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Top 8 MT5 Forex Brokers for 2024: A Comprehensive Roundup

in New Zealand

Choosing a broker requires careful thought and research. However, it’s just as important to choose the right trading platform too. MetaTrader 5 is the platform of choice for many traders, and an upgrade from the popular MetaTrader 4. This platform features several key improvements, such as the use of indicators, advisors, and other forex trading scripts. 

Many brokers offer MetaTrader 5, but it’s important to think carefully before making a move. For that reason, I’ve assessed eight of the best MT5 forex brokers, including their pros and cons, features, and customer reviews.

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Alpari
trusted
1
Alpari
Expand
  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros
  • Competitive Spreads

  • Comprehensive Educational Resources

  • Robust Customer Support

Cons
  • Limited Deposit and Withdrawal Options

  • Occasional Platform Glitches

  • Limited Regulatory Oversight in Certain Regions

Harman Sairani
19 January 2022
rob
30 November 2020
Customer reviews
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:1000
FxPro
trusted
2
FxPro
Expand
  • 24/7 instant money withdrawal
  • Specialized trading accounts
  • Free VPS hosting
  • High leverage
Pros
  • Regulated by Multiple Tier-1 Authorities

  • Competitive Trading Conditions

  • Wide Range of Trading Platforms

Cons
  • Higher Commissions on Certain Platforms

  • Limited Educational Resources Compared to Other Brokers

  • Not Available Worldwide

Helena Scholes
10 May 2024
Andrew Gibbs
8 May 2024
Customer reviews
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:10000
3
XM
Expand
  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros
  • Regulated by Top-tier Authorities

  • Low Spreads and Commissions

  • Popular Trading Platforms

Cons
  • Limited Asset Coverage

  • Platform Selection Limited

Matteo Ricci
9 May 2024
Alejandro Lopez
3 May 2024
Customer reviews
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:888
Expand
  • 24/7 instant money withdrawal
  • Specialized trading accounts
Pros
  • High Leverage Options

  • Low Initial Deposit Requirements

Cons
  • Lack of Proper Regulation

  • Withdrawal Issues

  • Poor Customer Support

Roman Diakiv
25 July 2023
Brad Avery
9 April 2023
Customer reviews
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:3000
5
HYCM
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  • 24/7 instant money withdrawal
Pros
  • Unlimited demo account: Both new and experienced traders can access the different HYCM demo accounts across the broker’s platform for as long as they like. This will help new players become better skilled and experienced players more familiar with the various trading environments on the platform.

  • Supports multiple languages: Another HYCM bonus is its earned regulatory approval in 140 countries. This strongly indicates the broker’s versatility. Depending on the traders’ nationality, anyone can enjoy full access to the trading platform in their preferred language.

  • Long-standing reputation: With over 40 years in the financial industry, HYMC stands tall as an industry leader that has stood the test of time. Its financial services have also improved over the years to increase the platform’s functionality and create an enjoyable trading experience.

Cons
  • Customer support is unavailable during weekends: Since the broker offers financial services for some trading instruments that operate 24/7, customer support must be available round the clock. However, HYMC’s customer support services across all platforms are only available on weekdays. This means traders have to wait till weekdays to access customer support if the need arises on weekends.

Albert Martino
6 August 2023
Markus Wurfel
31 July 2023
Customer reviews
  • Withdraw feeNo
  • Deposit feeNo
  • Max Leverage1:400
6
Orbex
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  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros
  • Strong Regulatory Oversight

  • Several Trading Platforms Offered

  • Several Account Options

Cons
  • Variable Spreads on Starter Account

  • High Minimum Deposits for Premium and Ultimate Accounts

  • Some Users Reported Withdrawal Issues

Jeff Warren
30 January 2023
James Lewis
27 January 2023
Customer reviews
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Expand
  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros
  • Low Trading Fees

  • Multiple Regulatory Licenses

  • Advanced Copy Trading Options

Cons
  • High Minimum Deposit for Pro ECN Account

  • Limited Product Range

  • Mixed Customer Service Reviews

Kai Pearson
6 December 2022
Fletcher Soto
4 October 2022
Customer reviews
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Expand
  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Specialized trading accounts
Pros
  • Strong Regulatory Oversight

  • Fast Execution Speeds

  • Wide Range of Trading Instruments

Cons
  • Platform Complexity for Beginners

  • Limited Educational Resources for Advanced Traders

  • Limited Demo Account Access

Paul Davies
7 November 2022
Billy Bird
2 February 2022
Customer reviews
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Expand
  • Specialized trading accounts
Pros
  • Wide Range of Trading Instruments

  • High Leverage Options

  • Low Minimum Deposit

Cons
  • Not Regulated by Top-Tier Authorities

  • Mixed User Reviews

  • High Spreads on Some Account Types

Piotr Kucharski
25 May 2023
Transhuman Mercury
31 March 2023
Customer reviews
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Expand
  • Swap Free Accounts
  • Wide range of trading instruments
  • Affiliate Program
Pros
  • Strong Regulation

  • Fast Execution Speeds

  • Low Minimum Deposit

Cons
  • Lack of Proprietary Platform

  • Limited Educational Resources

  • Some Reported Withdrawal Issues

  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:500

Table of Contents

TL;DR

  • IC Markets offers competitive pricing and excellent execution for algo traders.
  • FP Markets provides low-cost trading on MetaTrader platforms.
  • Pepperstone stands out for its MetaTrader and copy trading capabilities.
  • FOREX.com provides a comprehensive offering for forex and CFD traders.
  • FxPro excels in MetaTrader and algorithmic trading support.
  • AvaTrade is known for its social trading and educational resources.
  • Exness offers low spreads and fast execution.
  • Roboforex provides competitive trading conditions and diverse account types.

Comparison Table

BrokerBest Known ForRegulationMin DepositSpreads From
IC MarketsCompetitive Pricing and ExecutionASIC, CySEC, FSA$2000.0 pips
FP MarketsLow-Cost MetaTrader TradingASIC, CySEC$500.0 pips
PepperstoneMetaTrader and Copy TradingFCA, ASIC, DFSA, SCB$00.0 pips
FOREX.comComprehensive Forex and CFD OfferingFCA, CFTC, NFA, IIROC$1000.2 pips
FxProMetaTrader and Algorithmic TradingFCA, CySEC, FSCA, SCB$1000.0 pips
AvaTradeSocial Trading and EducationCentral Bank of Ireland, ASIC, FSCA$1000.9 pips
ExnessLow Spreads and Fast ExecutionFCA, CySEC, FSCA$0 on Standard Account0.0 pips
RoboforexCompetitive Conditions and Diverse AccountsFSC, IFSC$100.0 pips

Criteria Breakdown Summary

To review the best MT5 forex brokers, I created a set of criteria to measure each. This included regulation, trading conditions, tradable instruments, other platforms, customer support, educational resources, and deposits/withdrawals. I also considered reviews from users and industry experts. I then rated each of the MetaTrader 5 brokers out of five. 

IC Markets

Best Known for Competitive Pricing and Execution

The first MT5 broker I reviewed was IC Markets. This is a popular broker that offers fast execution speeds and tight spreads, especially in algorithmic trading. There are several account types available but the Raw Spread account is notable for its spreads from 0.0 pips and $3.50 commission. IC Markets has over 65 currency pairs available and a large range of CFDs. 

MetaTrader 5 is offered along with its advanced trading tools, plus low latency VPS options for high-frequency traders. Overall, I believe this is one of the best brokers offering the MT5 platform

IC Markets trading platform interface

IC Markets offers the MetaTrader 5 platform along with spreads from 0.0 pips. Source: IC Markets

Features

One of IC Markets’ standout features is the Advanced Trading Tools package. This includes advanced charting, correlation tools, and sentiment indicators, making it ideal for experienced traders. This broker also supports many third-party plug-ins, so the MetaTrader 5 platform is extremely customizable and flexible. 

Pros

  • Ultra-low spreads starting from 0.0 pips
  • High liquidity and fast execution speeds
  • Supports multiple trading platforms including MT4, MT5, and cTrader

Cons

  • Research and education offerings are limited compared to industry leaders
  • No negative balance protection for all account types
  • Higher minimum deposit for some account types

Criteria Evaluation

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

Community Reviews and Expert Recommendations

IC Markets enjoys positive feedback from users, particularly related to tight spreads and fast execution. Low trading fees are also highlighted, along with its quality customer support. 

“I’m absolutely satisfied with IC Markets as my broker! I use MetaTrader 5, and the platform works flawlessly. All trades are executed quickly and reliably, and I’ve never had any issues. The customer support is also excellent, fast and easy to reach whenever you need them. Overall, I can highly recommend IC Markets!” – Lukas Brunner via Trustpilot

“I’ve been using IC Markets for some time now and I’m very satisfied with the customer support. In all honesty, I don’t think I’ve ever gotten a quicker and clearer response anywhere else.”Beno via Trustpilot  

Industry experts recommend IC Markets for experienced traders, thanks to its range of advanced features. Read more in our IC Markets review

Pricing

IC Markets offers a Raw Spread account with a $3.50 commission per lot per side. Spreads start from 0.0 pips.

FP Markets

Best Known for Low-Cost MetaTrader Trading

FP Markets is a well-regarded option for MT5 traders, and offers cost-effective conditions. This broker offers IRESS platform integration for advanced stock trading, along with Autochartist integration for technical analysis. FP Markets is a good choice for anyone looking to keep trading costs low. Their raw ECN pricing offers spreads from 0.0 pips with low commissions. 

In addition, there are a wide range of CFDs available, including stocks, commodities, and indices. 

FP Markets trading interface

FP Markets is a well-known MT5 trader that offers ultra-low spreads from 0.0 pips and favorable trading conditions. Source: FP Markets

Features

The Raw ECN Account is a quality option with excellent pricing and professional-level liquidity. Autochartist is another useful addition, giving access to powerful analysis tools. Additionally, there is a forex VPS service for algorithmic traders. 

FP Markets includes advanced order types, including OCO and trailing stops, along with a multi-asset portfolio margining system. I would recommend this broker for intermediate and advanced traders simply because beginners may struggle with the number of features initially. 

Pros

  • Industry-leading pricing on MetaTrader platforms
  • Wide range of markets including forex, CFDs, and stocks
  • Fast execution with no dealing desk intervention

Cons

  • Limited educational offerings compared to some competitors
  • Mobile app lacks some advanced features
  • Higher minimum deposit for IRESS platform accounts

Criteria Evaluation

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

Community Reviews and Expert Recommendations

FP Markets receives positive feedback from users about its competitive pricing and execution quality. Many advanced users also appreciate the technical analysis tools, and highlight the excellent customer support. However, some beginner traders mention they would prefer more educational resources. 

“Very quick to respond in the live chat and give a detailed answer. Highly recommend this broker as I’ve had no problems so far and have been using them for over 6 months.”SP via Trustpilot 

“Always respond to chat within a minute & do their utmost best to always solve the problem whilst communicating with you. Excellent customer service.” T.U. via Trustpilot 

Industry experts recommend FP Markets for intermediate to advanced traders thanks to its features and low cost trading environment. Our FP Markets review provides more information. 

Pricing

FP Markets offers a Raw ECN account with competitive spreads and commissions. Spreads start from 0.0 pips with a commission of $3.50 per lot round turn. 

Pepperstone

Best Known for MetaTrader and Copy Trading

Pepperstone is an instantly recognizable name for many and it has a strong reputation amongst the MT5 brokers. With copy trading capabilities, Pepperstone is an ideal choice for both beginner and advanced traders, and there are several account types available. 

The Smart Trader Tools package for enhanced MT5 functionality is an excellent feature. Additionally, this broker offers support for high-frequency trading strategies. Beginners will also appreciate the range of educational resources. 

Pepperstone is a leading CFD provider amongst MT5 brokers and offers value for money. Source: Pepperstone

Features

Pepperstone’s Smart Trader Tools package is a highlight, including correlation tools, advanced risk management features, and sentiment indicators. This broker also provides access to several social trading platforms, creating the ideal copy trading situation. Moreover, there is API trading support for algorithmic strategies, along with a customizable trading journal and performance analytics. 

Pros

  • Competitive pricing for active traders
  • Excellent platform selection including MT4, MT5, and cTrader
  • Fast execution with no dealing desk intervention

Cons

  • Limited selection of markets compared to some competitors
  • Educational content could be more comprehensive
  • Higher minimum deposit for some account types

Criteria Evaluation

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

Community Reviews and Expert Recommendations

Pepperstone enjoys positive praise for its services, with many users mentioning customer support and execution speed in particular. The broker’s copy trading capabilities are highlighted, along with reliability and trading costs. 

“A technical issue occured where I unfortunately lost some money on my trading account. When I reached out to Pepperstone, they said they’d review it. They did! And also refunded the money I lost! In my view, the best action oriented customer care is definitely Pepperstone! They are fast, and do what they say! Keep it up Pepperstone! A very satisfied client here.” Nakamya Joanita via Trustpilot

“Pepperstone has one of the best customer service teams. They have always replied quickly to my requests with the right solutions. Would recommend this broker for their seriousness and the support they provide.” Soufiane Elame via Trustpilot   

Industry experts emphasize competitive pricing and advanced trading tools. They recommend Pepperstone for beginner and advanced traders. Our Pepperstone review provides more details. 

Pricing

Pepperstone offers a Razor account with raw spreads plus $3.50 commission per lot round turn. Spreads start from 0.0 pips on major pairs.

FOREX.com US

Best Known for Comprehensive Forex and CFD Offering

FOREX.com is a well-regarded MT5 broker that has a range of forex pairs and CFDs on offer. There are multiple platforms, including MetaTrader 5, and their proprietary platform. It’s easy to stay up-to-date with market news, thanks to the integrated news feed. Additionally, FOREX.com offers some of the best educational resources on the market, with countless learning and development options. 

FOREX.com offers over 80 forex pairs as an MT5 broker along with other tradable instruments. Source: Forex.com

Features

FOREX.com’s main feature is its educational resources, which are some of the best in the entire industry. These resources are ideal for both beginner and intermediate traders, however advanced traders may find the content lacking. Moreover, FOREX.com offers many forex pairs and competitive pricing. They also offer analytical tools and market news to stay up-to-date. 

This broker offers several platforms, including MetaTrader 5, but its proprietary platform has the most features included. 

Pros

  • Wide range of markets including forex, CFDs, and cryptocurrencies
  • Strong educational resources and market analysis
  • Multiple platform options to suit different trading styles

Cons

  • Spreads may not be as competitive as some ECN brokers
  • Limited MT5 instrument selection compared to 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

FOREX.com receives high praise from users and industry experts. Most mention the quality of their educational resources, along with research tools. Additionally, many users appreciate the range of tradable markets and instruments. 

“Very good experience! I use forex.com and have no problem with it, friendly support and good overall platform.”Victor Adria Puig Velasco via Trustpilot 

“For customer support I really appreciate the time taken and understanding what customers are going through, and my chat agent was 100% helpful and I really love that about your company , Customer service is top notch!” Ashieanna Reid via Trustpilot 

Industry experts recommend FOREX.com for beginner and intermediate traders in particular. They especially emphasize educational resources and customer support. Read more in our FOREX.com review

Pricing

FOREX.com offers a Standard account with competitive spreads and no commissions. Spreads start from 0.2 pips on major pairs.

FxPro

Best Known for MetaTrader and Algorithmic Trading Support

FxPro is a stand-out broker for algorithmic traders and those who enjoy the MetaTrader platforms. There are several account types available to suit different needs, along with the FxPro Edge account, which is particularly popular. This account offers raw spreads with commissions.  

Many believe this is the best MT5 broker for high-frequency traders, thanks to its advanced VPS solutions and additional features. Alongside MetaTrader 5, cTrader is also available, along with an app for on-the-go trading.  

FxPro's MT5 interface

FxPro  is a high-quality MetaTrader 5 platform with many features Source: FxPro

Features

FxPro offers MetaTrader 5 with all its associated features, along with the FxPro Edge proprietary app, and cTrader. This flexibility means FxPro is accessible to many different types of traders. Additionally, the VPS solutions are ideal for high-frequency trading strategies and minimize latency.  

I found the news feeds and integrated economic calendar very useful, along with the risk management tools. 

Pros

  • Clean execution of large orders
  • Diverse platform offerings including MT4, MT5, and cTrader
  • Strong support for algorithmic and high-frequency trading

Cons

  • Pricing trails some industry leaders
  • Proprietary platform has limitations compared to MT5
  • Educational resources could be more comprehensive

Criteria Evaluation

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

Community Reviews and Expert Recommendations

FxPro receives positive feedback from users and industry experts. Many emphasize platform reliability and execution quality. Users also praise this broker’s customer support and response times. 

“Above all of their offers, I love the whole system of funding. They have created a system so easy to use and so smooth that putting some money in or taking out has been a pleasure.”Danilo Moreira via Trustpilot

“It’s important for my trading strategy that I have access to a large selection of assets. And it’s great that FxPro provided such access for me. I’m really grateful.” Santos Alderete via Trustpilot 

 Industry experts recommend FxPro for experienced traders thanks to its advanced features and algorithmic trading options. Read our FxPro review for more details. 

Pricing

FxPro offers various account types with competitive spreads and commissions. Their FxPro Edge account provides raw spreads starting from 0.0 pips with a commission of $4.50 per lot round turn.

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 R Trader platform

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.