| 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 an Ultra Low account, which can have very low trade sizes, as well as MT4 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 an account with very small trade sizes, as well as accounts for larger volume traders, 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, 24/7 trading on MT5, and has a low minimum deposit of $5 About | $5 Minimum Deposit | MT5, cTrader 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). Therefore, 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 backward 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 plans and executes their trades. Additionally, MT5 has more built-in 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 the range of regulation (which can be a safety marker for brokers), as well as regional factors. 'Forex brokers' has become a kind of umbrella term for brokers offering Forex and other CFD markets, so the range of markets can be a factor, as it allows traders 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+ markets 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 and focuses on providing MT4.
XM offers an Ultra Low account on MT4. A standard lot has 100,000 units. On the Ultra Low account, the lot sizes are 1000 units. However, the Ultra Low account has the option of allowing trade sizes that go down to a fraction of this size (0.01). This means that the lowest trade size can be 0.0001 of a standard lot or 10 units. These are very small trade sizes (comparable to what are termed cent accounts), which can allow the trader to test out strategies with reduced risk, as the value of each pip move is very small. For no risk of real money, the trader can try out the demo account.
This account (as well as the Standard account, which has standard Forex lot sizes down to 1 micro lot) has a very low minimum deposit of $5.
In some regions, the XM Zero account is also offered, which has spreads from 0.0 pips, plus commission, and also requires a minimum deposit of $5. The Standard and Ultra Low accounts do not charge commissions.
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 standard lots. This account is called a Micro account, because it offers contract sizes that are smaller than standard contract sizes (so it allows for very small trade sizes). 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 offers MT5 with CFDs on real and synthetic markets, 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's synthetic markets (aka synthetic indices) simulate different types of markets, for example, rising and falling markets, markets around news events, trending markets, and even markets traded at higher frequencies. Synthetic markets can be traded 24/7.
Traders who want to trade CFDs on markets such as Forex, Metals, and Stocks can also do this at Deriv. Deriv has a wide range of platforms, but the main platforms for leveraged CFD trading are MT5 and cTrader.
