Want to skip to the answer? The best MetaTrader 5 Broker is FOREX.com.
The revolutionary MetaTrader 4 gave forex traders unprecedented control over trading strategies and timing. Automated trading systems could be implemented, but the platform was restricted to currency traders only.
Equity, bond and options investors were shut out of using MetaTrader 4 despite a surge in popularity. When would stock market investors gain access to this powerful platform? The release of MetaTrader 5 answered that question in 2010.
Quick Look: Best Forex Brokers with MetaTrader 5
- Best for US Clients: FOREX.com
- Best for Ease of Use: AvaTrade
- Best for Building a Diverse Portfolio: RoboForex
- Best for Traders Who Rely on Technical Analysis: FXGT.com
- Best for Mobile Use: XM
- Best for Beginner Traders: MultiBank Group
- Best for Multiple Platforms: Blackbull Markets
- Best for CFD Trading: HYCM
Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.68% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Table of Contents
- Quick Look: Best Forex Brokers with MetaTrader 5
- Best Brokers That Feature MetaTrader 5
- 1. Best for US Clients: FOREX.com
- 2. Best for Ease of Use: AvaTrade
- 3. Best for Building a Diverse Portfolio: RoboForex
- 4. Best for Technical Analysis: FXGT.com
- 5. Best for Mobile Use: XM
- 6. Best for Beginner Traders: MultiBank Group
- 7. Best for Multiple Platforms: Blackbull Markets
- 8. Best for CFD Trading: HYCM
- What is MetaTrader 5 and Who Uses it?
- MetaTrader 5 vs. MetaTrader 4
- Why Brokers Offer MetaTrader 5
- Take Your FX Trades to the Next Level with the Best MT5 Brokers
- Frequently Asked Questions
As of this writing, only FOREX.com supports MT5 in the United States. Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. If you want to trade stocks or options on MetaTrader, you’ll generally need to do so outside the United States. Still, plenty of quality brokerage options exist for international traders who wish to use MetaTrader 5. Benzinga has compiled a list of the best MetaTrader 5 brokers based on functionality, reputation and number of tradable markets.
1. Best for US Clients: FOREX.com
Best For:
Forex Trading in and Outside the U.S.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FOREX.com is one of the only forex brokers to provide MetaTrader support for U.S. clients. They have an impressive group of pairs to trade and 3 different accounts to choose from. FOREX.com also provides extensive educational materials are spot-on. They support both MetaTrader 4 and MetaTrader 5, and are continually ranked the #1 forex broker in the U.S. by Benzinga.
Here is a preview of the types of accounts you can get through FOREX.com.
- Standard: This is a traditional forex trading account which charges no commissions. The client will only have to worry about the spread cost, which can be higher compared to other account types.
- Commission: The commission account greatly impacts the spreads by reducing them in exchange for a fee on each trade. These accounts aren't available for MetaTrader users, however. The commission is $5 per 100,000 units traded.
- Direct market access: Using theDMA account, advanced traders can access the plumbing of the forex market. Traders can match orders to certain liquidity providers and take advantage of rapid price movements. This style of trading is quite advanced and FOREX.com recommends it only to clients with over $25,000 to deposit.
If you're looking for a MetaTrader 5 broker, beginners will eat up the educational resources. Also, anyone will love their low account balance and trade minimums. For the more experienced forex traders, there are multiple platforms of varying sophistication to choose from. And active traders earn discounts on high monthly volumes.
Pros
- Impressive, easy-to-navigate platform
- Wide range of education and research tools
- Access to over 80 currencies to buy and sell
- Leverage available up to 50:1
Cons
- Cannot buy and sell other securities (like stocks and bonds)
2. Best for Ease of Use: AvaTrade
Best For:
Non US Forex Trading
AvaTrade is a well-known MT5 broker that offers a wide range of trading instruments and advanced trading features. With AvaTrade, traders can trade various asset classes including forex, stocks, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads, leverage options, and a user-friendly interface to enhance the trading experience. Additionally, AvaTrade provides educational resources, market analysis, and customer support to assist traders in making informed trading decisions.
Pros
- Access to advanced trading tools and feature
- Ability to analyze the market and execute trades efficiently
- Competitive spreads and low fees
- User-friendly platform
Cons
- Limited account types
- Inactivity fees
- Customer support may not always be responsive
3. Best for Building a Diverse Portfolio: RoboForex
securely through RoboForex Review's website
Best For:
Best for CFDs
RoboForex Ltd is an international broker with over 1 million clients in 169 countries, and has received recognition from respected financial experts. The company is based in Belize City, Belize.
The online broker received several awards in 2022, such as Best Mobile Trading App from Global Forex Awards, Most Trusted Broker by International Business Magazine Awards, and Most Transparent Broker by World Economic Magazine Awards.
RoboForex offers support for various trading platforms and offers leverage ratios up to 2,000:1, based on your jurisdiction. Besides forex trading, RoboForex allows trading of stocks, CFDs, ETFs, indices, commodities, energy commodities, and metals.
Pros
- Invest with as little as $1
- No deposit fees
- No inactivity fees
- Negative balance protection
- Supports multiple trading platforms
- Copy trading option
- Free VPS server
Cons
- May not scale to your needs
- Does not accept U.S. clients and clients from some other restricted countries
4. Best for Technical Analysis: FXGT.com
Best For:
Traders Who Rely on Technical Analysis
Rating:
FXGT.com is an online broker that specializes in CFD trading on various assets such as forex, stocks, equity indices, cryptos, energies, precious metals, NFTs, DeFi tokens, GTi12 index, and synthetic crypto pairs. They have a significant market presence in Africa, Asia, and the Middle East. The platform provides leverage that varies based on volume up to 1:1000, depending on the asset class.
Traders have the option to select from multiple account types that offer distinct features such as micro lots, raw spreads, and zero swaps. Eligible individuals have the opportunity to receive bonuses and promotions, as well as utilize automated Virtual Private Server (VPS) trading for their benefit.
Pros
- Low minimums and affordable spreads help reduce your overhead costs
- You can actually use MT4 and MT5
- Bonuses and promotions can help add to your portfolio with less risk
Cons
- Platform is not available in the US, UK and EU, making it difficult for some investors to join.
5. Best for Mobile Use: XM
Best For:
Beginner forex and CFD traders
Rating:
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM is part of Trading Group, a U.K.-based firm regulated by the FCA. XM is the forex and CFD wing of the firm and it’s got unprecedented accessibility for MetaTrader users. Not only can MT4 and MT5 be used on any computer, but also any smartphone or tablet too. You’ll be able to trade from pretty much anywhere in the world with MT5 for iOS and Android. XM also gives you more than just a simple trading account.
Customer support stands by 24/5 for live help, its video tutorial library use is unlimited and you’ll get daily technical analysis and market research for free. You also get a personal account manager, too — an actual human being! XM has 55 different currency pairs to trade, along with CFDs on stocks from 17 different countries, commodities and precious metals. Choose from seven different asset classes and thousands of individual products, including indices and cryptocurrencies. XM is a great spot for beginners thanks to its demo account. Newcomers can test out strategies with $100,000 in virtual cash before putting hard-earned money into accounts.
Pros
- 1,230 CFDs, including 57 forex pairs
- research content that includes daily videos, podcasts, and organized articles
- Offers full MetaTrader suite
Cons
- Standard account spreads can be expensive compared to other options
- Average spreads are not published for the commission-based XM Zero account
6. Best for Beginner Traders: MultiBank Group
Best For:
Beginner Traders
MultiBank Group was founded in California, USA in 2005 and now has its headquarters in Dubai, UAE. Over time, it has grown to become one of the largest and most regulated financial derivatives companies globally, with a current paid up capital exceeding US$ 322 million.
MultiBank Group offers advanced trading platforms and competitive pricing for online financial products, including Forex, Metals, Shares, Indices, Commodities, and Crypto financial derivatives. Their services also include prime liquidity, cutting-edge technology, and excellent customer service.
MultiBank Group is a highly regulated financial derivatives group that has maintained a clean regulatory record with all of its 11 financial regulators across 5 continents, including ASIC, AUSTRAC, BaFin, CIMA, FMA, FSC, HKCE, MAS, SCA, TFG and VFSC. The group consists of various financial institutions.
Pros
- 24/7 multilingual customer service assistance
- Negative Balance Protection
- Access to over 20,000 trading instruments such as forex, metals, commodities, shares, indices and cryptocurrencies
- The lowest Spreads
- Over 11 Financial Regulators
- Swap-Free Trading Accounts
Cons
- Currently not available for U.S. clients
7. Best for Multiple Platforms: Blackbull Markets
securely through BlackBull Markets's website
Best For:
Multi-Asset Traders
There is a reason that Blackbull Markets won the Best in Class for Offering of Investment from the ForexBrokers.com 2023 Annual Awards – it’s a great platform. It offers traders seven trading platforms to choose from including MetaTrader 4 and 5.
The platform offers tool, resources, and education for beginner, intermediate, and advanced traders. And with 0.0 pips, 500:1 leverage, and an average execution speed of 20 ms, it’s easy to see why the platform is so popular.
Pros
- 7 trading platforms to choose from
- Highly regulated
- 0. 0 pips
Cons
- Not available in the U.S.
8. Best for CFD Trading: HYCM
securely through HYCM Capital Markets's website
Best For:
Forex Trading
HYCM has been in the business since 1977 and is considered a trusted and valued platform. The platform processes 25,000 orders a day and offers a customer service department that is reachable 24 hours a day Monday through Friday.
You can open several types of accounts with HYCM including those that are commission free and those that charge $4 per round. You will find 0.1 to 1.5 pips and leverage of up to 500.1.
Pros
- Long-standing business
- Variable account types
- Multiple trading platforms
Cons
- Not available in the U.S.
What is MetaTrader 5 and Who Uses it?
MetaTrader 5 is the most recent software release from MetaQuotes Software, the Russian firm behind the trading platform. Unlike its previous incarnation, MetaTrader 5 allowed equities and commodities to be traded alongside the usual forex components. Connection times improved and new indicator tools added. Sounds like a must-have program, right? Unfortunately, that’s not the case.
MetaTrader 4 and 5 might look similar, but they aren’t backward compatible. MetaTrader 5’s programming is written in an entirely different language. MetaTrader 4 software is written in MQL4, but MetaTrader 5 introduced the brand-new MQL5. MetaTrader 4 users have entire libraries of expert advisors (which are analytical and trading process automation tools) and other robots, and these became obsolete on the MetaTrader 5 platform.
Naturally, users didn’t want to rewrite or re-purchase robots that worked perfectly fine on the MetaTrader 4 platform.
In the United States, finding a reputable broker that offers MetaTrader 5 is harder than finding a Yankees fan who hates Derek Jeter. Though it opened up to equities, MetaTrader 5 traders represent a very small percentage of the platform’s users. Even the big currency brokers Forex.com and OANDA exclusively support MetaTrader 4. To find a home with MetaTrader 5, you’ll have to venture outside the borders of the United States.
MetaTrader 4 is the dominant version of the trading software, but MetaTrader 5 does have some improvements and upgrades. Most prominently, the platform is no longer just for currency traders. MetaTrader 5 added two additional order types and is now open to stocks, bonds, futures, options and forex trading. Popular features like hedging, expert advisors and automated strategies can still be used.
Partial orders are now available on MetaTrader 5, along with the six different order types. Eight technical indicators and 13 graphical objects have also been added. MetaTrader 5 adds 12 extra timeframes, so research can be done more extensively than ever. The MQL5 community is available 24/5 on the new embedded chat feature and emails can now be sent with attachments.
There’s an economic calendar that shows important dates and data releases, but one of the biggest new perks in the ability to transfer funds between accounts. You can send money between your forex and stock trading accounts without logging off. Improvements and new features are plentiful on MetaTrader 5, but the lack of backward compatibility means MetaTrader 4 is still the primary platform. Stocks, options and futures trading is a big step and could open the door for more in the future.
Why Brokers Offer MetaTrader 5
MetaQuotes Software has begun to nudge clients toward MetaTrader 5. The platform is technically superior to MetaTrader 4, but the best forex brokers are hesitant to purchase new licenses and traders don’t want to lose the programming language with which they’ve written so many robots. A tug-of-war is underway and MegaQuotes has increased the pressure.
Support for MetaTrader 4 was recently cut off and new brokers now must choose between MetaTrader 5 or nothing at all. In addition to MetaQuotes’ gentle pushing, equity brokers can now offer the software for stock exchange trading. Most MT 5 brokers offer a variety of different markets to trade in. Previously, only forex brokers used the platform.
Take Your FX Trades to the Next Level with the Best MT5 Brokers
MetaTrader 5 has enough improvements and new features to warrant a download, but the MetaTrader 4 community still fiercely defends its version. All United States forex brokers support MT4 only. Brokers based in Europe and Australia aren’t as closed off and many support both MT4 and MT5. If you want to expand your trading into areas like equities and commodities, MetaTrader 5 is a great tool. Just make sure the broker you want to use actually supports it.
Frequently Asked Questions
Q
What is the best broker for MetaTrader 5?
A
Benzinga’s top picks for the best MetaTrader 5 brokers are FOREX.com and IG Markets. However any broker listed here is a great option for using MT5.
Q
Is MetaTrader 5 good for beginners?
A
MetaTrader 5 can be used by beginners or expert traders. To get the most out of MetaTrader, it’s beneficial to know when you should use MT4 vs. when to use MT5.
Q
Is MetaTrader 5 allowed in the US?
A
Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. If you want to trade stocks or options on MetaTrader, you’ll have to do it outside the United States. Still, plenty of quality brokerage options exist for international traders who wish to use MetaTrader 5.
I'm an expert in the field of online trading platforms, particularly the MetaTrader series, with a deep understanding of the features, functionality, and nuances of these platforms. My expertise is backed by a comprehensive knowledge of financial markets, trading strategies, and the evolving landscape of online brokerage.
Now, let's delve into the concepts and information presented in the provided article:
MetaTrader 5 Overview:
1. MetaTrader 5 (MT5):
- Released in 2010, MT5 expanded beyond forex to include equities, bonds, and options.
- Not backward compatible with MetaTrader 4 (MT4).
- Enhanced features: Two additional order types, partial orders, expanded technical indicators, graphical objects, and timeframes.
- Community support: Embedded chat feature in the MQL5 community.
2. Best MetaTrader 5 Brokers:
-
FOREX.com:
- Offers MetaTrader support for U.S. clients.
- Extensive educational materials.
- Supports both MetaTrader 4 and MetaTrader 5.
- Variety of account types.
-
AvaTrade:
- Well-known MT5 broker with a wide range of trading instruments.
- Competitive spreads, leverage options, and user-friendly interface.
- Provides educational resources and market analysis.
-
RoboForex:
- International broker with awards in 2022.
- Supports various trading platforms.
- Offers leverage ratios up to 2,000:1.
-
FXGT.com:
- Specializes in CFD trading on various assets.
- Offers multiple account types with distinct features.
- Provides bonuses and promotions.
-
XM:
- Forex and CFD wing of Trading Group.
- Unprecedented accessibility for MetaTrader users.
- 55 different currency pairs, CFDs on stocks, commodities, and precious metals.
- Demo account for beginners.
-
MultiBank Group:
- Founded in 2005, one of the largest and most regulated financial derivatives companies.
- Offers advanced trading platforms and competitive pricing.
- Highly regulated with a clean regulatory record.
-
Blackbull Markets:
- Winner of Best in Class for Offering of Investment (2023 Annual Awards).
- Seven trading platforms, including MetaTrader 4 and 5.
- Tools, resources, and education for traders.
-
HYCM:
- In business since 1977.
- Processes 25,000 orders a day.
- Offers different types of accounts and leverage up to 500:1.
MetaTrader 5 Adoption and Brokers' Choices:
1. MetaTrader 5 Adoption:
- MetaTrader 5 introduced improvements and upgrades but lacks backward compatibility with MetaTrader 4.
- Despite enhancements, MetaTrader 4 remains the dominant platform.
- MetaTrader 5 allows trading in stocks, bonds, futures, options, and forex.
2. Why Brokers Offer MetaTrader 5:
- MetaQuotes Software, the developer, encourages the adoption of MetaTrader 5.
- Brokers are hesitant due to the investment in MetaTrader 4 licenses and existing user preferences.
- Equity brokers can now offer MetaTrader 5 for stock exchange trading.
3. Frequently Asked Questions:
- Best Broker for MetaTrader 5: FOREX.com and IG Markets are recommended by Benzinga.
- Suitability for Beginners: MetaTrader 5 can be used by both beginners and expert traders.
- MetaTrader 5 in the U.S.: Limited support in the U.S.; American traders can use MetaTrader 4.
In conclusion, MetaTrader 5 offers advanced features, but its adoption is still evolving. Brokers are gradually shifting towards MetaTrader 5, and international traders have more options compared to U.S.-based traders. The choice between MetaTrader 4 and 5 depends on individual preferences and trading needs.
