10 Best Metatrader 5 Forex Brokers (January 2023)

Do not invest more money than you can afford to lose.

Metatrader 5 is the most dominant trading platform these days. There are many excellent brokers which have it available. But they each have a different kind of service, and some have different clients of MT5 to offer. So, even though there is a lot of variety, not just any broker can be said to be the right one for every trader! The following article will go into the ten best MT5 brokers as of January 2023, and highlight what makes them stand out. Hopefully, this will help you get some insight into which firm is the best pick for your individual needs:

1. XM

XM is a staple when it comes to Forex trading. The broker’s trading conditions are highly competitive and its regulation is very tight. When it comes to trading on the MT5 platform, it has enhanced the experience of clients via its XM App. This is a companion to the desktop platform – you can join your XM and your MT5 accounts. Any trade you execute on the main platform will be reflected on the App. What’s more, it allows you to quickly deposit and withdraw, which the mobile version of Metatrader does not normally allow. If you are a trader on the go, you should check the XM App!

2. HFM

The next broker which deserves to be highlighted is HFM. This company offers access to a free VPS service for its clients who wish to use MT5. The condition to participate in this discount is to have over $5000 in your account. VPS allows you to access a private server for the platform. This means faster trade execution and not having to worry about server downtime. Also, it is an excellent way to test out EAs with the Metatrader Backtesting feature. What’s more, the trading conditions with the broker are also highly competitive, meaning your VPS trading will be backed up by some of the tightest spreads on the market!

3. FBS

FBS is a firm that hardly needs an introduction. This broker stands out with an exceptionally low entry requirement – just $1. At the same time, its Metatrader 5 users are able to access additional information, via the broker’s website. There is a powerful Forex calculator there. It lets you easily see how much the value of a given pip is. It could be difficult to calculate that on your own. You can also track margin requirements, the cost of swaps for long and short trades and much more. You can calculate these for a variety of assets as well, with FX, Stocks and Commodities being several of the available classes on the calculator.

4. OctaFX

OctaFX provides access to the ability to trade crypto assets on its MT5 distribution. The digital asset market has a lot of participants, but there are certain risks to dealing on it. For instance, there is the chance you can get scammed if you are not careful who you entrust with your money. That is why it is best to trade crypto only with big brokers like OctaFX. There is also the added benefit of doing so on the excellent Metatrader 5 platform. In general, the assets on that market are characterized with high volatility – and MT5’s excellent analytical tools could give you an edge when it comes to developing the right strategy to profit from that.

5. FXTM

FXTM provides support for the Metatrader 5 platform via a set of Trader tools. These are various plugins for the software it offers. In general, MT5 can be customized to a very high degree, and what the firm offers will certainly expand its functionality. For instance, the broker has a News Timeline plugin. It shows you important information on crucial market events, and, in doing so, enables you to identify new opportunities on the markets. There is also access to the FXTM Daily Market Analysis tool, which is complied by experienced traders with the broker. All in all, the edge of trading with this broker is the high amount of high quality information it offers to its traders.

6. FP Markets

What makes FP Markets stand out as a provider of Metatrader 5 is the comprehensive Copy trading service it has available from the platform. If you have not heard of this kind of trading before, it allows clients to track their most profitable or best performing peers with a certain broker. They can then copy these leading clients – opening and closing the same positions as them in real time. If you are not experienced on the Forex markets, or simply do not feel like trading on your own, this is a good strategy to still participate. Even better – if you decide to do so with FP Markets, you will benefit from the broker’s low trading fees and strict regulation.

7. IC Markets

What makes the IC Markets MT5 client stand out is the company behind it. In particular, the broker has 25 different pricing providers. This means it has created an environment which is perfect for professional traders. It lets high net worth clients access the FX markets at lower prices than its competition. And if you are fond of using trading bots or scalping, both of these strategies are also enhanced by the broker’s deep liquidity. The execution speed with the broker is also superior, and there are way less requotes. Overall, IC Markets is a good choice if you are a day trader.

8. Pepperstone

As we mentioned, the Metatrader platform can be modified extensively. Pepperstone leans into that with its Smart Trader Tools. The broker offers access to useful features, not included in the stock versions of MT5. These are incredibly varied, and if you are interested you should check them out on the firm’s website. However, the most impressive ones have to be the Session map. This plugin allows you to see what markets around the world are open, and which are pending. If you know of one or several important markets event coming up for a certain country, you can use the advanced pending order tools for MT5 and the session map to plan the best way to make use of the opportunity.

9. Forex.com

With a relatively low entry cost, Forex.com is a good broker to pick if you are new to the markets. There is also a decent set of educational materials with the firm, which cements its status as one of the best places newer traders could go. Of note are the useful videos dedicated to using the MT5 platform. In general, the software is quite user-friendly, but if you need to know more about its features, this broker has you covered. The firm’s content covers topics from the absolute basics, for instance how to log in on the platform, to more advanced topics. It can teach you how to use indicators, charting tools and so on. Head on to the broker’s website for more information on them.

10. TIO Markets

Last but not least, TIO Markets has partnered with Trading Central to provide its clients with trading signals. We have already mentioned it is very important to have good information if you wish to tackle the Forex market. The trading signals of this firm can provide you with just that. You can get notifications for over 300 instruments across 4 asset classes. The service is free to use, but you can also buy a monthly subscription if you wish to receive more signals. The signals are based on the analysis of experts and algorithms, and can save you a lot of time which is better spent trading on MT5!