Even if you are relatively new to trading, you may be aware of the MetaTrader trading platform produced by MetaQuotes Software. The MetaTrader 5 suite is commonly known as MT5 and is the successor to MT4, one of the most widely used forex trading platforms. MT4 has been so popular for so long that it is still the go-to choice for many forex traders, even though MT5 was launched in 2010, and there are now plenty of MT5 brokers out there from which to choose. MT5 is a highly customisable dealing desk platform with many features. Adoption of MT5 has been slow, perhaps because MT4 still works so well for most traders. MetaQuotes has announced that it will no longer sell new licences for the MT4 platform, so newer brokers starting their business will only be able to offer MT5.
If you are brand new to trading, you should be aware that while you often hear traders referring to ‘MT5 brokers’, MT5 is a trading platform that any broker can choose to use. Therefore, so-called MT5 Forex brokers are just those that offer clients access to the MT5 trading platform. Some brokers provide MT5 trading alongside MT4 and a choice of other trading platforms. Most MT5 brokers offer a choice of MT5 for PC and Mac, the WebTrader version of the software, and the MT5 mobile app.
The Best MT5 Brokers
| Broker | Features | Min Deposit | EURUSD Spread | ||
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 Your capital is at risk
US Clients: No Regulated : Yes
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– Regulated by FCA, FSCA, CMA and FSC |
$200 | ECN 0.1, Standard 1.6 | ||
 Your capital is at risk
US Clients: No Regulated : Yes
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– Flexible leverage up to 500:1 |
$200 | From 0.1 | ||
 Your capital is at risk
US Clients: No Regulated : Yes
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– 40% New Member Bonus
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$100 | Fixed |
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Europe* CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. 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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 Your capital is at risk
US Clients: No Regulated : Yes
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$50 | 0.02 | |||
 Between 74-89 % of retail investor accounts lose money when trading CFDs
US Clients: No Regulated : Yes
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$200 | NDD 0.09 / Standard 0.69 |
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Between 74-89 % of retail investor accounts lose money when trading CFDs
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MT5 Broker Benefits
- MT5 software is reasonably easy to use, free to download and very customisable, meaning that it can be adapted to the needs of different traders.
- MT5 is an improvement on MT4 in several areas. For example, it provides more indicators and over twice as many timelines and allows clients to have an unlimited number of charts open at any time.
- MT5 brokers can offer certain things that MT4 alone cannot. The newer system has the Market Depth indicator and a built-in economic calendar. It also comes with excellent hedging functionality.
- The MT5 suite has 38 built-in indicators, plus extra graphical and analytical tools that MT4 lacks.
- The MT5 software supports various unique functions, such as the Strategy Tester, which allows clients to evaluate any Expert Advisor software available to the MT5 community, even before purchase.
- MT5 is a multi-asset platform featuring forex, stocks, commodities and exchange index assets.
MT5 Broker Disadvantages
- While the MT5 system is very user-friendly, it is not as simple and intuitive as the MT4 platform. Adding more options and features means it is generally better for advanced traders but may be more complex than is needed for beginners.
- There are fewer MT5 forex brokers than MT4. This will likely change in the future, but for now, many MT4 brokers and a smaller number of MT5 brokers are available. This not only limits choice but also means that if you switch brokers, there is a good chance your new broker will not offer the MT5 platform.
Conclusion
MT5 brokers are still not as common as MT4 brokers, despite the platform’s increased features and improved functionality. It is, however, a testament to the success of the platform’s predecessor that MT5 is not so widely used as MT4. With the decision by MetaQuotes to no longer offer new MT4 licences, we can expect to see many more MT5 brokers in the future. Remember that MT5 brokers will offer a different set of features and benefits, so be sure to research each broker and make sure they offer the things that matter to you. They could be a good range of deposit and withdrawal methods, a low minimum deposit, or items like tight regulation, segregated funds and negative balance protection.