75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

AuthorAuthor: Jeffrey CammackPublished: October 14, 2019
EditorEditor: Alison HeyerdahlUpdated: December 7, 2023

Last Updated On December 7, 2023

Jeffrey Cammack

MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.

Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed, and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we ensured that all brokers on this list were fully regulated to ensure trader safety.

According to our testing and our research, these are the best MT5 brokers in Australia for 2024.

These are the best MT5 brokers in 2024

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage (Forex)
MetaTrader 5 (MT5)
Beginner Friendly
Cost of Trading
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Regulated By
Total CFDs
Currency Pairs
Compare
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 Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityThe Seychelles Financial Services Authority1016270
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 101.00 pips0.17 pipsFCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority1275100
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 90.90 pips0.90 pipsASIC Regulated Forex BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services Authority87255
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 70.70 pips0.60 pipsFCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission100956
Fusion Markets
4.33 /5
Read Review
Visit Broker >
89% of retail CFD accounts lose money
USD 030:1 ExcellentUSD 4.500 pips0 pipsASIC Regulated Forex BrokersVanuatuThe Seychelles Financial Services Authority25285
BlackBull Markets
4.28 /5
Read Review
Visit Broker >
N/A of retail CFD accounts lose money
USD 0500:1 ExcellentUSD 80.80 pips0.18 pipsThe Best FMA-Regulated Forex BrokersThe Seychelles Financial Services Authority2611570
Tickmill
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
USD 10030:1 ExcellentUSD 60.00 pips0.10 pipsCySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDubai Financial Services Authority20962
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
AUD 530:1 ExcellentUSD 60.60 pips0.60 pipsCySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services CommissionFinancial Services Conduct Authority155457
Admiral Markets
4.28 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
AUD 10030:1 ExcellentUSD 80.80 pips0.10 pipsASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityJordan Securities Commission399682

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. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.

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.


Others Also Visit

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Visit
FP Markets
4.40 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
IG
4.69 /5
Read Review
Visit

FP Markets – Best MT5 Broker in Australia

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 3 USD 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 Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Pepperstone – Best ECN Broker with MT5 Support

Broker Score
4.614.61 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is an Australian ECN broker with two simple accounts, ASIC regulation and full support for MT5, including hedging and share trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.

Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free and spreads on the EUR/USD starts at 1.00 pips. The Razor Account charges a commission of 7 AUD round turn but the average spread on the EUR/USD is 0.10 pips – about as close as traders can get to true market prices as possible.

Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

AvaTrade – Best Commission-Free MT5 Account

Broker Score
4.594.59 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

AvaTrade is a globally renowned market maker with the best commission-free trading conditions 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 similar brokers. MT5 traders can access the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 30:1, 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 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 Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Markets.com – ASIC-Regulated and Tight Spreads

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

Established in 2010, Markets.com is an ASIC-regulated Market Maker broker offering a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Beginner traders will appreciate the comprehensive education section and 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 AUD. They also excel with impressive trading conditions, featuring exceptionally low spreads of just 0.6 pips on the EUR/USD. Traders can access leverage of up to 30:1, and all clients have negative balance protection as per ASIC rules.

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 Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Markets.com platforms supported. Markets.com is regulated by the FSCA, FCA, CySEC, ASIC, and the BVI FSC.

Fusion Market – Best Copy Trading Solutions

Broker Score
4.334.33 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 4.50
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2017 in Melbourne, Fusion Markets is an ASIC-regulated broker with exceptionally low trading costs, MT5 support, and no minimum deposit requirements. Alongside an excellent range of market analysis materials, Fusion Markets also offers no less than three different copy-trading solutions.

Its own Fusion+ copy trading platform is only available in a proprietary trading platform, but it also offers Duplitrade and Myfxbook Autotrade – one of the largest Forex social trading communities in the world.

In terms of traditional trading, Fusion Markets is one of the lowest-cost brokers in the world. EUR/USD spreads start at 0 pips on its Zero Account with a very low commission of 4.5 AUD. The only drawbacks are a relatively limited number of CFDs (though 85 Forex pairs, many more than most brokers) and no education to speak of, so beginners will have to educate themselves elsewhere.

Pros
  • Low minimum deposits
  • Tight spreads
  • Excellent market analysis
Cons
  • No in-house platform
  • No education
AlertAccepts Australian Clients. Average spread EUR/USD 0 pips with 0 AUD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Fusion Markets is regulated by ASIC, FSA (Seychelles), & VFSC.

BlackBull Markets – Best MT5 Broker for Pro Traders

Broker Score
4.284.28 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

BlackBull Markets is for Australian traders seeking a broker with MT5 support and a professional-grade ECN/STP execution model. Equinix servers and STP execution prevent slippage, and Blackbull’s Institutional Account has spreads down to 0 pips, a 4 USD round-turn commission, and FIX API.

MT5 is available on all three of BlackBull’s account types, the ECN Standard, ECN Prime and ECN Institutional. The Standard and Prime Accounts offer decent ECN trading conditions, but pro traders will be interested in the Institutional account, which has a minimum deposit of 20,000 USD and spreads starting from 0.0 pips. 

BlackBull Markets offers free VPS services to all Prime and Institutional Account holders. The only requirements are a BlackBull Markets Prime account and a minimum of $2,000 deposit with 20 lots traded per month.  Bank wire withdrawals are free of charge for Australian bank accounts and take 1-3 days to process. 

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
  • Excellent customer support
Cons
  • Expensive withdrawals
  • High minimum deposits
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

TickMill – MT5 Broker with the Lowest Trading Costs

Broker Score
4.584.58 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Focused on experienced traders and serious beginners, Tickmill only recently started offering MT5 after seven years as an MT4-only broker. While Tickmill may not be one of the biggest names in the CFD business, it does offer some of the lowest trading costs available.

Tickmill has three different account types, all available on MT4 and MT5. The Classic Account has relatively wide spreads and no commission, but the MT5 Pro Account offers dynamic spreads down to 0 pips and a 4 USD (round turn) commission – one of the lowest commissions in the industry. Both the Classic Account and the Pro Account have a low minimum deposit requirement of 100 USD.

For professional traders, the MT5 VIP Account has even lower commissions, down to 2 USD (round turn) – though this account requires a minimum balance of 50,000 USD. More experienced traders will also be interested in Tickmill’s range of trading tools for MT5, such as AutoChartist, Myfxbook and a subsidised VPS service.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, LFSA, FSCA, and the FSA-Seychelles.

XM – Best MT5 Demo Account

Broker Score
4.454.45 / 5
🏦  Min. DepositAUD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  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 AUD 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
AlertLeverage limitations apply to all the EU regulated entities of the group.

Admirals – Best ASIC MT5 Broker

Broker Score
4.284.28 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Admirals has four accounts, two of which focus on the MT5 platform – Trade.MT5 and Zero.MT4. Both MT5 trading accounts have a 100 AUD minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. The Trade.MT5 account has a minimum spread from 0.5 pips with no commission and the Zero.MT5 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT5 account is 5 USD round turn, which is at the lower end of what other brokers can offer.

Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5, has advancements in technical analysis, improved trading widgets, the trader terminal, charts, and indicators that update the old standard versions of the software with both functionality and usability. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

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.

All ASIC MT5 Brokers

Here is our list of all ASIC regulated broker which support MT5 that we have reviewed. They are ordered by overall score, with the highest scoring first in the list. 

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Broker
Broker Score
Trading Platforms
ASIC Regulated
ASIC License
Regulators
Min. Deposit
Cost of Trading
Max Leverage (Forex)
No. of FX Pairs
Trading Commission
Compare
Markets.com
4.68 /5
Read Review
MT4, MT5, markets.com 424008FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionAUD 100USD 730:156Fees Included in Spread
Pepperstone
4.61 /5
Read Review
MT4, MT5, cTrader, TradingView 414530ASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityAUD 100USD 1030:1100From 7 USD / lot - Razor Account
AvaTrade
4.59 /5
Read Review
MT4, MT5, Avatrade Social, AvaOptions 406684ASIC Regulated Forex BrokersCySEC Regulated BrokersCentral Bank of IrelandFinancial Regulatory Services AuthorityAUD 100USD 930:155Fees Included in Spread
IC Markets
4.56 /5
Read Review
MT4, MT5, cTrader, TradingView 335692CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasAUD 200USD 830:1647 USD / lot - Raw Spread Account
Eightcap
4.53 /5
Read Review
MT4, MT5, TradingView 391441ASIC Regulated Forex BrokersSecurities Commission of the BahamasFCA Regulated BrokersCySEC Regulated BrokersAUD 100USD 1030:1557 USD / lot
XM
4.45 /5
Read Review
MT4, MT5 443670CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Conduct AuthorityAUD 5USD 630:157Fees Included in Spread
ThinkMarkets
4.43 /5
Read Review
MT4, MT5, ThinkTrader 424700FCA Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityCySEC Regulated BrokersAUD 0USD 1130:1467 USD / lot - ThinkZero Account
FP Markets
4.40 /5
Read Review
MT4, MT5, cTrader, IRESS 286354ASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityCapital Markets AuthorityAUD 100USD 730:1706 USD / lot - RAW Accounts
Vantage
4.35 /5
Read Review
MT4, MT5, ProTrader 428901FCA Regulated BrokersFinancial Services Conduct AuthorityASIC Regulated Forex BrokersCayman Islands Monetary AuthorityAUD 50USD 630:1466 USD / lot - ECN Account
FBS
4.33 /5
Read Review
MT4, MT5 426359CySEC Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityInternational Financial Services CommissionAUD 5USD 730:1376 USD / lot - ECN Account
Fusion Markets
4.33 /5
Read Review
MT4, MT5, cTrader 385620ASIC Regulated Forex BrokersVanuatuThe Seychelles Financial Services AuthorityUSD 0USD 4.5030:1854.5 AUD / lot (EUR/USD)
Hantec Markets
4.33 /5
Read Review
MT4, MT5 ASIC Regulated Forex BrokersFinancial Services AgencyFCA Regulated BrokersFinancial Services CommissionUSD 100USD 12500:1130Fees Included in Spread
Admiral Markets
4.28 /5
Read Review
MT4, MT5, MT Supreme 410681ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityAUD 100USD 830:1821.8 - 3 USD per lot
Oanda
4.25 /5
Read Review
MT4, MT5 412981FCA Regulated BrokersASIC Regulated Forex BrokersBest Forex Brokers in SingaporeBritish Virgin Islands Financial Services CommissionUSD 0USD 1030:1454 USD / lot
ACY Securities
4.08 /5
Read Review
MT4, MT5 403863ASIC Regulated Forex BrokersVanuatuAUD 50USD 1030:163Fees Included in Spread
easyMarkets
4.02 /5
Read Review
MT4, MT5 246566CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityBritish Virgin Islands Financial Services CommissionAUD 200USD 1830:163Fees Included in Spread
MultiBank
3.87 /5
Read Review
MT4, MT5, cTrader 416279ASIC Regulated Forex BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtBritish Virgin Islands Financial Services CommissionAUD 50USD 1430:1503 USD / lot
Trade360
3.80 /5
Read Review
MT5, Sirix 439907CySEC Regulated BrokersASIC Regulated Forex BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtAUD 500USD 4030:148Fees Included in Spread

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 Australian regulator, ASIC or the UK’s regulator, the FCA).

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.

 

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