Octa – Lowest Trading Fees
4.37Octa is unusual in that its account types are directly tied to platform choice. The MT5 Account at Octa features floating spreads starting at 0.6 pips, no commission, and a minimum deposit of 100 USD (or equivalent). Octa offers high-speed market execution, and hedging, scalping and automated trading are all supported.
In addition to low trading costs on the MT5 Account, Octa offers an account monitoring tool to anonymously monitor other traders and free copy-trading for all traders (also available on mobile). Leverage is 500:1 on all accounts, and all clients are provided negative balance protection.
Pros
- Fast and free withdrawals
- Copy trading accounts
Cons
- Limited range of assets
- Restrictive account types
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Octa is regulated by CySEC and SVG FSA.
XM – Best MT5 Demo Account
XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms. The XM Zero account offers spreads down to 0 pips and a commission of 3.50 USD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.
The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.
Pros
- Well regulated
- Excellent education
- Free deposits and withdrawals
Cons
- Dealing desk
- Wide spreads on its entry-level accounts
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.
HFM (formerly known as HotForex) – Three MT5 Accounts, 1000:1 Leverage
HFM offers No-Dealing Desk execution and MT5 support on three of its six account types. The MT5 Micro Account offers leverage up to 1000:1, a minimum deposit of 5 USD and spreads of 1 pip on major Forex pairs, which are very tight compared to Micro accounts at other brokers. For more experienced traders, the MT5 Zero Spread Account offers spreads down to 0 pips and a round turn commission of 6 USD on major Forex pairs with a minimum deposit of 200 USD.
HFM devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone numbers.
Pros
- Low minimum deposit
- Tight spreads
- Well regulated
- Good range of accounts
Cons
- Limited base currencies
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
IC Markets – Best ECN MT5 Broker for Beginners
IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Pros
- Well regulated
- Tight spreads
- Wide range of assets
- Great platform choice
Cons
- High minimum deposit
- Limited market analysis
Accepts Indian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.
AvaTrade – Best Commission-Free MT5 Account
AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT5 platform. AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other non-commission accounts. MT5 traders have access to the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 400:1, and spreads are tight for a relatively low 100 USD minimum deposit and no commission.
AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5 but both the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms.
Pros
- Good for beginners
- Well regulated
- Low minimum deposit
Cons
- Dealing desk
- Limited market analysis
Accepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
FP Markets – Best ASIC-Regulated MT5 Broker
FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 6 USD round turn commission per lot. Minimum deposit on both accounts is 100 AUD.
FP Markets’ MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.
Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.
Pros
- Well regulated
- Tight spreads
- Good range of accounts
- Great customer support
Cons
- Expensive withdrawals
Accepts Indian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
Exness – Lowest Deposit MT5 Account
Exness offers exceptionally low-cost trading on its MT5 Standard Account, tight spreads, and relatively low minimum deposits on its three MT5 Professional Accounts. The MT5 Standard Account only requires a minimum deposit of 1 USD but provides access to the full range of Exness assets, including crypto trading and indices. Spreads are floating but average 1 pip on the EUR/USD, about average for the industry.
Two of the MT5 Professional Accounts require a minimum deposit of 500 USD but provide raw spreads, sometimes down to 0 pips, in exchange for a 7 USD round turn commission. The MT5 Pro Account, which provides instant execution, has no commission charge, but spreads are slightly wider – with a minimum spread of 0.6 pips.
Pros
- Great platform choice
- Tight spreads
- Wide range of FX pairs
- 24/7 customer service
Cons
- Extreme leverage
- Unavailable in Europe
- Limited range of share CFDs
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
Markets.com – Marker Maker with Tight Spreads
Founded in 2008, Markets.com is a Market Maker broker that offers a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Especially beginner traders will also likely appreciate the comprehensive education section, as well as a wide scope of excellent tools for research and analysis.
Markets.com provides support for the basic version of MT5 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 100 USD. They also excel with impressive trading conditions, featuring exceptionally low spreads of just 0.8 pips on the EUR/USD. Additionally, traders can access leverage of up to 300:1.
Pros
- Well regulated
- Tight spreads
- Wide range of assets
- Fast and free withdrawals
Cons
- High minimum deposit
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
FxPro – Best FCA Regulated MT5 Broker
FxPro is a respected FCA regulated broker, offering NDD execution on MT5, MT4, cTrader and its own browser-based trading platform. The MT5 account offers a 100 USD opening deposit combined with competitive spreads on 70+ Forex pairs, indices, energies and precious metals. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are ideal for traders who want to take advantage of MT5’s algorithmic trading capabilities across a range of assets.
The MT5 account at FxPro offers market execution, variable spreads, no requotes and will allow for partial fills for orders that lack liquidity. The MT5 account is commission-free with spreads sometimes down to 0.6 pips, though traders will find that the average spread on the EUR/USD is closer to 1.2 pips.
Pros
- Well regulated
- Great platform choice
- Tight spreads
Cons
- Limited education
Accepts Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
What is MT5?
Released in 2010, MetaTrader 5 (MT5) is the latest version of the market-leading MetaTrader trading software.
Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.
MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners.
Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators.
MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.
MT5 Pros and Cons
Pros:
- Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
- MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
- MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.
Cons:
- MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
- MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
- MT5 is a more complex platform than MT4.
MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.
Should I use MT5?
The answer to this question depends on what you want from your platform and your previous trading experience.
If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4.
If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason fornotswitching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.
The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.
That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.
Which Brokers Use MT5
Here is our curated list of all of the MT5 brokers we have reviewed, ordered by overall score. The broker with the highest score will appear at the top of the list.
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Broker | Broker Score | Global Regulators | Min. Deposit | Total # CFDs | No. of FX Pairs | Cost of Trading | EUR/USD | GBP/USD | USD/JPY | Fees | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.68 /5 Read Review |      | USD 100 | 1009 | 56 | USD 7 | 0.60 pips | 1.20 pips | 0.70 pips | Fees Included in Spread | |
 | 4.61 /5 Read Review |     | USD 0 | 1275 | 100 | USD 10 | 0.17 pips | 0.59 pips | 0.26 pips | From 7 USD / lot - Razor Account | |
 | 4.59 /5 Read Review |    | USD 100 | 872 | 55 | USD 9 | 0.90 pips | 1.60 pips | 1.10 pips | Fees Included in Spread | |
 | 4.58 /5 Read Review |   | USD 100 | 209 | 62 | USD 4 | 0.10 pips | 0.30 pips | 0.10 pips | 4 USD / lot | |
 | 4.56 /5 Read Review | | USD 200 | 1744 | 64 | USD 8 | 0.02 pips | 0.23 pips | 0.14 pips | 7 USD / lot - Raw Spread Account | |
 | 4.53 /5 Read Review | | AUD 100 | 846 | 55 | USD 10 | 0.06 pips | 0.73 pips | 0.23 pips | 7 USD / lot | |
 | 4.53 /5 Read Review |  | USD 0 | 1230 | 53 | USD 10 | 0.10 pips | 0.50 pips | 0.30 pips | 6 USD / lot - Zero Account | |
 | 4.45 /5 Read Review |  | USD 5 | 1554 | 57 | USD 6 | 0.60 pips | 0.60 pips | 0.60 pips | Fees Included in Spread | |
 | 4.42 /5 Read Review | | USD 10 | 234 | 50 | USD 15 | 0.30 pips | 0.60 pips | 0.30 pips | 5 USD / lot - RAW account | |
 | 4.40 /5 Read Review |  | AUD 100 | 10162 | 70 | USD 7 | 0.10 pips | 0.20 pips | 0.10 pips | 6 USD / lot - RAW Accounts |
Conclusion
MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.
The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.
The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.
If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading it’s worth considering going straight to MT5.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones.These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents.Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
