MT5 Forex Brokers

MT5 forex brokers provide a platform that supports and operates with a variety of asset classes. Traders are given access to a flexible system that enables them to execute any strategy in the market. You can also take advantage of professional technical and fundamental analysis tools to enhance your strategy. 

The Best MT5 Forex Brokers on the Market

  • Pepperstone – Best Overall for 2022
  • XTB – Best for Beginners in 2022
  • Skilling – Lowest Spread for 2022
  • FXTM – Best ECN of 2022
  • XM – Best for Scalping and EA Trading in 2022

This list is here to help you find the right MT5 platform for you, whether you are a seasoned trader or someone who is just getting started. 

What are MT5 Forex Brokers?

These brokers use the MetaTrader5 platform, which is an updated version of the MT4 platform. This updated platform is designed for an increased volume of users on the market. It features instruments from the forex, CFDs, stocks, and futures. 

  • Trading instruments- Forex, CFDs, stocks, and futures
  • Technical analysis tools- 38
  • Programming language- MQL5
  • Graphical objects- 44

The developers, MetaQuotes, permit multi-asset enhanced trading for more variety on both the MT4 and MT5 platforms.

What Are the Benefits of Trading with MT5?

Trading with MT5 comes with many benefits that will modernize the way you carry out transactions. Many tools and functions have been upgraded to offer advanced abilities. 

This platform is an all-in-one concept because it offers upgraded analytical tools with a modernized interface that easily displays hundreds of charts. The user-friendly design helps you perform more accurate analysis using its advanced features. 

MetaTrader 5 can trade automatically using robots and trading signals for easier real-time copying from one account to another. Desktop and mobile versions are available, so you can trade from wherever, whenever. 

Indicators and Add-ons or Plug-ins

Indicators and add-ons are common features that have been enhanced from their previous versions to improve trading capabilities. They are available in a great range with no limitation of indictors.

They are all built-in to the MetaTrader MQL Market to bring users the widest selection to purchase or rent the most popularly used developed technical indicators. 

EA and VPN

Popular trading robots and Expert Advisors are still in use by MT5 forex brokerages, but they have been upgraded to offer more specialized features. The copy trading capability is specifically designed to run on the advanced systems of the MT5. 

Algorithmic trading is a standout feature that allows traders to turn a trade idea into a realistic model that can be made into a useable strategy using the algorithm. This function is based on the MQL5, which is not compatible with the MQL4. 

EAs help with automated trading by allowing you to choose from pre-set parameters or create your own through the MetaEditor, to match similarly edited environments. 

Backtesting

Backtesting is made easier by MT5 forex platforms. You can even perform a run of strategies by testing the speed and quality ratio to best suit your needs as a trader. Simulated conditions are realistic, following the demand from MT4 users for the ability to backtest via VPS or local servers. 

Can You Switch Brokers?

Similar to MT4, users can switch brokers via the MT4 platform. This means you can use the execution venue or broker while operating with the same layouts and parameters you previously saved. Which venue you choose to do the trade in will not affect the way you usually carry out trades. 

Why Do Brokers Choose to Use MT4 Over MT5?

Although MT5 offers advanced and upgraded features with more comprehensive tools, many traders still prefer to use MT4. MT4 remains the most popularly used platform in the industry, experiencing bigger volumes during daily operations.

Another reason MT4 is still the crowd winner is because it was designed specifically for forex trading. The features and functionality primarily serve traders focused exclusively on the forex market. There may be a lot of benefits in switching over to MT5 but the CFD forex instruments of MT4 are hard for many to pass up.

Are There Brokers Who Use MT4 and MT5?

You can find a broker who offers both platforms or only deals with one of the other. Both are commonly used platforms, so you won’t have any trouble finding a broker to deal with. Whether they offer both or just one is solely up to them.  Make sure to check the FP markets or FXTM to be sure which platform offers what you’re looking for when it comes to trading.