Top 8 MT5 Forex Brokers for 2024: A Comprehensive Roundup

AvaTrade

Best Known for Social Trading and Educational Resources

AvaTrade is one of the best brokers for MetaTrader 5 and a reputable choice. This broker offers robust social trading capabilities and many educational resources. Copy trading is made easy with access to their proprietary app, AvaSocial, along with DupliTrade integration. This, along with the many learning resources, makes AvaTrade a great choice for beginners and those simply aiming to improve.  

As an MT5 broker, AvaTrade offers a range of tradable instruments along with advanced tools. Source: AvaTrade

Features

AvaTrade’s copy trading capabilities are a real highlight, along with the AvaSocial app for on-the-go copy trading. Additionally, AvaProtect is a useful addition which allows traders to hedge positions, albeit with a small fee. MetaTrader 5 is available, along with real-time market sentiment indicators and customizable alerts and notifications. 

There is also a large library of educational content, including eBooks, tutorials, and webinars. For experienced users, the advanced charting package includes automated pattern recognition. 

Pros

• Extensive educational content suitable for beginners
• Multiple copy trading options
• Innovative risk management tools like AvaProtect

Cons

• Spreads may not be as competitive as some ECN brokers
• Limited customization options on proprietary platform
• Higher minimum deposit for some account types

Criteria Evaluation

• Regulation: 5/5
• Trading conditions: 4/5
• Range of instruments: 4/5
• Platform features: 4/5
• Customer support: 4/5
• Educational resources: 5/5
• Deposits/withdrawals: 4/5

Community Reviews and Expert Recommendations

AvaTrade is widely praised for its educational resources and its social/copy trading element. Many users appreciate the integration with DupliTrade and the AvaSocial app in particular. Customer support also receives high praise. 

“AvaTrade company has got all the tools needed for everyone who wants to start trading, providing educational and efficient trading platforms as well as many other helpful services. Moreover I would like to thank Thomas Magen, a senior account manager from AvaTrade, with his experienced guidance and several online meetings I was able to get better in my trading journey after I almost wanted to quit. He has the patience to mentor everyone who wants to learn.” – Maan Yassin via Trustpilot

“My experience with AvaTrade, and especially Mark Mates, is incredibly positive. Both he and their technical support are always quick to respond with thoughtful and competent answers. If there are any problems with withdrawals, they are also incredibly helpful. Only recommendations from here.” – Peter F via Trustpilot 

Industry experts recommend AvaTrade for beginner and intermediate traders for its strong focus on learning and development. Our AvaTrade review describes this broker in detail. 

Pricing

AvaTrade offers a Standard account with average spreads of 0.9 pips on EUR/USD. They do not charge commissions on standard accounts.

Exness

Best Known for Low Spreads and Fast Execution

Exness is one of the most popular forex brokers with MT5. It offers low spreads and fast execution speeds, along with several account types. In particular, their Zero account is a useful option as it has raw spreads with no commissions. 

Moreover, Exness offers advanced VPS solutions, ideal for low-latency trading. The social trading platform is particularly popular, and it offers a performance-based ranking system. 

For a forex broker with MT5 available, Exness states it is the world’s largest retail broker. Source: Exness

Features

The social trading platform is a standout feature that allows traders to follow and copy successful trades. This is ideal for beginners to learn from but also any trader that is short on time. Experienced traders benefit from advanced order types, including trailing stops and OCO orders, and there are many analytical tools available. Additionally, the economic calendar and news feeds make it easy to stay up-to-date with market news. 

Pros

• Competitive trading conditions with low spreads
• Fast execution speeds suitable for scalping
• Wide range of instruments including forex, CFDs, and cryptocurrencies

Cons

• Limited educational resources compared to some competitors
• Customer support quality can be inconsistent
• Regulation may not be as strong as some top-tier brokers

Criteria Evaluation

• Regulation: 4/5
• Trading conditions: 4/5
• Range of instruments: 4/5
• Platform features: 4/5
• Customer support: 3/5
• Educational resources: 3/5
• Deposits/withdrawals: 4/5

Community Reviews and Expert Recommendations

Exness receives positive feedback for its services, particularly its social/copy trading capabilities. While some users believe that customer support could be improved, overall, many rate Exness’ trading conditions and range of account types. 

“At first, I had a lot of questions and problems with the affiliate program and trading conditions, but once I got in touch with their support they did their best and resolved it all quickly. Honestly, now I fully trust this company.” Nouamane Bennacer via Trustpilot 

“Exness is one of the best, fair & transparent brokers I’ve ever experienced. All its features are excellent, spreads are fabulous, and instant withdrawal features. In addition, their zero balance protection and stop out protection make exness unique from all others brokers. I love using it. Their customer support is very helpful.” Mohsin via Trustpilot  

Industry experts recommend Exness for beginner and experienced traders and particularly highlight its social features. Read our Exness review for more details. 

Pricing

Exness offers various account types with competitive spreads and commissions. Their Zero account provides raw spreads starting from 0.0 pips with no additional commissions.

Roboforex

Best Known for Competitive Trading Conditions and Diverse Account Types

The final MT5 forex broker I reviewed was Roboforex. This broker offers competitive trading conditions and a range of diverse accounts for flexibility. Along with MetaTrader 5, their proprietary R Trader platform is ideal for experienced users, with advanced charting capabilities. Additionally, Roboforex offers the CopyFx social trading platform with a range of subscription choices. 

Roboforex is an MT5 broker and has been on the market for over 15 years. Source: Roboforex

Features

Roboforex has many features, including access to the CopyFx social trading platform. This is useful for beginner traders who want to learn from previously successful trading strategies. Besides MetaTrader 5, Roboforex also offers the R Trader platform with advanced charting tools and a very user-friendly interface. There are a range of risk management tools, including stop-loss orders, in addition to an integrated economic calendar and news feed. 

Pros

• Low minimum deposit requirements
• Variety of account options to suit different trading styles
• Competitive spreads and commissions

Cons

• Regulation may not be as strong as some top-tier brokers
• Educational resources could be more comprehensive
• Customer support quality can be inconsistent

Criteria Evaluation

• Regulation: 3/5
• Trading conditions: 4/5
• Range of instruments: 4/5
• Platform features: 4/5
• Customer support: 3/5
• Educational resources: 3/5
• Deposits/withdrawals: 4/5

Community Reviews and Expert Recommendations

Overall, Roboforex receives positive feedback for its competitive trading conditions and range of account types. Users especially enjoy copy trading features. However, many feel that customer support quality could be improved. 

“For me, RoboForex is an excellent broker. Deposits and withdrawals within seconds to minutes. Support is also available in my language (Czech) and they respond quickly and always provide assistance. Moreover, you cannot actually go into a negative balance here. The broker will reset your account to zero.” – Radek Trvaj via Trustpilot 

“So far, very impressed – using this as my first forex broker and whilst I was initially worried about the offshore-nature of this Forex broker, the level of service and site has been amazing as well as bonuses and other account features.” – Dan Clark via Trustpilot 

Industry experts recommend Roboforex for traders who want to diversify their portfolios. They also praise the copy trading focus. Our Roboforex review provides more details. 

Pricing

Roboforex offers various account types with competitive spreads and commissions. Spreads starting from 0.0 pips.

Notable Mentions

Alpari

Alpari is a high-quality broker that is renowned for its competitive spreads and range of trading instruments. Our Alpari review gives more details. 

HYCM

HYCM is a popular broker offering a user-friendly trading experience. With many educational resources, HYCM is ideal for beginner traders. offers a user-friendly trading experience with a focus on education. Read our HYCM review for more information. 

NordFX

NordFX provides high leverage options along with a large range of forex pairs. Our NordFX review provides more information and insights. 

AxiTrader

Finally, AxiTrader is a broker known for competitive pricing and advanced trading tools. Our AxiTrader review provides more details. 

Frequently Asked Questions

What are the key advantages of using MT5 for forex trading?

MT5 is an ideal tool for forex trading, thanks to its range of features. It has advanced charting capabilities, support for algorithmic trading, and a built-in economic calendar. Additionally, it has access to a larger range of markets than MetaTrader 4. 

Overall, as a trading platform, MT5 is a robust choice. 

How do I choose the best MT5 forex broker for my trading style?

There are many brokers with MT5 but it’s vital to take the time to find the right fit for your needs. Assess elements such as regulation, trading conditions, features, tradable instruments, along with customer support quality. It’s vital that your choice of broker suits your risk tolerance level and your trading goals. 

What’s the difference between ECN and market maker brokers on MT5?

ECN, short for Electronic Communication Network, gives brokers direct access to the interbank market, with raw spreads for a commission. Due to its popularity, there are many ECN forex brokers on the market. On the other hand, market makers create a market for their clients. This situation often has wider spreads but no commissions. Both ECN and market makers operate with MetaTrader 5, with different trading conditions. 

Are there any limitations to using MT5 for forex trading?

MetaTrader 5 is a powerful platform, but like all comparable choices, it has some limitations to bear in mind. There is a lack of backward compatibility with MetaTrader 4 expert advisors, and many new users find it harder to get used to. Additionally, there may be issues with broker-specific implementation, leading to varying features. 

How important is regulation when choosing an MT5 forex broker?

When choosing any broker, including MT5 forex brokers, it’s important to look for regulation. Top-tier regulation gives extra peace of mind because it indicates that the broker must follow strict guidelines. These include segregation of client funds, regular audits, and maintaining minimum capital requirements. However, it’s important to remember that the level of protection provided by a regulator can vary. 

Final Thoughts

Choosing the right MetaTrader 5 forex broker for your needs requires careful thought and attention. There are many suitable brokers on the market, but not all will suit your specific trading preferences and risk tolerance. After reviewing eight of the best MT5 brokers, it’s clear that they all have their pros and cons. There is no one-size-fits-all choice, but the range of brokers means that there is a suitable option for every trader. 

Here at TopBrokers, we understand this can be an overwhelming choice. From regulation to trading conditions, additional features to customer support, there are many elements to consider. However, we’re committed to helping traders like you choose the best option. 

We have a range of comprehensive reviews and comparison tools to help narrow down your choice. Additionally, we have many resources to help you learn, whether you need to learn about forex trading for beginners or if you’re more advanced. For instance, we have articles on how to manage forex trading stress, and how to create and manage a forex trading strategy. For traders who want to delve deeper, we also talk about just what Gartley is and how to trade with it. 

In the end, your trading journey is a personal endeavor that requires time, effort, and commitment. With careful decision-making, you’re a step closer to successful trades.