Searching for a forex broker that supports MetaTrader 5?
Brokers that allow you to trade using MT5 are actually quite rare, so in this post, we’ve taken a look at the best forex brokers that you can use with the latest version of MetaTrader.
For each broker, we’ve assessed them based on their spreads and commissions, customer service, reputability, and more, to see which is best.
Before we begin, make sure to click the links in the description to each of the brokers we’ve looked at, to compare their services, and open an account to test their MT5 trading.
Forex.com
In terms of reputability and availability, it’s hard to go past Forex.com. This broker is regulated in the United States, UK, Canada, Australia, Japan, Hong Kong, and more, and you can join them from more than 140 different countries at the moment.
They offer the ability to use MetaTrader 5, and have been around since 2001, making them one of the longest-running dedicated forex brokers on the market right now.
Forex.com also has great customer service – and you should be able to get an account rep assigned to you as a larger trader. They have about 90 different currency pairs you can trade at the moment, more than many other brokers, and a good range of CFDs on offer as well.
There is a $100 minimum deposit requirement to begin trading with Forex.com, but apart from that, there aren’t really any downsides to this forex broker if you want a reputable option to begin trading on MetaTrader 5.
Pepperstone
Pepperstone is another large, extremely reputable forex broker that offers MT5 trading. They’re regulated in Germany, the UK, Australia, Dubai, and more, but aren’t available to join in Canada or the United States at the moment.
They have very tight spreads, and there’s no minimum starting deposit, unlike with Forex.com, which is nice. Pepperstone also has a good number of currency pairs to choose from, and apart from MT5, they also have a huge range of other trading platforms on offer, including MT4, TradingView, and cTrader, in case you want to experiment with different trading software solutions.
Pepperstone also has a much larger range of account funding methods compared to many other forex brokers. In most countries, you can add money to your trading account with credit and debit cards, Neteller, Skrill, Google Pay, Apple Pay, and PayPal, which is good.
IC Markets
IC Markets does have some downsides compared to the other brokers we’ve looked at so far. They have a $200 minimum starting deposit for new accounts, and they only have 61 different currency pairs you can trade, instead of the 80 to 100 or more that some other brokers offer.
However, they support MetaTrader 5, along with MetaTrader 4, cTrader, and TradingView, and offer competitive spreads on most major pairs. IC Markets is quite widely available around the world, especially across Europe and Oceania, and they also tend to offer quality customer service.
Another benefit of this broker is the range of funding methods they have available. You can deposit money using less common methods like PayPal, as well as wire transfer and credit card, which is great. They also offer a good range of CFDs, and have decent social trading options as well.
FP Markets
FP Markets isn’t as well-regulated as the likes of Pepperstone or Forex.com. The most reputable market regulators they have approval from at the moment are ASIC in Australia, the FSCA in South Africa, and CYSEC in Cyprus.
However, they support MetaTrader 5, and make it very easy to set up an account, although there is a small $100 minimum deposit requirement that you have to meet. There are no inactivity fees, unlike with IC Markets, which is great, and this is another forex broker with really strong customer reviews. Their support and service is quite a lot better than some of the other bigger brokers you can choose from at the moment.
The other reason you might like to consider FP Markets is for the low spreads they offer on certain pairs, which are great for day traders and scalpers.
FXTM
FXTM, also known as ForexTime, is similar to FP Markets in some ways. They don’t have as many regulator approvals from tier-1 countries as the likes of Pepperstone, although they are FCA approved in the UK, and also have approvals in South Africa, Kenya, Cyprus, and Mauritius.
The good thing is, they’re very easy to get started with. FXTM has just a $10 minimum deposit, and it’s generally also very easy to set up an account on their website. You can easily place trades with MT4 or MT5 as an FXTM customer, and their spreads are generally very competitive, although their commissions could be a little lower.
The main downside to FXTM is the number of pairs they offer. There are just 58 different currency pairings you can trade at the moment, which might be a problem if you like to trade more obscure pairs.
Conclusion
While not all forex brokers allow their customers to easily use MetaTrader 5, it is possible to find good brokers that support this trading platform. For us, we like to use Forex.com, as they’re a very reputable broker, and they’re also available in a large range of countries.
However, we also think Pepperstone is worth considering if you can join them where you live. Remember, click the links in the description to each of the brokers we’ve compared to learn more about them, and open an account to begin testing them out.
And if you have any questions about choosing an MT5 forex broker, drop us a comment below, and we’ll respond as soon as we can.
About the author
Hi, I’m Mark! I’ve been trading forex for nearly 10 years now, and I started this site to help others navigate the sometimes confusing world of brokers, spreads, and trading platforms. I’ve spent countless hours testing different brokers, comparing fees, and figuring out which companies in this industry actually deliver on their promises.
When I’m not trading, I enjoy hiking, trying out new coffee spots, and tinkering with automated trading strategies (some successful, some… not so much). My goal is to make forex trading less overwhelming and help you find the right broker or platform to fit your trading style.