The post Best MetaTrader 5 (MT5) Brokers by Dan Schmidt appeared first on Benzinga. Visit Benzinga to get more great content like this.
The MetaTrader platform suite, created by MetaQuotes Software Corporation, includes two popular trading platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely used by CFD and forex traders. The revolutionary MetaTrader 4 gave forex traders unprecedented control over trading strategies and timing.
MT5 has gained popularity in the forex broker industry due to its upgrades and improvements over the last decade. It is important to note that MT5, like MT4, is not a broker itself. If you decide to use MT5, you will still need to choose a reliable and regulated forex broker to begin trading. This guide will assist you in selecting the best MT5 forex broker, including MT5 brokers for US residents.
Quick Look: Best Forex Brokers with MT5
- Best Overall for U.S. Traders: FOREX.com
- Best for Instant and Easy Access to Forex Markets: Trading.com
- Best for Ease of Use: AvaTrade
- Best for Building a Diverse Portfolio: RoboForex
- Best for Algorithmic Traders: FxPro
- Best for Multiple Platforms: Blackbull Markets
- Best for Mobile Use: XM
Earn cash back on your FX trades
Open an account in as little as 5 minutes. Spot opportunities, trade and manage your positions from a full suite of mobile and tablet apps.
Table of contents [Show]
Best Brokers That Feature MetaTrader 5
As of this writing, only FOREX.com and Trading.com supports MT5 in the United States. Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. If you want to trade stocks or options on MetaTrader, you’ll generally need to do so outside the United States. Still, plenty of quality brokerage options exist for international traders who wish to use MetaTrader 5. Benzinga has compiled a list of the best MetaTrader 5 brokers based on functionality, reputation and number of tradable markets.
1. Best Overall for U.S. Traders: FOREX.com
FOREX.com is a highly trusted global broker for forex and CFD traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for traders searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels.
FOREX.com is regulated by Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) in the U.S. They also are regulated by the Financial Conduct Authority (FCA) in the UK among other regulators including CIRO, ASIC and more.
- MetaTrader 4 and 5 users
- Beginner forex traders
- Active forex traders
- Demo account
- Customizable charts
- Impressive, easy-to-navigate platform
- Wide range of education and research tools
- Access to over 90 currencies to buy and sell
- Leverage available up to 50:1
- Exclusive trading tools like TradingView
- Client funds are segregated from the platform’s funds
- Utilize and trade with TradingView charts
- Low forex fees
- Cannot buy and sell other securities (like stocks and bonds)
- Higher inactivity fees
- High stock CFD fees
FOREX.com is one of the only forex brokers to provide MetaTrader support for U.S. clients. They have an impressive group of pairs to trade and 3 different accounts to choose from. They support both MetaTrader 4 and MetaTrader 5, and are continually ranked the #1 forex broker in the U.S.
Here is a preview of the types of accounts you can get through FOREX.com.
- Standard: This is a traditional forex trading account which charges no commissions. The client will only have to worry about the spread cost, which can be higher compared to other account types.
- Commission: The commission account greatly impacts the spreads by reducing them in exchange for a fee on each trade. These accounts aren’t available for MetaTrader users, however. The commission is $5 per 100,000 units traded.
- Direct market access: Using the DMA account, advanced traders can access the plumbing of the forex market. Traders can match orders to certain liquidity providers and take advantage of rapid price movements. This style of trading is quite advanced and FOREX.com recommends it only to clients with over $25,000 to deposit.
If you’re looking for an MT5 broker, beginners will greatly benefit from the extensive educational resources. Also, retail traders will love their low account balance and trade minimums. For the more experienced forex traders, there are multiple platforms of varying sophistication to choose from. And active traders earn discounts on high monthly volumes.
Pros
- MT5 available in the U.S.
- Accelerate order execution with one-tap trading
- 15 custom indicators, such as integrated Pivot Points, and an array of advanced charting tools
- Impressive, easy-to-navigate platform
- Wide range of education and research tools
- Access to over 80 currencies to buy and sell
- Leverage available up to 50:1
Cons
- Cannot buy and sell other securities (like stocks and bonds)
2. Best for Instant and Easy Access to Forex Markets: Trading.com
Trading.com is a highly regulated counterparty designed for a new generation of traders, offering easy and intuitive access to forex trading. To excel in the forex market, you need access to diverse currency pairs, robust trading platforms, reliable execution and a competitive spread. Trading.com excels in all these criteria, offering 65+ forex pairs and real-time market execution on the cutting-edge MT5 platform.
As part of its commitment to providing the best forex trading conditions, Trading.com offers ultra-tight spreads, zero commissions and competitive leverage on major currency pairs. Beginner traders with little or no experience will find its comprehensive educational resources valuable. A practice account with $10,000 in virtual money is available to help traders build confidence before trading live.
Trading.com is the ideal counterparty for diverse traders, including beginners and experts seeking optimum trading conditions. In this Trading.com review, we analyze the trading conditions, platforms, core features and overall product offerings to help you decide if it is a suitable counterparty to kickstart your forex trading journey.
- Experienced forex traders seeking counterparties that provide commission-free real-time market execution on the MT5 platform with ultra-tight spreads, competitive leverage and access to a diverse market
- Pattern-day traders and scalpers looking to optimize trading performance by capitalizing on real-time market execution provided by Trading.com
- Beginner forex traders can also find Trading.com ideal due to the flexibility of its practice account, which gives them ample time to build confidence and gain mastery of the trading platform before trading live account
- Dedicated support 24 hours a day, 5 days a week
- Fast and hassle-free account setup and onboarding process
- Liquidity across 65+ currency pairs, including majors like EUR/USD, GBP/USD and USD/JPY
- Leverage available up to 50:1
- New customers can receive a $100 tradable promotional credit
- Customizable and intuitive web and mobile trading platform for seamless on-the-go trading
- Free practice accounts with $10,000 virtual funds and no expiry date
- Cutting-edge trading platform — MetaTrader 5 is available on desktop mobile platforms as well as a web terminal
- Robust technical indicators and advanced charting for in-depth market analysis
- Excellent research and educational resources, including well-crafted articles, video tutorials, forex glossaries and calculator
- Trading.com is regulated by Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA)
- Relatively new to the U.S. market
- No copy or social trading integration
- Promotional credit funds are not immediately withdrawable as certain terms & conditions apply
Trading.com is becoming the go-to choice for traders seeking a straightforward yet effective trading platform. Tailored for modern traders, it boasts a user-friendly interface that streamlines trade executions, especially for those who prioritize simplicity over complex features. What distinguishes Trading.com amidst the competitive broker landscape is its highly competitive spreads, ensuring cost efficiency for users. The platform has an attractive design, easy navigation and provides a seamless trading experience.
Additionally, Trading.com is a registered Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA #0516820), ensuring confidence for traders using the platform. While advanced traders may find the platform’s features somewhat limited, Trading.com offers a balanced blend of functionality and user-friendliness, making it a compelling option for traders of all levels.
Pros
- MT5 available in the U.S.
- $50 minimum deposit
- Ability to create synthetic currency pairs and custom indices
- 70+ currency pairs
- Timestamps in milliseconds and the ability to download historical tick data
- Low spreads on major pairs and competitive leverage of up to 1:50
Cons
- Lack of advanced trading features
- No copy of social trading
3. Best for Ease of Use: AvaTrade
AvaTrade is a highly trusted and globally recognized brand known for its wide range of trading platforms for forex and CFD traders. They provide exceptional educational content, so much so they earned the Best in Class rating for Education and Beginners again in 2024.
A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan. AvaTrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex and cryptocurrencies. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.
- Beginners
- Advanced traders
- Traders looking for a well-diversified portfolio
- Controlled by regulatory agencies of multiple countries
- Choice offered in terms of trading platforms
- Support available in 14 languages and trading platforms in 20 languages
- Practice/demo account available
- Breadth of trading assets
- Excellent educational resources
- Does not accept customers from the U.S. as it isn’t regulated in the U.S.
- Transferring funds to the account may take up to five days; withdrawals could take up to 10 days
AvaTrade is a well-known MT5 broker that offers a wide range of trading instruments and advanced trading features. With AvaTrade, traders can trade various asset classes including forex, stocks, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads, leverage options, and a user-friendly interface to enhance the trading experience. Additionally, AvaTrade provides educational resources, market analysis, and customer support to assist traders in making informed trading decisions.
Pros
- Access to advanced trading tools and feature
- Ability to analyze the market and execute trades efficiently
- Competitive spreads and low fees
- User-friendly platform
Cons
- Limited account types
- Inactivity fees
- Customer support may not always be responsive
4. Best for Building a Diverse Portfolio: RoboForex
RoboForex Ltd is a financial brokerage company that has been operating since 2009. The company offers seamless access to various financial markets with attractive trading conditions.
With over 12,000 trading instruments available, including stocks, ETFs, and popular assets such as gold, oil, and indices, RoboForex offers a diverse range of investment options. The trading conditions are cost-effective, with commission charges for Stocks starting at 0.009 USD per share, the lowest commission for Indices being 4 USD for 1 million USD of trading volume, and spreads that can reach 0 pips.
Additionally, RoboForex provides other useful tools for traders. The company’s primary investment product is CopyFX, its proprietary copy-trading system that has been in operation since 2012. CopyFX provides a safe and transparent environment for traders to either share or replicate strategies (copy those of other traders). It offers plenty of settings for trading flexibility and does not require networking needs such as low ping or VPS to join.
The RoboForex Partner program is another strong point of the company. Partners can earn astonishing payouts, with the potential to receive up to 84% of the company’s income. There are no restrictions on payout amounts.
RoboForex has been favorably recognized by some of the most respected financial experts. For example, the company has won over 40 prestigious industry awards, including “Best Mobile Trading App” from “GFA – B2B” in 2023.
- Partners who want to earn commissions by referring traders
- Investors and traders seeking a convenient platform to copy trades
- Building a diverse portfolio
- MetaTrader 4 and 5 (MT4/5) users
- Multi-asset traders
- Expert Advisor (EA) traders
- Invest with as little as 10 USD
- No deposit fees
- No inactivity fees
- Negative balance protection
- Supports multiple trading platforms
- Stock fees start at just 0.009 USD per share
- Free VPS server
- Spreads are market-based and can attain 0 pips
- May not scale to your needs
- Does not accept U.S. clients and clients from some other restricted countries
RoboForex Ltd is an international broker with over 1 million clients in 169 countries, and has received recognition from respected financial experts. The company is based in Belize City, Belize.
The online broker received several awards in 2022, such as Best Mobile Trading App from Global Forex Awards, Most Trusted Broker by International Business Magazine Awards, and Most Transparent Broker by World Economic Magazine Awards.
RoboForex offers support for various trading platforms and offers leverage ratios up to 2,000:1, based on your jurisdiction. Besides forex trading, RoboForex allows trading of stocks, CFDs, ETFs, indices, commodities, energy commodities, and metals.
Pros
- Invest with as little as $1
- No deposit fees
- No inactivity fees
- Negative balance protection
- Supports multiple trading platforms
- Copy trading option
- Free VPS server
Cons
- May not scale to your needs
- Does not accept U.S. clients and clients from some other restricted countries
5. Best for Algorithmic Traders: FxPro
FxPro is a reputable and well-established spread betting and contact for difference (CFD) broker offering over 2,100 assets to more than 2 million traders in 170+ countries. Established in 2006, the company draws upon over 17 years of experience to provide optimal trading conditions for beginners and seasoned traders. Its deep liquidity, low spreads, multiple advanced trading platforms, diverse tools and reliable customer support make it highly attractive. It is a No Dealing Desk (NDD) broker, meaning orders are executed with no dealing desk intervention, which makes for lightning-fast execution.
The company is regulated by multiple authorities globally, including tier 1 regulators like the Financial Conduct Authority (FCA) in the U.K. As a testament to the quality and depth of its services, FxPro has won over 105 industry awards, including Best Forex Provider by Investors Chronicle and the Financial Times. The company has sponsored the McLaren F1 team sponsorship since 2018 and the Yacht Club de Monaco since 2016. These factors demonstrate FxPro’s commitment to aligning with prestigious and high-performance entities, reflecting its dedication to excellence.
In this FxPro review, Benzinga analyzes the core features, trading conditions, platforms and overall offerings to assist you in deciding if FxPro is the right broker for you.
- Beginner traders seeking a CFD and forex broker with well-crafted courses, reliable customer service, a demo account and an intuitive and user-friendly trading platform
- Experienced traders looking for wide market access, premium research tools, competitive spreads, algorithmic trading, advanced charting platforms and multi-account management
- Day traders and scalpers can benefit immensely from FxPro’s competitive fees and fast execution, while long-term investors seeking professional financial services with flexible and convenient solutions alongside digital investment platform facilities will find its BnkPro investment service appealing
- Comprehensive analysis and trading tools, including signals powered by Trading Central and VPS hosting
- Diverse and impressive range of tradable instruments across multiple asset classes, including CFDs on commodity and index futures
- Affordable and transparent pricing — low minimum deposit, ultra-raw spread and competitive leverage, especially on major forex pairs
- Deep liquidity and ultra-fast trade execution, with most orders executed in less than 13 ms, ensuring uninterrupted market access
- Excellent educational or learning resources for beginners and seasoned traders, including well-crafted courses and video tutorials
- Multiple robust trading platforms, including MT4/MT5 (the most reputable platform for CFD trading), the highly innovative cTrader as well as the intuitive and beginner-friendly proprietary platform
- Globally reputable and trusted broker with 18 years in the industry, delivering an excellent trading experience for clients
- Responsive customer support (24/5) plus a free and readily accessible demo account for practicing short-term trading strategies
- Fast and free deposits and withdrawals
- Supports spread betting in the U.K. jurisdiction
- Licensed and regulated in four jurisdictions, including the FCA, CySEC, FSCA and SCB, enhancing trust among traders
- Inactivity fees may apply for extended periods of account inactivity
- Unavailable in the U.S.
- Might be limited fund protection depending on your account registration jurisdiction
FxPro offers traders access to the forex and contracts for difference (CFD) market where they can access hundreds of assets, including forex, metals, indices, shares and cryptocurrencies. You can use one of the 8 base currencies, and you will end up saving more money because there are no transaction fees, commissions or account fees. The only fee is the inactivity fee that kicks in after 6 months with no activity.
Multilingual support is offered 24/5, and you can use one of many platforms, including MT5 and MT4, to build your portfolio.
Pros
- More than 2,100 instruments to choose from
- Leverage of up to 500:1 is available
- 24/5 support is offered in multiple languages
- Demo account available
- Algorithmic trading systems
Cons
- The platform is limited to forex and CFDs
- Inactivity fee could apply
6. Best for Multiple Platforms: Blackbull Markets
BlackBull Markets is a multiple award-winning New Zealand-based forex and contract for difference (CFD) broker with over 26,000 tradable instruments, including equities, cryptocurrencies, indices and commodities. CFD trading lets you profit from rising and falling markets by entering into contracts with a broker to exchange the difference in an asset’s value between the opening and closing of the trade.
It prides itself on precision and speed, employing Electronic Communication Network (ECN) execution on multiple platforms such as MT4/MT5. ECN brokers match buy and sell orders electronically without intervention, resulting in lightning-fast execution and tighter spreads. BlackBull Markets delivers on the three core requirements for trading success in an ECN environment: deep liquidity, institution-level pricing and high leverage.
The broker is fully regulated by the New Zealand Financial Markets Authority (FMA) and Seychelles Financial Services Authority (FSA) and offers negative balance protection. Account setup is fast and hassle-free, and traders are assigned dedicated managers.
BlackBull Markets has solidified its reputation as a trusted and reliable broker. Its exceptional trading conditions make it the top choice for thousands of traders worldwide, and this is reflected in its multiple awards, including “Best Global FX Broker 2022” by Forex Expo and “Best in Class Offering of Investment 2023” by ForexBroker.com.
- Multi-asset beginner and experienced traders seeking a reputable multi-asset broker with outstanding trading conditions, including flexible market access, competitive spread, deep liquidity, institution-level pricing and advanced charting platforms
- Beginner CFD and forex traders looking for an innovative brokerage with a hassle-free account setup, beginner-friendly trading platform, excellent educational resources, dedicated account manager, 24/7 support and a demo account
- Copy traders can also benefit from BlackBull CopyTrader, an innovative and award-winning copy trading platform that lets you copy the trades of elite fund managers with a track record of success
- Pattern-day traders, scalpers and high-frequency traders looking to optimize trading performance by capitalizing on the fast execution speed and precision offered by ECN brokers
- Long-term buy-and-hold investors looking to participate in global equity markets for wealth-building through BlackBull Invest
- A comprehensive range of tradable instruments across diverse asset classes, including CFDs on stocks, forex, commodity and cryptocurrencies
- Transparent, affordable and competitive pricing — $0 minimum deposit, industry-leading spread and high leverage, especially on major forex pairs
- Multiple trading technologies, including MT4/MT5 (#1 platform for CFD trading), TradingView (#1 for charting), the highly innovative cTrader and two intuitive in-house platforms — BlackBull CopyTrader and BlackBull Trade
- Deep liquidity, ultra-fast and precise trade execution, with free Virtual Private Service (VPS) hosting to ensure uninterrupted market access
- Excellent educational or learning resources for beginners and seasoned traders, including over 3,000 video tutorials, webinars and podcast
- Licensed and regulated by the New Zealand FMA) and Seychelles FSA and offers negative balance protection
- Dedicated accounts manager, round-the-clock customer support and a free and readily accessible 30-day demo account for practicing trading strategies
- Unavailable in the U.S. and Canada
- Does not offer bonds and exchange-traded funds (ETFs)
There is a reason that Blackbull Markets won the Best in Class for Offering of Investment from the ForexBrokers.com 2023 Annual Awards – it’s a great platform. It offers traders seven trading platforms to choose from including MetaTrader 4 and 5.
The platform offers tool, resources, and education for beginner, intermediate, and advanced traders. And with 0.0 pips, 500:1 leverage, and an average execution speed of 20 ms, it’s easy to see why the platform is so popular.
Pros
- 7 trading platforms to choose from
- Highly regulated
- 0. 0 pips
Cons
- Not available in the U.S.
7. Best for Mobile Use: XM
XM is a well-regulated and award-winning multi-asset forex and contract for difference (CFD) broker renowned globally for its low fees on 1,000+ instruments. These instruments encompass CFDs on stocks, commodities, equity indices, precious metals and energy, which you can trade on the popular MT4/MT5 platforms and XM mobile app for convenient trading on the go. XM prides itself on its exceptional execution speed, with 99.35% of all trading orders executed in less than a second, without re-quotes or rejections.
The brokerage provides outstanding multilingual customer support, impressive educational and research resources, seamless account funding and withdrawals and exceptional fund security. For instance, retail client funds are insured up to 20,000 euros by the Investor Compensation Fund. Additionally, Negative Balance Protection ensures you don’t risk losing more than your account balance. This combination of features explains why over 10 million traders prefer XM across 190 countries and accounts for its 30+ industry awards.
A few of these awards include Global Forex Broker of the Year 2020 by the Global Forex Awards, Best FX Service Provider 2021 & 2022 by the City of London Wealth Management Awards and Best FX Broker, Europe 2023 by the World Finance Forex Awards. XM’s reputation and fair trading conditions, irrespective of a trader’s net capital, investment size or account type, establish it as an excellent platform to start or advance your trading career. Read on for an in-depth review of its offerings, pros and cons and how it stacks up against comparable brokerages.
- Beginner forex and CFD traders seeking a reputable broker with excellent educational content, premium research resources and demo account options to facilitate learning and growth before delving into live trading
- Experienced traders seeking an intuitive and straightforward FX trading platform that guarantees fast order execution to enable them to maximize trading opportunities while advancing their trading strategies
- FX and CFD traders looking for a user-friendly mobile trading app offering diverse financial instruments and an optimum mix of vital functionality to streamline their online trading experience and enjoy the convenience and flexibility of trading on the go
- Multi-asset traders seeking a reputation brokerage offering high leverages, competitive spreads, advanced MT4/MT5 trading platforms and responsive 24/7 customer support
- Copy traders, scalpers, swing traders, day traders and long-term forex and CFD investors
- Wide variety of assets and trading instruments — over 1,000+
- Lightning-fast trade execution
- Competitive spread as low as 0.0 pips for major currency pairs
- High-leverage of between 5:1 to 30:1 (up to 1,000:1 for traders outside the EU and AU)
- Powerful trading platform — MT4/MT5 available via desktop and mobile apps
- Beginner-friendly educational content via blog, video tutorials and expert-led forex and CFD webinars
- Premium research resources, including free daily forex outlooks, trading ideas, technical summaries, fundamental insights, podcasts and economic calendar
- Reliable and responsive multilingual customer support 24/7 across
- Globally recognized broker authorized by multiple tier-one regulators, including ASIC and CySEC
- Multiple trading account options with a low minimum deposit and fast account openings
- Multiple and hassle-free deposit and withdrawal options
- Excellent trading tools — exclusive technical indicators, MQL5 trading signals and forex calculators
- Provides clients with fund insurance and negative balance protection
- Unavailable for U.S. traders
- A $5 inactivity fee is applicable after 90 days of account dormancy
- Overnight charges are also applicable
- Doesn’t support trading of ETF
XM is part of Trading Group, a U.K.-based firm regulated by the FCA. XM is the forex and CFD wing of the firm and it’s got unprecedented accessibility for MetaTrader users. Not only can MT4 and MT5 be used on any computer, but also any smartphone or tablet too. You’ll be able to trade from pretty much anywhere in the world with MT5 for iOS and Android. XM also gives you more than just a simple trading account.
Customer support stands by 24/5 for live help, its video tutorial library use is unlimited and you’ll get daily technical analysis and market research for free. You also get a personal account manager, too — an actual human being! XM has 55 different currency pairs to trade, along with CFDs on stocks from 17 different countries, commodities and precious metals. Choose from seven different asset classes and thousands of individual products, including indices and cryptocurrencies. XM is a great spot for beginners thanks to its demo account. Newcomers can test out strategies with $100,000 in virtual cash before putting hard-earned money into accounts.
Pros
- 1,230 CFDs, including 57 forex pairs
- research content that includes daily videos, podcasts, and organized articles
- Offers full MetaTrader suite
Cons
- Standard account spreads can be expensive compared to other options
- Average spreads are not published for the commission-based XM Zero account
What is MetaTrader 5?
MetaTrader 5 is the most recent software release from MetaQuotes Software, the Russian firm behind the trading platform. Unlike its previous incarnation, MetaTrader 5 allowed equities and commodities to be traded alongside the usual forex components. Connection times improved and new indicator tools added. Sounds like a must-have program, right? Unfortunately, that’s not the case.
MetaTrader 4 and 5 might look similar, but they aren’t backward compatible. MetaTrader 5’s programming is written in an entirely different language. MetaTrader 4 software is written in MQL4, but MetaTrader 5 introduced the brand-new MQL5. MetaTrader 4 users have entire libraries of expert advisors (which are analytical and trading process automation tools) and other robots, and these became obsolete on the MetaTrader 5 platform.
Naturally, users didn’t want to rewrite or re-purchase robots that worked perfectly fine on the MetaTrader 4 platform.
In the United States, finding a reputable broker that offers MetaTrader 5 is harder than finding a Yankees fan who hates Derek Jeter. Though it opened up to equities, MetaTrader 5 traders represent a very small percentage of the platform’s users. Even the big currency brokers Forex.com and OANDA exclusively support MetaTrader 4. To find a home with MetaTrader 5, you’ll have to venture outside the borders of the United States.
MT5 Mobile App
The MT5 mobile app is a versatile trading tool that offers a range of features and functionalities for traders on the go. It is particularly suitable for monitoring portfolios and managing copy trading settings.
With the MT5 mobile app, users can easily check the status of their portfolios, track their investments and keep up with market movements in real-time. The app also allows for adjusting copy trading settings, making it convenient for those who wish to follow the strategies of successful traders.
While the MT5 mobile app supports most trading functions, its small screen size may limit in-depth analysis. Traders may find it challenging to conduct detailed technical analysis or perform complex charting on the app. However, for basic trading activities and quick portfolio monitoring, the app is highly efficient.
MT5 Desktop Platform
The MT5 desktop platform offers a range of impressive features and benefits that make it a vital tool for traders. One of the standout features of the MT5 desktop platform is its access to over 100 interactive charts. These charts are highly customizable and provide real-time data on various financial instruments, allowing traders to make informed decisions. Additionally, the platform offers numerous analytical tools to assist with market analysis and forecasting.
For technical analysis, the MT5 platform provides 21 available time frames, giving traders a wide range of options to analyze historical price data. This flexibility allows you to identify trends and patterns, aiding in the prediction of future price movements.
MT5 Web Platform
The MT5 web platform provides a convenient way to access trading and account management capabilities directly from the web browser, eliminating the need for software installation. This makes it highly accessible and flexible for traders on the go.
With the MT5 web platform, traders can perform basic trading activities such as placing market orders, setting stop-loss and take-profit levels, and viewing real-time charts. It also provides access to various technical analysis tools and indicators, allowing users to analyze the market and make informed trading decisions.
In addition to trading features, the MT5 web platform offers convenient account management functionality. Traders can view their account balance, transaction history, and manage funding options from the web platform. The MT5 web platform is compatible with different operating systems, including Windows, Mac, and Linux.
MetaTrader 5 vs. MetaTrader 4
MetaTrader 4 is the dominant version of the trading software, but MetaTrader 5 does have some improvements and upgrades. Most prominently, the platform is no longer just for currency traders. MetaTrader 5 added two additional order types and is now open to stocks, bonds, futures, options and forex trading. Popular features like hedging, expert advisors and automated strategies can still be used.
Partial orders are now available on MetaTrader 5, along with the six different order types. Eight technical indicators and 13 graphical objects have also been added. MetaTrader 5 adds 12 extra timeframes, so research can be done more extensively than ever. The MQL5 community is available 24/5 on the new embedded chat feature and emails can now be sent with attachments.
There’s an economic calendar that shows important dates and data releases, but one of the biggest new perks in the ability to transfer funds between accounts. You can send money between your forex and stock trading accounts without logging off. Improvements and new features are plentiful on MetaTrader 5, but the lack of backward compatibility means MetaTrader 4 is still the primary platform. Stocks, options and futures trading is a big step and could open the door for more in the future.
For a deeper dive comparing these platforms, check out MetaTrader 4 vs. MetaTrader 5.
Why Brokers Offer MetaTrader 5
MetaQuotes Software has begun to nudge clients toward MetaTrader 5. The platform is technically superior to MetaTrader 4, but the best forex brokers are hesitant to purchase new licenses and traders don’t want to lose the programming language with which they’ve written so many robots. A tug-of-war is underway and MegaQuotes has increased the pressure.
Support for MetaTrader 4 was recently cut off and new brokers now must choose between MetaTrader 5 or nothing at all. In addition to MetaQuotes’ gentle pushing, equity brokers can now offer the software for stock exchange trading. Most MT 5 brokers offer a variety of different markets to trade in. Previously, only forex brokers used the platform.
Take Your FX Trades to the Next Level with the Best MT5 Brokers
MetaTrader 5 has enough improvements and new features to warrant a download, but the MetaTrader 4 community still fiercely defends its version. Most United States forex brokers support MT4 only, you can access the MT5 platform by singing up with FOREX.com or Trading.com. Brokers based in Europe and Australia aren’t as closed off and many support both MT4 and MT5. If you want to expand your trading into areas like equities and commodities, MetaTrader 5 is a great tool. Just make sure the broker you want to use actually supports it.
Frequently Asked Questions
What is the best broker for MetaTrader 5?
Benzinga’s top picks for the best MetaTrader 5 brokers are FOREX.com and IG Markets. However any broker listed here is a great option for using MT5.
Is MetaTrader 5 good for beginners?
MetaTrader 5 can be used by beginners or expert traders. To get the most out of MetaTrader, it’s beneficial to know when you should use MT4 vs. when to use MT5.
Is MetaTrader 5 allowed in the US?
Which US brokers support MT5?
Currently, only FOREX.com and Trading.com allow U.S. traders to use MT5.
The post Best MetaTrader 5 (MT5) Brokers by Dan Schmidt appeared first on Benzinga. Visit Benzinga to get more great content like this.