15 Best MetaTrader 5 Forex Brokers

MetaTrader 5 offers thousands of indicators, dozens of chart styles, intuitive drawing tools and much more. In this article, we review the 15 Best MetaTrader 5 Forex Brokers.

MetaTrader 5 provides innovative trading tools to enable comprehensive real-time price analyses, advanced algorithmic trading, EA Trading and copy trading. 

MetaTrader 5 is one of the prominent trading platforms in the world and is trusted by many popular Forex brokers to provide a full range of trading and analysis tools, trading signals, charts and algorithmic trading solutions to their clients.

MetaTrader 5 has a high level of customizability and security and is also a great option for traders who are interested in automating their strategies. It comes with more than 38 technical indicators, customisable charts, multiple order types and a variety of drawing tools.

MetaTrader 5 can be used to trade more instruments and it offers a multi-threaded, multi-currency strategy tester. MetaTrader 5 also has more timeframes, more order types and an economic calendar. 

The MetaTrader platforms can be viewed in more than 20 international languages and user guides and manuals can be accessed directly from the platform.

 

Exness

Exness was founded in 2008 and offers 5 types of trading accounts.

Exness offers 2 Standard beginner-friendly accounts with low minimum deposit requirements and 3 Professional accounts.

Exness has another website dedicated entirely to providing educational resources and also has a social trading site with strategies you can follow.

 

Exness Pros and Cons:

✔️Pros	❌Cons
No inactivity fees	No trading bonus
Commission-free trading	No USA clients
Low minimum deposit
Beginner-friendly

 

XM

XM is regulated by CySEC, ASIC, DFSA and IFSC, and has received more than 20 rewards since its inception in 2009.

More than 5 million traders have invested in XM and services are offered to clients from 196 countries globally.

XM offers more than 1,000 trading instruments and access to 16 different platforms.

When opening a live account, users get a $30 sign-up bonus.

XM is beginner-friendly and offers an extensive range of educational materials, along with a set of advanced trading and analysis tools for more experienced traders.

 

XM Pros and Cons:

✔️Pros	❌Cons
User-friendly website	Fixed spreads not offered
Compatible with many different platforms	Not available to US clients
Negative Balance Protection	Inactivity is penalised
Promotions and sign-up bonuses

 

FP Markets

FP Markets supports a variety of major base currencies for the funding of accounts and offers two flexible accounts, along with Islamic accounts, with tight spreads and zero to low commission fees.

The accounts provided by FP Markets are compatible with Expert Advisors and  VPS (Virtual Private Server) is available.

Clients have access to a variety of trading resources, including educational material, economic calendars, trading calculators, and analysis and research tools.

FP Markets is compatible with several popular platforms and accommodates Social and Copy trading.

 

FP Markets Pros and Cons:

✔️Pros	❌Cons
10 Base currencies supported	Withdrawal fees
Great product offering	No fixed spreads
Commission-free account offered

 

Alpari

With over 20 years of experience in the Forex trading industry, Alpari is trusted by more than 2 million active traders and is regulated by the Financial Services Commission.

Alpari clients can choose between two categories of trading accounts, namely ECN and Standard (along with swap-free and demo accounts), and there are 4 account types to choose from in total.

Alpari facilitates Copy Trading and employs strategy managers to ensure the success of their clients.

Alpari has dedicated a section of the website to education new traders by providing a variety of webinars, guides and strategies.

 

Alpari Pros and Cons:

✔️Pros	❌Cons
Wide variety of products	Only 4 base currencies supported
Supports Copy Trading	Only regulated by FSC
Flexible account types	Clients from Japan, Russia and USA cannot use Alpari
Massive client base

 

GO Markets

GO Markets is an Australian CFD and Forex broker that was established in 2006 and has been awarded for customer service, accounts offered and educational content provided.

GO Markets is regulated by the FSC, ASIC and AFSL, and offers more than 600 tradable products.

Clients have the option of choosing from two account types, which both offer tight spreads, a maximum leverage of 1:500 and allow scalping and hedging.

GO Markets offers exciting partnership opportunities and welcomes new traders by providing a variety of educational resources from the website’s Forex Education Centre.

 

GO Markets Pros and Cons:

✔️Pros	❌Cons
Great educational content	No Islamic account
Beginner-friendly	Penalty fee for inactivity after 3 months
More than 5 base currencies supported

 

IG

IG was launched in 1974 as an award-winning CFD and Forex broker with more than 300,000 clients, and offers access to more than 17,000 international markets.

IG provides premium services for professional traders and facilitates corporate, institutional and retail trading.

IG is compatible with MetaTrader platforms and ProRealTime, and supports API and algorithmic trading.

IG has a dedicated trading academy that offers online courses, live webinars and demo accounts for new traders.

 

IG Pros and Cons:

✔️Pros	❌Cons
Exceptional web platform	Product portfolio needs more options
Great educational tools	Phone support could be better
Low trading fees

 

easyMarkets

easyMarkets was founded in 2001 with the purpose of giving all individuals access to online trading markets.

easyMarkets is regulated by CySEC, ASIC, and FSA and client funds are held in segregated accounts in top-tier banks and financial institutions.

easyMarkets offers an exceptional library of educational content and accommodates beginners and experienced traders respectively.

Clients are given access to a variety of unique trading tools and features, such as dealCancellation, Freeze Rate and easyTrade.

Account types offered by easyMarkets include Standard, Premium and VIP accounts. Each account offers a personal account manager, negative balance protection, and daily analysis emails.

 

easyMarkets Pros and Cons:

✔️Pros	❌Cons
19 base currencies supported	Not available to US citizens
Low minimum deposit required
Flexible account types

 

Global GT

Global GT offers 5 flexible account types that are designed according to the needs of different traders. These accounts offer tight spreads and negative balance protection, with 8 supported base currencies and swap-free accounts on each type.

Promotions offered by Global GT include a signup bonus of 60% on the first deposit, as well as a 30% loyalty deposit bonus. 

Global GT is regulated by the FSA and FSCA.

 

Global GT Pros and Cons:

✔️Pros	❌Cons
Multiple account types	High minimum deposit required
Negative balance protection	Lacking support via live chat
Demo account for each type of account

 

CMC Markets

CMC Markets is an award-winning, FCA-regulated Forex and CFD broker with more than 3 decades of experience in the industry.

CMC Markets has 13 offices situated around the world and is trusted by more than 300,000 traders globally.

Account types offered by CMC Markets include a Spread Betting account, a CFD account and a Corporate account. 

All accounts provided by CMC Markets have negative balance protection and can be funded with 10 base currencies, depending on which type of account is chosen.

CMC Markets welcome new beginners through a variety of in-depth educational content, such as trading guides and articles, that are written specifically for each category of trading.

 

CMC Markets Pros and Cons:

✔️Pros	❌Cons
More than 300 Forex pairs	USD cannot be used on Spread Betting account
Tight spreads on all accounts	Penalty fees for inactivity
Comprehensive educational library

  

ThinkMarkets

ThinkMarkets was founded in 2010 and is regulated by the ASIC, FSCA and FCA. After receiving multiple awards over the years, ThinkMarkets has earned its place amongst the leaders in the Forex industry.

ThinkMarkets offers 2 account types, along with the option to use an Islamic account, and charges no withdrawal or deposit fees.

ThinkMarkets provides a comprehensive library of educational material and accommodates traders who are new to the markets, assisting them along the way with webinars, guides and glossaries.

 

ThinkMarkets Pros and Cons:

✔️Pros	❌Cons
Great research tools	Only 3 base currencies
Zero-commission account	Penalty fee charged for inactivity
No minimum deposit required

 

Swissquote

Swissquote was founded in 1996 as a licensed multi-asset financial provider that specializes in Forex and crypto trading, credit solutions and robo-trading.

To cater specifically for Forex traders, Swissquote offers 4 flexible account types and a secure crypto wallet.

Swissquote is a Forex and CFD broker that provides more than 300 tradable instruments in global markets.

Swissquote supplies a proprietary trading platform and is compatible with MetaTrader 4 and 5, Advanced Trader and FIX API.

Swissquotes provides a variety of advanced trading tools and features, such as Autochartist, Trading Central, and MetaTrader Master Edition. 

 

Swissquote Pros and Cons:

✔️Pros	❌Cons
Allows Scalping, Day trading and Swing trading	Expensive trading fees
Highly regulated broker	Payment required for certain tools
Incredible selection of educational content

  

Vantage Markets

Vantage Markets is regulated by the ASIC, FCA and CIMA, with its headquarters based in Australia.

Vantage Markets is a licensed Forex broker that was founded in 2009 and accounts have been designed to accommodate all styles of trading.

Vantage Markets offers one STP account and two types of ECN accounts, each account being compatible with MetaTrader 4 and 5, and offering tight spreads.

Vantage Markets also facilitates Social Trading and provides platforms such as ZuluTrade, DupliTrade and MyFXBook Autotrade.

Vantage Markets welcomes new traders and beginners have access to a variety of educational tools, guides and webinars.

 

Vantage Markets Pros and Cons:

✔️Pros	❌Cons
Highly regulated broker	2 of 3 accounts charge commission
Flexible accounts offered
Exceptional learning material

 

RoboForex

RoboForex was founded in 2009 as a CFD and Forex broker based in Belize, and is regulated by CySEC and IFSC.

RoboForex provides 5 trading accounts that are designed to accommodate all styles of trading, and each account can be used as a demo account before making any commitments.

For traders of the Muslim faith, RoboForex gives the option to use an Islamic account in accordance with Sharia law.

Accounts can be activated with as little as $10, which will give clients access to a variety of trading tools and features, and global markets across several different asset classes.

RoboForex has an exciting selection of promotional offers, including welcome bonuses, profit share bonuses and classic bonuses.

RoboForex also offers its clients cash rebates, VIP services, Free VPS servers and the opportunity to participate in contests.

 

RoboForex Pros and Cons:

✔️Pros	❌Cons
Low minimum deposit	Not regulated by FCA or ASIC
Free VPS	Services not available to US clients
Negative Balance Protection
Outstanding promotional offers

Darwinex

Darwinex facilitates trading opportunities for more than 5,000 clients from over 80 countries globally.

Darwinex was founded in 2012 and is regulated by FCA, with its headquarters based in the UK.

Darwinex supports Social and Copy trading, and offers guaranteed Stop Losses and API trading.

By facilitating Copy trading, new traders are able to successfully enter the markets with tried and tested strategies and this approach greatly reduces trading risks for beginners!

 

Darwinex Pros and Cons:

✔️Pros	❌Cons
No deposit or withdrawal fees	Not available to US citizens
Compatible with 5 platforms	Not regulated by CySEC or ASIC
Copy trading with strategies offered	Only 3 base currencies

 

Axiory

Axiory offers an extensive variety of trading tools, including Autochartist, strike indicators, and advanced calculators. 

Axiory is compatible with MetaTrader 4 and 5, and cTrader, and alternatively provides a proprietary platform.

Axiory has designed a special trading academy for beginners, and more experienced traders can use Expert Advisors and historical data to navigate the markets.

Axiory clients can choose from 5 flexible account types, as well as Islamic and demo accounts, and these accounts guarantee tight spreads with negative balance protection.

 

Pros and Cons of Axiory:

✔️Pros	❌Cons
Beginner-friendly	Only 2 base currencies for accounts
Low minimum deposit of $0-$10	Commission charged on stock CFDs
Negative Balance Protection	Cannot be accessed by US citizens
Compatibility with MetaTrader, FIX API and cTrader

 

In conclusion

Until 1996, Forex trading could not be done online and this created many challenges for potential investors. 

Keeping track of market activity became tedious and it was easy to miss an investment opportunity.

With the evolution of technology and software, MetaTrader has revolutionized the way online trading is done and the markets became more accessible to people from all over the world.

By using MetaTrader 5, investors and retail traders now have the advantage of using trading signals, trading robots and algorithmic trading.

MetaTrader 5 empowers traders by enabling the customization of charts, real-time updates of the markets, technical and fundamental analyses and compatibility with a variety of Forex brokers.

MetaTrader 5 greatly increases any trader’s chances of success and eliminates the need to do extensive research and manual charting for a simple analysis.

We hope that this review of the 15 Best MetaTrader 5 Forex Brokers will help you find a broker that aligns with your trading goals.

 

Good luck with your trading!

 

FAQ

What are the features of MetaTrader 5?

MetaTrader 5 Features:

• Easier to code using MQL5
• Advanced platform customisation
• Optimised processing of expert advisors and indicators
• Access Smart Trader Tools and Autochartist
• Ability to hedge your positions
• 21 timeframes
• 38 built-in indicators, over 2 000 free custom indicators and 700 paid ones
• Basic tools for graphic analysis – program your own trading robot
• One-Click-Trading – Enter the market and close positions with just one click.
• Algorithmic trading – Create your own trading robots in the MQL4 programming language and run them in your terminal.
• MetaTrader Market – Buy Expert Advisors and indicators directly in MetaTrader 4.
• Fundamental analysis – News and signals in your terminal will allow you to keep track of all financial market events.

 

Disclaimer

Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.

The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.