If you’re looking at getting into trading, you’ve no doubt heard of the MetaTrader platforms.
In this article, we’ve gone over exactly what the MetaTrader5 (MT5) platform is and what it does. We’ve also looked at which brokers use the platform and some pros and cons of each.
If you’re still unsure about MT5, read until the end of the article where we’ve put together a useful list of resources to explain it further. You might also want to check out our top forex brokers list.
Best MetaTrader5 Brokers
We’ve reviewed some of the most popular and highly regarded MT5 brokers out there. We’ve looked at aspects of each broker such as their fees and commissions, research tools, and accessibility. Stick around to the end of the article, where we’ve put together a useful FAQ on the MT5 platform.
This is our selection…
- FP Markets
- IC Markets
- Admiral Markets
AvaTrade is a popular social trading platform from Dublin that launched in 2006 regulated by the Central Bank of Ireland.
AvaTrade’s cybersecurity is top-notch and it has won several awards for outstanding customer service.
The platform has a large user base, so there are lots of options of strategies that users can copy that work for them. The platform supports trading across Forex, CFDs, and stocks.
The layout of the platform is a bit weak. The UI is completely customizable, but it is clumsy to use. The information on the platform is cluttered and unordered.
Regulated all over the world
Demo-account limited to only 21-days
Competitive commission and fee pricing structure
High fees for inactive traders
Wide range of markets
PepperStone is regulated by the ASIC in Australia and the FCA in the UK. They are not listed on any stock exchange and are not required to release their financial statements.
PepperStone offers the MT4, MT5, and cTrader platforms. There are desktop, web, and mobile trading platforms.
The desktop app gives access to a large number of market indicators. These tools give traders insights into market sentiments and trends.
Low inactivity charges
Limited research tools
Free deposits and withdrawals
High commission on trading with CFDs
Advanced risk protection and stop losses
FP Markets is an Australian CFD and ForEx broker regulated by the ASIC.
Accounts can be opened with a selection of 10 different base currencies. Opening an account is easy and the minimum deposit is relatively low.
FP Markets has a highly competitive fee and commission structure. They are one of the few brokers who don’t charge inactivity fees for dormant accounts. Also, they charge no withdrawal fees.
Free demo account
Limited number of markets and products
Trading platform leaves a lot to be desired
IC Markets is an Australian retail broker launched in 2007. They have several global branches that fall in line with high-level regulations all over the world.
IC Markets offers users access to Forex and CFD instruments. Their trading portfolio is more limited than other brokers, but their Forex fees are significantly lower.
IC Markets uses both MT4 and MT5, although MT4 is the most popular. The platform is highly customizable. Users can easily change the size and position of all the relevant tabs.
Low Forex commission
Instruments limited to Forex and CFDs
Quick account opening
Customer service is lackluster
Free withdrawals and deposits
Vantage FX is a global CFD broker based in Australia and is regulated by the ASIC and other authorities.
Trades using Vantage FX are not subject to inactivity fees, which makes it appealing to casual traders. Spreads on Forex are also competitively low.
Vantage has trading platforms for mobile, desktop, and web browsers. The broker has single-step login, which could be improved.
Fast account opening
High minimum deposit
Highly customizable platform
Free demo account
FXTM, previously ForexTime, was established in 2011 as part of the Exinity Group in the UK. They are regulated by the FCA and CySEC.
FXTM provides traders access to Forex and crypto trading. Customers outside the EU are also allowed to trade stocks.
FXTM has the option of two trading platforms, web-based, and desktop. Downloading the desktop trading app is easy and uses very little space. One perk of FXTM is the ability to set push and email notifications.
Excellent customer support
High inactivity and withdrawal fees
Lots of educational tools
Limited selection of trading instruments
Easy account opening
FBS is an international brokerage that has clients in nearly 200 countries. It is regulated in Cyprus under CySEC and in the UK under the FSA.
It charges no inactivity fees and $1 charges for deposits and withdrawals.
FBS allows traders access to over 30 different Forex pairs. Traders can buy and sell CFDs, but the offering there is quite limited.
It has highly sophisticated copy-trading features where traders can mimic trading strategies from profitable signal providers.
Low fees and commissions
Traders in the EU have more limited security options
Wide variety of Forex Pairs
There’s no social aspect to the copy-trading platform
Platform allows scalping strategy
FxPro is a global Forex and CFD broker. It is regulated by the UK’s FCA as well as several other highly-rated authorities. They trade CFDs and Forex pairs.
FxPro has four different trading platforms, including MT5. They also support more than 40 international languages.
The platform is easy to use and its high level of customizability is great for more experienced traders. Newer traders might struggle though since lots of the information is hard to dig up.
Customer service is fast and responsive
High inactivity fees
Low commission and spreads
Limited to Forex and CFDs
Exness is a global Forex trader that is regulated by the FSCA, FCA, and CySEC. It was launched in 2008 and is one of the smaller brokers on this list with just over 50,000 active accounts.
Traders using Exness have access to lots of trading instruments, including crypto, Forex, precious metals, and stocks.
Exness only offers two account types – standard ECN and demo accounts. This may deter more experienced traders who are willing to invest more capital, but for most casual traders a standard ECN account should suffice.
Low account minimum
High leverage maximum
Wide variety of trading instruments
Stripped back trading platform
Long history of reliability
ActivTrades is a Forex broker that was founded in 2001 in the UK and is regulated by the FCA.
Trading with ActivTrades is inexpensive. Commission and spreads are lower than most other retail brokers, and deposits and withdrawals are free. However, the minimum deposit to open an account can be prohibitively high.
ActivTrades deals with CFD and Forex trading. Unfortunately, other trading instruments are not available on the platform.
Inexpensive trading fees
Limited trading instruments
Quality customer support
High minimum deposit
Extensive research tools
Admiral Markets is a Forex retail broker based in Estonia. They are regulated by the FCA as well as several other authoritative bodies.
AM offers over 4,000 assets so that traders can diversify their strategies.
AM offers two different account types, both of which are compatible with MT5. They also have Sharia accounts, but traders will have some instruments limited from them.
Client funds are kept in segregated accounts
High minimum deposit to open accounts
Wide range of trading platforms
No fixed spread accounts
“Zero to Hero” 21-day training course
MetaTrader 5 Explained
MT5 is an online trading platform released in 2010. It’s a complete overhaul of its predecessor, MetaTrader4.
Where MT4 was built to trade Forex and CFDs, MT5 has a wider variety of securities available to trade.
Brokers like PepperStone pay to license the platform to supply it to their customers. Users can choose to trade through a third-party broker, which gives them access to unique research and educational tools.
The platform is available via a desktop program, but it also has a mobile app for Android and iOS devices so you can trade away from home.
MT5 vs MT4
MetaTrader5 was released by MetaQuotes in 2010 as an update to the highly popular MT4 platform.
MT5 was a massive overhaul of the system, introducing stocks, commodities, and futures. It’s a much faster platform. It executes trades with much lower levels of slippage.
MT5 has an updated version of the MQL programming language, and it is backward compatible with all MQL4 scripts.
MT5 vs cTrader
cTrader was developed by Spotware in 2011. It is one of the largest trading platforms available to brokers.
In terms of design, cTrader feels more modern and sleek. One of the downsides of the MetaTrader platforms is their style. It often feels like a computer program from the 90s.
MT5 uses the MQL5 programming language to build Expert Advisors which monitor and automate trades. cTrader has similar cBots which are built using C#. It’s a more common programming language, so finding scripts and widgets that work is a bit easier.
In terms of trading instruments, the two platforms don’t vary much. Both MT5 and cTrader host stocks, commodities, CFDs, and indices.
Pros and Cons of MetaTrader5
- The platform is easy to use and navigate. It’s great for new traders looking to learn the ropes and for veterans who’ve been trading for years.
- Traders can build their own Expert Advisors to automate trading or they can find pre-built Advisors in the store.
- The platform provides analytics on 100 currencies or stocks at a time. This means traders can compare real-time prices between instruments.
- There is a wide range of built-in technical indicators and graphical analytic tools to break down market information into useable data.
- Expert Advisors from MT4 have to be recoded as they are not compatible with MQL5. This is a problem because the massive popularity of MT4 means thousands of robots won’t work on MT5.
- MT5 has disabled certain trading strategies such as hedging. Hedging is a good strategy to mitigate potential losses when trading volatile securities.
- MT5 is much newer than MT4 which means many of the kinks and bugs haven’t been fixed yet. This is frustrating to work with since the platform is so large many of the bugs haven’t been found.
Features and Benefits of MetaTrader5
Like its predecessor, MT5 uses a proprietary programming language where users can design scripts and tools. These tools can monitor market sentiments and trends to automate aspects of trading.
Traders can build their own tools if they understand object-oriented programming or they can find free tools on the platform’s website or they can buy them in the marketplace. There are currently over 6000 advisors to choose from.
Programmers can earn extra money by selling their tools on the marketplace.
Research and analytics
MT5 has a host of analytical tools. These vary from charts and graphics to technical indicators.
Traders can use Expert Advisors to monitor markets in a way that works for them. The platform also allows users to download data onto a spreadsheet so that they can examine it on their own terms.
Copy-trading has become increasingly popular over the years. MT5 allows users to mimic the trading strategies of highly profitable signal providers.
Traders can choose to become signal providers to allow other traders to copy them. Signal providers earn commission and rewards for having other traders subscribed to them.
The platform also encourages social trading, which combines elements of social networking with retail trading. Users are encouraged to chat and trade tips and tricks that they have learned while trading.
How To Pick an MT5 Broker
The brokers in this article have a long track record of online security. If you’re considering using a different broker, there are a few key features to look for.
Firstly, make sure they encrypt all their data. Unencrypted data makes your account a soft-target for hackers who could easily steal your data, log into your account, and clean you out.
It’s also important to practice good online hygiene while trading. Change your password often and make sure your antivirus is turned on and up-to-date. You could also consider using a VPN to further protect your data online.
The regulations and rules that brokers will follow will depend on where in the world the broker is based. Every country and economic region has different laws.
Different regulatory zones may have rules determining maximum leverage amounts. In the UK, EU, and Australia leverage ratios can go as high as 100:1. Elsewhere, leverage maximums are not set.
Regulations will also determine what you’re allowed to trade and whether your funds are kept in segregated accounts.
Fees & Commissions
Brokers charge commission every time a trader opens or closes a trade. They also charge fees for holding some positions overnight.
The more your broker charges in commission, the lower your profits on each trade. Sometimes these charges can be worth the extra cost if that broker gives traders access to unique features or research tools.
You should also be aware of inactivity fees. Since most of these platforms make money from active traders, they penalize users who do not trade frequently.
Brokers give their users access to different trading instruments. These instruments can be stocks, commodities, Forex, cryptocurrencies, CFDs, and others.
Every instrument will be affected by different market sentiments. Depending on the securities you plan on trading, different strategies will be more profitable than others.
For example, CFD trading is normally short-term. Positions can be opened and closed on the same day. Trading stock is a more long-term investment.
Brokers often have educational tools on their platforms. These can vary from slide-shows to webinars.
Some brokers have resources that are useful to traders at all levels. Others cater specifically to novice users.
If you’re already experienced with retail trading, try and find a broker that has educational tools that will be useful to you.
One of the largest concerns of many traders is that their broker has poor customer support.
Many brokers are only reachable through telephone during office hours, Monday to Friday. Depending on where the broker’s offices are and where you live, this can make communication difficult.
Platforms like AvaTrade have won industry awards regarding their superior customer support. Potential users should ensure that brokers are contactable through email, phone, and online chat.
The choice of broker and the type of account will need a minimum deposit to open an account. Some brokers allow users to open an account without an account minimum.
Brokers like ActivTrades have high minimum deposits. High minimum deposits will deter more casual traders.
Brokers who allow users to open an account without a deposit will still require traders to deposit funds to take positions.
MetaTrader 5 vs NinjaTrader 8
NinjaTrader is a relatively small competitor to the MetaTrader platform. It was founded in 2003 and is offered by several brokers, although far fewer than those who support the MetaTrader platforms. NinjaTrader currently has over 100,000 users.
NinjaTrader 8 is free to use for charting, market analytics, and trade simulations. However, licensing the platform is quite pricey. Traders can choose a yearly subscription – over $700 – or a lifetime license – over $1000.
In terms of the features each platform has on offer, MT5 is far superior. It has more research tools that traders can use to understand their markets.
MT5 is available through more brokers, so it’s more accessible to the average traders.
Unless NinaTrader dramatically drops its prices, we can’t recommend the platform.
Traders have been arguing for years over which platform is superior. However, we don’t think this is a fair discussion.
The truth is, MT4 and MT5 are different platforms that cater to different needs. MT4 was built for trading Forex and CFDs speculating on Forex.
MT5 has Forex options, but it is a more general platform that has access to a wider range of securities.
MT4 is by far the more popular platform, but MetaQuotes is gradually phasing the platform out. If you’re a new trader, learning MT5 is going to save you a lot of heartache in the long-run.
The MetaTrader platforms are the most widely used trading platforms in the world. Most brokers use either MT4 or MT5. All of the brokers on this list offer both MT4 and MT5.
MetaTrader is a trading platform, not a broker. Brokers lease the MetaTrader platforms by buying a license to use the service.