AuthorBy Jeffrey Cammack
Updated: October 20, 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.

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Best MT5 Forex Brokers 2021

Last updated on 20 Oct 2020
Updated 20 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
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1
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0 pips
Trading Platforms
Fx Pairs
59
Overall Rating
11110.54.17/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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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
Read More About FXTM
2
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
Trading Platforms
Fx Pairs
28
Overall Rating
11110.54.10/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
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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
Read More About OctaFX
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
Trading Platforms
Fx Pairs
50+
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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Founded in 2012, BDSwiss is a responsible and well-regulated broker with a local office in Kuala Lumpur, a Malay website, and a large following of Malaysian traders. It offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips.

Islamic accounts are available on all accounts except the Raw Account, MT4 and MT5 are both supported, and educational and analytical material are both excellent. Deposits and withdrawals are generally free and fast and with award-winning trading conditions, BDSwiss is a good choice for all traders.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
Trading Platforms
Fx Pairs
50+
Overall Rating
11110.54.18/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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AvaTrade is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, and EFTs. AvaTrade has one of the best mobile trading applications in the industry and unlike many European brokers, has a local Malaysian customer support team and website. 

AvaTrade’s single account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. This account can also be converted to an Islamic account – though spreads will be wider than on a traditional account.

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
Pepperstone
Min. Deposit
USD 200
4.514.51
Min. Spread
0.01 pips
Trading Platforms
Fx Pairs
80+
Overall Rating
11110.54.51/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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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
Read More About Pepperstone
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
57
Overall Rating
11110.54.38/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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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
Read More About XM
7
IG Markets
Min. Deposit
USD 250
4.694.69
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
93
Overall Rating
11110.54.69/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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One of the most popular brokers in Malaysia, IG Markets is a market-maker with only the single account for Forex trading, 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. Islamic accounts are available, but clients will need to request one from IG Markets customer service.

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 attractive choice for both beginner and experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
8
FxPro
Min. Deposit
USD 100
4.214.21
Min. Spread
0.60 pips
Trading Platforms
Fx Pairs
70+
Overall Rating
11110.54.21/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
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One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads – often as low as 0.6 pips – to match profitability with security.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
9
IC Markets
Min. Deposit
USD 200
4.264.26
Min. Spread
0.10 pips
Trading Platforms
Fx Pairs
60
Overall Rating
11110.54.26/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
10
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Trading Platforms
Fx Pairs
40
Overall Rating
11110.54.07/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap
11
Fibo Group
Min. Deposit
USD 5
4.004.00
Min. Spread
0.20 pips
Trading Platforms
Fx Pairs
60+
Overall Rating
11110.54.00/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.30 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4, MT5 & cTrader platforms supported. FIBO Group is regulated by CySEC and BVI FSC.
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Founded in Cyprus in 1998, Fibo Group was one of the first online retail Forex brokers. Fibo Group offers both MT4 and MT5 as well as the cTrader platform and has a wide range of account types depending on which platform you prefer. Mainly an ECN broker, Fibo Group offers tight spreads and a low commission on almost all of its accounts. Only one MT4 account has a wider spread and no commission.

Education is limited but daily market analysis and currency forecasts will be helpful for many beginners. Fibo Group also runs sophisticated copy trading and PAMM accounts for those wishing to subscribe to more experienced traders.

Pros
  • Great platform choice
  • Low minimum deposit
Cons
  • Limited education
Read More About Fibo Group

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.

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)

Our Methodology

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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