| Updated: Launched in 2010 by MetaQuotes, MetaTrader 5 (MT5) is a powerful multi-asset trading platform that builds on the success of its predecessor, MT4. MetaTrader 5 supports various markets, including forex, stocks, commodities, cryptocurrencies, indices, futures and CFDs, making it suitable for portfolio diversification. In addition to its broader market coverage, the platform introduces several key advancements, including enhanced charting capabilities, multiple order types, an improved strategy tester and an integrated economic calendar. As a result, many traders favour Forex brokers that support MT5 and provide access to its advanced trading features.
Expert opinion by Christopher Lewis:Below, you can find a list of the best Forex brokers offering MetaTrader 5:
Top 8 Forex Brokers with MT5
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
FP Markets
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
BlackBull Markets
- Broker boasting lightning-fast execution speed
- ECN brokers with tight spreads from 0.0 pips
- $0 minimum deposit requirement
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
Vantage
- Broker offering some of the lowest spreads from 0.0 pips
- Operating in multiple markets under licenses from tier-1 regulators
- Provides a range of account types with great trading conditions
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
Pepperstone
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
XM Group
- XM provides great trading experiences using MetaTrader 4 and MetaTrader 5, which are improved by personalized features.
- Zero commission accounts are available
- Top-tier regulation from CySEC, ASIC, FSC, and DFSA oversee XM's operations, assuring transparency and client safety.
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Turbo Stocks
-
Eightcap
- Traders can enjoy competitive trading conditions through different account types
- Offers access to over 800 CFD markets through TradingView
- Platforms like MT4 and MT5 enable multi-device trading
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Share CFDs
-
ActivTrades
- Winner of 20+ Global Awards
- MT4/MT5, TradingView
- Leverage up to 1:400
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Share CFDs
Our 8-step guide to choosing a forex broker
- Verify regulation and authorisation (e.g., FCA, ASIC).
- Check trading costs: spreads, commissions, swaps.
- Compare execution quality: slippage, fills, order types.
- Check platforms and tools: MT4/MT5, cTrader, TradingView.
- Ensure risk controls: stop-loss, guaranteed stops, negative balance protection.
- Review funding and withdrawals: local options, fees, processing times.
- Evaluate research, education, and alerts.
- Prioritise security and support: segregated client funds, two-factor authentication, support hours.
Brokers Compared by Spread
FX Brokers Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| BlackBull Markets |  |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
| Vantage | |
$50 |
| Pepperstone | |
$10 |
| XM Group | |
$5 |
| Eightcap | |
$100 |
| ActivTrades | |
$0 |
Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC | Retail Account) |
| FP Markets | |
1:500 (CySEC | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:500 (FSAS | Retail Account) |
| BlackBull Markets | |
1:500 (FMA), 1:500 (FSAS) |
| Vantage | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (CIMA | Retail Account), 1:30 (FCA | Retail Account) |
| Pepperstone | |
1:500 (CySEC | Pro Account), 1:500 (SCB | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:30 (DFSA | Retail Account), 1:30 (FCA | Retail Account), 1:200 (SCB | Retail Account) |
| XM Group | |
1:30 (CySEC | Retail Account), 1:1000 (IFSC | Retail Account) |
| Eightcap | |
1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:30 (FCA | Retail Account), 1:500 (SCB | Retail Account) |
| ActivTrades | |
1:400 (CMVM | Pro Account), 1:30 (CMVM | Retail Account), 1:1000 (FSC), 1:200 (SCB) |
Forex Brokers Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| FP Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| BlackBull Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Vantage | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
| Pepperstone | |
MetaTrader 4, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| XM Group | |
MetaTrader 4, MetaTrader 4 MultiTerminal, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| Eightcap | |
MetaTrader 4, MetaTrader 5, TradingView |
| ActivTrades | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
Comprehensive Comparison of the Best Forex Brokers with MetaTrader 5
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
AVG 0.91 pips |
|
|
 |
$50 (AU$100) |
|
AVG 1.29 pips |
|
|
 |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
|
AVG 0.1 pips |
|
|
 |
$50 |
|
AVG 0.08 pips |
|
|
 |
$10 |
|
AVG 1.1 pips |
|
|
 |
$5 |
|
MIN 1.6 pips |
|
|
 |
$100 |
|
AVG 1.1 pips |
|
|
 |
$0 |
|
AVG 0.5 pips |
|
With its user-friendly interface, advanced charting capabilities and automated trading features, MT5 has become a preferred platform for many forex traders. In this review, we cover the basics of MT5 and explain how forex traders can use the platform.
Development of MT5
MetaQuotes Software Corp released MetaTrader 5 (MT5) in 2010. MT5 was designed to address the limitations of its predecessor, MetaTrader 4 (MT4), and provide traders with a more advanced and feature-rich trading platform.
The development of MT5 involved a thorough analysis of forex traders’ needs, with a focus on creating a platform that would provide faster execution, improved charting capabilities and enhanced automated trading features. The platform was also developed to support multiple asset classes, including currencies, commodities and indices, making it a versatile trading platform. Over the years, MT5 has undergone significant updates and improvements, including enhanced backtesting capabilities and security.
The development of MT5 has been an ongoing process, with MetaQuotes Software Corp. working to provide traders with a platform that meets their evolving needs and expectations.
Interface of MT5
The interface of MetaTrader 5 (MT5) is designed to provide traders with a user-friendly and intuitive trading experience. It features a clean and clutter-free design, making it easy for traders to navigate and access the platform’s tools and features. The Trade tab in the Toolbox section provides a quick overview of the trading account, including its balance, equity and margin levels.
The charting interface is also highly customisable, allowing traders to create multiple charts and profiles and adjust settings such as time zones, colours and fonts. The platform’s interface supports multiple languages, making it accessible to traders from diverse linguistic backgrounds. It is also highly responsive, allowing traders to execute trades quickly, monitor their positions and adjust their trading strategies. The overall design of the MT5 interface provides a seamless and efficient trading experience, enabling users to focus on their trading decisions rather than navigating the platform.
Order Types Available in MT5
MT5 offers several order types designed for different trading purposes and goals. Below are the order types available on the MT5 platform, along with their specifications and typical use cases:
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Market Orders and Pending Orders
Depending on the execution type, MT5 orders can be classified as either market orders or pending orders. A market order is an instruction to buy or sell a financial instrument at the current market price and is submitted for immediate execution. Traders typically use market orders when they want to enter a trade quickly without focusing on the exact price. This is often the case when a trader wishes to capitalise on a sudden market movement or close a position promptly.
A pending order is an instruction with delayed execution, placed when a specific market condition must first be met. The defining characteristic of this order type is that it is executed only after the specified condition has been satisfied. Traders usually place pending orders when they want to execute a trade under specific market conditions.
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Pending Order Variations
Depending on their market analysis and trading goals, MT5 users can place different types of pending orders. Below are the subcategories of pending orders and their specifications:
Limit Order: A limit order is an instruction to buy or sell a financial instrument at a specified price or better. The order is executed when the market price reaches the specified limit price. Limit orders are typically placed when traders wish to enter a trade at a particular price or better. For example, a trader might set a limit order to buy a currency pair when it falls to a certain support level, hoping to catch a rebound. Limit orders can be either Buy Limit or Sell Limit, depending on the position the trader wants to take:
- Buy Limit Order: A buy limit order is an instruction to buy a financial instrument at a specified price or better. This order is executed when the market price falls to the specified buy limit price. Traders tend to use buy limit orders when they want to enter a long position at a specific price or better. For example, a trader might set a buy limit order to buy a currency pair when it falls to a certain support level, hoping to catch a rebound.
- Sell Limit Order: A sell limit order is an instruction to sell a financial instrument at a specified price or better. The order is executed when the market price rises to the specified sell limit price. Traders often use sell limit orders when they want to enter a short position at a specific price or better. For example, a trader might set a sell limit order to sell a currency pair when it rises to a certain resistance level, hoping to catch a reversal.
Stop Order: A stop order is an instruction to buy or sell a financial instrument once the market price reaches a specified stop price. The order is executed when the market price reaches the designated stop level. Stop orders are usually placed to limit potential losses or lock in profits. For example, a trader might set a stop order to sell a forex pair when it falls to a certain price, limiting losses if the trade does not work out. Stop orders include Buy Stop and Sell Stop:
- Buy Stop Order: A buy stop order is an instruction to buy a financial instrument when the market price rises to a specified level. The order is executed when the market price reaches the specified buy stop price. Traders use buy stop orders when they want to enter a long position as the market trends upward. For example, a trader might set a buy stop order to buy a currency pair when it breaks above a certain resistance level.
- Sell Stop Order: A sell stop order is an instruction to sell a financial instrument when the market price falls to a specified level. The order is executed when the market price reaches the specified sell stop price. Traders usually place sell stop orders when they want to enter a short position as the market trends downward. For example, a trader might set a sell stop order to sell a pair when it breaks below a certain support level.
There is also the stop-limit order, which combines a stop order with a limit order. It is triggered when the market price reaches the specified stop price, after which execution is sought at the specified limit price or better. Traders typically use stop-limit orders when they want to limit potential losses or lock in profits while specifying either the maximum price they are willing to pay or the minimum price at which they are willing to sell.
-
Other Order Types Available on MT5
Forex traders who use the MT5 platform can also place Take Profit and Stop Loss orders. Both options prompt the platform to close a position when the relevant condition is met.
- Take Profit Order: A take profit order instructs the platform to close a position when the market price reaches a specified profit target. The order is executed when the market price reaches the designated take profit value. Traders typically place take profit orders to lock in gains when a trade is moving in their favour. For instance, a trader might set a take profit order to close a long position when the price of a currency pair reaches a certain level.
- Stop Loss Order: A stop loss order instructs the platform to close a position when the market price reaches a specified loss level. The order is executed when the market price reaches the stop loss set by the trader. Stop loss orders are usually used to limit potential losses when a trade is not moving in the trader’s favour. For example, a trader may place a stop loss order to close a long position when a pair’s price falls to a certain level, thereby limiting losses.
Features of MT5
MetaTrader 5 (MT5) offers a wide range of features that cater to the diverse needs of forex traders. One of its key features is its advanced charting functionality, which includes a range of technical indicators, chart types and timeframes. The platform also supports automated trading, allowing traders to create and execute their own trading strategies using the MQL5 programming language.
The list below covers some of the main features of MT5:
- Advanced Charting: MT5 offers a range of chart types, including candlestick, bar and line charts, as well as 38 technical indicators and 44 graphical objects.
- Automated Trading: MT5 allows traders to create and execute their own trading strategies using the MQL5 programming language, which is similar to C++.
- Multi-Asset Trading: MT5 supports trading in multiple asset classes, including currencies, commodities, indices, stocks and futures.
- Multiple Order Types: MT5 supports multiple order types, including market orders, limit orders, stop-loss orders and take-profit orders.
- Risk Management: MT5 provides traders with a range of risk-management tools, including position sizing, stop-loss orders and take-profit orders.
- Backtesting: MT5 allows traders to backtest their trading strategies using historical data, which helps them evaluate the performance of those strategies.
- Strategy Tester: MT5’s strategy tester allows traders to optimise and refine their trading strategies using a range of parameters, including trading hours, currency pairs and risk-management settings.
- Multithreading: MT5’s multithreading capability allows traders to run multiple trading strategies simultaneously, which can help improve trading performance.
- Alerts and Notifications: MT5 provides traders with customisable alerts and notifications that can be set up to notify them of market events, trading opportunities and account activity.
- Economic Calendar: MT5’s economic calendar provides traders with a schedule of upcoming economic events, helping them stay informed about market-moving news and developments.
- News Feed: MT5’s news feed provides traders with real-time news and analysis from leading financial news sources, helping them stay informed about market developments and trends.
- MQL5 Community: MT5’s MQL5 community provides traders with access to a range of resources, including trading strategies, indicators and expert advisers, which can be used to support their trading activities.
- Virtual Private Server (VPS): MT5’s VPS allows traders to run their trading strategies 24/7, even when their computer is turned off, helping to reduce downtime.
MT5 Supported Devices
MetaTrader 5 (MT5) is a versatile trading platform that can be accessed from desktop computers, laptops, mobile devices and web browsers. The platform is available for download on Windows and Mac operating systems, allowing traders to install it on their desktop computers and laptops. MT5 also has a mobile version that can be downloaded on Android and iOS devices, giving traders the ability to trade while away from their computers.
MT5 also has a web-based version that can be accessed through a web browser, providing traders with a convenient way to trade without installing the platform. Its compatibility with multiple devices and operating systems makes it suitable for traders who need to access their trading accounts from different devices and locations.
Why You Should Trust RationalFX
When it comes to making informed decisions about forex brokers, it's essential to rely on trustworthy sources. RationalFX, a company with over 20 years of experience since its founding in 2005, has established itself as a credible authority in the industry. With an impressive collection of over 2500 reviews on Trustpilot, boasting a score of 4.2, it's clear that Rational FX has built a reputation for providing reliable and unbiased information.
What sets Rational FX apart is its rigorous evaluation process, which considers over 30 different criteria when selecting forex brokers. This comprehensive approach ensures that every aspect of a broker's service is taken in consideration, including regulation, forex spreads, trading platforms, deposit methods, and reputation. With its wealth of experience, transparent review process, and outstanding customer feedback, Rational FX is a trusted source for anyone seeking reliable information on forex brokers. You can reach us via e-mail at feedback@rationalfx.com or contact us through our social media accounts here: Facebook, YouTube, or leave a feedback here.