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MT5 is the newest and more feature-rich version of the MetaTrader series. While fewer brokers support MT5 when compared to MT4, it comes packed with additional analysis tools that will appeal to seasoned traders.
In this comparison guide, we reveal the 7 best MT5 brokers for 2024. Read on to choose an MT5 broker that offers tight spreads, low fees, and support for your preferred markets.
The Top MT5 Brokers Ranked
Below, you’ll find the 7 best MT5 brokers in the market today:
Vantage Markets: The best MT5 broker is a regulated CFD provider of over 1,000 products including forex, indices, commodities and more. Vantage Markets offers multiple trading platforms, including MT4, Pro Trader and a mobile app, and you get one of the lowest spreads on forex products, including from 0.0 pips for the EUR/USD pair with an ECN account and from 0.5 pips for GBP/USD.
AvaTrade: Another established and trusted MT5 broker is AvaTrade. Founded in 2016, AvaTrade offers super-low trading fees. No commissions are charged and forex spreads start from 0.9 pips. You can also trade forex options, stocks, indices, commodities, cryptocurrencies, and bonds. The minimum deposit is $100. AvaTrade offers leverage of up to 1:400.
Pepperstone: This MT5 broker is popular for its wide range of supported markets – which includes forex, stocks, and commodities. You can choose from a commission-free or zero-spread account, depending on your preferred strategy. There is no minimum deposit requirement at Pepperstone. In addition to MT5, Pepperstone also supports MT4 and cTrader.
Forex.com: If you’re based in the US and want to trade on MT5, Forex.com is a good option. You can trade over 80 currency pairs and there are no account types to choose from. This includes a commission-free and a razor spread account. No minimum deposit requirements apply. US clients can also trade gold and silver. Non-US clients will have access to leveraged CFDs, including stocks and indices.
FP Markets: This MT5 broker was launched in 2005 and is regulated by multiple licensing bodies – including ASIC and CySEC. You’ll have access to forex spreads of 0.0 pips when opening a raw account. This attracts a small commission of $3 per traded lot. FP Markets also offers a commission-free account, where fees are built into the spread.
BlackBull Markets: This MT5 broker supports more than 26,000 tradable instruments including everything from forex, stocks, and commodities to cryptocurrencies, indices, and futures. Both MT4 and MT5 are supported. The commission-free account offers spreads from 0.8 pips on major forex pairs. The prime account offers spreads from 0.1 pips, with a $6 commission per traded lot.
Admirals: Admirals, formerly Admiral Markets, is one of the largest and most prominent forex brokers in the industry with over 8,000 CFD products, including forex, indices, stocks, commodities, bonds and ETFs. Select your trading platform from MT4 and MT5 to Web Trader and mobile apps and start trading with leverage of up to 1:500 on forex and from 0.6 pips on EUR/USD.
This MetaTrader 5 brokers list contains the best providers in the market. But you should do your own research before selecting a broker.
Reviewing the Best Brokers for MT5
We’ll now dive into our reviews of the best MT5 brokers for 2024.
1. Vantage Markets – Overall Best Broker for MT5 in 2024 with Low Fees
Our top pick is Vantage Markets, the overall best MT5 broker in the market today. Vantage Markets is one of the most established brokers around, launched in 2009 and headquartered in Sydney. It now has more than 800,000 clients worldwide, which shows the popularity of this broker.
Not only is Vantage Markets the best MT5 broker for safety, but it offers some of the lowest fees in the industry. For example, spreads in forex pairs are ultra-tight, trading from 0.0 pips on EUR/USD with ECN accounts and from 1.4 pips with standard accounts.
Aside from offering over 40 forex pairs, Vantage Markets supports other asset classes too. For example, you can trade indices, commodities like oil and gas, commission-free stocks, as well as ETFs and bonds. For now, you can’t trade cryptocurrencies, though.
If you want to take Vantage Markets for a test drive before making a deposit, you can open a free demo account. Connect it to MT5 and it comes with $100,000 in paper trading funds. This is also a great way to get a feel for the MT5 platform before risking any money.
Vantage Markets also come with a vast library of educational resources. Learn about forex VPS and how to use it or get free trading signals and market sentiment analysis to enhance your trading strategies.
Broker
FX Pairs
Other Assets
EUR/USD Spread
Account Types
Account Fees
Max. Leverage
Vantage Markets
40+
Stocks, ETFs, indices, commodities, bonds
From 0.0 pips on ECN accounts and from 1.4 pips on Standard accounts for EUR/USD
Standard and ECN
ECN accounts pay from $2 round turn full lot commission
1:500
Pros
Overall best MT5 for 2024
Trade forex, stocks, commodities, indices, bonds, and ETFs
Copy trading features
Spreads on EUR/USD start at 0.0 pips for ECN accounts
Free MT5 demo account with $100,000 in paper funds
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.
2. AvaTrade – Commission-Free Trading on Over 1,000 Leveraged Markets
AvaTrade is also an established MetaTrader 5 broker with a solid track record. It was launched in 2006 and is now regulated in nine different jurisdictions. Japan, South Africa, Ireland, Canada, Cyprus, Israel, the UAE, Australia, and the British Virgin Islands. Therefore, it goes without saying that AvaTrade offers fair and transparent trading conditions.
AvaTrade supports a wide range of assets, all backed by leveraged CFDs. In the forex department, you’ll be able to trade 53 currency pairs. Major pairs come with very competitive spreads, starting at 0.9 pips. If you’re looking for exposure to the best cryptocurrencies, AvaTrade has you covered. Some of its most popular cryptocurrency markets include Bitcoin, Stellar, Dash, Chainlink, EOS, and Solana.
AvaTrade also offers a comprehensive selection of commodities. This includes energies, agricultural products, and precious metals like gold and silver. AvaTrade also supports currency options. However, you won’t be able to trade options on MT5. Instead, AvaTrade has its own proprietary platform for this. What’s more, you can also trade ETFs, bonds, and indices.
Each and every market supported by AvaTrade can be traded commission-free. Moreover, you won’t be charged any deposit or withdrawal fees. You can deposit funds instantly with a debit/credit card or e-wallet. Bank wires are also supported but this will delay the deposit process by several days. The minimum deposit is $100 or the local currency equivalent.
As a specialist CFD broker, AvaTrade supports long and short positions. It also offers leverage on all supported markets. Depending on your location, leverage of up to 1:400 is available. This will be reduced to 1:30 if you’re based in the UK, as per FCA leverage limits. Nevertheless, AvaTrade also offers a free demo account. You can connect this to MT5, allowing you to try AvaTrade without risking any money.
Trading CFDs and FX Options entails risk and could result in the loss of your capital.
3. Pepperstone – Top-Rated MT5 Broker for Low Trading Fees
Pepperstone is one of the best MT5 brokers for low trading fees. It offers two account types to choose from, both enabling you to buy and sell assets without breaking the bank. First, there is the standard Pepperstone account. This offers commission-free trading on all supported markets. This account offers spreads from 0.7 pips when trading EUR/USD and AUD/USD. You’ll pay 0.9 pips to trade GBP/USD and 1.1 pip on USD/CAD.
If you’re planning to trade larger amounts, the razor account will be more suitable. In most cases, you can trade EUR/USD, GBP/USD, and other major forex pairs at 0.0 pips. You’ll pay a flat commission per slide, which varies depending on the account currency. For instance, $3.50, £2.25, or €2.60. This is charged for every 1 FX lot traded.
Pepperstone supports plenty of other assets too. For example, you can trade dozens of commodity markets, ranging from gold, wheat, and corn to natural gas and crude oil. Commodity prices are supplied by tier-one banks and gold spreads start from just 0.05 points. You can also trade global indices from both large and small-cap markets. In the US, this includes the Dow Jones, S&P 500, NASDAQ 100, and Russell 2000.
You can also trade indices from Asia, including Japan, Hong Kong, China, and Singapore. European indices are also supported, such as the FTSE 100 France 40. In addition, you can also trade individual stocks. Pepperstone supports stocks from the UK, US, Australia, Hong Kong, and Germany. The main drawback is that Pepperstone doesn’t support options or bonds.
Nevertheless, we like that Pepperstone is suitable for all budgets. There are no minimum deposit requirements and there is also a free demo account. This connects to MT5 and comes with $50,000 in paper funds. Moreover, you can use the Pepperstone demo account for 60 days. We also like that Pepperstone accepts multiple payment methods. This includes bank wires, PayPal, Skrill, Neteller, and debit/credit cards.
Pepperstone is also one of the best MT5 brokers for safety. It is heavily regulated, including licenses from the FCA, CySEC, ASIC, and DFSA. It keeps client-owned funds in segregated bank accounts as an additional layer of security. Pepperstone offers high leverage limits of up to 1:200, but regional restrictions apply. For example, UK, EU, and Australian traders are capped at 1:30. Finally, Pepperstone also supports MT4 and cTrader.
Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If you’re based in the US, Forex.com could be the best MT5 broker for you. This established online broker offers three account types, but only two are suitable for trading on MT5. The first option is the standard account This account type allows you to trade forex on a commission-free basis while paying slightly higher spreads.
Alternatively, the raw spread account offers some of the tightest bid and ask prices in the industry. In turn, you’ll pay a small commission for every FX lot traded. There is no minimum deposit requirement on either account, but $1,000 is recommended by Forex.com. Moreover, both account types offer access to over 80 currency pairs. You’ll also be able to trade gold and silver.
However, US clients will not have access to CFDs, meaning no cryptocurrencies, stocks, indices, or ETFs. Non-US clients can access CFD markets without paying commission. In terms of leverage, limits depend on the trader’s country of residence.
For instance, US clients can trade major pairs with leverage of up to 1:50. While UK, EU, and Australian clients are capped at 1:30. Professional clients will be offered much higher limits.
Broker
FX Pairs
Other Assets
EUR/USD Spread
Account Types
Account Fees
Max. Leverage
Forex.com
82
Gold and silver (US)
From 0.0 pips
Standard – 0% commission / Raw Spread – $5 commission per $100,000 traded
Please note that foreign exchange and other leveraged trading involves significant risk of loss.
5. FP Markets – Trade Major Forex Pairs From 0.0 Pips and a Commission of $3 per Slide
FP Markets is a top-rated online broker that supports MT4 and MT5. It was founded in 2005 and has a great reputation for safety. If you’re an active trader, you might consider opening a raw account. In doing so, you’ll be able to trade forex with spreads of 0.0 pips. There is a commission of $3 per traded lot, payable per slide.
The raw account also offers access to institutional-grade liquidity, not to mention average execution speeds of under 40 milliseconds. If you’re planning to trade smaller amounts, the standard account will be more suitable. This is commission-free, so all fees are built into the spread. Spreads start from 1 pip on major pairs and more on minors and exotics.
Both account types also offer access to stocks, bonds, ETFs, indices, and commodities. Cryptocurrencies are not supported. We also like that FP Markets offers customer support 24/7. This can be accessed via the live chat box. There is a minimum deposit requirement of $100. You can also open a free demo account, which can be used for 30 days.
Broker
FX Pairs
Other Assets
EUR/USD Spread
Account Types
Account Fees
Max. Leverage
FP Markets
60+
Stocks, bonds, ETFs, indices, and commodities
From 0.0 pips
Standard – 0% commission / Raw – $3 commission per $100,000 traded
None
1:500
Pros
Established MT5 broker that’s regulated by ASIC and CySEC
Trade FX pairs from 0.0 pips
Leverage of up to 1:500 for eligible clients
Free demo account for 30 days
Super-fast execution speeds and institutional-grade liquidity
Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets.
6. BlackBull Markets – Trade Forex at 0% Commission and Spreads From 0.8 Pips
BlackBull Markets is also one of the best MT5 brokers for competitive trading fees. If you opt for the standard account, you’ll be able to trade forex from just 0.8 pips. What’s more, you won’t pay any trading commissions and there is no minimum deposit requirement. The other option is to open a prime account. This requires a minimum deposit of $2,000 but you’ll have access to much lower spreads.
In fact, you’ll be able to trade forex from 0.1 pips. The prime account comes with a commission of $6 per traded lot. Both accounts come with a minimum trade size of 0.01 lots and leverage of up to 1:500 is available. In addition to forex, you’ll have access to over 26,000 other financial instruments.
This includes thousands of stocks, including large-caps like Apple, Salesforce, Disney, and Amazon. BlackBull Markets also supports cryptocurrencies, indices, commodities, and some of the best cryptocurrencies to trade. This includes Dogecoin, Litecoin, Ripple, Chainlink, and Bitcoin. While BlackBull Markets is based in New Zealand, it’s authorized and regulated by the Financial Services Authority in Seychelles.
Broker
FX Pairs
Other Assets
EUR/USD Spread
Account Types
Account Fees
Max. Leverage
BlackBull Markets
60+
Stocks, cryptocurrencies, futures, indices, and commodities
From 0.1 pips
Standard – 0% commission / Prime – $6 commission per $100,000 traded
None
1:500
Pros
Trade forex and over 26,000 other markets
Popular assets include stocks, indices, futures, and cryptocurrencies
Choose from a commission-free or low-spread account
Supports both MT4 and MT5
Cons
Based in New Zealand but regulated in the Seychelles
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors
7. Admirals – Popular MT5 Broker with Low Fees and Variety of CFD Products
Admirals, formerly Admiral Markets, is one of the most popular MT5 trading platforms in the industry. It comes with a plethora of features, including massive leverage of 1:500, low spreads from 0.6 pips on EUR/USD and multiple trading platforms and tools to choose from.
Regulated and licensed in multiple countries, including the UK, Cyprus and Australia, Admirals is a safe broker that operates globally with over 16 offices worldwide. Moreover, client funds are held in segregated accounts that don’t mix with Admirals’ own assets.
Trade over 80 forex CFD pairs, including majors and exotics, with low spreads. And if you want to diversify, trade over 8,000 CFD products including stocks, ETFs, indices, commodities, cryptocurrencies and bonds.
Admirals let you choose the best trading tools and platforms. From award-winning MT5 to Admirals’ proprietary platform and a mobile app. Test the platform and trade execution with a demo account where you can trade all CFD products with virtual money.
To help you make better trading decisions, Admirals offers premium analytics as well as market sentiment and fundamental analysis.
Spread + commission from $1.8 per 1.0 lots for Zero.MT5 accounts
1:500
What is MetaTrader 5?
MetaTrader 5 (MT5) is a popular trading platform that connects to selected online brokers. It is often used by traders that require advanced analysis tools and features. For example, MT5 comes with 38 technical indicators and 44 analytical objectives. You can also import custom MT5 indicators from third parties.
In addition, MT5 can be customized to meet your preferred trading layout. For instance, you can have multiple pricing charts displayed on the same screen. You can also choose your preferred timeframes and color codes. MT5 is also ideal if you want to install an automated trading robot. You simply need to upload it into the MT5 software, configure your settings, and the robot will begin trading.
You can buy an MT5 robot from the MetaTrader marketplace, or from third-party providers. MT5 is best used as desktop software, but it’s also available as a mobile app. Some online brokers also support MT5 via a web trading platform. Either way, MT5 is completely free to use. That said, you won’t be able to trade on MT5 without a brokerage account. MT5 isn’t a broker, meaning it doesn’t have access to the financial markets.
Instead, MT5 sits between your brokerage account and your preferred assets. Most MT5 trading platforms offer a demo account, which is free and quick to open. You will be provided with login details, which you can enter on the MT5 platform. If you want to trade with real money, you’ll need to deposit funds via your brokerage account. The balance will then reflect on MT5.
What Assets Can You Trade on MT5?
One of the best things about MT5 is that it’s a multi-asset trading platform. This means that you can trade a wide range of financial markets without needing to use multiple providers. However, MT5 is a third-party trading suite and not a brokerage. As such, the assets and markets you have access to will depend on which MT5 forex broker you sign up with.
Nonetheless, here’s an overview of what assets you can trade at the best MT5 brokers discussed today:
Forex
Forex is the most traded asset class globally. This means that most MT5 brokers support major and minor currency pairs.
This includes the likes of EUR/USD and GBP/USD. You should also have access to exotic pairs, such as TRY/USD and IDR/USD.
Commodities
The best MT5 brokers also support commodities. Most offer a combination of energies, agricultural products, and precious metals.
For instance, at Vantage Markets , you can trade the following commodities:
When you trade commodities on MT5, you’ll be doing so via CFDs. This means that you won’t own the underlying commodities. Instead, you simply need to speculate whether you believe the commodity spot price will rise or fall.
Stocks
MT5 is one of the best platforms to day trade stocks. After all, you’ll have access to unlimited charts, technical indicators, drawing tools, and fundamental news. All within the same platform.
Vantage Markets offers a good selection of stocks, mainly from the US markets. This includes Apple, Amazon, Tesla, and other large-cap companies. AvaTrade and Pepperstone also support stocks. The latter covers exchanges in the US, UK, Australia, Hong Kong, and Germany.
Just remember, you won’t own the underlying shares when trading stocks on MT5. Once again, you’ll be trading CFDs.
Indices
If you’re looking for exposure to a broader economy, indices could be the way to go. The best MT5 brokers offer more than a dozen indices markets.
This usually includes the Dow Jones, S&P 500, Russell 2o00, and FTSE 100. Some MT5 brokers also cover indices in emerging markets – such as China, India, and South Africa.
Cryptocurrencies
If you’re looking to trade cryptocurrencies, you might be inclined to use a traditional exchange. Some of the best crypto exchanges include Coinbase and Binance. However, you can also trade cryptocurrencies on MT5 if your chosen broker supports them.
You’ll be trading cryptocurrency CFDs, meaning you can go long or short. Moreover, you can also trade cryptocurrencies with leverage on MT5.
Other Assets
While the assets outlined above are most commonly traded, some MetaTrader 5 brokers also support:
Futures
Options
Bonds
ETFs
Why Use MT5? Benefits Revealed
You have many options when choosing an online trading platform. So that begs the question – why is MT5 so popular with traders?
Let’s explore some of the main benefits of trading via MT5 in 2024.
Custom Trading Screens
MT5 is ideal if you want to create your own custom trading screen. There are many customization options that you can choose from. This includes an unlimited number of charts on your screen at any given time.
For example, suppose you want to trade major forex pairs. You might specialize in EUR/USD, GBP/USD, and TRY/USD. You could have all three pricing charts displayed on your screen simultaneously. This means you’ll never miss a market movement.
In addition, you can also set your own color schemes. While some traders opt for a clear layout with a white background, others prefer darker colors.
High-Level Technical Analysis
MT5 is the ultimate trading platform for performing high-level technical analysis. By default, MT5 comes with 38 technical indicators. These are divided into subcategories, such as volume, trend, and oscillator indicators. You can choose your preferred indicator and add it directly to your pricing chart.
In addition, MT5 allows you to import your own custom technical indicators. These can be obtained through the MQL5 marketplace or third-party providers. To help you perform technical analysis effectively, MT5 also supports 44 analytical objects. These can be applied to indicator windows and live pricing charts.
How do you Install a Custom Indicator into MT5?
If you have a custom indicator and want to upload it to your MT5 software, follow the steps outlined below:
First, download the custom indicator to the same device that the MT5 desktop software is installed on. This should be a .mq5 file.
Click on the ‘File’ button followed by ‘Data Folder’
Next, select the custom indicator that you want to upload.
Refresh your MT5 software, and you should now see the indicator installed.
Fundamental Analysis
Many traders are unaware that MT5 is also ideal for fundamental analysis. This will allow you to stay up-to-date on key market movements for your preferred assets. For example, you can receive notifications when a blue-chip stock releases an earnings report. Or when a central bank meeting results in an interest rate hike.
However, MT5 does not provide financial news itself. On the contrary, this will be provided by your chosen MT5 broker. As such, it’s important to choose a broker that offers fundamental data in real-time. This can then be imported into MT5, so you’ll never miss a market beat.
Unlike MT4, MT5 also comes with a built-in economic calendar. This features more than 600 macroeconomic indicators from 15 markets. For example, the US, European Union, Japan, and the UK.
You can choose which countries you want to receive news about. If you’re a forex trader, it might be worth choosing them all. After all, the MT5 economic calendar supports important events like central bank meetings, financial stability reports, industrial production levels, and confidence indexes.
Deploy an Automated Trading Robot
If you’re interested in automated trading robots – MT5 is a must. This platform was designed for this purpose, allowing you to deploy your own robots 24/7.
First, you will need to purchase a robot that aligns with your preferred strategy and markets. If you visit the MQL5 marketplace – which is backed by MT5, you’ll find thousands of robots for sale. These are not created by MT5 but by third-party developers and traders.
Prices vary considerably, depending on the popularity and past performance of the robot. We like that each robot comes with reviews and ratings, allowing you to choose a strategy that actually works. Moreover, some robots can be rented on a monthly basis or purchased outright.
One of the most popular MT5 robots is Quantum Emperor. This specializes exclusively in GBP/USD. However, this MT5 robot will cost you $199.99 per month, or $999.99 for lifetime access. If you’re looking for something more budget-friendly, you might consider Network AI. This robot extracts real-time financial news and interprets it via artificial intelligence. It will then place trades accordingly. This MT5 robot costs just $50 for lifetime access.
After you’ve rented or purchased a robot, you can install it into your MT5 software. We would suggest testing the robot in demo mode for several weeks to see how it performs in live market conditions. You can make adjustments to the robot manually if needed. Just remember, when you activate via your main MT5 brokerage account, it will trade with real money. As such, the backtesting process is crucial.
Using a VPS to Trade on MT5 24/7
If you’re planning to deploy an automated robot on MT5, it’s crucial that you use a VPS (virtual private server).
This will give your MT5 robot a dedicated service – ensuring that it can trade 24/7 without interruptions.
It will also enable you to use your desktop device without impacting your robot.
You can rent a VPS directly from the MQL5 marketplace. Prices start from $17.99 per month. Cheaper rates are available when signing up for a 3, 6, or 12-month package.
MQL5 Copy Trading
Another way to automate your trades on MT5 is via copy trading. This is called ‘trading signals’ on MT5 (not to be confused with the best forex signals), but the process works the same. For example, you’ll first need to choose a trader to copy via the MQL5 marketplace. Once again, you’ll have thousands of options to choose from. That said, when compared to robots, trading signals are a lot more affordable.
Most plans average $30 to $45 per month and you can cancel at any time. You’ll be presented with lots of information when choosing a trader to copy. Most importantly, this includes the past performance of the trader since using MT5. You’ll also see their trading history, statistics, and risk profile.
Once you have purchased a subscription, all future trades will be mirrored. This will be proportional to the amount you want to risk on the trader.
For example, suppose you allocate $1,000 to a forex trader.
The trader risks 3% of their bankroll buying EUR/USD.
In your account, you’ll also buy EUR/USD, but at a stake of $30 (3% of $1,000.
When the trader closes the EUR/USD position, so will you.
Any profits or losses will be reflected in your brokerage account.
Just like robots, you can test drive your chosen trader in demo mode. Consider doing this for at least a few weeks so you can get an overview of how the trader performs. If you find the trader doesn’t meet your expectations, you can cancel your subscription.
How do you Copy Another Trader on MT5?
Copying a trader on MT5 is simple. Follow the steps below to get started today:
First, visit the MQL5 marketplace and browse the many copy traders available. Click on a trader to view their key stats – such as past performance and maximum drawdown.
After choosing a trader to copy, you’ll need to pay for a subscription. You can pay with a debit/credit card and a selection of e-wallets.
Next, click on ‘options’ in MT5 followed by ‘Signals’. You can then set your risk parameters (such as a maximum stop-loss).
You’ll also need to set your copy trading parameters. For instance, whether or not to follow their take-profit levels and how much of your bankroll to risk.
And that’s it – your settings will now be followed by MT5. You can stop following the trader at any time.
Multi-Device Support
MT5 is available on most device types, ensuring that you’re never more than a click away from your trading account.
The majority of traders will use the MT5 desktop software. Not only because it offers full charting functionality but also support for copy trading and robots. MT5 for Mac, Windows, and Linux is free to download.
It’s also wise to download the MT5 app. The MetaTrader 5 app is available on both iOS and Android. You can connect this to your main MT5 brokerage account. This will enable you to execute trades when you don’t have access to your desktop device.
Demo Trading
MT5 is one of the best platforms for demo trading. While it doesn’t directly offer demo accounts, you can open one for free with most MT5 brokers. For example, it takes seconds to open a Vantage Markets demo account. You won’t need to make a deposit to activate it, let alone provide any payment details. Vantage Markets will fund your MT5 demo account with $100,000 in virtual capital.
This is more than enough to get used to how MT5 works. You can also use your demo account to practice new strategies. After all, you won’t be trading with real capital. Another use case for MT5 demo accounts is for backtesting trading robots. This is also the case when trying a new copy trader for the first time. Your chosen brokerage will provide live pricing data to MT5, so you’ll be trading in actual market conditions. But with virtual funds instead of real money.
MT4 vs MT5
MT4 and MT5 are both owned and operated by the MetaTrader brand. MT4 is the original MetaTrader platform and it’s still the most popular. Not only in terms of users but the number of brokers supporting it.
However, MT5 is a newer and more advanced version of MT4. While there are many similarities, MT5 offers a better all-round package.
For example:
Markets: MT5 supports more markets than MT4. In addition to forex and CFDs, it can also facilitate options and futures trading.
Technical analysis: There are 38 forex indicators on MT5. MT4 supports 30. That said, both MT4 and MT5 allow you to install custom indicators. In addition, MT5 comes with 44 analytical objects, while MT4 supports just 31.
Timeframes: One of the main advantages of MT5 is that it supports 21 timeframes. MT4 supports just 9. This will particularly appeal to scalpers.
Order policy: MT4 only allows you to place a ‘fill or kill’ order. MT5 also supports ‘immediate or cancel’, plus ‘return’ orders. This gives you a lot more flexibility when entering and exiting a position.
Accounts: MT4 only supports one brokerage account at a time. In contrast, MT5 supports multiple accounts within the same software. This means you can link multiple accounts and easily switch between each one without leaving MT5.
Economic Calendar: MT5 comes pre-installed with a comprehensive economic calendar that covers 15 global economies. This includes important economic events, such as interest rate meetings, employment figures, and GDP forecasts. MT4 doesn’t come with an economic calendar.
Conclusion
MT5 is one of the best trading platforms for advanced traders – especially those relying on high-level chart analysis. We’ve ranked the best MT5 brokers in the market, and Vantage Markets is a clear winner.
Vantage Markets supports everything from forex and commodities to cryptocurrencies, indices, and stocks. You won’t pay any trading commissions and spreads are very tight. What’s more, Vantage Markets offers a free demo account with $100,000 in virtual capital.
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.
An ‘MT5 broker’ is an online brokerage platform that connects with MT5. Without a broker, you won’t be able to use the MT5 platform.
Which brokers can you use with MT5?
Although an exact figure isn’t provided by MT5, many online brokers support its platform. Some of the best MT5 brokers include Vantage Markets, AvaTrade, and Pepperstone.
Is MT5 worth using?
Yes, MT5 offers lots of charting tools and features that likely aren’t supported by your broker. Moreover, MT5 supports copy trading and automated robots.
Is MT5 good for beginners?
MT5’s analysis tools are more suited for experienced traders. That said, beginners can use MT5 for copy trading and robots.
Is MT5 better than MT4?
While MT5 has many similar features to MT4, it offers more technical indicators, analytical objects, and timeframes. Moreover, MT5 supports more assets than MT4.
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Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…
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