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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.

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These are the best MT5 brokers in 2021

Last updated on 12 May 2021
Updated 12 May 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
AUD 100
4.234.23
Min. Spread
0 pips
Trading Platforms
Fx Pairs
60+
Overall Rating
11110.54.23/ 5
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.
2
Black Bull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
Trading Platforms
Fx Pairs
31
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
3
Pepperstone
Min. Deposit
AUD 100
4.614.61
Min. Spread
0 pips
Trading Platforms
Fx Pairs
80+
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 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. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
4
XM
Min. Deposit
AUD 5
4.384.38
Min. Spread
1 pips
Trading Platforms
Fx Pairs
57
Overall Rating
11110.54.38/ 5
AlertLeverage limitations apply to all the EU regulated entities of the group.
5
Admiral Markets
Min. Deposit
AUD 100
4.244.24
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
40+
Overall Rating
11110.54.24/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.50 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.
6
IC Markets
Min. Deposit
AUD 200
4.464.46
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
60
Overall Rating
11110.54.46/ 5
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.
7
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Trading Platforms
Fx Pairs
51
Overall Rating
11110.54.49/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
8
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
Trading Platforms
Fx Pairs
28
Overall Rating
11110.54.10/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
9
BDSwiss
Min. Deposit
AUD 100
4.324.32
Min. Spread
1.40 pips
Trading Platforms
Fx Pairs
50+
Overall Rating
11110.54.32/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

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.


These are best MT5 brokers for 2021

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.

BlackBull Markets – Best MT5 Broker for Pro Traders

BlackBull Markets is for Australian traders looking for a broker with MT5 support and a professional-grade ECN/STP execution model. Equinix servers and STP execution and prevent slippage and the Institutional Account features spreads down to 0 pips, negotiable commission, and FIX API.

MT5 is available on all three of BlackBull’s account types, the ECN Standard, ECN Prime and ECN Institutional. With the Standard and Prime Accounts offer average ECN trading conditions, pro traders will be interested in the institutional account, which has a minimum deposit of 20,000 USD and spreads starting from 0.0 pips. 

BlackBull Markets offers free VPS services to any clients who are interested. The only requirements are a BlackBull Markets Prime account and a minimum of $2,000 deposit with 20 lots traded per month.  Bank wire withdrawals are free of charge for Australian bank accounts and take 1-3 days to process. 

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

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
    AlertAccepts Australian Clients. Average spread EUR/USD 0.09 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. 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
    • Wide range of assets
    • Fast and free withdrawals
    Cons
    • Dealing desk
    AlertLeverage limitations apply to all the EU regulated entities of the group.

    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 0.50 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.

    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.

    HotForex – Best MT5 Account Choice

    HotForex is a well-regulated broker with fast STP execution on all three different MT5 accounts. The minimum deposit on the Micro Account is low, at 5 USD and spreads start at 1.2 pips on the EUR/USD. The Premium Account requires a minimum deposit of 100 USD and spreads start at 1 pip. Finally, the Zero Spread Account requires a minimum deposit of 200 USD and offers spreads down to 0 pips and a commission of 3 USD per lot. All accounts have variable spreads and use market execution. For beginners, HotForex offers unlimited demo versions of all its MT5 account types. 

    HotForex supports MT5 via every method, including the MT5 WebTerminal, which allows traders to run MT5 directly from their browser. MT5 is also available via desktop, and Android and iOS apps. Trading tools available include free Autochartist and free VPS services. Unfortunately, HFCopy – the HotForex copy-trading system – is only available on MT4.

    Pros
    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    Cons
    • Limited base currencies
    AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

    OctaFX – Best MT5 Trading Tools

    OctaFX is unusual, in that its account types are directly tied to platform choice. This means that there is only one MT5 account available and the other two accounts are on the MT4 and cTrader platforms. The MT5 (Pro) Account at OctaFX features floating spreads starting at 0.4 pips, no commission, and a minimum deposit of 100 USD (or equivalent). OctaFX offers high-speed market execution and hedging, scalping and automated trading are all supported.

    In addition to low trading costs on the MT5 (Pro) Account, OctaFX offers an account monitoring tool to anonymously monitor other traders, free copy-trading for all traders (also available on mobile), and free Autochartist for all accounts with a balance of more than 500 USD.

    Pros
    • Great platform choice
    • Fast and free withdrawals
    • Copy trading accounts
    Cons
    • Limited education
    • Restrictive account types
    AlertAccepts Australian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.

    BDSwiss – Best MT5 Market Analysis

    BDSwiss offer MT5 trading on a wide range of asset classes including Forex pairs, stocks, commodities, shares, indices, ETFs and cryptocurrencies, with no strategy restrictions. MT5 traders will benefit from BDSwiss’ collection of MT5 trading tools and market-leading research and education for traders of all experience levels. Analysis includes daily webinars, market insights, weekly outlook and daily briefings – all from BDSwiss’ team of industry experts. 

    BDSwiss offers MT5 account types suitable for beginners and more experienced traders, including a Raw Account with spreads down to 1.40 pips and the Classic Account with a minimum deposit of 100 AUD. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds.

    Pros
    • Tight spreads
    • Good for beginners
    • Wide range of assets
    Cons
    • Expensive withdrawals
    AlertAccepts Australian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

    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. 

    Scroll for more detailsPreviousNext
    Overall Rating
    Official Site
    ASIC License
    Regulators
    Min. Deposit
    Cost of Trading
    Trading Commission
    No. of FX Pairs
    Compare
    Official Site
    4.61 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    414530
    AUD 100
    USD 7.90
    From 7 USD / lot - Razor Account
    80+
    Visit Broker >
    Your capital is at risk
    4.48 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    406684
    AUD 100
    USD 9
    Fees Included in Spread
    50+
    Visit Broker >
    Your capital is at risk
    4.46 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    335692
    AUD 200
    USD 8
    7 USD / lot - True ECN account
    60
    Visit Broker >
    Your capital is at risk
    4.39 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    424008
    AUD 250
    USD 6
    Fees Included in Spread
    50+
    Visit Broker >
    Your capital is at risk
    4.38 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    443670
    AUD 5
    USD 16
    7 USD / lot - XM Zero Account
    57
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    410681
    AUD 100
    USD 5
    1.8 - 3 USD per lot
    40+
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    403863
    USD 50
    USD 10
    Fees Included in Spread
    65
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    286354
    AUD 100
    USD 7
    6 USD / lot - RAW Accounts
    60+
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    424700
    USD 5
    USD 12
    7 USD / lot - ThinkZero Account
    36
    Visit Broker >
    Your capital is at risk
    4.10 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    254963
    AUD 200
    USD 10
    6 USD / lot - GoPlus+
    50+
    Visit Broker >
    Your capital is at risk
    4.07 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    391441
    USD 100
    USD 7
    7 USD / lot
    40
    Visit Broker >
    Your capital is at risk
    3.93 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    416279
    AUD 50
    USD 14
    3 USD/ lot
    45
    Visit Broker >
    Your capital is at risk
    3.78 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    428901
    USD 200
    USD 14
    On ECN Accounts
    40
    Visit Broker >
    Your capital is at risk
    3.70 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    439907
    AUD 500
    USD 40
    Fees Included in Spread
    48
    Visit Broker >
    Your capital is at risk

    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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