With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.
Many successful FOREX trading careers have been forged using MetaTrader's two flagship products - MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These two industry stalwarts are the backbone of the FOREX trading world and for this reason, many new traders want to find out who the best MetaTrader brokers are.
Both these platforms facilitate access to the retail FOREX trading world. MT4 was originally launched as a FOREX-leaning product, while MT5 was designed as a more comprehensive trading platform. However, both these products have a significant overlap in terms of what they offer. Each contains a wide range of trading tools including charts, technical indicators, and order management features.
With excellent access to markets, MT4 and MT5 allow new traders to trade in a wide range of financial markets. This includes not only FOREX, for which they are well known, but also indices, commodities, and cryptocurrencies. Traders can easily diversify their portfolios and take advantage of the financial assets out there.
In this article, we will explain how to choose the best FOREX brokers when trading MT4 and MT5. After a stringent research exercise, here is our list of the Best MetaTrader Brokers:
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview - 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation | 8.11 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, cTrader, Web Platform |
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
Broker Evaluation | 7 |
Regulations | |
Minimum Deposit | $450 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Cayman Islands |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, MT5, Web Platform |
What distinguishes XTB from other brokers is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation | 8.55 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, Web Platform |
Broker Evaluation | 7.54 |
Regulations | |
Minimum Deposit | $250 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation | 6.09 |
Regulations | |
Minimum Deposit | $5000 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card |
Main Branch | Copenhagen, Denmark |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | SaxoTrader |
CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation | 7.07 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation | 8.05 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Australia |
Customer Service | 24/7 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, Web Platform, MT4, MT5 |
There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.
MetaTrader, owned by MetaQuotes Software Corp, is a long-established software platform used for trading various financial instruments. It made its name in the FOREX game and has become synonymous with this financial asset, though it has expanded its reach into assets like stocks and commodities.
MetaTrader platforms come in two forms. You can read our in-depth comparison of the two platforms here. MT4 was released in 2005 and has for many years been the gold standard of FOREX trading platforms, beating off competition from the likes of cTrader and NinjaTrader. MT5 was released in 2010 as a multi-asset platform that is not the successor of MT4, but merely another product in the family.
Both platforms offer a vast array of tools and features for traders to study the markets and carry out trades. The best-known and most useful tools include customizable charts, technical indicators, automated trading robots, and excellent backtesting. Both MetaTrader platforms are household names and are rightly favored by retail traders new and old, as well as by brokers and financial institutions.
In short, yes. To be able to use MT4 or MT5 to trade financial instruments, you must have an account with a broker that supports the platform. MetaTrader is a third-party software and does not offer retail traders direct access to the financial markets. For this reason, you cannot use MetaTrader on your own to place trades.
Choosing the best broker for your needs is a big decision when starting to trade, as there are many different types of brokers, not all of whom may be what you require. To help you out, we've written an article about what to think about when you must choose a broker. Once you've opened an account with a broker, they will provide you with login credentials that you can use to access their trading platform through MetaTrader. You can then use MetaTrader to trade the markets and manage your positions.
You should know that not all brokers offer MetaTrader as a trading platform option. Seeking independence, many brokers have developed their own trading software as part of their strategy to differentiate themselves from MT4- and MT5-reliant brokers. Some brokers use competitor third-party platforms like cTrader and NinjaTrader, or even their own in-house software. If you want to use MetaTrader, make sure that before you open an account, the broker you are considering offers the platform.
Ensure that a reputable authority regulates your chosen broker. FOREX brokers that use MetaTrader tools must be regulated by the same regulators that regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator. Here is a list of major reasons your broker must be regulated:
Safety of funds:
A regulated broker must comply with strict regulations to protect client funds, including segregating client funds from the company's own funds.
Fair trading practices:
A regulated company must adhere to strict guidelines ensuring products and services are offered fairly and without manipulation, helping create a level playing field for all clients.
Transparency:
The law compels regulated brokers to be transparent with clients, which assures you of safe, fair trading. In practice, this looks like brokers admitting openly that FOREX trading is highly risky and you could lose your money.
Protection from fraud:
Regulatory authorities protect clients from fraudulent activities and scams and also ensure that FOREX brokers operate within set guidelines that safeguard their clients' interests.
The choice of a regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is regulated, it undergoes stringent assessments to ensure transparency, fair trading practices, and your financial security. Opting for an unregulated broker brings with it significant risks. For a list of the best regulators, read our article here.
Leverage is a powerful tool in trading where your broker basically lends you money to open bigger positions than you would have been able to with your own capital. Brokers in certain markets can offer you leverage as high as 500:1. Depending on the regulator that your broker works under, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here are selected leverage rules according to some major regulators:
Financial Conduct Authority (FCA) UK:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
These limits are in place to reduce the risk of significant losses for retail traders.
Australian Securities and Investments Commission (ASIC) Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
Swiss Financial Market Supervisory Authority (FINMA) Switzerland:
FINMA has not set specific leverage limits like the FCA or ASIC. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.
Commodity Futures Trading Commission (CFTC) USA:
The CFTC enforces a 50:1 leverage limit on major currency pairs and a 20:1 limit on non-major currency pairs for retail FOREX traders.
The U.S. has a distinct regulatory environment, with retail FOREX trading regulated separately from other forms of derivatives trading.
It's worth noting that these rules generally apply to retail clients. Professional or institutional clients might have access to different levels of leverage, depending on the regulatory environment and the broker's policies. As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily become financially ruined!
High leverage can amplify potential profits, but it equally magnifies potential losses. It can put a stop to your trading career if not used carefully. The allure of high returns is tempting, but the risk associated with such strategies is highly dangerous. We strongly urge traders to approach leverage with caution, fully grasping its mechanics and implications.
The term "stop out" refers to an undesirable situation where a broker automatically closes some or all of your open positions to prevent your account from going into a negative balance. This is most relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades.
Stop out of 0%:
Your broker will not automatically close any of your open positions, even if your margin level falls to 0%. This is because some brokers allow traders to have negative balances, which means that you could owe the broker money if your trades continue to lose money
Stop out of 50%:
Once your equity falls to 50% of your used margin, a stop out will be triggered, and your broker will automatically start closing out your trades, starting with the most unprofitable one, until your margin level is back above the stop-out level.
Stop out of 100%:
Your broker will automatically close all of your open positions once your margin level falls to 100%. In a trading scenario where the broker operates with a separate margin-call level and stop-out level, the broker defines the margin-call level at 100% and the stop-out level at 50%. If your margin level falls to 50%, your trading platform will automatically execute a stop out, and your trade will be automatically closed at market price
You should know that the specific percentage and the order in which positions are closed can vary among brokers, so it's essential for traders to be aware of their broker's policy on stop-out levels.
It's worth noting that while stop-out procedures are meant to protect you from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically. This is especially true if the market quickly reverses after the stop out. Therefore, using protective measures like stop-loss orders and not over-leveraging is always a good way to go.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
MT4 predates MT5 and they share many aesthetic and functional similarities, but there are some key differences between them:
Asset classes: MT4 is mainly used for FOREX trading, while MT5 supports trading of FOREX as well as additional asset classes, such as stocks, futures, and commodities. As a FOREX trader, you can use MT4 and have all your FOREX trading needs taken care of.
Programming languages: MT4 uses the MQL4 programming language, while MT5 uses the more advanced MQL5 language. This means that MT5 allows for more complex trading strategies and indicators to be created. However, do not think this means MT4 is on the way out. There is no intention of doing away with the product, despite its older programming language.
Hedging: MT4 allows traders to use hedging strategies by opening multiple positions in the same currency pair in opposite directions. In MT5, hedging is allowed, but the platform may encourage you to rather use netting, which is a more efficient system for the platform to accommodate open positions in the same direction to be consolidated into a single position.
Market depth: MT5 has a built-in depth-of-market feature that allows traders to view the current bid and ask prices, as well as the liquidity available at each price level. This feature is not available in MT4. That said, MT5 is a purpose-built multi-asset platform, while MT4 has never strayed too far away from its FOREX roots.
User interface: The user interface in MT5 is more pleasing to the eye and customizable than MT4, with such additional features as multiple chart templates and the ability to open multiple windows within the platform.
While more traders use MT4, MT5 offers more advanced features and greater flexibility for traders looking for a multi-asset platform. However, the choice between the two platforms ultimately depends on your trading style and the asset classes you want to trade. For more information about the difference between MT4 and MT5 click here.
Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
IG | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 Commodity | 9 Coins | 6700 ETFs |
CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
We analyzed a vast MetaTrader 5 broker list. MT5 is much used in trading circles. You can find any number of brokers that integrate this software in their product offering. However, as a starting point, you will not go wrong by using ICM. This broker is the best FOREX broker for MetaTrader 5 and offers diversified traders like you the widest range of financial assets available. ICM offers a vast array of tradable assets, many of which can be traded on MT5.
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
MetaTrader itself does not add any costs to your trading positions. However, the costs associated with your trading positions will depend on several factors, including the type of financial instrument you are trading, the broker you are using and the prevailing market conditions when you enter and exit your positions. There are several costs that can be relevant when trading, including:
Spread: This is the difference between the bid and ask prices of the financial instrument you are trading. It represents the cost of entering a trade and varies depending on the broker and the market conditions.
Commission: Some brokers may charge a commission for each trade you make in addition to the spread.
Overnight swap fees: If you hold a position overnight, some brokers may charge a fee or credit your account with an amount based on the interest rate differential between the currencies involved in the trade.
Slippage: This happens when the price at which your trade is executed differs from the price you intended to enter or exit the trade. This can lead to extra costs or losses.
It is important to understand the costs associated with trading and to factor them into your trading strategy and risk management plan. MetaTrader itself does not add any extra costs to your trades. As we have shown, your broker may use one or more of the costs associated with FOREX trading to levy a fee while you are using MetaTrader products. Be sure to review your broker's fee schedule and trading terms and conditions before opening an account.
Other Fees
Besides the fees we have discussed above, don’t forget the following:
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 1.3 Pips | 0$ | No | Available |
Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
Commodities | Starting from 2.3 Pips | 0$ | No | Available |
Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
Companies’ Websites.
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterwards, we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.
Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.