Top 7 MetaTrader 5 Brokers

Our list of the best brokers offering MT5 brokers in 2024 are:

Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
72 FMA, FSA 1.20 1.4 1.7 0.23 0.72 0.65 $3.00 72ms $0 64+ 11+ 500:1 500:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
75 FCA,ASIC,
CySEC,SCB
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $100 40+ 250+ 30:1 500:1 Visit Site
61 FCA, FSCA
CySEC, SCB, FSCM
1.32 1.7 1.95 0.32 0.37 0.51 $3.50 151ms $0 69+ 30+ 30:1 200:1 Visit Site
62 FCA, FSCA, CySEC
FSCM, CMA
1.9 2 2 0.0 0.0 0.5 $2.00 160ms $500 63+ - 30:1 300:1 Visit Site
 

What Are The Best MetaTrader 5 Brokers?

Choose the right MT5 broker for your forex trading needs. We’ve ranked the best MetaTrader 5 brokers of 2024 based on critical metrics such as trading costs, execution speeds, range of tradable products, and customer service.

1. IC Markets Best Forex Broker for MT5

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

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.

Pros & Cons

  • Low spreads
  • Fast execution speed
  • No withdrawal or deposit fees
  • $200 minimum deposit
  • Lacks TradingView platform
  • Limited educational resources

Broker Details

When we’re discussing the elements that 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 – 0.98 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: 0.98 pips.

Ross explained that a spread of 1.03 pips means each lot costs $9.63. So you’ll pay $9.63 for every $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.

Broker Spread Spread Cost
IC Markets 1.03 $9.63
CMC Markets 1.11 $10.10
Fusion Markets 1.19 $11.07
TMGM 1.21 $11.18
Admiral Markets 1.31 $11.96

IC Markets Scores High for Low Trading Costs – 8.05/10 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
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 02/01/2024

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.

Calculate Your Trading Costs Below

Total Fees

Commission

Spread Costs

Total

Total Fees

Commission

Spread Costs

Total

Total Fees

Commission

Spread Costs

Total

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 lowest indirect trading fees.

IC Markets Account Types

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 trading platforms and tools

Whether you opt for MetaTrader 5, MetaTrader 4 or cTrader, IC Markets allows scalping, hedging and automated trading. 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.

IC Markets ReviewVisit IC Markets

2. Pepperstone Fastest Order Execution of Any MT5 Broker

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.10
GBP/USD = 0.40
AUD/USD = 0.20

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$0

Why We Recommend Pepperstone

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.

Pros & Cons

  • Fast execution speeds on MT5
  • Competitive no-commission spreads
  • Solid range of markets to trade
  • Education resources are limited
  • Lacks guaranteed-stop loss orders
  • Demo account expires after 90 days

Broker Details

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 100 ms, while Pepprstone itself reports times as low as 30 ms 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 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 we 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.)

pepperstone trading platform metatrader 5

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.

3. BlackBull Markets Top MT5 Broker for Margin Trading

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 1.2
GBP/USD = 1.4
AUD/USD = 1.7

Trading Platforms

MT4, MT5, TradingView,
BlackBull Trade

Minimum Deposit

$0

Why We Recommend BlackBull Markets

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.

Pros & Cons

  • Leverage up to 1:500 on forex
  • Good range of trading products
  • Low spreads
  • Withdrawal fees
  • Limited in-house analysis of the markets
  • A high minimum deposit is required for ECN Prime

Broker Details

While BlackBull earned top marks for execution speeds, snagging the overall top spot with a score of 72/100, 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.

Forex Brokers Margin
BlackBull 1:500 Leverage
Pepperstone 1:30 Leverage
AxiTrader
1:30 Leverage
ThinkMarkets 1:30 Leverage
IC Markets 1:30 Leverage
IG Markets 1:30 Leverage
Oanda 1:30 Leverage
Forex.com 1:30 Leverage

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

blackbull markets account types and products

4. Fusion Markets Lowest Commission Costs With MT5

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.93
GBP/USD = 1.08
AUD/USD = 0.92

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion 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; Fusion Markets genuinely offers some of the most competitive rates in the industry.

Pros & Cons

  • Lowest commissions
  • Good choice of trading tools
  • Fast execution speeds
  • A high deposit fee for wire transfers
  • Lacks TradingView platform
  • Limited Range of trading products

Broker Details

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

  1. 3rd for Standard Accounts spreads (avg 0.9 pips for overall results, 0.93 pips for EUR/USD)
  2. 1st for RAW Account Spreads (o.18 pips for overall results, 0.13 pips for EUR/USD)
  3. 3rd for Limit order execution speed (79 ms)
  4. 1st for  Market order execution speed (77 ms)
  5. Account Opening score of 14/15 (2nd overall)

I have to say that is an impressive list. How do 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 AU$4.50 (US$4.50, £ 3.55, € 4.05) round turn per standard lot, around $2.50 less than the industry standard. And while the commission cost is a cost to consider, it is only good if the spreads remain competitive, as we have shown in our tests.

Broker Commission Spread Cost Total Cost
Fusion Markets $4.50 $3.12 $7.62
CityIndex $7.00 $3.57 $10.57
TMGM $7.00 $4.48 $11.48
IC Markets $7.00 $4.60 $11.60
Pepperstone $7.00 $4.90 $11.90
Go Markets $6.00 $6.50 $12.50
FP Markets $7.00 $5.73 $12.73
ThinkMarkets $7.00 $6.61 $13.61
EightCap $7.00 $6.97 $13.97
CMC Markets $5.00 $10.26 $15.26
Axi $7.00 $10.33 $17.33
Admiral Markets $8.00 $10.91 $18.91

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

5. Eightcap Most Popular MT5 Broker for Crypto CFDs

Eightcap

Forex Panel Score

74

Average Spread

EUR/USD = 1.0
GBP/USD = 1.0
AUD/USD = 1.2

Trading Platforms

MT4, MT5, TradingView

Minimum Deposit

$100

Why We Recommend Eightcap

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.

Pros & Cons

  • Tight spreads on crypto markets
  • Has automated tools for MT5
  • Provides good MT5 market analysis
  • Limited range of trading products
  • Lacks copy trading tools
  • Customer support is not 24/7

Broker Details

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.

Broker No. of Cryptocurrencies Broker No. of Cryptocurrencies
Eightcap 86 TradersWay 9
Pepperstone 19 XM 0
IC Markets 25 Admirals 42
ThinkMarkets 27 Markets.com 24
FXCM 7 BlackBull Markets 9
easyMarkets 3 AvaTrade 17
FxPro 28 Fusion Markets 14
HugosWay 37 Go Markets 14

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:

Cryptocurrency CFDs Eightcap Average Spread
Bitcoin 12
Cardano 0.0028
Dogecoin 0.00005
Etherreum 2.2
Uniswap 0.2

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:

Cryptocurrency CFDs Eightcap Average Spread
Bitcoin 12
Cardano 0.0028
Dogecoin 0.00005
Etherreum 2.2
Uniswap 0.2

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

Eightcap Account Types And Products Australia

6. FxPro Top MetaTrader 5 Currency Pair Range

FxPro

Forex Panel Score

61

Average Spread

EUR/USD = 1.32
GBP/USD = 1.7
AUD/USD = 1.95

Trading Platforms

MT4, MT5, cTrader,
FxPro Trading Platform

Minimum Deposit

$100

Why We Recommend FxPro

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.

Pros & Cons

  • Over 65+ currency pairs
  • Excellent choice of trading tools
  • No minimum stop loss
  • Has inactivity fees
  • Requires a minimum deposit
  • Spreads are not competitive enough

Broker Details

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.

fxpro products international

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 3.85/10 for trading costs and had wider-than-average spreads on the Standard account when we tested.)

7. FXTM Great MT5 Broker for Beginners

FXTM

Forex Panel Score

62

Average Spread

EUR/USD = 1.9
GBP/USD = 2.0
AUD/USD = 2.0

Trading Platforms

MT4, MT5

Minimum Deposit

$10 - $500

Why We Recommend FXTM

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.

Pros & Cons

  • Excellent range of educational resources
  • Solid selection of trading tools
  • Good choice of CFDs to trade
  • Withdrawal fees
  • Lacks a choice for trading platforms
  • 24/5 customer service

Broker Details

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.

fxtm account types and products