Top 7 Best MetaTrader 5 (MT5) Forex Brokers in 2020

MetaTrader 5 also known as MT5 is an upgrade of the most popular forex trading platform called MetaTrader 4. Designed for a slightly different target, MT5 allows users to trade both stocks and commodities unlike its predecessor. It can also be used for forex trading.

MT5 has retained all the good points of MT4 and has 79 technical tools for analysis, 21 different types of charts enabling different time frames, with the capability to allow 100 charts to open up simultaneously. A query language MQL5 capability also allows the seekers and enthusiasts to create customized technical indicators and Expert Advisers. MT5 also supports stop orders, pending and market orders just as MT4 does. However, it does not allow hedging, that is, does not allow the trader to open both a long and short position for the same currency pair with the same contract size. MT5 also works on the First In First Out rule.

MetaTrader 5 is most preferred by individuals that want to provide comprehensive brokerage services to clients who would not need any kind of additional software. This trading platform supports a variety of functions: back-end processing, connectivity gateways between exchanges and liquidity providers, White Label licenses, etc. Both trading and post-trading systems are seamlessly integrated by using MT5. Additionally, other partner programs that are facilitated by MT5 include liquidity services and Direct Market Access.

List of Best Recommended MT5 Forex Brokers

Broker	Info	Bonus	Open Account
	Min Deposit: $5 Spread: From 0.2 Pips Leverage: 500:1 Regulation: FSA (Saint Vincent and the Grenadines), CySEC	50% Deposit Bonus, Real contest 1st prize Luxury car BMW X5 M, Copy trading, Trade&Win.	Visit Broker
	Min Deposit: $1 Spread: From 0 Pips Leverage: 3000:1 Regulation: CySEC, IFSC	$100 No-Deposit Bonus, 100% Deposit Bonus	Visit Broker
	Min Deposit: $5 Spread: From 0 Pips Leverage: 500:1 Regulation: ASIC, CySEC, FCA (UK), IFSC Belize	“50% +20% deposit bonus up to $5,000, Loyalty Program Bonus	Visit Broker
	Min Deposit: $1 Spread: From 0 Pips Leverage: 2000:1 Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN	35% of the account Deposit	Visit Broker
	Min Deposit: $1 Spread: Fixed Spread From 3 Pips Leverage: Up to 1:1000 Regulation: CBR, CySEC and FFMS	30% Forex Deposit bonus	Visit Broker
	Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK		Visit Broker
	Min Deposit: $100 Spread: From 0,2 Pips Leverage: 1:200 Regulation: FCA UK (#186171), CySEC (#259/14), CIMA (1442313) and DFSA (F000048)	10% Welcome Bonus up to $5,000	Visit Broker

The MT5 is so constructed to ensure a maximum amount of flexibility for the forex business. The platform can be configured and set up to enable the brokerage to set up the trading platform according to specific business objectives. In addition to being able to execute multiple business models, different trade conditions such as credit limits, spreads, commissions, markups, swaps, etc., among others can be controlled.

The MT5 trading platform allows for automatic monitoring of financial, operational and technological risks. The platform also supports different risk management tools for the different business models and a variety of asset classes. The software trading platform of MT5 supports full operational control for all orders, open positions, incoming requests, etc. MT5 APIS available help to further increase the capabilities of the trading platform. They allow for addition of extra functions, connecting with other trading systems, and development and deployment of additional management facilities. It can also be integrated with the other web resources of the organization.

The design of MT5 is based on distributed architecture and the different functions of the platform are performed on different servers. The performance within the software platform can be improved by adding more servers. This would help to reduce the load on individual servers and speed up processing in the system.

XM.com, a trade name of Trading Point Holdings Ltd, is owned as well as operated by Trading Point of Financial Instruments Ltd, which is regulated by CySEC. It is also European Union-registered forex broker. XM has its headquarters in Limassol, Cyprus.

Broker Type – DMA/STP, MM
Minimum Deposit – $5
Deposit Options: Bank Wire, Neteller, Skrill, WebMoney, Credit Card, WesternUnion, MoneyGram, SOFORT, UnionPay (China), etc.
Trading Platforrms: MT4 for PC and Mac, MT4 Multiterminal,
MT4 WebTrader, MT5 for PC and Mac, MT5 WebTrader, MT$ and MT5 for Smartphones and Tablets
Maximum Leverage – 888:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 1

FBS, an international forex broker, has presence in over 120 countries. The online forex company boasts of 2,000,000 traders (clients) and 130,000 partners. For Muslim traders, the broker provides swap-free or Islamic accounts. FBS was founded in 2009 and they do not offer financial services to people in the USA, Belize and Japan.

Broker Type – ECN/STP, DMA/STP, MM
Minimum Deposit – $5
Deposit Options: Visa/Master Card, Neteller, Skrill (7.5% commmission), Webmoney, Perfectmoney, OKPAY, FBS Exchanger, Wire Transfer, YuuPay (3% commission), etc.
Trading Platforrms: MetaTrader 4 and MetaTrader 5 for Windows, iOS, Android, WebTrader and MT4 Multiterminal
Maximum Leverage – 500:1
Minimum Lot Size – 0.01
Spreads – Fixed and variable
Lowest Spreads for EUR/USD – 2 pips for Mini accounts and 1 – 2 for Standard accounts

Octa Markets was incorporated 2011 and the forex brokerage serves clients in more than 100 countries around the world. The company is registered in Saint Vincent and the Grenadines. The company operates under the regulatory purview of IFSA.

Broker Type – DMA/STP
Minimum Deposit – $5
Deposit Options: Bank Wire, Debit Card, Credit Card, Skrill, Neteller, UnionPay (China), FasaPay, etc.
Trading Platforms: MetaTrader 4, MetaTrader 5 and cTrader
Maximum Leverage – 500
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 1.5

• Pepperstone

Pepperstone, an execution-only forex as well as CFD broker, provides trading solutions that cater to both veteran and novice traders. Founded in 2010, the company had its headquarters located in Melbourne, Australia. The company has offices in Shanghai, China and Dallas, USA.

Broker Type – Electronic Communication Network/Straight Through Processing and Direct Market Access/Straight Through Processing
Regulation – Australian Securities and Investments Commission (ASIC)
Platforms – MetaTrader4, cTrader
Minimum Deposit – $200
Deposit Options – Bank Wire, Debit Card, Credit Card, WebMoney, Neteller, FasaPay, Skrill, BPAY, POLi, QIWI, PayPal, UnionPay(China), etc.
Trading Platforms: MetaTrader 4 for Mac, MetaTrader 5,
WebTrader for iPhone, Android and iPad/Tablet, cTrader WebTrader, cTrader, cAlgo, cTrader Mobile
Maximum Leverage – 400:1
Minimum Lot Size – 0.01
Spreads – Variable
Lowest Spreads for EUR/USD – more than 0.5 pip for Mini and Standard; more than 0.1 pip for ECN

• InstaForex

The brand InstaForex was launched in 2007. Currently, the forex broker has more than 3,000,000 customers. Futher, over 1,000 customers open accounts every day. They enable ECN forex trading, contracts on derivatives and other instruments.

Broker Type – ECN
Regulattion – RAFMM/CRFIN
Minimum Deposit – $1
Deposit Options – Credit Card, Liberty Reserve, Moneybookers, PerfectMoney, QIWI, RBK money, Webmoney, Yandex.Money, Wire Transfer
Trading Platforms – MT4, MT5, WebTrader
Maximum Leverage – 1000
Minimum Lot Size – 0.01
Spreads – Fixed/Variable
Lowest Spreads for EUR/USD – 3 pips