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MetaTrader 5 (MT5) is the most recent version of the industry-standard MetaTrader Forex trading platform and the first to use multi-asset functionality for stocks, futures and Forex trading. Though still not as popular as the previous MT4 version, MT5 is supported by a growing number of brokers, giving traders a wider trading platform choice.

To test these brokers, we downloaded the MT5 software from our trading account and connected the platform to our live trading accounts. As part of our test, in addition to trading currency pairs, we traded indices, stocks and commodities, which is impossible with previous MetaTrader versions, traded with the expanded set of indicators in unlimited chart windows and installed MQL5 scripts to enable automated trading.  These are the best MT5 brokers in South Africa for 2021, according to our testing and our research.

English

Best MT5 Forex Brokers 2021

Last updated on 12 May 2021
Updated 12 May 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Fx Pairs
50+
Trading Platforms
Overall Rating
11110.54.48/ 5
AlertAccepts South African 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.
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AvaTrade is an internationally and FSCA regulated beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs. AvaTrade has one of the best mobile trading applications globally and, unlike many European brokers, has a local South African customer support team. 

AvaTrade’s single commission-free account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade, and AvaProtect, its own innovative risk management system.  Furthermore, Avatrade does not charge any deposit or withdrawal fees and provides an excellent selection of educational and market analysis materials to get new traders started. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
Read More About AvaTrade
2
FXTM
Min. Deposit
USD 10
4.374.37
Min. Spread
0.10 pips
Fx Pairs
59
Trading Platforms
Overall Rating
11110.54.37/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is an established and award-winning market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. Although FXTM offers more account types than most brokers, trading conditions on its entry-level accounts are poor, with spreads starting at 1.5 pips on the EUR/USD.  Trading costs improve on its ECN accounts, with spreads starting at 0.1 pips on the EUR/USD in exchange for a reasonable commission, but a high minimum deposit of 500 USD.  Furthermore, FXTM charges high withdrawal fees. 

FXTM excels in its education and market analysis sections, with a good overview of Forex trading in its guides and tutorials, webinars, ebooks, trading glossary, and videos. Its daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie. Lastly, with its unique copy trading platform, FXTM is one of the best brokers for beginner traders operating in South Africa.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1.40 pips
Fx Pairs
50+
Trading Platforms
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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BDSwiss is a European CFD broker regulated by CySEC, the FSC (Mauritius) and the FSA (Seychelles). BDSwiss offers trading on Forex, commodities, shares, indices, and cryptocurrencies. While trading costs on the entry-level Classic account are slightly above the industry average, the trading platform choice and the industry-leading education and market analysis material make up for it. A professional 5000 USD Raw account is also available with industry-competitive trading costs of 8 USD per EURUSD lot traded.

BDSwiss offers MT4, MT5 and a bespoke BDSwiss Web Trader application – the star attraction for new traders – with an intuitive and modern interface, an extended set of technical analysis tools, and advanced charting. The BDSwiss trading academy and market analysis are some of the best in the industry, with structured courses for all levels, frequent strategy webinars, and insightful market analysis headlined by a detailed daily market preview.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About BDSwiss
4
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.10 pips
Fx Pairs
57
Trading Platforms
Overall Rating
11110.54.38/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM Group (XM) is a dealing desk broker offering trading on multiple instruments, including Forex, stock CFDs, commodities, equities, precious metals, energies, and shares.  Trading costs are slightly higher than other market makers on two of its accounts, with spreads averaging at 1.6 pips on the EUR/USD. However, trading conditions are much more competitive on the Ultra Low Account, with spreads starting at 0.6 pips on the EUR/USD in exchange for a reasonable minimum deposit of 50 USD. 

With fast execution times and good analysis software, XM is a great broker for scalpers, day traders, and long-term traders.  It also provides a world-class repository of educational and market analysis materials to get new traders started.  Lastly, trading is offered on both the MT4 and MT5 platforms, and the responsive and knowledgeable customer service is available to help with any account or technical queries.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
5
HotForex
Min. Deposit
ZAR 70
4.494.49
Min. Spread
0 pips
Fx Pairs
51
Trading Platforms
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HotForex is a global CFD broker with FSCA regulation offering a variety of trading products including Forex, commodities, indices, shares and crypto. Trading conditions are unusually good on the 70 ZAR (5 USD) introductory account, with fast market execution and competitive spreads. Experienced traders will be interested in HotForex’s professional account with EUR/USD spreads starting at 0 pips pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms and provides 18 trading tools to further assist traders. Unfortunately, access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 6500 ZAR – well above the required minimum deposit.

Furthermore, Hotforex does not charge any withdrawal or deposit fees, allows hedging, scalping, and copy trading, and offers an excellent selection of educational and market analysis materials to get new traders started. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
6
Exness
Min. Deposit
USD 1
4.324.32
Min. Spread
0.10 pips
Fx Pairs
120
Trading Platforms
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
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Exness is an FSCA and internationally regulated CFD broker offering trading in Forex, cryptocurrencies and metals. Exness has some of the tightest spreads in the industry and a relatively low minimum deposit, but its selection of financial instruments is limited compared to similar brokers.

Exness has market and instant execution accounts and full support for MT4 and MT5 on both standard accounts. An optional ZAR account is available to South African traders, deposits and withdrawals are free of charge, and customer service is 24/7.

While Exness’ trading costs are well below the industry average, its education and market analysis are poor compared to other major brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
Read More About Exness
7
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Trading Platforms
Overall Rating
11110.54.07/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap
8
FP Markets
Min. Deposit
USD 100
4.234.23
Min. Spread
0 pips
Fx Pairs
60+
Trading Platforms
Overall Rating
11110.54.23/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Trader education and market analysis are slightly weaker than other brokers, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
9
FxPro
Min. Deposit
USD 100
4.244.24
Min. Spread
0.60 pips
Fx Pairs
70+
Trading Platforms
Overall Rating
11110.54.24/ 5
AlertAccepts South African 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
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One of the most respected Forex brokers in the industry, FxPro is well regulated and has over 870,000 client accounts in 173 countries. FxPro offers a no dealing desk execution model and trading on six asset classes, including Forex, shares, indices, futures, metals, and energies.

With full support for the MT4, MT5, C-Trader, and its own proprietary platform, FxPro offers comparatively poor trading conditions on two of its accounts, with minimum deposits starting at 100 USD, and average spreads as wide as 1.84 pips on the EUR/USD.  It makes up for it with competitive trading costs on its C-Trader account, with average spreads of 0.31 pips on the EUR/USD and a low commission of 4.5 USD round turn per lot.   One drawback for beginner traders considering FxPro is its limited selection of educational and market analysis materials.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro

How to compare MT5 brokers

The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.

Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.

Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.

Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.

Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.

Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.

Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.

Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.


These are best MT5 brokers in South Africa for 2021

  • AvaTrade - Best Commission-Free MT5 Account
  • FXTM - Best MT5 Account Range
  • BDSwiss - Best MT5 Market Analysis
  • XM - Best MT5 Demo Account
  • HotForex - Best FSCA Regulated MT5 Broker
  • Exness - Lowest Cost MT5 Account
  • Eightcap - Best MT5 Broker for Trading Australian Shares
  • FP Markets - Best MT5 Broker in Australia
  • FxPro - Best FCA Regulated MT5 Broker

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.

AlertAccepts South African 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.

FXTM – Best MT5 Account Range

One of the best MT5 brokers in South Africa, FXTM offers both standard and ECN accounts. While FXTM’s Standard Account has a minimum deposit of 100 USD and spreads starting at 1.3 pips, FXTM also offers three different market execution accounts on MT5, with spreads starting at 0.1 pips and leverage as high as 1:1000. Minimum deposits for the MT5 accounts start at 200 USD, but traders will need a minimum balance of 500 USD to access the ECN Account, which features the tightest spreads and a relatively low commission of 4 USD round turn.

For traders just getting started on MT5, FXTM has a large volume of training material, including videos, webinars, and a searchable glossary of new vocabulary. An additional set of videos covering analysis topics and more detail on chart reading techniques is available for experienced traders. FXTM are one of the few brokers with weekend support, allowing new traders to get set up outside of the working week.

AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

BDSwiss – Best MT5 Market Analysis

BDSwiss offer MT5 trading on a wide range of asset classes including Forex pairs, stocks, commodities, shares, indices, ETFs and cryptocurrencies, with no strategy restrictions. MT5 traders will benefit from BDSwiss’ collection of MT5 trading tools and market-leading research and education for traders of all experience levels. Analysis includes daily webinars, market insights, weekly outlook and daily briefings – all from BDSwiss’ team of industry experts. 

BDSwiss offers MT5 account types suitable for beginners and more experienced traders, including a Raw Account with spreads down to 1.40 pips and the Classic Account with a minimum deposit of 100 USD. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds.

AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

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.

AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

HotForex – Best FSCA Regulated MT5 Broker

Regulated by the FSCA in South Africa since 2012, HotForex offers No-Dealing Desk STP 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 70 ZAR or 5 USD and spreads of 1 pip on major Forex pairs, 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 80 ZAR on major Forex pairs with a minimum deposit of 2800 ZAR or 200 USD.

HotForex 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.

AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Exness – Lowest Cost MT5 Account

Exness is an FSCA regulated broker offering exceptionally low-cost trading on its MT5 Standard Account and 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 Account require a minimum deposit of 500 USD but provide raw spreads, sometimes down to 0 pips, in exchange for a commission of 7 USD round turn. 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.

AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Eightcap – Best MT5 Broker for Trading Australian Shares

Eightcap is an ASIC-regulated, no-intervention market maker with MT5 support and variable spreads. In addition to Forex, Eightcap’s MT5 trading account offers trading on a selection of indices, commodities, and US and Australian shares. Share trading is available exclusively on the MT5 platform and includes 250 of the largest US and Australian stocks. Alongside big US tech companies like Tesla, Apple, and Google the shares of Australian majors like BHP Group and Commonwealth Bank are also available.

Eightcap offers two simple trading accounts for MT5 – one commission-free Standard Account and a Raw Account with very tight spreads and a commission of 3.5 USD per lot. EAs, scalping, and hedging allowed on both accounts.

AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.

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 USD.

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.

AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

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.

AlertAccepts South African 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 written in MQL5 are not backwards compatible with MQL4 – so anyone making the transition from MT5 to MT4 will lose all their EAs and scripts.
  • 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?

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 for not switching 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.

All MT5 Brokers

Here is our curated list of all of the regulated 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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Overall Rating
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
Official Site
4.61 /5
Read Review
USD 5
USD 7.90
From 7 USD / lot - Razor Account
80+
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
USD 100
USD 8
Fees Included in Spread
80+
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
ZAR 70
USD 10
6 USD / lot - Zero Account
51
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
USD 100
USD 9
Fees Included in Spread
50+
Visit Broker >
Your capital is at risk
4.46 /5
Read Review
USD 200
USD 8
7 USD / lot - True ECN account
60
Visit Broker >
Your capital is at risk
4.39 /5
Read Review
ZAR 2500
USD 6
Fees Included in Spread
50+
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
USD 5
USD 16
7 USD / lot - XM Zero Account
57
Visit Broker >
Your capital is at risk
4.37 /5
Read Review
USD 10
USD 15
4 USD / ECN Accounts
59
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
USD 100
USD 15
Fees Included in Spread
50+
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
USD 1
USD 7
Fees Included in Spread
120
Visit Broker >
Your capital is at risk
4.25 /5
Read Review
USD 5
USD 7
6 USD / Lot
80+
Visit Broker >
Your capital is at risk
4.24 /5
Read Review
USD 25
USD 5
1.8 - 3 USD per lot
40+
Visit Broker >
Your capital is at risk
4.24 /5
Read Review
USD 100
USD 14
9 USD / lot
70+
Visit Broker >
Your capital is at risk
4.23 /5
Read Review
USD 50
USD 10
Fees Included in Spread
65
Visit Broker >
Your capital is at risk
4.23 /5
Read Review
USD 100
USD 7
6 USD / lot - RAW Accounts
60+
Visit Broker >
Your capital is at risk
4.18 /5
Read Review
USD 100
USD 12
8 USD / lot - Raw Account
38
Visit Broker >
Your capital is at risk
4.18 /5
Read Review
USD 5
USD 12
7 USD / lot - ThinkZero Account
36
Visit Broker >
Your capital is at risk
4.13 /5
Read Review
USD 50
USD 18
Fees Included in Spread
47
Visit Broker >
Your capital is at risk
4.12 /5
Read Review
USD 50
USD 10
10 USD / lot - ECN Account
56
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Your capital is at risk
4.10 /5
Read Review
USD 200
USD 10
6 USD / lot - GoPlus+
50+
Visit Broker >
Your capital is at risk
4.07 /5
Read Review
USD 100
USD 7
7 USD / lot
40
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Your capital is at risk
4.00 /5
Read Review
USD 5
USD 6
6 USD / lot
60+
Visit Broker >
Your capital is at risk
4.00 /5
Read Review
USD 1000
USD 17
Fees Included in Spread
78
Visit Broker >
Your capital is at risk
3.95 /5
Read Review
USD 1
USD 10
6 USD / lot - ECN Account
37
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Your capital is at risk
3.93 /5
Read Review
USD 50
USD 14
3 USD/ lot
45
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Your capital is at risk
3.78 /5
Read Review
USD 200
USD 14
On ECN Accounts
40
Visit Broker >
Your capital is at risk
3.70 /5
Read Review
USD 250
USD 40
Fees Included in Spread
48
Visit Broker >
Your capital is at risk
3.60 /5
Read Review
USD 100
USD 20
50
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Your capital is at risk
3.58 /5
Read Review
USD 250
USD 17
Fees Included in Spread
48
Visit Broker >
Your capital is at risk
3.52 /5
Read Review
USD 500
USD 7
€/$5 per 1 lot
40
Visit Broker >
Your capital is at risk
3.49 /5
Read Review
USD 500
USD 16
Fees Included in Spread
41
Visit Broker >
Your capital is at risk
3.45 /5
Read Review
USD 50
USD 15
Fees Included in Spread
50
Visit Broker >
Your capital is at risk
3.42 /5
Read Review
USD 200
USD 8
Fees Included in Spread
31
Visit Broker >
Your capital is at risk
3.42 /5
Read Review
USD 100
USD 40
Fees Included in Spread
55
Visit Broker >
Your capital is at risk

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 appreciate it, stick with it as it’s going to remain the industry-standard for some time yet. 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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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