs, including majors, minors, and exotics. And when I say exotic, I mean exotic. 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 shares, indices and commodities. If you’re not in the UK, you can also trade 30 cryptocurrencies and crypto CFDs.

When you trade forex with FxPro, you don’t have to worry about paying extra on top of the spread – commissions are already included for MT5 traders. That said, additional fees may apply. (FxPro scored just 38/100 for trading costs and had wider-than-average spreads on the Standard account when we tested.)

View FxPro ReviewVisit FxPro

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.

We understand that most new traders are naturally drawn to Standard accounts while fine-tuning their trading strategies. Navigating the forex markets is challenging enough without decoding commission-based fee structures, especially when different platforms have unique commissions. That said, we strongly recommend jumping to a raw spread or ECN-like account as early as possible. We believe the sooner you take advantage of tight spreads and ditch the dealing desk, the better off you’ll be.

This is why we like FXTM for new traders using MT5. Both of its ECN accounts for retail traders offer the popular platform, as well as tight spreads and an easy-to-navigate fee structure. It’s the best of both worlds, in my view: you lose the extra expense and potential for slippage that come with a Standard account without the overwhelm of a complex set of commissions.

View FXTM ReviewVisit FXTM