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Beginner’s Guide To MetaTrader 5 Brokers - Best Of 2023

Beginner’s Guide To MetaTrader 5 Brokers - Best Of 2023

When it comes to the most commonly used trading software, the platforms developed by MetaQuotes will surely take the top spot in the list. The launch of MT4 in 2005 was nothing short of a revolution in the forex brokerage industry. MetaTrader 4 soon went viral in the traders community and it still has an irreplaceable place in the forex space.

Even though the platform managed to surpass all of its competitors back then, the developers were keen to give this version a much needed upgrade in the next 5 years. This led to the launch of MT5 in 2010, a multi-asset trading platform with superior features and tools. Now for a majority of traders who trade forex MT5 has become the top-most choice simply because it has got what they need in the first place. Today we will be giving you a beginner’s guide to the best MetaTrader 5 brokers in 2023 with which you can choose the best one for yourself.

Why Do You Need to Check Out MetaTrader 5?

Even though MT5 is a way ahead of its successor in terms of speed and functionality, many of us are still not ready to let go of the traditional MT4 and thus it still remains the most popular choice in the traders’ community. It's such a pity that a vast majority of traders are still not utilising the powerful capabilities of MT5 as they are clinging to its predecessor till date.

If you are also one of them, then you may be wondering why I need to switch my trading platform when it already has everything that I look for. Well, that’s totally your call in the end but we highly suggest having a look at the advanced MT5 account at least once. Just to ensure that you don’t miss out on the advanced features and functions that are exclusive for MT5 users.

Also for total beginners and novice traders out there, MT5 is not that complex to get a grasp of. The interface of MT4 and MT5 are very much similar and the latter has managed to retain the simplicity and user friendliness to make sure that the users get the very same seamless trading experience without any interruptions.

You can still get started with the MT5 platform and get used to it with some practice. For traditional and seasoned traders with experience in MT4 trading, you can easily transition to the MetaTrader 5 platform without any major issues. 

What is MetaTrader 5?

As we mentioned earlier MT5 is a multi-functional and multi-asset trading platform that allows you to trade multiple instruments and markets including forex, stocks, commodities, indices, cryptos and more. This free trading platform can be used by anyone who opens an MT5 account with a forex broker. The broker should have integrated MetaTrader 5 with their platform in order to let their users trade through an MT5 account. But unfortunately the number of brokers offering MT5 is still very less compared to MT4 which can be found in almost every other broker platform.

MT4 vs MT5

The scope of MT5 trading is wider than its predecessor not only in regards to additional tools and features but also in terms of speed and smooth functioning. Speed of execution is crucial in trading and one cannot stay away from MT5 if they happen to prefer a fast paced trading style with no lags and delays. Also if you are planning to employ modern trading techniques such as using automated trading systems, then MT5 is simply a better choice for that. The platform is specially designed for running advanced EAs and bots which makes it a popular choice among modern traders. Let’s have a look at some of the differences between MT4 and MT5 which you need to know while choosing between the two.

  • MT4 uses the MQL4 programming language while MT5 uses MQL5.
  • MT4 has only 9 timeframes but MT5 has 21 different timeframes.
  • MT4 has only 30 built-in indicators whereas MT5 has 38 indicators with an option to add custom indicators.
  • MT4 has just 31 graphical objects while MT5 has 44.
  • The strategy tester for MT4 is single threaded but for MT5 the strategy tester is multi-threaded.
  • MT4 has 4 pending order types and MT5 offers 2 more additional pending order types apart from these 4.
  • Last but not least, MT5 is more stable and faster than MT4 with all the upgrades.

So, it’s quite evident that MT5 has so much more to offer which makes it a perfect match for the modern trader who wants to explore different markets and instruments with ease. Like we said earlier, the number of forex broker platforms on which you can open an MT5 account is lesser in comparison to platforms that offer MT4 trading. Hence, we have done the research on your behalf to present you a list of best MetaTrader 5 brokers for the year 2023. So, let’s dive into it without any more delay.

1. Fxview

  • Regulated by different top tier authorities including CySEC.
  • In addition to forex, you can also trade stocks, indices, commodities and cryptocurrencies.
  • You can choose from the two account types: Raw ECN accounts and Islamic swap free accounts.
  • Can fund your account with an amount as low as $50.
  • Tight spreads starting from 0.2 pips.
  • Low commission of $1/100k per side.
  • No dealing desk intervention.
  • API trading and algorithmic trading is allowed.
  • VPS services are available at an affordable price of $25/month.
  • Provides a 100% deposit bonus for a minimum deposit of $200.
  • Up to 500x leverage can be availed.
  • Provides negative balance protection to all accounts.
  • Copy trading and PAMM/MAM accounts are available.

2. Pepperstone

  • Regulated by many reputed authorities including FCA and CySEC.
  • Offers a wide variety of trading instruments including CFDs on forex, crypto, shares, commodities, ETFs, crypto and more.
  • You can open a live account with a minimum deposit of AUD$200.
  • Thin spreads starting from 0.8 pips on major pairs.
  • Commission on the razor account is just $3.5 per lot per side. 
  • Leverage up to 500x.
  • No dealing desk execution.
  • You can trade using Expert Advisors for algorithmic trading. 
  • API trading is allowed.
  • Also provides VPS hosting services.
  • Social trading tools are available.

3. IC Markets

  • Regulated by different authorities including ASIC and CySEC.
  • Can trade currencies, stocks and many other CFDs on Commodities, futures, bonds, and cryptocurrencies.
  • Provides 2 different account types: raw spread account and standard account.
  • Spreads start from 0.2 pips on raw spread accounts and for standard account spreads start from 0.6 pips.
  • Commission on raw spread account is $3.5 per lot per side and standard accounts are commission free as they compensate for the same with higher spreads.
  • Minimum deposit is $200 for all account types.
  • Max leverage that one can avail is 1000x.
  • Copy trading is allowed.
  • Islamic accounts are offered to Muslim traders.
  • Usage of EAs are allowed.
  • Average execution speed is under 40ms.


  • Regulated by different authorities including FSC.
  • Offers a variety of instruments for trading including forex, stocks, commodities CFDs, indices and spot metals.
  • Three different account types are offered: Micro account, advantage account and advantage plus account.
  • Minimum deposit for a micro account is $10 and for other 2 account types $500.
  • Spreads on advantage plus account start from 0.1 pips and for other 2 account types, spreads start from 1.5 pips.
  • Micro accounts and advantage plus accounts are commission free and for advantage accounts, they charge a commission of $0.4 to $2 based on volume.
  • The max leverage offered to micro accounts is 1000x and for the other 2 account types, traders can avail leverage up to 2000x.
  • Trading signal services and copy trading are available.
  • Managed accounts are also offered to traders.

5. FxPro

  • Regulated by different top authorities including FCA and CySEC.
  • Can trade CFDs on forex, crypto, shares, spot indices, spot metals, spot energy and futures.
  • No dealing desk execution.
  • Spreads starting from 0.9 pips.
  • The commission charges on raw spread accounts is $3.5 per lot per side.
  • The maximum leverage offered is 500x.
  • All other MT4 and MT5 account types are commission free with marked up spreads.
  • $1000 is the recommended initial capital but you can fund your accounts starting from $100 each time.
  • VPS services can be used.
  • EA trading is allowed.
  • Swap free accounts are provided to Muslim traders.

6. Tickmill

  • Regulated by different authorities including FCA and CySEC.
  • The trading instruments that are offered include forex, cryptocurrencies, stocks, bonds, stock indices, energy, precious metals and bonds.
  • Provides 3 different account types: classic, pro and VIP account.
  • Spreads start from 0.1 pips on Pro and VIP accounts, for Classic account spreads start from 1.6 pips.
  • Classic account has zero commission, the commission per lot on pro account is $2 per side and for VIP account it is $1 per side.
  • The minimum deposit for classic and pro accounts is $100, the minimum opening balance for VIP accounts is $50,000.
  • The maximum leverage offered is 500x.
  • Swap free Islamic accounts are available.
  • EA trading is allowed.
  • VPS services are available.
  • Copy trading is allowed.

7. HFM

  • Regulated by different authorities including FCA And FSCA.
  • They offer forex, metals, CFD stocks, indices, metals, energies, cryptocurrencies, bonds, commodities, ETFs and physical stocks for trading.
  • They offer a variety of account types including micro, premium and zero spread accounts.
  • Minimum deposit of a micro account is $5, for premium account $100 and for zero spread account $200.
  • Zero spread accounts have spreads starting from 0.2 pips and for premium and micro accounts spreads start from one pip. 
  • Max leverage for micro accounts is 1000x and for premium and zero spread accounts it is 500x.
  • Copy trading is allowed.
  • PAMM accounts and Islamic accounts are available.

Benefits of MT5 Trading

  • Being a multi-asset trading platform, MT5 allows traders to trade different asset classes with ease.
  • More options for customisation and plenty of trading shortcuts, which add to the convenience of traders.
  • Advanced tools for automated trading allows users to experience effortless trading.
  • Modern traders following complex strategies will find MT5 to be more compatible with their trading style.
  • The netting mechanism of MT5 saves a lot of time that goes into order tracking when you use MT4.
  • Better tools for backtesting and forward testing which makes it a perfect place to test new strategies whether they are manual or automated.
  • Traders relying on technical analysis can widen their research horizon by switching to the MT5 platform.

Drawbacks of MT5 Trading

  • Beginners may find MT5 a little complex at first.
  • The programs, EAs and APIs that you use on MT4 may not be compatible with MT5.
  • Not many brokers have integrated MT5 with their trading platforms yet.
  • Having too many tools and features can be overwhelming for some traders.

Tips for MT5 Trading

  • Use the customisation tools for charts for getting more clarity for analysis.
  • Use the autochartist tool on MT5 to get access to real time trade setups.
  • Use the ruler function to get important information across the trendline.

With that, we have come to the end of our beginner’s guide to MT5 trading and MetaTrader 5 brokers. In conclusion, MT5 is not a replacement for the standard MT4 trading platform. MT5 is simply different and is made for traders who are looking to explore different markets with ease. We hope you already found all the information that you were looking for and if not, feel free to ask your doubts by leaving comments. You can also share your valuable feedback in the comment section.

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