9 BEST MT5 Brokers For 2024: Reviewed By Dumb Little Man

By Wilbert S

January 10, 2024   •   Fact checked by Dumb Little Man

MetaTrader 5 (MT5) is an advanced trading platform widely recognized in the Forex trading community. This platform offers enhanced features like more timeframes, additional technical indicators, and advanced charting tools. Choosing the best MT5 brokers is crucial for traders, as it directly impacts their trading experience and potential success.

The challenge in selecting the best MT5 brokers lies in the diverse range of options available, each with unique offerings. Factors like broker reputationcommission fees, and customer support quality play a significant role. It’s important for traders to carefully assess these aspects to ensure they align with their trading strategies and goals.

In a market filled with options, finding the most suitable MT5 broker can be a daunting task. The right broker not only provides a reliable platform but also ensures a secure and efficient trading environment. Therefore, the decision is not only about the platform but also about choosing a partner that can support a trader’s journey in the Forex market.

What is an MT5 Broker and How Does it Work?

MetaTrader 5 (MT5) is a popular trading platform used primarily for forex trading and other financial markets. It offers advanced tools and capabilities, making it a favorite among both novice and experienced traders. MT5 provides a comprehensive set of tools for technical analysis, including advanced charting capabilities, numerous technical indicators, and graphical objects.

The platform operates by allowing traders to access and interact with financial markets through an interface with brokers. Users can execute trades, analyze market trends, and employ automated trading strategies using Expert Advisors (EAs). MT5’s user-friendly design and customizable features contribute to its widespread use.

MT5 also supports the use of multi-asset trading, enabling users to trade in forex, stocks, and futures from a single platform. This integration offers a seamless trading experience and provides traders with a wide range of investment opportunities. Its ability to handle a large volume of trades efficiently makes it a robust tool for serious traders.

How Do We Rank the Best MT5 Brokers?

Ranking the best MT5 brokers involves evaluating several key factors that impact a trader’s experience and success. Regulation and security are paramount; brokers regulated by reputable authorities offer greater security and trustworthiness. This ensures that traders’ investments are protected and that the brokers adhere to strict financial standards.

Trading costs and spreads are also crucial in ranking MT5 brokers. Lower transaction costs and competitive spreads can significantly impact profitability. It’s essential to consider these financial aspects to identify brokers that offer the best value for money.

The quality of customer support is another important factor. Reliable customer service, available in multiple languages and through various channels, enhances the trading experience. Prompt and effective support is especially critical for resolving issues and providing guidance.

Lastly, additional features such as educational resources, analysis tools, and account types contribute to a broker’s ranking. These features can aid traders in making informed decisions and tailoring their trading strategies. A broker offering a range of resources and flexible account options is often ranked higher.

Best MT5 Brokers: Overview

Broker

Best For

Min. Initial Deposit

Top Feature

Overall Rating

Overall MT5 Forex Trading

$100

Multiple Trading Platforms

Advanced Forex Traders

$200

MyFXBook Autotrade

Beginnner Traders

$10

CopyFx

Low Spreads

$200

Low Spreads

Crypto Trading

$0

Fast Order Execution

Account Offering

$200

Tight Spreads

Research and Education

$5

Extensive Educational Resources

Trading Conditions

$100

Multiple Trading Platforms

Investment

$100

Diverse Trading Instruments

9 Best MT5 Brokers: Detailed Insights

#1. Best Overall MT5 Broker: AvaTrade

AvaTrade stands out as the best overall MT5 broker due to its comprehensive range of services and regulatory compliance. Established in 2006, AvaTrade is a globally recognized forex and CFD broker, regulated by top financial institutions. This ensures a high level of security and trust for traders. Additionally, AvaTrade caters to both beginners and experienced traders with its extensive array of tools and resources. The inclusion of a paper trading account with $100,000 in virtual funds is particularly beneficial for beginners, providing a risk-free environment to practice trading strategies.

Apart from offering traditional forex trading, AvaTrade boasts a diverse portfolio of over 250 financial trading instruments. These include CFDs on bonds, stocks, commodities, indices, and ETFs, along with the ability to trade seven different cryptocurrencies. The platform’s appeal is enhanced by its zero commission policy and no bank account fees on transactions, making it a cost-effective option for traders. AvaTrade’s commitment to safety is evident in its regulation by tier-one jurisdictions, marking it as a trustworthy choice in the forex and CFD brokerage market. With its proprietary platforms like DupliTrade and ZuluTrade, along with MetaTrader, AvaTrade provides an exceptional trading experience, further supported by its above-industry-standard educational resources.

☞ How Does It Work?

AvaTrade provides its traders with the powerful MT5 platform, enabling them to engage in multi-asset trading. This platform allows for trading in a diverse range of assets, including CFDs on forex, stocks, commodities, indices, futures, energies, and cryptocurrencies. Traders benefit from flexible leverage, along with the assurance of no re-quotes, no price rejections, and zero slippages. These features combine to offer a smooth and efficient trading experience, making AvaTrade a go-to choice for various trading activities.

One of the standout features of the MT5 platform is its accessibility and convenience. Traders can use the MT5 Web platform to trade from any device with a web browser, including smartphones and tablets. This enhances the trading experience by providing flexibility and the ability to trade from anywhere. Additionally, MT5 offers advanced tools like trading robots, trading signals, and copy trading. These tools are accessible on a single platform, simplifying the trading process and offering powerful options to enhance trading strategies and efficiency.

☞ Who Is It Best For?

AvaTrade’s MetaTrader 5 (MT5) platform is particularly well-suited for a diverse range of traders. It is ideal for beginners who benefit from user-friendly features like a paper trading account and educational resources. Simultaneously, experienced traders appreciate its advanced tools, including trading robots and copy trading. This makes AvaTrade an excellent choice for those seeking a robust and flexible trading platform, capable of supporting various trading styles and strategies. 

Whether a trader is new to the forex market or seasoned in complex financial instruments, AvaTrade’s MT5 platform offers the necessary features to meet their trading needs.

ProsCons
Quick and easy account setup

Various options for deposits and withdrawals

Superior research tools

Efficient and dependable performance
High inactivity fees

Moderate forex fees

#2. Best MT5 Broker for Advanced Traders: FXChoice

FXChoice, established in 2010 and licensed by the International Financial Services Commission of Belize (FSC), stands out as the best MT5 broker for advanced CFD traders. This broker’s services are tailored to meet the needs of professional traders, especially those with ample free capital. FXChoice is renowned for its transparent trading conditions, offering a low spread for pro accounts and a comprehensive product guide that clearly outlines the fee structure. This level of transparency, combined with a robust partnership and loyalty program, positions FXChoice as a top choice for serious traders.

The platform’s strength lies in its coverage of CFD trading in various markets, including forex, crypto, indices, shares, and commodities. Traders have access to both MT4 and MT5 platforms, known for their versatility and advanced features. FXChoice is particularly noted for offering high-leverage opportunities, an attractive aspect for seasoned traders looking to amplify their trading capabilities. 

Consequently, the broker enhances trading efficiency with the MyFXBook Autotrade feature, enabling users to emulate successful trading strategies. The commitment to fund segregation further assures traders that their investments are secure and distinct from the company’s funds, highlighting FXChoice’s dedication to transparency and client security.

☞ How Does It Work?

FXChoice integrates the MetaTrader 5 (MT5) platform to offer a dynamic online trading experience, focusing on automatic trading instruments. The platform enables investors to connect with the accounts of seasoned traders, allowing them to copy trades seamlessly. This system benefits both parties; investors can leverage the expertise of experienced traders, while the traders earn a predetermined fee from the profits of their followers. This feature is particularly advantageous for those who seek exposure to trading strategies without the need for constant personal involvement.

One of the key services provided by FXChoice is Myfxbook AutoTrade. This service is a standout feature on both MT4 and MT5 platforms, designed for trading accounts with a minimum balance of USD 1,000. Myfxbook AutoTrade allows users to replicate the trades of top-performing traders, whose ratings are publicly available on the Myfxbook website. This functionality not only simplifies the trading process but also opens up opportunities for investors to benefit from the proven strategies of successful traders. The compatibility of FXChoice’s VPS server with most copy-trading services further enhances the efficiency and reliability of this trading approach.

☞ Who Is It Best For?

FXChoice is optimally tailored for professional traders, who engage in both active and passive trading strategies. This platform is ideal for those who already possess a solid foundation in forex trading, as its features and tools are designed to cater to a more experienced audience. The necessity of prior trading knowledge is emphasized by the broker’s focus on sophisticated trading techniques and complex market analysis.

The emphasis on social trading at FXChoice requires a minimum deposit of $1,000, indicating its orientation towards traders with a certain level of expertise. This threshold underscores the platform’s suitability for traders who are competent in managing and minimizing risks associated with substantial financial investments. FXChoice, therefore, stands out as a prime choice for traders who have a good grasp of forex markets and are looking to leverage advanced trading capabilities and social trading opportunities.

ProsCons
Mobile versions of MT4 and MT5 are readily downloadable

Deposits and withdrawals can be made using Bitcoin

Outstanding customer support available

Spreads begin at 0.0 pips

Opportunity to utilize high leverage
Limited range of commodities available

Not ideally suited for beginners

#3. Best MT5 Broker for Beginners: RoboForex

RoboForex is highly esteemed in the forex trading industry, often recognized as a reliable partner by leading experts. Established in 2009, it now boasts a remarkable user base of 3.5 million across 169 countries. This platform is particularly appealing to beginners due to its favorable trading conditions, including a minimum deposit limit of just $10 and a high leverage option of up to 1:2000. Such accessible entry points and flexible trading options make RoboForex an ideal choice for those new to forex trading.

The platform’s credibility is further bolstered by its numerous awards and recognitions from prestigious financial institutions. Holding both an international license from the International Financial Services Commission (IFSC) and a European license from CySEC, RoboForex offers its forex trading services globally. For beginners, the CopyFx program, awarded “Best Investment Platform” in 2019, is a significant advantage. It provides a unique opportunity for novice traders to learn and grow by copying the strategies of successful traders. Additionally, the platform’s wide range of about 12,000 trading instruments and eight asset types ensures that beginners have ample opportunities to diversify and explore different trading avenues.

☞ How Does It Work?

RoboForex operates with a variety of account types including Pro, Pro-Cent, ECN, and Prime, each tailored with distinct specifications. The majority of these accounts are compatible with the MT4/MT5 platforms and support base currencies like USD, EUR, and ZAR. 

For new users, RoboForex offers an attractive welcome bonus of $30 USD, and the process for depositing and withdrawing funds is straightforward and unrestricted. 

Beyond forex, RoboForex also facilitates stock trading through its RoboForex R StockTrader account. The platform’s spread and leverage rates vary based on the account type, with spreads ranging from 0 to 1.3 pips, and the maximum leverage reaching up to 1:2000.

☞ Who Is It Best For?

The RoboForex platform is a great fit for both beginners and experienced traders. Its diverse range of account types, combined with comprehensive educational resources, makes it well-suited for traders at different levels of expertise. 

Beginners can benefit from the platform’s user-friendly interface and learning materials, while more seasoned traders can take advantage of the advanced account features and trading tools. This balance of educational support and versatile trading options positions RoboForex as a versatile platform catering to a wide spectrum of trading needs.

ProsCons
Micro accounts offer a minimum lot size of 0.01, making it accessible for smaller trades.

The requirement for a low minimum deposit makes it easier for new traders to start.

Order execution on the platform is swift, enhancing trading efficiency.

Tight spreads are available, which can reduce trading costs.
The variety of currency pairs is somewhat limited compared to competitors.

Cryptocurrency trading tools are not available on the platform.

#4. Best MT5 Broker for Low Spreads: IC Markets

IC Markets, founded in Sydney, Australia in 2007, has established itself as a prominent brokerage firm, providing access to the global financial markets. The firm’s presence in various regions worldwide ensures that traders can operate in compliance with local laws, making it a versatile choice for a global clientele. This geographical reach, combined with its commitment to adhering to local regulations, positions IC Markets as a reliable option for traders seeking to access international markets.

Regulation is a key aspect of IC Markets’ operations. It is regulated by three major entities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the St. Vincent & the Grenadines Financial Services Authority (SVGFSA). These regulatory bodies ensure that IC Markets maintains high standards of security and compliance, particularly with international AML/CFT regulations. Furthermore, as a member of the Financial Commission, IC Markets provides additional trader security with an insurance fund that offers coverage of up to EUR 20,000 per trader. 

This broker is particularly favored by institutional and retail investors, as well as algorithmic traders, for its access to some of the lowest spreads in the industry, making it a top choice for those seeking cost-effective trading conditions.

☞ How Does It Work?

IC Markets operates using the Equinix NY4 server and a state-of-the-art fiber-optic network, which guarantees incredibly fast order execution times, as quick as 40 milliseconds. This feature is especially beneficial for traders who value speed in their trading operations. Additionally, all clients of IC Markets have the option to use a free VPS for uninterrupted 24/7 trading. The broker offers a range of trading platforms, including MT4, MT5, and cTrader, as well as a convenient mobile app. These platforms provide access to a wide array of trading tools, including over 60 currency pairs, CFDs on futures, indices, commodities, metals, more than 2,100 stocks, bonds, and cryptocurrencies, catering to the diverse needs of traders.

Further enhancing the trading experience, IC Markets provides access to both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms developed by MetaQuotes Software Corp., along with the cTrader platform from Spotware Systems. To augment the capabilities of these platforms, IC Markets offers additional add-ons such as the Advanced Trading Tools package for desktop users. There are also third-party plugins available, including those from AutoChartist and Trading Central. While these plugins require separate installation, they significantly enhance the MetaTrader platforms’ functionality, making them a valuable addition for traders looking to leverage advanced trading features and analytical tools.

☞ Who Is It Best For?

IC Markets is particularly well-suited for algorithmic traders, thanks to its competitive pricing and scalable execution features. These aspects of IC Markets make it an appealing choice for traders who rely on algorithms and automated trading strategies. Furthermore, the broker provides a comprehensive range of social copy-trading platforms and plugins, enhancing the trading experience and offering versatile options for different trading styles and preferences.

ProsCons
Favorable trading conditions for a variety of strategies.

Low spreads, beginning at 0 pips, reducing transaction costs.

Swift order execution enhances trading efficiency.

A wide array of over 2,100 assets offers ample choices for diversification.

Comprehensive analytical and educational materials support traders' growth.

Mobile trading functionality for on-the-move trading access.
The variety of currency pairs is somewhat limited compared to competitors.

Cryptocurrency trading tools are not available on the platform.

#5. Best MT5 Broker for Crypto Trading: Pepperstone

Pepperstone is a renowned online brokerage firm known for its specialization in forex and CFD trading. Founded in 2010 and based in Australia, Pepperstone has quickly gained a reputation for providing a user-friendly and technologically advanced trading experience. The firm is regulated by multiple top-tier authorities, ensuring a high standard of security and reliability for its clients.

What sets Pepperstone apart as the best MT5 broker for crypto trading is its exceptional offering in the cryptocurrency market. The broker provides traders with access to a wide range of cryptocurrencies, paired with low spreads and no commission fees. This combination of extensive crypto options and cost-effective trading conditions makes Pepperstone a top choice for those looking to trade cryptocurrencies using the advanced features of the MT5 platform.

☞ How Does It Work?

On Pepperstone’s MT5 platformcrypto trading is designed to be both accessible and efficient for traders. The platform facilitates trading in various cryptocurrencies, offering a seamless trading experience. Traders can capitalize on the volatility of the crypto market with the advantage of tight spreads and no commission fees, which are key features of Pepperstone’s offering. These favorable conditions enable traders to engage in cryptocurrency trading with reduced transaction costs, enhancing the potential for profitability.

What makes Pepperstone’s MT5 platform the best choice for crypto trading lies in its advanced features and user-friendly interface. The platform is equipped with comprehensive charting tools and analytical resources, allowing traders to make informed decisions based on market trends and data. Additionally, the integration of real-time market updates and high-speed execution capabilities ensures that traders can respond quickly to market movements, a crucial aspect when trading in the dynamic crypto market.

☞ Who Is It Best For?

Pepperstone is an ideal MT5 broker for experienced traders who focus on forex and cryptocurrency trading. Its low forex fees and sophisticated trading platform cater to those who seek cost-effective and reliable trading experiences. Additionally, traders who appreciate high-quality customer service will find Pepperstone’s responsive and knowledgeable support team particularly beneficial.

However, Pepperstone may not be the best fit for beginner traders or those seeking passive trading opportunities. The absence of a cent account and limited options for passive trading might deter new traders or those interested in less active trading strategies. Also, the platform’s limited onsite analytical materials could be a drawback for traders who rely heavily on comprehensive market analyses, although this can be mitigated by connecting to external trading signals.

ProsCons
Low forex fees enhance cost-effectiveness.

Superior Customer Service provides excellent support.

No inactivity fee benefits occasional traders.

Reliable trading platform ensures a stable trading environment.

Holder of 7 Licenses, indicating high regulatory standards.
Lack of a cent account limits accessibility for some traders.

Few opportunities for passive trading, not ideal for less active traders.

Limited analytical materials on-site, requiring external resources for in-depth

#6. Best MT5 Broker for Account Offering: Exness

exness website

Exness, a well-established Forex broker since 2008, stands out as the best MT5 broker for account offerings. The broker is renowned for delivering high-quality services to its traders, aided by exceptional technical support that ensures successful trading experiences. The combination of modern tools and dedicated services provided by Exness is geared towards maximizing traders’ profits, making it a top choice for those seeking a robust trading platform.

The range of premium services and investment instruments offered by Exness is comprehensive and can be easily accessed on its official website. This includes a variety of trading platforms, flexible payment methods for both depositing and withdrawing funds and valuable analytics resources. Furthermore, the broker’s credibility is reinforced by its regulation under authoritative bodies like CySEC, FCA, and FSA. This regulatory oversight, along with its extensive service offerings, makes Exness an ideal broker for traders looking for a reliable and versatile trading environment.

☞ How Does It Work?

Exness provides a variety of account options, tailored to match the professionalism level and needs of different traders. These accounts differ primarily