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Forex trading in India is illegal for non-professional traders, and the Securities Board of India (SEBI) tightly regulates professional Forex trading due to concerns over capital flight. Most Indian Forex traders use foreign “offshore” Forex brokers and fund their trading via online payment providers. For more information, click here.

EditorEditor: Alison HeyerdahlUpdated: Dec 7, 2023

Last Updated On Dec 7, 2023

Jeffrey Cammack

MetaTrader 5 (MT5) is the most recent version of the industry-standard MetaTrader Forex trading platform and the first to use multi-asset functionality for stocks, futures and Forex trading. Though still not as popular as the previous MT4 version, MT5 is supported by a growing number of brokers, giving traders a wider trading platform choice.

To test these brokers, we downloaded the MT5 software from our trading account and connected the platform to our live trading accounts. As part of our test, in addition to trading currency pairs, we traded indices, stocks and commodities, which is impossible with previous MetaTrader versions, traded with the expanded set of indicators in unlimited chart windows and installed MQL5 scripts to enable automated trading.  These are the best MT5 brokers in the India for 2024, according to our testing and our research.

1

Octa

Lowest Trading Fees

Visit
2

XM

Best MT5 Demo Account

Visit
3

HFM

Three MT5 Accounts, 1000:1 Leverage

Visit
4

IC Markets

Best ECN MT5 Broker for Beginners

Visit
5

AvaTrade

Best Commission-Free MT5 Account

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6

FP Markets

Best Australian ASIC-regulated MT5 Broker

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7

Exness

Lowest Deposit MT5 Account

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8

markets.com

Marker Maker with Tight Spreads

Visit
9

FxPro

Best FCA Regulated MT5 Broker

Visit

Best MT5 Brokers for 2024

Scroll for more detailsPreviousNext
Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
MetaTrader 5 (MT5)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Website Language: English
Support Language: English
Compare
Octa
4.37 /5
Read Review
Visit Broker >
67.65% of retail CFD accounts lose money
USD 25500:1 ExcellentUSD 60.60 pips0.60 pipsCySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services Authority23235
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 51000:1 ExcellentUSD 60.60 pips0.60 pipsCySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct Authority155457
HotForex
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0500:1 ExcellentUSD 101.00 pips0.10 pipsCySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersFinancial Services CommissionThe Seychelles Financial Services Authority123053
IC Markets
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 20030:1 ExcellentUSD 80.10 pips0.02 pipsCySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas174464
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100400:1 ExcellentUSD 90.90 pips0.90 pipsASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority93063
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 70.10 pips0.10 pipsASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services Authority1016270
Exness
4.32 /5
Read Review
Visit Broker >
71.67% of retail CFD accounts lose money
USD 100:1 StandardUSD 70.70 pips0 pipsFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services Commission221100
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
USD 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission100956
FxPro
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
USD 100200:1 ExcellentUSD 141.40 pips0.40 pipsCySEC Regulated BrokersFinancial Services Conduct Authority224170

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.

Scroll for more detailsPreviousNext
Broker
EUR/USD
GBP/USD
USD/JPY
AUD/JPY
AUD/USD
EUR/GBP
EUR/JPY
USD/CAD
USD/CHF
Octa
0.60 pips
1.10 pips
1.20 pips
0 pips
0 pips
0 pips
0 pips
0 pips
0 pips
XM
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
HotForex
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
IC Markets
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
AvaTrade
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
FP Markets
0.10 pips
0.20 pips
0.10 pips
0.70 pips
0.20 pips
0.50 pips
0.50 pips
0.40 pips
0.40 pips
Exness
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
Markets.com
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
FxPro
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.


Octa – Lowest Trading Fees

Broker Score
4.374.37 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Octa is unusual in that its account types are directly tied to platform choice. The MT5 Account at Octa features floating spreads starting at 0.6 pips, no commission, and a minimum deposit of 100 USD (or equivalent). Octa offers high-speed market execution, and hedging, scalping and automated trading are all supported.

In addition to low trading costs on the MT5 Account, Octa offers an account monitoring tool to anonymously monitor other traders and free copy-trading for all traders (also available on mobile). Leverage is 500:1 on all accounts, and all clients are provided negative balance protection.

Pros
  • Fast and free withdrawals
  • Low minimum deposit
  • Tight spreads
Cons
  • Limited range of assets
  • Poorly regulated
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Octa is regulated by CySEC and SVG FSA.

XM – Best MT5 Demo Account

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms.  The XM Zero account offers spreads down to 0 pips and a commission of 3.50 USD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.

The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

HFM (formerly known as HotForex) – Three MT5 Accounts, 1000:1 Leverage

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

HFM offers No-Dealing Desk execution and MT5 support on three of its six account types. The MT5 Micro Account offers leverage up to 1000:1, a minimum deposit of 5 USD and spreads of 1 pip on major Forex pairs, which are very tight compared to Micro accounts at other brokers. For more experienced traders, the MT5 Zero Spread Account offers spreads down to 0 pips and a round turn commission of 6 USD on major Forex pairs with a minimum deposit of 200 USD.

HFM devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone numbers.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

IC Markets – Best ECN MT5 Broker for Beginners

Broker Score
4.564.56 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.

IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Indian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.

AvaTrade – Best Commission-Free MT5 Account

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

AvaTrade is a globally renowned market maker with the best commission-free trading conditions available on the MT5 platform. AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other non-commission accounts. MT5 traders have access to the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 400:1, and spreads are tight for a relatively low 100 USD minimum deposit and no commission.

AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5 but both the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

FP Markets – Best ASIC-Regulated MT5 Broker

Broker Score
4.404.40 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 6 USD round turn commission per lot. Minimum deposit on both accounts is 100 AUD.

FP Markets’ MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.

Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are Limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1
  • posing risks for inexperienced traders
AlertAccepts Indian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Exness – Lowest Deposit MT5 Account

Broker Score
4.324.32 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. LeverageUnlimited:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Exness offers exceptionally low-cost trading on its MT5 Standard Account, tight spreads, and relatively low minimum deposits on its three MT5 Professional Accounts. The MT5 Standard Account only requires a minimum deposit of 1 USD but provides access to the full range of Exness assets, including crypto trading and indices. Spreads are floating but average 1 pip on the EUR/USD, about average for the industry.

Two of the MT5 Professional Accounts require a minimum deposit of 500 USD but provide raw spreads, sometimes down to 0 pips, in exchange for a 7 USD round turn commission. The MT5 Pro Account, which provides instant execution, has no commission charge, but spreads are slightly wider – with a minimum spread of 0.6 pips.

Pros
  • Highly competitive spreads and low trading costs (7 USD per lot).
  • Extensive selection of trading instruments and over 100 Forex pairs
  • User-friendly trading platforms: MT4 MT5 and Exness Terminal.
  • Minimum deposit requirement of only 3 USD
  • Offers copy trading options
Cons
  • Extreme leverage
  • Limited range of share CFDs
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Markets.com – Marker Maker with Tight Spreads

Broker Score
4.684.68 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2008, Markets.com is a Market Maker broker that offers a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Especially beginner traders will also likely appreciate the comprehensive education section, as well as a wide scope of excellent tools for research and analysis.

Markets.com provides support for the basic version of MT5 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 100 USD. They also excel with impressive trading conditions, featuring exceptionally low spreads of just 0.8 pips on the EUR/USD. Additionally, traders can access leverage of up to 300:1.

Pros
  • Regulation by top-tier authorities
  • Hassle-free withdrawal process without any fees
  • Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders
  • Competitive spreads starting from 0.6 pips
Cons
  • The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

FxPro – Best FCA Regulated MT5 Broker

Broker Score
4.394.39 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FxPro is a respected FCA regulated broker, offering NDD execution on MT5, MT4, cTrader and its own browser-based trading platform. The MT5 account offers a 100 USD opening deposit combined with competitive spreads on 70+ Forex pairs, indices, energies and precious metals. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are ideal for traders who want to take advantage of MT5’s algorithmic trading capabilities across a range of assets.

The MT5 account at FxPro offers market execution, variable spreads, no requotes and will allow for partial fills for orders that lack liquidity.  The MT5 account is commission-free with spreads sometimes down to 0.6 pips, though traders will find that the average spread on the EUR/USD is closer to 1.2 pips.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

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.

Scroll for more detailsPreviousNext
Broker
Broker Score
Global Regulators
Min. Deposit
Total # CFDs
No. of FX Pairs
Cost of Trading
EUR/USD
GBP/USD
USD/JPY
Fees
Compare
Markets.com
4.68 /5
Read Review
FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionUSD 100100956USD 70.60 pips1.20 pips0.70 pipsFees Included in Spread
Forex.com
4.62 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersMonetary Authority of SingaporeCySEC Regulated BrokersCayman Islands Monetary AuthorityUSD 100564891USD 70.70 pips1.10 pips1.40 pipsFees Included in Spread
Pepperstone
4.61 /5
Read Review
FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersDFSA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityUSD 01275100USD 100.17 pips0.59 pips0.26 pipsFrom 7 USD / lot - Razor Account
AvaTrade
4.59 /5
Read Review
ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities AuthorityUSD 10093063USD 90.90 pips1.60 pips1.10 pipsFees Included in Spread
Tickmill
4.58 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex BrokersUSD 10020962USD 60.10 pips0.30 pips0.10 pips6 USD/lot
IC Markets
4.56 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasUSD 200174464USD 80.02 pips0.23 pips0.14 pips7 USD / lot - Raw Spread Account
Eightcap
4.53 /5
Read Review
ASIC Regulated BrokersSecurities Commission of the BahamasFCA Regulated Forex BrokersCySEC Regulated BrokersAUD 10084655USD 100.06 pips0.73 pips0.23 pips7 USD / lot
HotForex
4.53 /5
Read Review
CySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityUSD 0123053USD 100.10 pips0.50 pips0.30 pips6 USD / lot - Zero Account
XM
4.45 /5
Read Review
CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct AuthorityUSD 5155457USD 60.60 pips0.60 pips0.60 pipsFees Included in Spread
ThinkMarkets
4.43 /5
Read Review
Financial Services Conduct AuthorityFCA Regulated Forex BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityCySEC Regulated BrokersFinancial Services AgencyUSD 0415046USD 110.00 pips0.00 pips0.00 pips7 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.

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