| 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, provides copy trading and has 2500+ markets to trade About | $200 Minimum Deposit | MT4, MT5, cTrader, TradingView Trading Platforms |
| Best MT4 BrokerXM | XM offers MT4 with a Cent account and accounts for higher volume traders, with a $5 minimum deposit About | $5 Minimum Deposit | MT4, MT5 Trading Platforms |
| Best MT4 Broker - Global MarketsTitan FX | Titan FX offers MT4 with a focus on rapid order execution and automated trading, provides a Cent account with very small trade sizes and has no minimum deposit About | $0 Minimum Deposit | MT4, MT5 Trading Platforms |
| Best MT5 BrokerAvaTrade | AvaTrade offers 1250+ markets to trade on MT5 and is regulated in a wide range of regions About | $100 Minimum Deposit | MT4, MT5, WebTrader, AvaTradeGO 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, cTrader, 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 offers enhancements on the offering of MT4. For example, it has a language for robots that 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 over the years. 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 and 2023 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 user friendly interface, which can be helpful for the trader who executes 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, TradingView
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 provides 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 Titan FX
- Minimum deposit: $0
- Online trading platforms: MT4, MT5
Titan FX is regulated in different global regions. It utilises infrastructure to support high speed order execution, which may be required by automated trading strategies. Titan FX says all trading strategies are allowed, including scalping and news trading. Spreads are available down to 0 pips, with a commission charge.
Titan FX provides a Zero Standard account, designed for self-directed traders, a Zero Blade account for automated traders and scalpers and a Zero Micro account, which offers trade sizes down to 0.0001 lots. This account is called a Micro account, because it offers micro lots of a standard Forex lot, and is what is generally termed a Cent account. On this account, traders can practice trading on a live account and try out their strategies and robots, with low trade sizes. There is of course also a Demo account to try MT4 (and MT5) with no risk.
Best MT5 Broker AvaTrade
- Minimum deposit: $100
- Online trading platforms: MT4, MT5, WebTrader, AvaTradeGO
AvaTrade is chosen as the Best MT5 Broker. This is due to its wide range of markets on this platform, taking advantage of MT5's capacities as a multi-asset platform and, importantly, that AvaTrade is regulated in nine different jurisdictions. AvaTrade also has a VIP account which has a wide range of additional features. Traders can find here a more in depth analysis of AvaTrade pros and cons.
Best MT5 Broker - Global Markets Deriv
- Minimum deposit: $5
- Online trading platforms: MT5, cTrader, 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.
