MetaTrader 5 Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: March 14, 2025

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• Main features of the best MT5 Forex brokers
• Trading with MetaTrader 5
• order-types
• MT5 Features
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Many traders base their choice of forex brokers on the range of supported trading platforms they can resort to. While some brands have launched proprietary platforms, others prefer utilizing popular trading software solutions like MetaTrader 4 and MetaTrader 5 (commonly referred to as MT4 and MT5). The former is one of the most widely used trading platforms by forex traders, offering user-friendly design, charting tools, and plenty of options for automated trading. MT5 represents the next generation of trading software introduced by the company that created MT4, allowing forex traders access to improved analytical tools, advanced charts, and automated trading solutions.

If you are looking for forex brokers utilizing MT5 trading, you can take a look at the list of the best МТ5 forex brokers reviewed by our expert team at TradingPedia. If you are looking for a well-equipped trading platform that will allow you to trade on the financial markets, then why don’t you take a look at Meta Trader 5? It has all the tools a trader needs.

1. 

   Fusion Markets

   Rating: 4.5

   74-89% of retail's CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   BlackBull Markets

   Rating: 4.8

   Trading leveraged products is risky

4. 

   Global Prime

   Rating: 4.5

   74-89% of retail CFD accounts lose money

5. 

   Pepperstone

   Rating: 4.5

   75.5% of retail investor accounts lose money

6. 

   Axi

   Rating: 4.4

   The vast majority of retail client accounts lose money

In this review, you can find a comparison table of forex brokers that support MetaTrader 5. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.

Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.

Main features of the best MT5 Forex brokers

Overview of MetaTrader 5

MetaTrader 5 (MT5) is a trading platform that allows users to trade various financial instruments, including Stocks, CFDs, Forex, and Futures. The platform provides a range of features that enable traders to automate their trades, analyze markets, and make informed investment decisions.

The platform was created by MetaQuotes Software, which is also responsible for the launch of the widely popular MT4. The main purpose for the introduction of MT5 was to surpass its predecessor, offering advanced charts, better analytical tools, and improved automated trading. While MT4 is a great solution for forex trading, the demand for a richer selection of tradable assets has led to the launch of MT5.

While offering advanced trading, MT5 still boasts a user-friendly design that enables easy management of orders. Sophisticated charts and analytical tools allow better market assessment, and improved strategy testers can help traders determine parameters for their Expert Advisors (EAs).

Seamless Trading with MetaTrader 5’s User Friendly Interface

MT4 and MT5 share a somewhat similar interface, so if you are upgrading to the newer platform, you will have no issue with the switch to MT5. If you have already created your MT5 account, you can use your credentials to sign in and launch the main window of the software. The menu bar at the top will present access to operations with charts, MT5 settings, analytical tools, and other features of the platform.

A built-in learning system provides more than 100 interactive tips that can help you learn and master different features of the platform. Just like with MT4, the MT5 platform will display available markets in the left part of the window, while market charts can be loaded right next to the Market Watch section.

Indicators and trading robots can be seen in the Navigator section, displayed below the Market Watch. Any applications that traders have purchased and downloaded from the Code Base will also be available in the Navigator section of the MT5 platform. The Chart Switch Bar underneath will allow you to toggle between the various charts you have loaded. Meanwhile, the Toolbox window will allow traders to manage trade positions or view news and account history.

Order Types Available to MT5 Traders

Conveniently enough, MT5 users will have access to a variety of order types. In fact, all MT4 order options will be available here, with MT5 also adding two order types that are not available in the older version of the MetaTrader platform. Depending on their preferences, traders can choose to place instant-execution orders or opt for pending orders. Like the names suggest, the former allows instant execution of your order at the current market price, while the latter can allow the execution of the order at a specific price in the future.

The types of pending orders available in MT5 include:

1. Buy Limit – this order prompts a BUY execution if the future ASK price matched the parameters set by the trader when placing the pending order. In this case, the current market price is supposed to be higher than the value set by the trader.
2. Buy Stop – this order triggers a buy operation when the future ASK price matched the value entered by the trader during the pending order setup. This order is suitable in the case when traders assume the asset’s price will decline.
3. Sell Limit – this option triggers a sell order when the future BID price matched the value set by the trader. This order type is typically placed by traders who believe the price of the asset, which has recently increased, will soon drop.
4. Sell Stop – this order prompts a sell execution when the future BID price matches the value set by the trader. It is usually placed when traders believe that the asset’s price, which has dropped to a certain level, will keep declining.
5. Buy Stop-Limit – this is one of the order types that are not available in MT4. It combines two order variations, putting a stop on placing a Buy Limit order. When the future ASK price reaches the stop-level a Buy Limit order will be executed. The stop level is set above the current ASK price and the Stop Limit value is below the stop level.
6. Sell Stop-Limit – this is the second new order type available in MT5, which is a stop order for placing a Sell Limit. When the future BID price reaches the stop level, a Sell Limit order will be executed. The stop level is set below the current BID price and the Stop Limit value is above the stop level.

MT5 Features Enabling Smooth Trading

With more brokers including MT5 in their lists of supported trading platforms, more forex traders have the chance to handle their orders in a single click, monitor markets, or simply adjust their strategy for successful automated trading. Below you can find the main features of the MT5 platform.

Algorithmic Trading

MT5 allows users to create and use algorithmic trading applications, including trading robots and Expert Advisors (EAs). These can be built from scratch or imported from the platform’s library. EAs allow traders to automate their trades, executing positions on their behalf even when they are not logged into their MT5 accounts. This feature enables traders to process extensive information and multiple orders quickly with minimal intervention.

Strategy Testing

Before activating a robot for automated trading, traders have the opportunity to use the platform’s built-in strategy tester. While this tool examines the success rate of EAs, it also allows the detection of the best parameters for one’s strategy, enabling improved automated trading.

Multiple Open Positions

MT5 enables traders to manage multiple open positions simultaneously, making it easier to monitor and adjust their trades. What is more, with two additional pending order types, MT5 offers its users multiple order options to choose from for their trades.

Technical and Fundamental Analysis

The platform provides a range of analytical tools, including 38 technical indicators, 39 graphical indicators, and 80 built-in analytical indicators. These tools help traders understand market movements and make predictions about future price directions.

Market Depth

MT5’s Market Depth feature provides real-time information about the best bids and offers for a particular asset, enabling traders to assess market liquidity and make more informed decisions.

Predicts Market Direction

With advanced analytical tools available in MT5, traders are able to track price fluctuations with ease. That way, platform users may predict market directions and make informed investment decisions.