Best MetaTrader 5 (MT5) Brokers for 2024

Introduction

MetaTrader5 is a well-designed platform that was released in 2010. MT5 has been released by MetaQuotes Software Corp. It provides a multi-asset trading experience to traders. It provides you with various financial tools and assets, such as futures, CFD products, forex, bonds, stocks, etc. It is a famous trading platform among traders because it helps them refine their investments. MT5 provides you best trading experience and benefits both beginners and experienced traders.

It gains a huge reputation in the trading world and gives them the flexibility to trade with several trading options.   If you want to perform forex trading or CFD trading, MT5 is the best platform for you. It makes your trading journey rewarding. Now, it become accessible for traders to trade on metaTrader5 because of the range of trading tools. In this blog, we will tell you about metaTrader5, difference between MT4 and MT5, best MT5 brokers , fees , spread, trading costs, etc

Trading Instruments	Forex, CFDs, Stocks, Futures
Programming Language	MQL5
Technical Analysis Tools	38
Graphical Objects	44

 What is MetaTrader 5 (MT5)?

MT5 is a famous trading platform that connects you with several trusted brokers. Mt5 is used by traders who require analysis tools and features. MT5 will give you access to 38 technical indicators and 44 analytical objectives. You can easily import custom MT5 indicators from third parties also.

The best thing is that you can easily customize the MT5 as per your trading goals and layout. For example, you will get multiple pricing charts on this platform. You can easily choose the color codes and timeframes. It is best to use MT5 if you install automated trading robots. Here is an overview of  MetaTrader 5 to look at before you start trading                   

Key Differences Between MT4 and MT5

It’s crucial to understand the differences that set them aside while comparing MetaTrader 4 (MT4) and MetaTrader 5 (MT5). While both systems are popular for traders globally, everyone has different positions tailored to exclusive trading needs and strategies. Below is a detailed comparison of the key differences between MT4 and MT5.

• MT4 is supposed for the Forex market trading; MT5 provides a wider market coverage, including equities, commodities, and cryptocurrencies. For traders hoping to diversify their portfolios outside of Forex, MT5 is an extra flexible choice.
• MT4 has 9 timeframes for price movement analysis; MT5 offers 21 timeframes, allowing more specific analysis and trade strategy versatility.
• Market orders, pending orders, stop loss, and take earnings are 4 order types MT4 supports. On the other hand, MT5 brings two more order types: sell stop limit and buy stop limit, which could permit traders to follow more advanced trading strategies.
• For many traders, MT4 positions 30 integrated technical indicators, which are many. To shape more sophisticated technical analysis, MT5 offers 38 built-in signs.
• While MT4 gives simple charting positions, MT5 improves this with state-of-the-art charting tools and additional graphical objects, allowing traders to perform comprehensive technical research.
• MT5 has a Depth of Market (DOM) detail that gives traders insight into market depth by liquidity at numerous price levels. For those desiring real-time liquidity information, MT5 is most suitable because MT4 cannot offer this.
• MT5 combines an economic calendar so traders can also remain informed on big news activities that could impact the markets. MT4 lacks this potential; for this reason, traders must rely on outdoor information resources.
• MT4 is well-desirable for creating trading strategies, indicators, and scripts through the use of its proprietary MQL language. In comparison, MT5 employs MQL5, which incorporates item-orientated programming. This advanced functionality permits traders to increase more complicated and complicated trading algorithms, enhancing their potential to enforce complex trading strategies and improve basic trading performance.
• While each platform permits users to buy Expert Advisors (EAs) and signs, MT5 has a broader community market where traders can also get access to various trading tools and resources.
• MT4 provides single-threaded backtesting, however, which is probably slower and much less effective. However, MT5 has multi-threaded backtesting, which we could traders test numerous strategies right now for faster profits.
• Beginning users can discover MT4 best because of its truthful and user-friendly design. More complex, MT5’s interface serves advanced traders needing extra support and abilities.

Top MT5 Brokers in 2024

Here are the best MT5 brokers

IC Markets

IC Markets’ MT5 is well known to offer extremely deep liquidity and fast order execution (66ms on common). The spreads with this broker are saved extremely low, with an average of 0.1 pip at the EUR/USD forex pair. There are two different account types available. The MT5 spread account gives spreads from 0 pips.

The MT5 popular account although, does not rate more fees however spreads are slightly higher from 0.6 pips. With this broker at the MT5, you can trade 60 forex pairs overall, and the maximum forex leverage is 1:500 for global traders.

OANDA

OANDA is the best MetaTrader 5 broker that gives you access to enhanced features. You will have access to the market’s deep analysis, charting features, and advanced trading tools. It will also give you customizable layouts and plug-ins. You can get benefits of 6 order types On OANDA, including buy limit, buy stop, sell stop, buy stop limit, etc. It will give you a range of global CFD tools, including crypto, stocks, indices, commodities, metals, and forex.

FX Leaders

Even though Forex.Com is regulated in multiple nations the world over, they most effectively made MT5 available to European traders. With Forex.Com’s MT5 account, you’ll be capable of trading forex in liquid surroundings. Spreads start from 1 pip on MT5, and the platform is available on tabletop, webtrader, and mobile devices.

Forex.Com also makes available advanced charting and analysis tools for MT5 (along with Trading Central analysis), which can be already included in the platform. Another good thing about Forex.com is its big pool of tradable forex pairs with over 80 in total.

Forex.com fees

FP Markets

Traders insisting on a fast and responsible trading experience need to recall becoming a member of FP Markets, a multi-regulated broker offering support for the popular MetaTrader (MT5) platform. Linking your FP Markets account to MT5 comes with several advantages, beginning with the potential to trade over 70 forex pairs, commodities, indices, and cryptocurrencies with competitive spreads from 0.0 pips.

Customers also have access to diverse technical signs and 8 order types, together with advanced options like Sell Stop and Buy Stop Limits. Fans of the platform can join MT5 to their Standard accounts at FP Markets to take advantage of commission-free trading. Raw money owed with fees streamed quickly from the broker’s liquidity services are available as well however trades incur a $3 commission each way.

FP Markets is famous for its award-triumphing order execution whose average speed is below 40 milliseconds. New clients can get into the game with preliminary deposits as small as $50. Testing MT5 without depositing is possible by a free demo account, allowing rookies to get a proper feel of both the platform and the trading experience at FP Markets.

Pepperstone

Pepperstone is trusted by customers from over 160 international locations and for a good reason. The broking gives highly competitive conditions for trading in foreign currency pairs, commodities, crypto, indices, and stocks. The organization has secured seals of approval from reputable regulatory bodies just as the FCA and ASIC, further including its spotless popularity.

Clients searching to trade through MT5 at Pepperstone can sign up for Razor bills. They will advantage of lightning-fast processing times, advanced customization positions, and enhanced tools for market analysis. Retail customers have access to the Figaro and Smart Trader Tools packages that encompass extra professional advisors for better risk management and trade execution. Position hedging is also possible for MT5 users at Pepperstone.

Pepperstone fees

Fees, Spreads, and Trading Costs

Low Spreads

When choosing an MT5 broker, know-how, price spreads, and trading costs are critical for maximizing trading profits. IC Markets stands proud in this regard, providing some of the tightest spreads in the industry. For main forex pairs like EUR/USD, traders can gain from spreads beginning at just 0.62 pips. This competitive pricing is in particular effective for scalpers and day traders trying to limit their transaction fees.

Commission-Based Accounts

Also, brokers like IC Markets and FP Markets offer commission-based bills designed for professional traders. These accounts feature ultra-low spreads complemented by using a fee as per trade, allowing better volume trading at the same time as maintaining common prices down. For example, IC Markets commonly prices a fee of $3.50 per lot as per aspect for its RAW ECN accounts. Here are table under compares the spreads and trading fees of numerous top MT5 brokers

Regulation and Security

To start your trading at Mt5 brokers, you must know about its regulations and safety measures.

Top-Tier Regulation

Of all the brokers who use MetaTrader 5, now not all are authorized and managed by a financial regulator. When selecting one of the best MT5 brokers to change with, regulation needs to be at the top of the list.

After all, you’ll be depositing and taking flight budget with them, and they’ll be executing your trades. You want to make sure they’re being watched over by a strong regulatory authority and abiding by strict standards and principles. MT5 brokers that are regulated and approved by a well-known financial regulator can provide you with peace of mind. Here are the top economic regulators in the world

• US: Commodity Futures Trading Commission (CFTC), National Futures Association (NFA).
• Europe: UK Financial Conduct Authority (FCA), Cyprus Securities and Trade Commission (CySEC).
• Asia: Financial Services Agency (FSA) of Japan, the Australian Securities and Investments Commission (ASIC).

As trading the financial markets become more and more popular a few MT5 brokers are shooting up that are not regulated so do your homework, or choose one of the brokers from the above MT5 brokers list.

Protection Measures

Top MT5 brokers prioritize the protection of traders through various safety measures. One key feature is segregated accounts, which ensure that customer finances are stored independently from the broking’s operational funds. This provides an extra layer of security and protects traders’ cash in case of broker insolvency.

 Also, many brokers offer balance protection, stopping traders from losing more than their account balance. This way, even in risky market situations, traders can’t come to be owing money to their broker. These features contribute to more secure trading surroundings, instilling self-assurance amongst traders when choosing a broking.

Platforms and Tools Offered by using MT5 Brokers

MetaTrader 5 (MT5) is available on all important systems, making sure traders can get access to their accounts whenever and everywhere. Whether you pick computer, internet, or mobile apps, MT5 offers a seamless trading experience across all devices. This flexibility allows traders to live linked to the markets and execute trades correctly, regardless of their location.

In addition to its accessibility, MT5 boasts numerous advanced positions that cater to both beginner and experienced traders. Key support consists of algorithmic trading, which enables traders to automate their techniques, and the multi-forex method tester, taking into consideration complete backtesting of trading strategies throughout different forex pairs. Furthermore, traders can access Expert Advisors (EAs), which are automatic scripts designed to help execute trades based on predefined criteria, improving trading efficiency. The table below shows you the systems and advanced support offered by top MT5 brokers.

Pros and Cons of Trading with MT5 Brokers

here are the benefits and drawbacks of Mt5 brokers

Pros:

User-Friendly Interface and Customization Options

MetaTrader 5 boasts an intuitive user interface that makes it available even for novice traders. Its customization options allow users to tailor the platform to their opportunities, adjusting elements like shade schemes, font sizes, and workspace layouts for a customized trading experience.

Advanced Charting and Analytical Tools

MT5 offers an extensive suite of charting and analysis support, which includes over 80 technical signs and 21 timeframes. Traders can, without problems, upload or get rid of signs and regulate settings to inform their techniques. The platform gives real-time market data, ensuring users stay informed about cutting-edge tendencies for smart trading decisions.

Automated and Algorithmic Trading

MetaTrader 5 helps strong automation and algorithmic trading by the incorporated MQL5 programming language. Traders can create and check their trading techniques, and use a wide range of pre-constructed expert advisors (EAs) available in the MT5 market. The platform also facilitates backtesting, permitting customers to assess their strategies against historical data.

Overall, MetaTrader 5 is a versatile and effective trading platform that equips traders with revolutionary support and positions to excel in the rapid-paced forex market. Its user-friendly interface, state-of-the-art charting options, and automation skills make it.

Skills for Multi-Asset Trading

Multi-asset trading refers to the potential to change across diverse asset lessons—together with equities, bonds, commodities, and currencies—the usage of a single platform. This technique has received traction among traders and traders because it allows for portfolio diversification and the potential to capitalize on a wider range of market opportunities.

One of the important thing benefits of multi-asset trading is risk management. By investing in unique asset classes, traders can lessen their dependency on any single asset, thereby mitigating the impact of damaging market actions.

Security and Reliability

In these days’s fast-paced and technologically advanced financial markets, protection and reliability are paramount. Every player in the trading environment needs to accept as true that their platforms will protect their economic information against cyber threats and different risks.

Cons

Some of the drawbacks of MT5 are

Not consumer-friendly:

MT5 is frequently considered less consumer-friendly, particularly for beginners or the ones transitioning from different trading systems.

Programming Language:

The MQL5 coding language isn’t always compatible with the MQL4 programming language, causing challenges for the ones migrating from MT4 to MT5.

Limited Custom Indicators:

Since the algo trading network is much less customary on MT5, this platform offers fewer custom signs compared to MT4.

Mobile Performance Issues:

The MT5 mobile app can also suffer from slowdowns, in particular while placing orders in the course of very unstable moments or volatile markets, which include the EUR/USD. This can be a problem because it can cause slippage.

Broker-Dependent Asset Availability:

The range of assets available on MT5 varies depending on the broker, which could limit trading options.

FAQ Section