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AuthorBy Jeffrey Cammack
Updated: October 5, 2022

MetaTrader 5 (MT5) is the most recent version of the industry-standard MetaTrader Forex trading platform, and the first to make use of multi-asset functionality for stocks, futures and Forex trading.  Though still not as popular as the previous MT4 version, MT5 is supported by a growing number of brokers, giving traders a wider choice of trading platform.

As of 23 September 2022, MT5 is no longer available in the App Store for iPhones and iPads. Clients with a pre-installed MT5 app will no longer receive updates, and new users will not be able to download the app to their iOS devices.

 

These are the best MT5 brokers in 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
MetaTrader 5 (MT5)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Compare
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 10030:1 ExcellentUSD 70.10 pips0.10 pipsASIC Regulated Forex BrokersCySEC Regulated Brokers1009960
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 10030:1 ExcellentUSD 60.60 pips0.17 pipsFCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority070
Markets.com
4.64 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission220667
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 530:1 ExcellentUSD 161.60 pips1.00 pipsCySEC Regulated BrokersASIC Regulated Forex BrokersFCA Regulated BrokersInternational Financial Services Commission151057
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 20030:1 ExcellentUSD 80.10 pips0.02 pipsCySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services Authority174464
ACY Securities
4.08 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 5030:1 StandardUSD 101.00 pips0.30 pipsASIC Regulated Forex BrokersVanuatu173163
Go Markets
4.10 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 20030:1 StandardUSD 101.00 pips0.20 pipsASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services Commission57549
Admiral Markets
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
AUD 10030:1 ExcellentUSD 80.80 pips0.80 pipsASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct Authority383050

How to compare MT5 brokers

The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.

Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.

Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.

Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.

Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.

Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.

Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.

Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.


FP Markets – Best MT5 Broker in Australia

FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 3 USD commission per lot. Minimum deposit on both accounts is 100 AUD.

FP Markets MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.

Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Pepperstone – Best ECN Broker with MT5 Support

Pepperstone is an Australian ECN broker with two simple accounts, ASIC regulation and full support for MT5, including hedging and share trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.

Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free and the average spread on the EUR/USD is 1.09 pips. The Razor Account charges a commission of 7 AUD round turn but the average spread on the EUR/USD is 0.09 pips – about as close as traders can get to true market prices as possible.

Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

XM – Best MT5 Demo Account

XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms.  The XM Zero account offers spreads down to 0 pips and a commission of 3.50 AUD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.

The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertLeverage limitations apply to all the EU regulated entities of the group.

IC Markets – Best ECN MT5 Broker for Beginners

IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.

IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Admirals – Best ASIC MT5 Broker

Admirals has four accounts, two of which focus on the MT5 platform – Trade.MT5 and Zero.MT4. Both MT5 trading accounts have a 100 AUD minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. The Trade.MT5 account has a minimum spread from 0.5 pips with no commission and the Zero.MT5 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT5 account is 5 USD round turn, which is at the lower end of what other brokers can offer.

Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5, has advancements in technical analysis, improved trading widgets, the trader terminal, charts, and indicators that update the old standard versions of the software with both functionality and usability. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

What is MT5?

Released in 2010, MetaTrader 5 (MT5) is the latest version of the market-leading MetaTrader trading software. 

Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.

MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners. 

Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators. 

MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.

MT5 Pros and Cons

Pros:

  • Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
  • MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
  • MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

  • MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
  • MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
  • MT5 is a more complex platform than MT4.

MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.

Should I use MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4. 

If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.

The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.

That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.

All ASIC MT5 Brokers

Here is our list of all ASIC regulated broker which support MT5 that we have reviewed. They are ordered by overall score, with the highest scoring first in the list. 

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Broker
Overall Rating
Trading Platforms
ASIC Regulated
ASIC License
Regulators
Min. Deposit
Cost of Trading
Max Leverage (Forex)
No. of FX Pairs
Trading Commission
Compare
Markets.com
4.64 /5
Read Review
MT4, MT5 424008FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionAUD 100USD 730:167Fees Included in Spread
Pepperstone
4.61 /5
Read Review
MT4, MT5, cTrader 414530ASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityAUD 100USD 630:170From 7 USD / lot - Razor Account
AvaTrade
4.48 /5
Read Review
MT4, MT5, Avatrade Social, AvaOptions 406684ASIC Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionCySEC Regulated BrokersCentral Bank of IrelandAUD 100USD 930:155Fees Included in Spread
IC Markets
4.46 /5
Read Review
MT4, MT5, cTrader 335692CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityAUD 200USD 830:1647 USD / lot - Raw Spread Account
Admiral Markets
4.34 /5
Read Review
MT4, MT5, MT Supreme 410681ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityAUD 100USD 830:1501.8 - 3 USD per lot
FP Markets
4.28 /5
Read Review
MT4, MT5, IRESS 286354ASIC Regulated Forex BrokersCySEC Regulated BrokersAUD 100USD 730:1606 USD / lot - RAW Accounts
XM
4.25 /5
Read Review
MT4, MT5 443670CySEC Regulated BrokersASIC Regulated Forex BrokersFCA Regulated BrokersInternational Financial Services CommissionAUD 5USD 1630:1577 USD / lot - XM Zero Account
ThinkMarkets
4.18 /5
Read Review
MT4, MT5, ThinkTrader 424700FCA Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityCySEC Regulated BrokersAUD 0USD 1230:1467 USD / lot - ThinkZero Account
Eightcap
4.13 /5
Read Review
MT4, MT5 391441ASIC Regulated Forex BrokersVanuatuSecurities Commission of the BahamasAUD 100USD 730:1457 USD / lot
Go Markets
4.10 /5
Read Review
MT4, MT5 254963ASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services CommissionAUD 200USD 1030:1496 USD / lot - GoPlus+
ACY Securities
4.08 /5
Read Review
MT4, MT5 403863ASIC Regulated Forex BrokersVanuatuAUD 50USD 1030:163Fees Included in Spread
MultiBank
3.93 /5
Read Review
MT4, MT5 416279Financial Services CommissionASIC Regulated Forex BrokersAUD 50USD 1430:1413 USD / lot
Trade360
3.70 /5
Read Review
MT5, Sirix 439907CySEC Regulated BrokersASIC Regulated Forex BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtAUD 500USD 4030:148Fees Included in Spread
Vantage FX
3.63 /5
Read Review
MT4, MT5, ProTrader 428901FCA Regulated BrokersASIC Regulated Forex BrokersCayman Islands Monetary AuthorityVanuatuAUD 200USD 1030:1464 USD / lot - ECN Accounts

Conclusion

MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.

The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.

The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.

If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading it’s worth considering going straight to MT5.

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Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

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With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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