Best MetaTrader 5 Brokers List for 2023
Currency trading involves speculating on the market value of forex pairs. One of the best ways to do this is via an best MT5 Brokers.
Today, we will review the best MT5 brokers based on everything from trading fees and supported pairs to leverage and analysis tools.
We also discuss some standout features traders can expect to find on MetaTrader 5 and explain how to get started with an account today.
Best MT5 Brokers Brokers List for 2023
Below is a list of the best MT5 brokers. As is clear, there is a platform for every type of trader.
- AvaTrade – Regulated Forex Trading Platform With High Leverage
- Pepperstone – ASIC-Regulated Broker With ZERO Spreads on CFD Razor Accounts
- Forex.com – Gain Exposure to a Range of Markets via MT5
- FP Markets – Low Commission on Over 10,000 CFD Products
- Oanda – Regulated Forex Broker for US Traders
- FBS – User-Friendly MT5 Broker With Leverage of up to 1:3000
- FX Pro – Micro-Lot Trading From 0.01 Pips on over 2,100 Instruments
- XM – MT5 Broker With Spread-Free Trading
- Blackbull Markets – Forex and CFD Platform with Over 23,000 Instruments
- IC Markets – Top MT5 Forex Broker for Automated Trading
A full review of each brokerage will be revealed next. Note that due to regulatory constraints, some best MT5 Brokers on this list are unable to accept clients from the US.
Best MT5 Brokers Reviewed
Prior to completing an MT5 download, choose the best broker to link the account to. Lots of brokers support this trading software, so picking the right one can be tricky. Additionally, many traders also look for the best MT4 brokers due to the advanced charting and trading tools that MT4 and best MT5 Brokers offer.
We’ve highlighted the best broker for MetaTrader 5 and have also reviewed some other top choices. Below, traders can find information surrounding fees, asset variety, account types, and more.
1. AvaTrade – Regulated Best MT5 Brokers Trading Platform With High Leverage
AvaTrade is considered to be one of the safest MT5 forex brokers. The management of client assets, the security of funds, and regular financial reporting are all subject to strict compliance regulations.
It is regulated by ASIC, the FSCA, FSA, and more. Eligible clients can trade with leverage up to 1:400. As such, if the trader is able to successfully speculate on the price fluctuations of a pair, they can magnify their gains by 400 times.
High leverage forex brokers are great, but losses are magnified on losing trades, so beginners should tread with caution. The maximum leverage available to clients in the UK, Australia, and Europe is 1:30. There are more than 1,250 instruments listed at AvaTrade. This includes over 60 currency pairs.
There is no commission payable when trading currency pairs. This only leaves the spread to pay. To offer an example, at the time of writing, the spread on EUR/USD is from 0.9 pips. Traders can also access a demo account to hone their skills. Additionally, did you know that AvaTrade is one of the best forex copy trading platforms out there?
Moreover, vanilla options are available at AvaTrade. Accepted deposit types are inclusive of e-wallets, wire transfers, and credit and debit cards. That said, traders will need to check the platform in order to establish which payment types are available as it depends on the country of residence. The minimum deposit is $100 and it also provides access to the best forex VPS.
| Number of Pairs | 60+ |
| Other Supported Assets | Indices, stocks, ETFs, bonds, crypto, options |
| Spread for EUR/USD | From 0.9 |
| Accepts US Clients? | No |
| Max Leverage | 1:400 |
| Broker Type | Market maker, CFD |
What We Like
- Easy to navigate platform
- Regulated by multiple bodies
- Over 1,250 assets to trade with the MetaTrader5 app
2. Pepperstone – Regulated Broker With ZERO Spreads on CFD Razor Accounts
Pepperstone is an MT5 broker that is regulated by ASIC, the FCA, and DFSA. The standard Pepperstone account offers a 1 pip mark up on the raw spread and ZERO commission.
The standard spread on EUR/USD starts from 0.6 pips. This is one of the best scalping brokers. Pepperstone’s Razor account offers raw spreads from ZERO pips. In this case, there will be a commission fee applied.
Pepperstone allows users to trade on MT4 or MT5 as well as buy and sell CFDs via the best automated forex trading EAs. This broker accepts a range of payment methods that include bank transfers, credit/debit cards, and e-wallets, such as Skrill and PayPal.
The recommended deposit at Pepperstone is $200, however, traders are free to fund their account with any amount of their choosing. Depending on the location, traders can leverage their positions by up to 1:500. Retail clients are capped at 1:30. There are over 60 forex pairs to trade at Pepperstone.
| Number of Pairs | 60+ |
| Other Supported Assets | Stocks, indices, crypto, commodities |
| Spread for EUR/USD | From 0.09 depending on the account |
| Accepts US Clients? | No |
| Max Leverage | Up to 1:500 |
| Broker Type | STP, CFD |
What We Like
- Over 1,200 instruments available to trade
- High leverage up to 1:500
- Over 60 pairs to trade
3. Forex.com – Gain Exposure to a Range of Markets at Competitive Fees
Forex.com offers more than 80 currency pairs and accepts clients from all over the world. Notably, unlike many forex brokers, US clients are accepted by this provider. However, only on certain platforms. Unfortunately, this does not include MT5.
That said, traders from the US can open an account via the MT4 platform, which is available on mobile and tablet as well as desktop. MT4 includes different trading tools and order types.
Eligible clients can partake in MetaTrader 5 trading at Forex.com, where they can access enhanced charting with a variety of indicators, tools, and timeframes. According to the platform, the typical spread on EUR/USD is as low as 0.2 pips.
Forex.com has a plethora of educational courses and guides within its academy and also offers real-time news. Supported payment types include wire transfer, PayPal, and credit/debit card.
| Number of Pairs | 80+ |
| Other Supported Assets | Stocks, commodities, indices, crypto |
| Spread for EUR/USD | From 0.2 pips |
| Accepts US Clients? | Yes, only selected platforms |
| Max Leverage | 1:50 |
| Broker Type | DMA, STP, CFD |
What We Like
- Over 9,500 trading products
- Accepts PayPal deposits in EUR, GBP, and USD
- US clients can trade forex via MT4 instead
4. FP Markets – Low Commission on Over 10,000 CFD Products
FP Markets is one of the best MT5 forex brokers for asset variety. It offers more than 10,000 CFD products via MT4 and MT5. Forex account types include standard and also raw, which are offered via MT5.
The spread on currency pairs depends on the account. For instance, the standard account offers spreads from 1 pip, while the latter starts at 0 pips.
Whichever account is chosen, traders can access over 60 forex pairs. Leverage of up to 1:30 is offered to retail clients and the minimum trade size is just 0.01 lots. There is also a free demo account available.
The account minimum is $100, and deposit types include credit/debit cards and bank transfers. E-wallets include Neteller, Skrill, FasaPay, STICPAY, and more. There are 10 fiat currencies accepted for traders looking to make an account in their local currency.
The FP Markets customer support team is multilingual and is available 24/7. Avenues of contact include live chat, email, and phone.
| Number of Pairs | 60+ |
| Other Supported Assets | Commodities, crypto, indices, stocks |
| Spread for EUR/USD | From 1 pip on a standard account |
| Accepts US Clients? | No |
| Max Leverage | Up to 1:30 for retail clients |
| Broker Type | ECN, CFD |
What We Like
- Over 10,000 tradable CFD products
- Raw MT5 accounts offer spread from 0.0 pips
- Multilingual 24/7 customer support
5. Oanda – Regulated Forex Broker for US Traders
Oanda is a reputable forex broker that operates in eight regulated markets. The platform is regulated by the CFTC, MFSA, FCA, ASIC, FSA, FSC, MAS, and IIROC.
There are more than 70 pairs to buy and sell at this MT5 trading platform. Furthermore, there is also a built-in economic calendar, which allows traders to keep ahead of the curve at all times.
It’s easy to link Oanda to MT5 directly through the platform, not least because the user simply needs to log in or create an account.
Deposit methods are inclusive of bank wire transfers, debit cards, and ACH. Bank transfers and wire withdrawals attract a fee. The amount depends on the trader’s location/currency.
Debit card deposits are fee-free on the first transaction. Following this, a charge applies. Again, the amount depends on the currency.
The broker offers two pricing options. First, there is core pricing plus the spread. This is a spread from 0.0 pips and $50 commission per $1 million. The second is the spread-only model.
| Number of Pairs | 70+ |
| Other Supported Assets | Stocks, commodities, stocks, indices |
| Spread for EUR/USD | Depends on the pricing model chosen |
| Accepts US Clients? | Yes |
| Max Leverage | Up to 1:50 |
| Broker Type | Market maker, CFD |
What We Like
- Accepts clients from the US
- Regulated by multiple bodies
- Different pricing models to choose from
6. FBS – User-Friendly MT5 Broker With Leverage of up to 1:3000
FBS is an international MT5 broker serving the majority of Europe and Asia as well as the UAE and South Africa. Notably, this MT5 broker allows people to trade currencies with leverage up to 1:3000.
Instant deposit methods include Visa, Neteller, Skrill, PerfectMoney, and STICPAY. The latter attracts a fee of 2.5% plus a $0.03 commission. PerfectMoney may also command a commission fee, however, this is not specified.
There aren’t as many forex pairs as on other platforms, as we found just 25. The platform states that the spread starts at 0.5 pips on a standard account. There are other accounts available such as zero-spread, cent, micro, ECN, and more.
FBS offers access to daily and weekly webinars and analytical videos. There is also a small selection of educational tools.
| Number of Pairs | 25+ |
| Other Supported Assets | Stocks, indices, commodities |
| Spread for EUR/USD | From 0.0 pips. |
| Accepts US Clients? | No |
| Max Leverage | Up to 1:3000 |
| Broker Type | DMA, ECN, CFD |
What We Like
- Numerous accounts to choose from
- Leverage of up to 1:3000
- Spread from 0.0 pips
7. FXPro – Micro-Lot Trading From 0.01 Pips on Over 2,100 Instruments
FXPro offers a variety of accounts, and there are more than 2,100 tradable instruments. Micro lots of 0.01 or more are available to trade across all platforms.
The leverage on offer will be dependent on the jurisdiction of the trader as well as the platform and asset being bought or sold. The spread forex traders have to pay will also depend on the account and platform.
For instance, the FXPro platform says that MT5 accounts come with mark-up spreads and ZERO commission. The MT4 account offers fixed spreads on 7 major currency pairs.
This platform claims to execute trading orders in less than 14 milliseconds. Depending on the trader’s country of residence, supported deposit methods include e-wallets like PayPal, Skrill, and Neteller.
FXPro also accepts credit/debit cards and wire transfers. Notably, CFDs are not offered to residents of the US, Canada, and Iran.
| Number of Pairs | 70+ |
| Other Supported Assets | Crypto, futures, commodities, stocks |
| Spread for EUR/USD | Depends on the platform and account |
| Accepts US Clients? | No |
| Max Leverage | Up to 1:200 |
| Broker Type | NDD, CFD |
What We Like
- Over 2,100 tradable instruments
- Up to 1:200 leverage
- Ultra-fast execution
8. XM – MT5 Broker With Spread-Free Trading
XM is a popular online broker that offers plenty of account types. This includes a standard, micro, and XM zero account. The latter offers a spread that starts at 0.0 pips.
That said, be aware of the commission fee on spread-free accounts, as they are usually based on trading volume. There are more than 1,000 trading instruments at XM and over 55 currency pairs.
XM clients have access to a demo account that is preloaded with a virtual balance of $100,000 to trade with. Deposit methods are plentiful and include local and wire transfers, credit/debit cards, and numerous e-wallets.
The minimum deposit is just $5 at XM. The platform operates under multiple regulators, including ASIC, the FCA, and CySEC. Traders opting to sign up with XM should look out for promotional offers. These are either offered seasonally or on an invitation-only basis.
| Number of Pairs | 55+ |
| Other Supported Assets | Stocks, futures, indices, commodities |
| Spread for EUR/USD | From 0.0 pips |
| Accepts US Clients? | No |
| Max Leverage | 1:1000 |
| Broker Type | NDD, CFD |
What We Like
- More than 1,000 instruments to trade
- Various accounts to choose from
- Some accounts offer spreads as low as 0.0 pips
9. Blackbull Markets – Forex and CFD Platform with Over 23,000 Instruments
Blackbull Markets offers traders a maximum leverage limit of 1:500 on forex, even on its standard account offering. On the same account, the spread starts from 0.8 pips and there is no commission to pay.
There is also a prime account whereby the spread starts from 0.1 pips, however, the commission is $6 per lot in this case. Blackbull Markets also offers institutional Islamic forex accounts.
In total, there are more than 23,000 markets to speculate on at this MT5 trading platform. This includes over 64 forex pairs. Blackbull Markets is partnered with a number of social trading platforms. This includes Zulu Trade and MyFXbook.
Deposit types include credit/debit cards, and e-wallets such as Neteller, Skrill, ChinaUnion, and FasaPay.
| Number of Pairs | 64+ |
| Other Supported Assets | Stocks, indices, commodities |
| Spread for EUR/USD | From 0.1 pips |
| Accepts US Clients? | No |
| Max Leverage | 1:500 |
| Broker Type | STP, NDD, CFD |
What We Like
- 23,000+ tradable instruments listed
- High leverage up to 1:500
- Beginner-friendly standard account with 0% commission
10. IC Markets – Top MT5 Forex Broker for Automated Trading
IC Markets is an Australian CFD broker that offers MetaTrader 5 alongside a range of other trading platforms, including MT4, cTrader, and ZuluTrade. It’s one of the best forex brokers for traders who want to automate their trades and track their performance using Myfxbook. All of the trading platforms that IC Markets supports, including MT5, support copy trading and automations.
IC Markets gives traders access to more than 2,200 global markets, including 61 major and minor forex pairs. Traders can access leverage up to 500:1 for trading major forex pairs and spreads start from as low as 0.6 pips with a standard account. This broker also offers ECN trading accounts with spreads from 0 pips and commissions of just $3 per trade.
Another benefit to IC Markets is that funding a new trading account is simple. The platform supports 10 different base currencies and accepts fee-free deposits by bank transfer, credit card, debit card, Neteller, Skrill, and dozens of other popular e-wallets. The minimum deposit to open a new account is $200.
| Number of Pairs | 61 |
| Other Supported Assets | Stocks, indices, commodities, cryptocurrencies, bonds |
| Spread for EUR/USD | From 0.6 pips |
| Accepts US Clients? | No |
| Max Leverage | 1:500 |
| Broker Type | STP, NDD, ECN, CFD |
What We Like
- Up to 500:1 leverage
- Wide range of trading platforms in addition to MT5
- Accepts most major e-wallets for deposits
Best MT5 Forex Brokers Compared
Below is a table comparing each of the best MT5 brokers we have reviewed today.
| MT5 Broker | Number of Pairs | Other Supported Assets | Spread for EUR/USD | Accepts US? | Max Leverage | Broker Type |
| AvaTrade | 60+ | Indices, stocks, ETFs, bonds, crypto, options | From 0.9 pips | No | 1:400 | Market maker, CFD |
| Pepperstone | 60+ | Stocks, indices, crypto, commodities | From 0.09 pips | No | 1:500 | STP, CFD |
| Forex.com | 80+ | Stocks, commodities, indices, crypto | From 0.2 pips | Yes | 1:50 | DMA, STP, CFD |
| FP Markets | 60+ | Commodities, crypto, indices, stocks | From 1 pip on standard account | No | 1:500 | ECN, CFD |
| Oanda | 70+ | Stocks, commodities, stocks, indices | Depends on the pricing model chosen | Yes | 1:50 | Market maker, CFD |
| FBS | 25+ | Stocks, indices, commodities | From 0.0 Pips depending on account | No | 1:3000 | DMA, ECN, CFD |
| FXPro | 60+ | Crypto, futures, commodities, stocks | Depends on platform and account | No | 1:30 | NDD, CFD |
| XM | 55+ | Stocks, futures, indices, commodities | From 0.0 pips depending on account | No | 1:1000 | NDD, CFD |
| Blackbull | 64+ | Stocks, indices, commodities | From 0.1 pips | No | 1:500 | STP, NDD, CFD |
| IC Markets | 61 | Stocks, indices, commodities, cryptocurrencies, bonds | From 0.6 pips | No | 1:500 | STP, NDD, ECN, CFD |
Conclusion
This guide has reviewed and ranked the best MT5 brokers in the market. Overall, AvaTrade is the number one platform worth considering. The broker offers a competitive spread that starts from 0.9 pips, depending on the account chosen.
The leverage on offer for most retail clients is 1:400. Moreover, there are more than 60 forex pairs to trade as CFDs. This means people can also try to profit from markets they believe will fall.