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If you’re looking to take your forex trading endeavors to the very next level – you might want to consider a broker that is compatible with MetaTrader 5 (MT5). In doing so, you will have access to an abundance of technical indicators, chart drawing tools, and the ability to install automated trading systems.

In this guide, we review the very best MT5 brokers for 2021 and show you how to get started with an account today.

Best MT5 Brokers List

Looking to start trading with the best MT5 brokers right now? If so, below you will find a list of which MT5 brokers are worth your consideration.

  • Libertex –  Overall Best MT5 Broker With ZERO Spreads
  • AvaTrade – One of the Best Low Spread MT5 Brokers With 0% Commission
  • Vantage FX – MT5 Broker With Forex Leverage of Up to 1:500
  • Pepperstone – Best MT5 Broker for Professional Forex Traders
  • Forex.com – Best MT5 Broker for US Traders
  • FP Markets – Top-Rated MT5 Broker With Support for Forex EAs
  • OANDA – Established MT5 Broker With No Minimum Deposit
  • FBS – MT5 Broker With Multiple Account Types
  • Go Markets – MT5 Broker With Low Commissions
  • Markets.com – Best MT5 Broker for Beginners

Best MT5 Brokers

My Trade Size

€ 10 (0.0001 lots)

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7 Providers that match your filters

Deposit Methods

Trading Platforms

Regulated by

Additional Features

Min. Deposit

€500

Min. Spread

2

Max. Leverage

2:1

Currency Pairs

1+

Rating

1 or better

Mobile App

1 or better
Recommended Broker
302 New users today
eToro

Rating

Total Cost

€0.00

Mobile App
10/10

Min. Deposit

€50

Min. Spread

1 pips

Max. Leverage

50:1

Currency Pairs

52

Trading Platforms

Demo
WebTrader
CopyTrading

Deposit Methods

Bank TransferCredit Card

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

ETFs

Average spread

EUR/GBP

2.5

EUR/USD

1

EUR/JPY

2

EUR/CHF

5

GBP/USD

2

GBP/JPY

3

GBP/CHF

4

USD/JPY

1

USD/CHF

1.5

JPY/CHF

2.7

Additional Fees

Rolling fee

0

Conversion

0

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Libertex

Rating

Total Cost

€0.11

Mobile App
9/10

Min. Deposit

€0

Min. Spread

0.9 pips

Max. Leverage

2:1

Currency Pairs

50

Trading Platforms

Demo
WebTrader
MT4
STP/DMA

Deposit Methods

Bank TransferCredit CardGiropayNetellerPaypalSkrillSofort

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

ETFs

Average spread

EUR/GBP

1.4

EUR/USD

0.9

EUR/JPY

1.8

EUR/CHF

2.1

GBP/USD

1.2

GBP/JPY

1.9

GBP/CHF

2.2

USD/JPY

1.2

USD/CHF

1.1

JPY/CHF

2.7

Additional Fees

Rolling fee

Conversion

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Your capital is at risk

Capital.com

Rating

Total Cost

€0.00

Mobile App
9/10

Min. Deposit

€20

Min. Spread

0.6 pips

Max. Leverage

20:1

Currency Pairs

100

Trading Platforms

Demo
WebTrader
MT4
MT5

Deposit Methods

Bank TransferCredit CardNetellerSepa TransferSkrill

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

1.4

EUR/USD

0.6

EUR/JPY

1.5

EUR/CHF

2.2

GBP/USD

0.8

GBP/JPY

1.9

GBP/CHF

2.4

USD/JPY

1.3

USD/CHF

1.3

JPY/CHF

2.6

Additional Fees

Rolling fee

0

Conversion

0.0

Leveraged

30:1

FCA

500:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

Forex.com

Rating

Total Cost

€0.00

Mobile App
10/10

Min. Deposit

€100

Min. Spread

1 pips

Max. Leverage

100:1

Currency Pairs

50

Trading Platforms

Demo
WebTrader
MT4
MT5

Deposit Methods

Bank TransferCredit Card

Regulated by

FCA, CySEC, ASIC, CFTC, NFA, BAFIN

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

1.4

EUR/USD

1

EUR/JPY

1.8

EUR/CHF

2.3

GBP/USD

1.1

GBP/JPY

1.9

GBP/CHF

2.5

USD/JPY

1.2

USD/CHF

1.1

JPY/CHF

2.8

Additional Fees

Rolling fee

Conversion

Leveraged

30:1

FCA

30:1

CySEC

30:1

ASIC

30:1

CFTC

30:1

NFA

30:1

BAFIN

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

Find the Best MT5 Brokers – Comparison

Libertex
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Forex.com
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

Rating
4.80
5.00
5.00
Mobile App Rating
9/10
10/10
10/10
Regulation
FCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFIN
Min. Deposit
€0€50€100
Min. Spread
0.911
Max. Leverage
2:150:1100:1
FX Pairs
505250
EUR/GBP
1.42.51.4
EUR/USD
0.911
EUR/JPY
1.821.8
EUR/CHF
2.152.3
GBP/USD
1.221.1
GBP/JPY
1.931.9
GBP/CHF
2.242.5
USD/JPY
1.211.2
USD/CHF
1.11.51.1
JPY/CHF
2.72.72.8
Rolling fee
N/A0N/A
Conversion Fee
N/A0N/A
Demo
WebTrader
MT4
STP/DMA
CopyTrading
MT5
FCA
30:130:130:1
CySEC
30:130:130:1
ASIC
30:130:130:1
CFTC
30:130:130:1
NFA
30:130:130:1
BAFIN
30:130:130:1
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
ETFs
Islamic Account
Education & Webinars
Charts & Tools
Scalping
Free Forex Signals
Bank Transfer
Credit Card
Giropay
Neteller
Paypal
Skrill
Sofort

Top 10 MT5 Brokers Reviewed

It goes without saying that if you want to trade via MT5, you need to open an account with a broker that supports the third-party platform. There are heaps of key factors that you should consider before selecting a provider – such as supported forex markets, fees, commissions, payment methods, leverage limits, and regulation.

To point you in the right direction, below we review the MT5 trading platforms in the market right now.

1. Libertex – Overall Best MT5 Broker With Tight Spreads

libertex reviewIf you’re an experienced forex trader – then you will know that in most cases – spreads are just part and parcel of this investment arena. A notable exception to this rule is Libertex – an online forex broker that has been offering trading services for over 20 years.

Put simply – and irrespective of whether you are a retail client or professional trader – Libertex offers tight spreads on all of its markets. Not only does this include dozens of major, minor, and exotic pairs – but stocks, indices, ETFs, commodities, and cryptocurrencies.

In a similar nature to traditional ECN broker accounts, you will need to pay a small commission to access the Libertex tight spread service. However, instead of paying a flat fee, you will pay a small variable commission. In many cases, this is less than 0.1% per slide. For example, you can trade USD/JPY and GBP/USD at a commission of just 0.006% and 0.0008% respectively.

libertex best mt5 broker

In terms of getting set up with MT5, you can link your Libertex account as soon as you register. In fact, if you want to practice trade before making a deposit, you can use the risk-free Libertex demo account via MT5. If you want to start trading with real capital, the minimum deposit is just $100. In terms of safety, Libertex is authorized and regulated by CySEC. Supported payment types include debit/credit cards and e-wallets.

Pros

  • Tight spreads on all markets
  • Low trading commissions
  • Mininmum deposit of just $100
  • Supports CFD instruments on stocks, crypto, ETFs, forex, commodities, and more
  • Debit/credit cards and e-wallets accepted
  • Heavily regulated and more than 20+ years in the trading space
  • MT4 and MT5 supported

Cons

  • CFD instruments only – no traditional ownership

83% of retail investor accounts lose money when trading CFDs with this provider

2. AvaTrade – One of the Best Low Spread MT5 Brokers With 0% Commission

avatrade brokerIf you’re a casual trader that is looking to speculate on currencies with a small amount of capital – AvaTrade is a good option. The main reason for this is that AvaTrade offers the perfect balance between commissions and spreads.

In fact, irrespective of what forex pair you wish to trade, you won’t pay a single cent in commission. Plus, you will find super-competitive spreads that start from just 0.9 pips when trading major pairs like EUR/USD. Once you connect your AvaTrade account to MT5, you will be able to deposit funds with a debit/credit card or bank account transfer. Much like Libertex, the minimum deposit starts at just $100.

avatrade best mt5 broker

In terms of leverage, AvaTrade offers 1:30 on major forex pairs to those based in the EU, UK, and Australia. Other nationalities are typically offered higher limits, albeit, this depends on your past experience and whether you are a retail or professional client. When it comes to safety, AvaTrade is regulated in six jurisdictions. This MT5 broker is also planning to float later in 2021 – as per the rapid growth it has experienced in recent years.

Pros:

  • Regulated in 6 different jurisdictions
  • Supports CFD markets on forex, stocks, cryptocurrencies, and more
  • 0% commission and low spreads
  • Compatible with MT4 and MT5
  • Minimum deposit of just $100
  • Leverage offered on all markets

Cons:

  • Stock CFD department is limited in comparison to other MT5 trading platforms

71% of retail investor accounts lose money when trading CFDs with this provider

 

3. Vantage FX – MT5 Broker With Forex Leverage of Up to 1:500

vantagefx logo

Vantage FX is an online MT5 broker that offers a number of key benefits. First and foremost, if you’re on the hunt for a high leverage broker, you will be pleased to know that Vantage FX offers up to 1:500 when trading major forex pairs.

To put that into perspective, this means that you can turn a $1,000 stake into a forex position worth $500,000. We also like Vantage FX as the MT5 broker offers several account types. For example, if you elect to open an ECN account, you will benefit from spreads that start from 0 pips on major currency pairs. In turn, you will pay a tiny commission of just $3 per entry and exit order.

For this, you only need to meet a minimum deposit of $500. Vantage FX also offers swap-free and STP accounts. In total, you will have access to over 300+ financial instruments. On top of forex, this also includes commodities, shares, and indices. All supported payment methods at this MT5 broker do not attract any fees and you can choose from Visa, MasterCard, Neteller, Skrill, and several local bank wire services.

Pros

  • ECN broker accounts
  • Trade from 0 pips and a commission of $3 per slide
  • Regulated in various jurisdictions
  • Offers markets on forex, shares, energies, indices, and more
  • Supports MT5
  • Leverage of up to 1:500

Cons

  • Mobile app isn’t the easiest to use

Your capital is at risk when trading financial instruments at this provider

 

4. Pepperstone – Best MT5 Broker for Professional Forex Traders

pepperstone logoIf you’re classed as a professional client and are looking for the best MT5 broker to cater to your needs – it doesn’t get much better than Pepperstone.

This top-rated forex broker offers tailor-made accounts to advanced traders – which is inclusive of a personalized relationship manager, leverage of up to 1:50 of major forex pairs, and an ongoing rebate program.

You will also have the capacity to place large position sizes and in many cases – access to credit facilities. In terms of fees, Pepperstone offers a Raw Spread account that for all intents and purposes – will get you access to the Electronic Communication Network.

As a result, this means that you will be trading directly with other forex market participants and thus – you’ll get some of the best spreads available in the market. For example, you will often get 0.0 pips on EUR/USD alongside a flat commission of $3 per slide. Pepperstone is regulated by  the FCA, ASIC, and DFSA.

Pros

  • Highly suitable for professional clients
  • Raw Spread account offers 0 pips on major forex pairs
  • 0% commission accounts also available
  • More than 800+ financial instruments
  • Compatible with MT4, MT5, and cTrader
  • Regulated by the FCA, ASIC, and DFSA

Cons

  • No traditional investment assets supported

Your capital is at risk when trading financial instruments at this provider

 

5. Forex.com – Best MT5 Broker for US Traders

forex.com logoIt goes without saying that Forex.com is a specialist currency broker – with the platform supporting over 80+ pairs. In particular, this top-rated trading site is super strong when it comes to exotic currency markets.

As such, if you’re looking to benefit from above-average market volatility – Forex.com could be the best MT5 broker for you. Forex.com also stands out for us as it is one of the most popular currency trading sites for those based in the US. Naturally, the broker is heavily regulated – with licenses in seven jurisdictions.

best mt5 brokers forex.com

Not only does this include the NFA and CFTC in the US, but regulators in the UK, in the UK, Canada, Hong Kong, and Singapore. When it comes to fees, this will depend on the account type that you sign up for. Those that are experienced in the forex trading scene will likely opt for the DMA account which comes with 0 spreads.

If you’re a newbie, you might elect to open a Standard account that comes with 0% commission. Leverage is offered on all forex markets at this MT5 broker – with US clients getting up to 1:50 and EU, UK, and Australian traders getting 1:30. VPS hosting is also supported – which you can connect to your MT5 account.

Pros

  • Great forex broker for US traders
  • 1:50 leverage on major forex pairs
  • Multiple account types available
  • Trade online or via MT4/MT5
  • More than 80+ pairs supported
  • Permits automated trading

Cons

  • US clients do not have access to guaranteed stop-loss orders

Your capital is at risk when trading financial instruments at this provider

 

6. FP Markets – Top-Rated MT5 Broker With Support for Forex EAs

fp markets reviewOne of the best features of MT5 is that you can easily install and deploy automated forex EAs (Expert Advisors). If this something that interests you – it’s well worth considering FP Markets.

First and foremost, this top-rated MT5 broker offers some of the fastest execution speeds in the space – with the provider claiming that it is home to award-winning latency times. As per its Equinix NY4 facility server, this averages just 40 milliseconds.

fp markets review

Additionally, FP Markets gives you direct access to a VPS. As you might know, this is crucial if you want your forex EA to trade multiple currencies on a 24/7 basis. If you elect to open a Raw Pricing account, you can trade currencies from 0.0 pips and a flat commission of $3.

Alternatively, the Standard account offers 0% commissions with spreads starting from just 1 pip on major pairs. Both account types will get you access to over 60+ forex pairs, alongside indices, metals, and commodities. FP Markets also offers leverage of up to 1:500 across both account types.

Pros

  • Supports algorithmic trading and forex EAs
  • 0% commission and low spreads
  • Raw Pricing account comes with a minimum spread of 0.0 pips
  • Compatible with MT4 and MT5
  • Leverage of up to 1:500
  • Minimum account balance of $100
  • More than 60+ forex pairs supported

Cons

  • No crypto-asset markets

Your capital is at risk when trading financial instruments at this provider

7. OANDA – Established MT5 Broker With No Minimum Deposit

oanda logo

If you’re looking to trade forex via MT5 but want to keep your stakes modest – OANDA is a great platform to consider. Crucially, there is no minimum deposit at this broker, so you can get started with any amount you like.

OANDA also stands out for us as the broker was first launched in 1996. It has built a trusted reputation in the online brokerage scene and is regulated by a number of reputable bodies.

oanda review forex

Once you connect your OANDA account with MT5, you will be able to trade over 70 currency pairs. This includes all majors and minors and a huge selection of exotics. You can also trade indices, hard metals, bonds, and more. When it comes to fees, OANDA offers very competitive spreads.

This starts at just 0.6 pips when trading EUR/USD and 0.8 pips on EUR/GBP. We also like the ease with which you can fund your forex trading account at OANDA – with the broker supporting debit/credit cards, Paypal, and a number of online banking providers.

Pros:

  • FCA regulated
  • Very low spreads
  • No deposit, withdrawal, or monthly account fees
  • More than 70+ forex pairs
  • CFD markets on indices, bonds, metals, and more
  • Highly established – founded in 1996

Cons:

  • No individual stock trading markets

Between 74-89% of retail investor accounts lose money when trading with CFDs with this provider

 

8. FBS – MT5 Broker With Multiple Account Types

fbs broker reviewFBS is an online forex broker that supports both MT4 and MT5 across various devices. The platform allows you to choose from several account types – each of which will appeal to a certain type of forex trader.

For example, the Cent account requires a minimum deposit of just $1 and allows you to trade at 0% and with spreads that start from 1 pip. Then you have the Zero Spread account – which as the name suggests, allows you to trade from 0 pips.

fbs broker review

Regardless of the account type you opt for, you will have access to a huge number of major, minor, and exotic forex pairs. If you have a higher appetite for risk, FBS offers some of the highest leverage limits that we have seen. For example, the Cent and Zero Spread accounts offer up to 1:1000 and 1:3000 respectively.

FBS also offers an in-house copy trading service that allows you to buy and sell forex pairs without lifting a finger. All you need to do is choose a trader you like the look of and all future positions will be mirrored in your own FBS account.

Pros:

  • Multiple account types to choose from
  • Leverage of up to 1:3000 on the Zero Spread account
  • 0% commission accounts also offered
  • Multiple markets – including forex, commodities, and indices
  • Copy trading service

Cons:

  • High leverage limits not suitable for beginners

Your capital is at risk when trading with CFDs with this provider

 

9. Go Markets – MT5 Broker With 0 Pip Spreads and €2.00 Commissions

go markets reviewGo Markets is a global broker that offers 50+ forex pairs alongside indices and commodities. By opening a Go Plus account, you can trade major currency pairs at a spread of 0 pips and a commission of €2.00 per slide.

The minimum trade size is just 0.01 lots and you can apply leverage of up to 1:30 as a retail client. This MT5 broker also offers a free VPS and full support for forex EAs, hedging, and scalping. This allows you to deploy your chosen automated trading strategy with ease.

go markets review

When it comes to safety, Go Markets is regulated by CySEC and all client funds are held in segregated tier-1 bank accounts. If you are somewhat new to online forex trading via MT5,   Go Markets offers a free  MT5 demo account.

Not only will this get you access to real-time forex prices, spreads, and charts – but the account comes pre-loaded with $50,000 in virtual funds. Once you are ready to trade with real money, the minimum deposit is €100 on the Standard account and €250 on the Go Plus account.

Pros:

  • 0 spreads and a commission of just €2.00 per slide
  • Regulated by CySEC
  • Supports forex EAs, sclaping, and hedging
  • Free demo account with $50,000 in virtual funds
  • No deposit fees

Cons:

  • Only 60 financial markets supported

50% of retail investor accounts lose money when trading CFDs with Go Markets Ltd.

 

10. Markets.com – Best MT5 Broker for Beginners

markets.com reviewIf you’re looking for the best MT5 broker for beginners – Markets.com is a good option to consider. As soon as you land on the provider’s homepage – you will notice straight away that the platform has been designed with newbies in mind.

You will also have access to a huge library of educational tools that aim to make you a better forex trader. You then have the Markets.com demo account – which simulates real trading conditions. In terms of fees, all financial markets apart from stock CFDs can be trading without commission.

markets.com review

You will be required to cover the spread – which starts from a reasonable 0.7 pips on EUR/USD and AUD/USD. You will need to meet a minimum deposit of $100 to start trading with real money. You can easily fund your account with a debit/credit card, Paypal, Skrill, Neteller, or bank transfer.

Pros:

  • Great trading platform for beginners
  • Supports Paypal, Visa, and MasterCard
  • Spreads start from 0.7 pips
  • No commission when trading assets other than stock CFDs
  • Heavily regulated
  • Popular mobile app on iOS and Android

Cons:

  • Spreads on non-major assets are on the high side

50% of retail investor accounts lose money when trading CFDs with Go Markets Ltd.

 

MT5 Brokers Fees Comparison

If fees and commissions are your main priority – you might want to review the MT5 trading platforms comparison table below.

Forex Broker Trading Commission (From) EUR/USD Spread (Best) Deposit Fee Inactivity Fee
Libertex From 0.006% ZERO on All Markets FREE $5/month after 6 months
AvaTrade 0% 0.9 Pips FREE $50/quarter after 3 months
VantageFX 0% From 0 Pips FREE NONE
Pepperstone $3 per slide From 0 Pips FREE NONE
Forex.com 0% From 0 Pips FREE $15/month after 1 year
FP Markets 0% From 0 Pips FREE NONE
OANDA 0% From 0.6 Pips FREE £10/month after 1 year
FBS €2.00 per slide From 0 Pips FREE NONE
Go Markets 0% From 0 Pips FREE NONE
Markets.com 0% on non-stock CFDs From 0.7 Pips FREE $10/month after 3 months

We should note that the specific commissions and spreads that MT5 trading platforms offer will ultimately depend on the account type you opt for.

What is MT5?

There is often a misconception that MetaTrader 5 (MT5) is an online broker that allows you to buy and sell forex pairs. However, MT5 is actually a third-party trading platform that you can connect with a number of popular brokers – such as the ones we have discussed on this page.

As such, MT5 sits between you and your chosen trading platform. Seasoned traders will often opt for MT5 as it offers a significant number of features. For example, MT5 allows you to install a forex EA – meaning that you can trade around the clock in a fully passive nature.

what is mt5

MT5 is also great for performing technical analysis. On top of supporting dozens of indicators, you can also customize your screen and utilize chart drawing tools. Plus, MT5 allows you to trade in a risk-free manner via a brokerage demo account.

MT4 vs MT5?

Both Metatrader 4 (MT4) and MT5 offer advanced trading features that in most cases – are aimed at experienced traders. Some will argue that MT4 is preferred by currency traders as the platform is supported by more forex brokers than its MT5 counterpart.

However, this couldn’t be further from the truth – as MT5 can also be used to trade forex. Plus, MT5 actually offers more in the way of tools and features. For example, while MT4 offers 30 built-in technical indicators, MT5 offers 38.

And while you’ll find 24 analytical objectives and 9 timeframes on MT4, MT5 is home to 44 and 21 respectively. Perhaps the main benefit of using MT4 over MT5 is that it is often preferred by forex EA developers. As such, if you’re looking to deploy an automated trading robot – MT4 might be the better option of the two.

Why Use MT5?

When you open an account with an online broker – you will likely find that it offers its own webtrader platform. In many cases, this will be somewhat basic and offer limited functionality in comparison to MT5.

Below we discuss some of the main features that you will find when using MT5 as your go-to platform.

Technical Analysis

The most obvious starting point is that MT5 is highly suited to forex traders that wish to perform technical analysis.

This includes:

  • 38 technical indicators
  • 44 analytical objects
  • 21 timeframes
  • 1-minute history
  • Unlimited number of charts

There is also a marketplace where you can buy premium indicators and technical analysis tools that install them into MT5.

Fundamental Analysis

Although MT5 is typically associated with technical analysis, the platform is also great for performing fundamental research. This isn’t provided by MT5 itself. On the contrary, you can select from a wide range of trusted financial news sources and integrate this into your MT5 platform.

As a result, every time your chosen news providers release a story – you will be notified in real-time. You can also access a comprehensive economic calendar when using MT5. This will give you a full breakdown of key dates – such as a central bank meeting or national GDP reports.

Automated Trading

MT5 is a great option if you are looking to engage with an automated trading strategy. This is because the platform allows you to install and deploy software that can then trade on your behalf. MT5 allows you to set your parameters so that the robot alligns with your financial goals and tolerance for risk.

mt5 automated trading

What we really like about the automated trading department on MT5 is that it offers an online marketplace. This allows you to buy or rent a forex EA without needing to leave MT5. If other people have used the robot, they will often leave a review or rating – so this allows you to make an informed decision.

Copy Trading

There is also a copy trading tool available on MT5. This operates in a similar nature to the tool offered by eToro, whereby you can browse the many traders that have signed up to the copy trading program. Then, when you find a trader you like, you can elect to copy them like-for-like.

How to Choose the Best MT5 Broker for You

If you have your heart set on MT5 – the most important step that you can take now is to choose the very best broker for your needs. After all, the only way that you can trade via MT5 is by opening an account with a broker that supports the platform.

Although we have already discussed the 10 best MT5 brokers in the online space – below you will find a number of key considerations to make before proceeding with a provider.

Safety

Make no mistake about – just because your chosen broker supports MT5 – this doesn’t mean that it is a safe platform to use. On the contrary, we have come across a number of MT5 forex brokers that operate in an unregulated manner.

  • It goes without saying that all the MT5 trading platforms that we have discussed today are not only regulated – but authorized and licensed by reputable financial bodies.
  • For example, Libertex is regulated by CySEC and the FSCA.
  • You then have the likes of AvaTrade and Forex.com – which are regulated in 6 and 7 jurisdictions respectively,
  • By choosing an MT5 broker that is heavily regulated – you can rest assured that your capital is safe.

After all, it’s not MT5 that is entrusted to keep your money safe. In fact, MT5 doesn’t have access to your trading balance at all. Instead, this role is reserved for the broker itself.

Forex Markets

All of the MT5 forex brokers that we reviewed on this page offer dozens of currency markets. Irrespective of which broker you choose, you will often find that all majors and minors are covered.

But, if you’re planning to trade exotic and less liquid currencies – such as the Romanian leu or Turkish Lira, then you’ll need to check that your preferred market is offered.  We should also note that there might come a time where you want to trade other asset classes.

mt5 markets

For example, the best MT5 brokers in the online space will also offer CFD instruments that cover stocks, indices, commodities, and more.

Fees and Commissions

By scrolling up to your MT5 broker fee comparison table – you will see that platform charges will vary wildly. As such, this is one of the most important metrics that you need to consider before choosing an MT5 broker. We found that many MT5 forex brokers will offer several account types – each of which will come with a different pricing plan.

  • For example, Standard accounts are normally aimed at casual traders and thus – usually come with 0% commission on all markets. You will, however, be required to pay a less competitive spread.
  • If you’re a more experienced trader that stakes larger volumes, then you might be more suited to an ECN account.
  • Otherwise referred to as a Raw account, this usually allows you to trade major forex pairs from 0.0 pips. This account type will also come with a flat commission – which is usually in the region of $2-3 per slide.

Other fees that you need to look out for are related to deposits, withdrawals, overnight financing, and inactive accounts.

Leverage

When trading forex online, you likely know that your potential profit margins are going to be wafer-thin. This is especially the case if you are a day trader or scalper. With this in mind, you might want to check whether your chosen MT5 broker offers leverage.

If this is an important metric to you – the likes of Vantage FX offer up to 1:500 on major forex pairs. Don’t forget, the amount of leverage that you can get your hands on is often depending on your country of residence.

Payments

Once again, MT5 does not have access to your trading capital. As such, when you make a deposit, this will be facilitated by your chosen MT5 broker.

The best MT5 brokers that we have reviewed on this page accept a wide range of payment methods – such as Visa, MasterCard, Paypal, and Skrill. Just make sure the broker supports your deposit type.

How to Get Started with an MT5 Broker

If you’re looking to start trading via the best MT5 broker right now – the steps below will help you get set up with Libertex. To recap – this heavily regulated MT5 broker offers ZERO spreads and low commissions on all of its supported markets.

Step 1: Join Libertex

You will first need to open an account with Libertex. This part of the process usually only takes a couple of minutes – as you simply need to provide your personal information.

OPEN ACCOUNT LIBERTEX

83% of retail investor accounts lose money when trading CFDs with this provider

Step 2: Upload ID

As a resulted MT5 broker, Libertex will need you to upload a copy of your government-issued ID. This can be a passport or driver’s license. In some countries, you can also use a national ID card.

Step 3: Deposit Funds  

You can now deposit funds into your Libertex account – ensuring that you meet the minimum of $100. Supported payment methods include debit/credit cards, bank transfers, and several e-wallets.

Step 4: Download MT5 and Connect to Libertex

You can now download MT5 to your desktop device. Once installed, you will then need to log into MT5 with your Libertex account credentials.

how to use MT5

Take note, Libertex also allows you to access MT5 via its website. Although this option does not allow you to install a robot or forex EA, it does offer a more convenient way to trade. Additionally, Libertex is also compatible with the MT5 app.

Step 5: Start Trading

Now that you have logged into MT5 with your Libertex account details, you can start trading. All you need to do is search for your preferred asset. For example, if you want to trade EUR/GBP – enter this into the search box.

Then, simply set up your trading parameters by choosing a buy or sell order, and entering your limit, stop-loss and take-profit prices.

Libertex – Best MT5 Broker 2021

MT5 is one of the most preferred ways to trade forex online, not least because it comes packed with useful tools. Whether that’s the ability to install an automated forex EA or direct access to technical analysis tools – MT5 is suitable for traders of all shapes and sizes.

If you’re looking to get started with the best MT5 broker right now – Libertex is a great option. You’ll have access to hundreds of markets – all of which come with ZERO spread and super-low commissions. Plus, the minimum deposit is just $100 and you can instantly fund your account with a debit/credit card or e-wallet!

libertex review

83% of retail investor accounts lose money when trading CFDs with this provider

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