9  Best MT5 Brokers in India 2024

How to compare MT5 brokers

The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.

Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.

Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.

Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. The best way to get an overview of the trading costs is by looking at the best RAW spreads offered by the broker. Combined with any commission charged per lot traded, the best spread will give the total trading cost. This table shows the best spreads available at these leading brokers for each major currency pair.

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Broker

EUR/USD

GBP/USD

USD/JPY

AUD/JPY

AUD/USD

EUR/GBP

EUR/JPY

USD/CAD

USD/CHF

0.60 pips

1.10 pips

1.20 pips

0 pips

0 pips

0 pips

0 pips

0 pips

0 pips

0.60 pips

0.60 pips

0.60 pips

1.20 pips

0.40 pips

0.30 pips

0.40 pips

0.50 pips

0.40 pips

0.10 pips

0.50 pips

0.30 pips

0.70 pips

0.40 pips

0.40 pips

0.50 pips

0.50 pips

0.50 pips

0.02 pips

0.23 pips

0.14 pips

0.50 pips

0.17 pips

0.27 pips

0.30 pips

0.25 pips

0.19 pips

0.90 pips

1.60 pips

1.10 pips

2.10 pips

1.10 pips

1.50 pips

1.80 pips

2.00 pips

1.60 pips

0 pips

0.10 pips

0 pips

0.30 pips

0 pips

0.10 pips

0.20 pips

0.20 pips

0.30 pips

0 pips

0.10 pips

0 pips

0.10 pips

0.20 pips

0.40 pips

0.40 pips

0.40 pips

0.30 pips

0.60 pips

1.20 pips

0.70 pips

1.30 pips

0.60 pips

1.00 pips

1.50 pips

1.30 pips

1.50 pips

0.40 pips

1.00 pips

0.60 pips

1.34 pips

1.00 pips

10.10 pips

1.45 pips

1.30 pips

1.20 pips

Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.

Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.

Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.

Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.

What is MT5?

Released in 2010, MetaTrader 5 (MT5) is the latest version of the market-leading MetaTrader trading software. 

Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.

MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners. 

Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators. 

MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.

MT5 Pros and Cons

Pros:

• Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
• MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
• MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

• MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
• MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
• MT5 is a more complex platform than MT4.

MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.

Should I use MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4. 

If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.

The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.

That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.

Which Brokers Use MT5

Here is our curated list of all of the MT5 brokers we have reviewed, ordered by overall score. The broker with the highest score will appear at the top of the list.

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Broker	Broker Score	Global Regulators	Min. Deposit	Total # CFDs	No. of FX Pairs	Cost of Trading	EUR/USD	GBP/USD	USD/JPY	Fees	Compare
	4.68 /5 Read Review		USD 100	1009	56	USD 7	0.60 pips	1.20 pips	0.70 pips	Fees Included in Spread
	4.62 /5 Read Review		USD 100	5648	91	USD 7	0.70 pips	1.10 pips	1.40 pips	Fees Included in Spread
	4.61 /5 Read Review		USD 0	1597	90	USD 10	0.10 pips	0.40 pips	0.30 pips	6 USD / lot
	4.59 /5 Read Review		USD 100	930	63	USD 9	0.90 pips	1.60 pips	1.10 pips	Fees Included in Spread
	4.58 /5 Read Review		USD 100	210	62	USD 6	0.10 pips	0.30 pips	0.10 pips	6 USD/lot
	4.53 /5 Read Review		AUD 100	846	55	USD 10	0.06 pips	0.73 pips	0.23 pips	7 USD / lot
	4.53 /5 Read Review		USD 0	1230	53	USD 10	0.10 pips	0.50 pips	0.30 pips	6 USD / lot - Zero Account
	4.46 /5 Read Review		USD 200	1744	64	USD 8	0.02 pips	0.23 pips	0.14 pips	7 USD / lot - Raw Spread Account
	4.45 /5 Read Review		USD 5	1554	57	USD 6	0.60 pips	0.60 pips	0.60 pips	Fees Included in Spread
	4.43 /5 Read Review		USD 0	4150	46	USD 11	0.00 pips	0.00 pips	0.00 pips	7 USD / lot - ThinkZero Account

Conclusion

MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.

The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.

The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.

If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading it’s worth considering going straight to MT5.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers. 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.