Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Developed by MetaQuotes Software and released back in 2010, MetaTrader 5 is the successor of the popular MetaTrader 4 trading platform. Designed with additional trading features, including the ability to trade futures and stocks, MT5 is more efficient and easier to use than its predecessor. But not every broker provides access to it for their clients. In this guide, we'll take a look at some of the very best MT5 brokers to help you decide which one is right for you.
Pepperstone has a long-established reputation as being one of the best forex brokers in the market. The firm’s decision to offer its clients access to the MT5 platform demonstrates an understanding that a multi-asset approach to trading can help the bottom line.
The stocks and futures offered by Pepperstone’s MT5 platform allow its clients to hedge forex positions, or even take out stand-alone positions in other assets. Something worth considering if you are looking to iron out some volatility in your P&L performance.
Pepperstone is set up to offer its clients intuitional grade access into the markets, and the technical infrastructure they have in place makes the most of the powerful MT5 software. The platform can be extensively customised and software updates mean coding using MQL5 is now easier.
MT5 now has faster processing times, a newly released ability to hedge your positions, advanced pending orders processing and the newest tools and indicators to help you take your trading to the next level.
Pepperstone allows you to utilise all the great features of MT5 by providing two extra special packages to run alongside your MT5 trading. The Smart Trader Tools package is a suite of 28 easy to use Expert Advisor tools designed to help trade execution and management.
Autochartist is one of the most advanced statistical and charting market-scanning tools on the market. Having the option to use it is a real plus-point for Pepperstone clients who can take advantage of content that is applicable to both novice and experienced traders. The AC site is full of fresh and new ideas, which are appropriate for any style of trading.
More good news is that Pepperstone offers an extensive suite of research and learning tools to help you get the most out of the services it provides. The market analysis reports such as ‘The Week Ahead’ videos provide a valuable snapshot of upcoming events. The web-based tutorials are also of very high quality and cover a wide range of topics, ranging from ‘How to get started’ to ‘Advanced Risk Management’.
Pepperstone is also regarded as having top-ranking customer services. It is regulated by the FCA (Financial Conduct Authority) and ASIC (Australian Securities and Investments Commission) and it’s easy to see why this broker would be a contender for best MT5 broker.
The extensive range of markets that XM offers on its MT5 platform demonstrates why the second generation has that little bit more to offer than MT4. MT5 has all the pioneering features of the MT4 platform but provides markets in more than 1,000 CFDs. Instruments traded include stocks and shares, gold, oil and equity indices. Leverage of between 1:1 and 30:1 is available.
The beauty of MT5 at XM is that it offers a one-stop-shop. A single login provides access to seven platforms where trading spread can be as low as zero pips. The trading interface is very user-friendly and comes with the option of one-click trading, full ‘Expert Advisors’ functionality, the ability to set sophisticated orders and the use of over 80 technical analysis tools and 40 analytical objects.
Market depth analysis, limited slippage, latest price quotes and the ability to hedge, completes what is a very impressive suite of trading tools. The MT5 platform at XM is available in desktop and WebtTader format (Windows, Mac, Linux OS compatible) and is downloadable as an Android and iOS app.
XM is a serious player. The firm has more than two million users and is regulated by Tier-1 regulators. Its global approach sits well with MT5 as both the broker and the platform are ideal choices for traders looking to access thousands of global instruments and markets.
Admiral Markets is more of a boutique operator than some of the other ‘mega-brokers’, but that could work to its advantage.
With client numbers in the tens of thousands rather than millions, Admiral Markets has a more ‘intimate’ feel. Its small size has not prevented it from setting up a gold-labelled corporate structure. With a head office in London and regulatory licenses from both the FCA and CySec, there are few ways that it could improve in terms of client protection.
It also scores highly in terms of operational security. Two-factor authentication at login enhances the security of your account by using a secondary device to verify your identity. That prevents everyone but you from accessing your account, even if they know your password. This is a development that is starting to take off among brokers and Admiral Markets deserves credit for joining that trend to enhance the security of its clients.
Admiral Markets is much, much more than just ‘safe’. It offers more than 3,800 CFD markets and excellent investor education services. In terms of MT5, the advanced features such as the Supreme add-on and market research via Premium Analytics are as good as you could hope to find. Both of these additional features are excellent tools, and beginner and advanced traders will both benefit from using them.
The latter (Premium Analytics) even allows you to tap into other highly regarded services, including Dow Jones News, Acuity Trading, and Trading Central.
Admiral Markets is very good indeed and appears to have plans to be the next big thing. It offers users the chance to develop secondary income streams through the Introducing Broker (IB) and Affiliate schemes.
The AvaTrade broker platform is certainly a good fit for MetaTrader 5 trading. Much like the system itself, the broker is adept at catering to beginner, intermediate and advanced types of trading.
The entry-level claims of AvaTrade are backed up by its £100 minimum balance on new accounts. The more experienced will note the wealth of powerful analytical tools on multiple, flexible and interactive charts.
As well as CFDs, forex, indices and commodities AvaTrade also supports the trading of cryptocurrencies and ETFs. It utilises MT5 functionality to tap into investment opportunities and a wide range of markets, which makes it one of the best brokers in that regard. The AvaTrade platform also offers a seamless fit for the ‘Copy Trading’ and ‘Expert Advisor’ facilities of MT5. This allows the trader to test their own algorithmic models or take advantage of other traders.
AvaTrade’s comprehensive adoption of all the best features of MT5 extends to it supporting Windows, Mac, and Webmaster desktop platforms. It also supports Android and iOS handheld devices.
AvaTrade has a global outlook, so client protection depends on an individual’s location. It is regulated by a range of Tier-1 authorities including Central Bank of Ireland, ASIC (Australian Securities & Investments Commission) and in Japan by the Financial Services Agency.
Although founded back in 1977, HYCM has the feeling of being a new type of broker. The firm’s innovative approach blends well with the MT5 platform, which it offers to its clients. By providing MT5, it is certainly looking to provide a next-generation style approach.
If you’re registering with HYCM, the first neat feature you’ll come across is that you can select from a choice of accounts with fixed or floating spreads. A third account is also on offer in the form of RAW spreads and Islamic style accounts are also available.
The minimum opening balance is a relatively low $100 and leverage can be as high as 1:500. The more liberal approach to maximum leverage terms comes from the broker’s choice to operate using Tier-1 and Tier-2 regulators. It holds licenses with FCA and CySec but also the regulators of Dubai (DFSA) and the Cayman Islands (CIMA). The latter two may not be quite as highly regarded as their European peers but are certainly a long way off from being low grade.
Instruments available to trade include ETFs, CFDs, commodities, metals, stocks, oil, gold and indices. Customer support is available 24/5 and the platform can be set up in a range of different languages.
If MetaTrader 5 trading is your preferred option, then HYCM could be for you. The broker only offers MT platforms, so is ‘all-in’ in terms of getting the most out of the platform. The price alerts function is a neat feature and the MT charting tools carry over very nicely to the smaller screens of hand-held devices.
MT5, or MetaTrader 5, is a third-party electronic trading platform designed by MetaQuotes Software. Released in 2010, it is the latest iteration of the popular MetaTrader trading software and successor to the highly successful MT4. For traders, MT5 is a turnkey solution for trading Forex, Stocks and Futures. It is equipped with an impressive array of features, including advanced technical analysis tools, trading bots, copy trading and more.
MT5 is free to use for traders. The cost of the platform is covered by brokers, who pay an upfront and monthly fee to license the software for their users.
Whereas MetaTrader 4 is built specifically for Forex traders, MetaTrader 5 allows you to trade other markets such as CFDs, stocks and futures. MT5 also provides a better user experience by offering more technical analysis tools, an economic calendar and access to more advanced commands and calculations for algorithmic trading.
There are several key criteria to bear in mind when comparing the best MT5 brokers:
The most important aspect when choosing any broker is ensuring that they are fully regulated and offer a high level of security. Before making a deposit with a broker, check that they are a member of a regulatory body such as NFA/CFTC (United States), FCA (United Kingdom) or ASIC (Australia).
Brokers primarily make their money through either a spread or commission charge, which you’ll have to pay on every trade that you make. Take the time to research brokers and look for one that offers tight spreads or low commission fees. Also, don’t neglect other trading-related costs such as overnight funding (or ‘swaps’) and currency conversion fees. It’s important to weigh up trading costs as a whole and not get too caught up in spread and commission charges.
Any good MT5 broker will make the deposit and withdrawal process as simple and hassle-free as possible. There should be no reason for you to have any trouble withdrawing the profits you have earned, so check that they accept a wide range of payment methods. Always check for deposit and withdrawal fees as well as minimum deposit and withdrawal amounts.