By Chris Cammack Author Information Updated: July 2, 2020

MT5 (MetaTrader 5) is the latest version of the MetaTrader Forex trading platform. Unlike its predecessor, it allows trading on stocks, commodities, and indices as well as Forex.  MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of brokers.

These are the best MT5 brokers in 2020. 

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  • Broker
    FXTM

    FXTM  - Best MT5 Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    USD 10
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts - MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

    With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

    Pros

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Cent Account1.5 pipsNoneInstantUSD 10 Account Details
    Standard Account1.3 pipsNoneInstantUSD 100 Account Details
    ECN Zero Account1.5 pipsNoneMarketUSD 200 Account Details
    ECN Account0.1 pips$2.00MarketUSD 500 Account Details
    FXTM Pro Account0.0 pipsNoneMarketUSD 25000 Account Details
  • Broker
    Pepperstone

    Pepperstone  - Most Trusted Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, fast trade execution and broad trading platform support. As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find much better than Pepperstone.

    Pepperstone's award-winning 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via a number of methods. It won the fastest-growing company award (2014) in Australia, from BRW Magazine and in the same year, emerged as the winner of the Governor of Victoria Export Awards cementing its reputation as a serious contender in the industry.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
    Standard1.0 pipsNoneECNUSD 200 Account Details
    Swap-free1.0 pipsNoneECNUSD 200 Account Details
  • Broker
    OctaFX

    OctaFX  - Best Trading Platforms

    REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    USD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    OctaFX is a client-focused, international broker with a loyal following of Malaysian traders. The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

    An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools such as AutoChartist, copy trading and an account monitoring service that lets beginners learn anonymously from successful traders. Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered.

    Pros

    • Great platform choice
    • Fast and free withdrawals
    • Copy trading accounts

    Cons

    • Limited education
    • Restrictive account types
    AccountSpread FromCommissionExecutionMin. Deposit
    cTrader ECN0.0 pips$3.00MarketUSD 100 Account Details
    MT4 Micro0.4 pipsNoneMarketUSD 100 Account Details
    MT5 Pro0.2 pipsNoneMarketUSD 500 Account Details
  • Broker
    XM

    XM  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    XM Group (XM) is a full dealing desk broker which offers floating spreads and suits all kinds of traders.  XM offers swap-free Islamic accounts as well as a variety of other account types to suit traders.  It is a perfect broker for scalpers, intraday traders as well as long-term traders because of the tight spreads, fast execution times and good analysis software.  XM has a low minimum deposit making this broker accessible for traders just starting out.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Most Assets Available

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXPro is one of the largest and most trusted brokers in the industry and, as such, are an excellent choice for new traders. Education for beginners is best-in-class and all three account types are available as Islamic accounts.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro offer competitive spreads to match profitability with security. 

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Education

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    The world's number one broker, and our highest-ranked broker, IG Markets have a very impressive product offering. A market-maker broker, IG Markets only offers the single account for Forex trading (also available as an Islamic account), but spreads are tight and educational and analytical materials are excellent. A wide choice of platform - including MT4 - is also available and customer service is world-class. 

    With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an easy choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in Malaysia can take advantage of the swap-free Islamic account on offer.

    The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 100 Account Details
  • REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets is a great Australian broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Bonus schemes, including deposit and no-deposit bonuses, are frequently available and Islamic accounts are available on both the MT4 and MT5 platforms.

    Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard IRESSN/A pips$10 AUD min, then 0.1%STPUSD 1,000 Account Details
    Platinum IRESSN/A pips$9 AUD min, then 0.09%STPUSD 25,000 Account Details
    Premier IRESSN/A pipsNo min, then 0.08%STPUSD 50,000 Account Details
    RAW0.0 pips$3.50STPUSD 100 Account Details
    Standard1.0 pipsNoneSTPUSD 100 Account Details
  • REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2001, Admiral Markets offers reliability, market leadership and modern trading. Most Admiral Markets customers have free access to Trading Central - providing independent market insight and technical analysis - and the company has one of the best cryptocurrency offerings on the market; additionally, the Islamic MT5 Account is one of the best swap-free accounts available.

    A global presence, a large international client base, flexible trading accounts and competitive trading conditions have attracted both beginner and experienced traders to the brand.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Trade.MT40.5 pipsNoneMarketUSD 100 Account Details
    Trade.MT50.5 pipsNoneMarketUSD 100 Account Details
    Zero.MT40.0 pips$1.8-$3.0MarketUSD 100 Account Details
    Zero.MT50.0 pips$1.8-$3.0MarketUSD 100 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FSC FSC
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    BDSwiss is a highly-rated broker, popular with both beginner and experienced traders. A wide range of account types is available, including a new subscription-based Raw Spread Account, which offers very tight spreads and no commission in return for a monthly payment.

    All accounts are available as Islamic accounts and experienced traders will also like with the Black Account, which includes free AutoChartist and one-on-one support. MT4 and MT5 are both supported and educational and analytical material are both excellent. Overall, BDSwiss is a good choice for all kinds of Forex traders and we are curious to see if the subscription model catches on.

    Pros

    • Tight spreads
    • Good for beginners
    • Wide range of assets

    Cons

    • Expensive withdrawals
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Basic1.5 pipsNoneInstantUSD 100 Account Details
    RAW Spread0.0 pipsNoneInstantUSD 200 Account Details
    Black1.1 pipsNoneInstantUSD 10000 Account Details
  • Broker
    IC Markets

    IC Markets  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IC Markets is one of the few ECN brokers that is truly good for beginner traders; trader education and customer service are both top-notch and with free access to Trading Central - an excellent third-party analytics provider - new traders will feel very welcome indeed. IC Markets runs frequent bonus schemes, some especially for Islamic traders, with commission-free trading on Islamic accounts during Ramadan. 

    IC Markets also offers support for all three leading trading platforms so experienced traders looking for a good ECN broker with the best trading conditions and fast execution should be tempted too.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
    RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
    Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    FSCA FSCA
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    ThinkMarkets is a very well-regulated ASIC-regulated broker and headquartered in Melbourne and London since 2010. It offers support for MT4, MT5 and its own ThinkTrader platform on two account types: One with a very low minimum deposit and the other a commission-based ECN account for more experienced traders.

    Education is well-structured and useful for beginners, though market analysis is mainly left to in-platform third parties. Customer support is excellent and provided locally and execution times are world-class, perfect for automated trading.

    Pros

    • Low minimum deposit
    • Well regulated
    • Great platform choice

    Cons

    • Limited market analysis
    • Non-transparent spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.4 pipsNoneMarketUSD 5 Account Details
    ThinkZero0.0 pips7 USDMarketUSD 500 Account Details

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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 are going to be trading more than Forex but want to have a standalone client then MT5 is a good platform. If you are only looking to trade Forex and want a simpler, more user-friendly platform, then it may be 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.

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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

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Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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