| Online Broker | About | Minimum Deposit | Trading Platforms |
|---|---|---|---|
| Best MetaTrader BrokerPepperstone | Pepperstone offers both MT4 and MT5, with trading accounts for robots traders and scalpers as well as accounts for those who trade on their own behalf About | $200 Minimum Deposit | MT4, MT5, cTrader, TradingView Trading Platforms |
| Best MetaTrader Broker - Global MarketsIC Markets | IC Markets offers trading conditions for automated traders and scalpers and provides copy trading and has 2500+ markets to trade About | $200 Minimum Deposit | MT4, MT5, cTrader Trading Platforms |
| Best MT4 BrokerXM | XM offers MT4 with a Cent account and accounts for higher volume traders, with a $5 minimum deposit About | $100 Minimum Deposit | MT4, MT5 Trading Platforms |
| Best MT4 Broker - Global MarketsOanda | Oanda Global offers MT4 with a wide range of trading tools and features for global markets About | None Minimum Deposit | MT4, MT5 Trading Platforms |
| Best MT5 BrokerThinkMarkets | ThinkMarkets offers MT5 with accounts for traders who use robots and scalping (with spreads from 0, plus commission) as well as those who trade on their own behalf, with a substantial offering of 3,500+ markets About | None Minimum Deposit | MT4, MT5, ThinkTrader Trading Platforms |
| Best MT5 Broker - Global MarketsDeriv | Deriv offers MT5 with a wide range of types of markets, provides the Acuity Signal Center for MT5, and has a low minimum deposit About | $5 Minimum Deposit | MT5, Deriv X Trading Platforms |
MetaTrader is a third party platform provided by MetaQuotes to brokers. MetaTrader has two platforms in current operation, namely MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MT4 was and still is a mainstay of Forex trading, and CFD trading in general. MT4 aims to support the different ways Forex is traded. Thus it has the usual tools for analysis as well as its key offering, which is the ability to use, download and make online trading robots, which are called Expert Advisors (EAs). Thus MT4 is associated with both Forex trading and automated trading.
However MetaQuotes brought out a successor platform to MT4, namely MT5, which aims to fill some of the details and features missing from MT4. For example, it has a language for robots which is object oriented, which can be helpful when creating structures such as robots. This language is called MQL5 and replaced MQL4 for MT4. MQL5 is not backwards compatible with MQL5, thus the trader who has not used MT4 but wants to try MetaTrader and make robots may wish to at least consider MT5.
MT5 provides a fix for an issue with MT4 which has emerged from the expansion of CFD markets. MT4 typically offers 200-300 markets at maximum, but other CFD brokers can provide many more than this. MT5 however can offer many more markets than MT4, and a wider range. So MT5 is a genuinely multi asset platform (and in recognition was awarded Best Multi Asset Platform at the 2022 FMLS Awards in London). MT5 can offer up to thousands of markets (the actual number depends on the provider), the bulk of these being Stocks CFDs, as there are many more companies than other underlying assets.
MT5 also aims to provide a more user friendly interface, which can be helpful for the trader who execute their own trades. Additionally, MT5 has more inbuilt indicators, though many more can be added (normally for a fee) or even created in MQL5. There is a large marketplace for MetaTrader robots, indicators and other add-ons.
All this said, traders still want to use MT4, so for a Best MetaTrader Broker, it may be desirable to divide it further into two additional categories, Best MT4 Broker and Best MT5 Broker. To choose a broker for each category, one can look to such factors as markets offered, tools provided, accounts for automated trading and range of regulation (which can be a safety marker for brokers) as well as regional factors. 'Forex brokers' has become a kind of umbrella terms for brokers offering Forex and other CFD markets, so the range of markets can be a factor, as it allows trader to pick markets to trade other than Forex.
Best MetaTrader Broker Pepperstone
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
The choice of Best MetaTrader Broker is Pepperstone, which established itself as an MT4 broker, with a focus on offering trading conditions suited to automated traders, scalpers and high volume traders.
It provides rapid order execution (which can be important in shorter frequency trading), no dealing desk intervention and allows a wide range of trading styles. Pepperstone also offers MT5, which allows it to provide 1,200+ market to trade. In the UK spread betting on MT4 and MT5 is available.
Thus Pepperstone has expanded its reach to cater to traders who want to trade markets other than Forex and employ different trading styles, including longer term trades. However as MT4 and MT5 are geared towards automated traders, its offering of dedicated accounts for such traders (with spreads from 0, plus commission), is an important factor. Pepperstone is regulated in a wide range of regions.
Best MetaTrader Broker - Global Markets IC Markets
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader
FSA (Seychelles) regulated IC Markets offers both MT4 and MT5, and has developed from a broker focused on offering trading conditions for those who use robots or scalp and high volume traders (with rapid order processing) to one which still offers these features but also provides 2500+ markets to trade, including 2100+ Stocks CFDs. A wide range of social and copy trading platforms are offered, including Myfxbook, which connects with MetaTrader. Spreads are available for 0, plus commission.
Best MT4 Broker XM
- Minimum deposit: $5
- Online trading platforms: MT4, MT5
XM is chosen as the Best MT4 Broker. This is because it has a long track record in providing MT4, but also it offers accounts which are derived from features MT4 can offer. MT4 can be set to be denominated on cents. This means that trade sizes can be up to 1/100th the size on a Standard account.
This account is called a 'Cent account', however a number of brokers do not use this term, XM included, as it calls its low trade size account the 'Micro Account'. At XM, trade sizes down to 0.01 standard lots (0.0001 lots) are available on MT4 on its Micro account. This account (as well as its Standard account, which has standard Forex lot sizes down to micro lots) has a very low minimum deposit of $5.
In some regions, the XM Xero account is also offered, which has spreads from 0, plus commission (on the other accounts the spreads are from 1 without a commission charge) and also requires a minimum deposit of $5.
Best MT4 Broker - Global Markets Oanda
- Minimum deposit: None
- Online trading platform: MT4, MT5, fxTrade
To choose a Best MT4 Broker (for global markets), it would seem necessary that it is known as an MT4 broker, and has developed features and accounts aimed at utilising the potential of this platform. The choice here is Oanda Global.
Oanda Global is part of the long established Oanda Group, servicing global markets. The Oanda Group has a long track record in providing MT4, and has built up its offering around this platform. For example, Oanda Global offers a wide range of MT4 trading tools.
However Oanda Global also offers MT4's successor, namely MT5. Thus the trader can try either or both. If they have not used either, MT5 can be considered as it has a number of ehancements on MT4, including a new programming language for creating robots and technical indicators.
Oanda offers a range of accounts, two of which have no minimum deposit, the Standard account and the Core account. The Core account is aimed at robot traders, scalpers and higher volume traders and has spreads from 0.2, plus commission. There are also accounts for higher volume traders, with minimum balance requirements.
Best MT5 Broker ThinkMarkets
- Minimum deposit: None
- Online trading platforms: MT4, MT5, ThinkTrader
ThinkMarkets is chosen as the Best MT5 Broker. ThinkMarkets has a track record as an MT4 broker and has also offered MT5 for a number of years. ThinkMarkets offers two account types, the Standard account and the ThinkZero account.
The Standard account offers tight spreads from 0.4 (average spreads 1.2 pips), without a commission charge, while the ThinkZero account has spreads from 0 (average 0.1), plus commission.
As can be seen, the account with low average spreads is the one aimed at robots and scalpers, though robots can be used on either account. ThinkMarkets offers a relatively large number of markets to trade on MT5 with 3,500+ available.
Best MT5 Broker - Global Markets Deriv
- Minimum deposit: $5
- Online trading platforms: MT5, Deriv X
Deriv offers MT5 with CFDs on real and synthetic markets (synthetic markets can be traded 24/7), in global markets. Deriv offers the full features of MT5, allowing trading with EA robots. Deriv has a low minimum deposit of $5 to fund a trading account. Deriv provides the Acuity Signal Center, which is an intuitive AI powered tool providing trading ideas as well as an integrated Economic Calendar and Analysis.
