Table of contents

Best MetaTrader FOREX Brokers In 2024

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:

Best MetaTrader FOREX Brokers in 2024

ICM capital Broker

ICM capital Broker

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
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform


  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.


  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources
Tradeview  Broker

Tradeview Broker

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
Regulatory Bodies


Minimum Deposit $450
Islamic Account Yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch USA
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform-MT4 - MT5 -Web Platform


  • Established in 2004.
  • Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
  • Low minimum deposits.
  • beginners and experienced traders looking to refine their strategies.
  • Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
  • Decent leverage levels of 1:200 available in some jurisdictions.
  • Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).


  • While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
  • Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
  • While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker

XTB Broker

What distinguishes XTB 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
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform


  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.


  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.
ig markets Broker

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies


Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.


  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.


Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is 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
Regulatory Bodies


Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader


  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.


  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.


CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies


Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.


  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.
think markets Broker

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies


Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5


  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.


  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.

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.

What is MetaTrader?

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

Do I Need a Broker to Use MetaTrader?

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.

Is MetaTrader Safe?

MetaTrader is a trusted trading software that has been in use for almost two decades, which is a lifetime in online FOREX trading terms. For this reason, it is known as a safe platform. However, as with any platform, there are some risks of which you should be aware. The safety of MetaTrader depends on the safety of the broker with which you choose to work. MetaTrader itself could be safe, but if the broker falls short in many areas, then you will be worse off. That is why you must only work with well-known and regulated brokers who have good track records of keeping their clients' funds and personal information safe.
When it comes to the platform, MetaTrader was designed with security top of mind. The platform uses enterprise-grade encryption to protect your data, and it has built-in security features to prevent unauthorized access to your account. Just remember that no trading platform can completely remove the risk of cyberattacks, but with MetaTrader, you are about as safe as you can get.

Regulation and Licensing

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.


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.

Stop out

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.

Why MetaTrader’s Tools and Features Stand Out

When choosing the perfect trading platform, you should consider an array of features that cater to both novice and seasoned traders alike. In our experience, MT4 and MT5 have each become a staple in the online trading world for their user-friendliness, speed of execution, and advanced tools. These platforms have been around for many years. In any event, whether you choose a broker with MetaTrader tools, or your broker uses another platform, these are the elements about which you need to be aware:

How Can I Connect My Account to MetaTrader?

Linking your trading account to the best MetaTrader brokers is a simple process. You do not need to do anything out of the ordinary. Start by opening a trading account with a broker that supports the MetaTrader platform. You will need to provide some personal information and complete any required verification steps before your account can become live.
Download and install the MetaTrader platform on your device from the broker's Website. The broker will most likely have a bespoke version of the platform that has subtle branding features that show that it is a version of MetaTrader purchased by and aligned to the broker
Next, you should launch MetaTrader and log in using the account credentials provided by your broker. You may need to select the appropriate server provided by your broker during the login process. Once you are logged into MetaTrader, you can view your trading account details and start trading.
This process will change slightly from one broker to another. Remember before you dive in that there is often “how to” documentation to be found on the broker’s Website that will clarify the steps you need to take for setup.

How To Use MetaTrader

Using MetaTrader is straightforward. Here are the most common steps to follow:
This is a basic overview. Remember that the best MetaTrader brokers will have a slightly different process, depending on how it has set up its system. There is a range of more advanced features and tools available in MetaTrader. It is crucial to take time mastering and practicing with the platform before you start trading with real funds.

Video Explaining How to Use MT4 and MT5

Here's a video explaining some of the most important features of MT4 and MT5. You should watch it before you get started with either of these platforms.
How To Use MT4 and MT5

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.

How Does MetaTrader Compare with Other Third-Party Trading Platforms?

The MetaTrader suite of products has been around for many years and has been a trailblazer in the FOREX trading game. However, competition eventually arrives for every dominant product. There are viable alternatives to MT4 and MT5. The one you choose will depend on your specific trading needs and preferences. Remember, despite the presence of these alternatives, MetaTrader still enjoys unrivaled dominance in FOREX trading in particular, for good reason. Here are some popular alternatives to MetaTrader:


Developed by rival software firm Spotware, this platform offers advanced trading features and a convenient interface. It has a growing reputation among FOREX traders and is known for its fast trade execution and customizable charts. Common criticisms of the system are that it offers limited automation and its advanced features can be overwhelming.


This trading platform is best used for futures and FOREX trading. It offers advanced charting capabilities and automated trading features. It is also known for its community of third-party developers who create custom indicators and trading strategies. However, it lacks widespread broker support and is still trying to get a foothold as a mass-market product.


This is a Web-based charting platform that offers real-time data and advanced charting tools. It is popular among elite traders and offers features such as automated trading and backtesting. Some traders find it to be less customizable than other products on the market.

What Is the Difference Between MT4 and MT5?

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. 

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. The best MetaTrader brokers should offer you access to a range of financial assets. Here are the most common tradable assets and instruments:
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
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 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 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

What is the Best Broker for MT4?

The best MetaTrader brokers do a good job of supporting MT4. It is, after all, an industry staple. From our point of view, you can try ICM Capital. This is one of the best FOREX brokers for MetaTrader 4 and offers a slate of advanced features that will keep even the most elite traders happy. It integrates MT4 into its product basket seamlessly, making it a pleasure to use.

What is the Best Broker for MT5?

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.

Does MetaTrader Need a Subscription?

No, MetaTrader does not require a subscription. The MetaTrader software is free to download and install, and you can use it to access and trade on your broker's trading platform. However, keep in mind that some brokers may charge fees for certain features or services, such as data feeds or premium indicators. Remember, you must open a trading account with a broker to use MetaTrader for live trading.
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% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ 0$ 1.9% 2.5% $0 3.75%
Withdrawal fee 0$ 0$ 1% $0 $0 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

Does MetaTrader Add Additional Costs to My Positions?

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
Spread Commission Swap Islamic Account
Currencies Starting from 0.14 Pips $0 No Available
Stocks Starting from 0 Pips $0 No Available
Commodities Starting from 2 cent $0 No Available
Indices Starting from 0.2 Pips $0 No Available
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

Does MetaTrader Support Copy Trading?

Yes, MetaTrader supports copy trading. When you use the “Signal Trading” feature, you can follow the platform’s signals to mimic the trades of the most successful traders. This is a great way for newbie traders to profit from the expertise of more experienced traders, or for busy traders who don't have the time to monitor the markets themselves.
Remember that copy trading is not risk-free. You must carefully evaluate the performance of a popular trader before subscribing to their signals. Additionally, not all brokers allow Signal Trading even if they use MetaTrader, so you will need to ensure that your broker provides this feature and supports the signal providers you want to follow.

Does MetaTrader Support Bot Trading?

Through its “Expert Advisors” (EA) feature, MetaTrader can support bot trading. EAs are automated trading algorithms that can be programmed in the MQL4 or MQL5 language and run on the MetaTrader platform. These powerful algorithms can analyze market conditions, generate trading signals, and instantly and automatically execute trades in your trading account based on rules and parameters you have set.
You can either create your own EA using the MQL4 or MQL5 programming language, or you can buy pre-made EAs from the MetaTrader Marketplace or other sources. You can even rent an EA for a brief period with no obligation to buy. Once you have an EA that you want to use, you can import it into the MetaTrader platform and set your risk parameters, such as lot size, stop-loss, and take-profit levels.
Keep in mind that bot trading comes with some risks. Make sure you evaluate and test any EA before using it in a live trading account. Luckily, the MetaTrader marketplace gives you options to rent EAs for up to a year. Not all brokers support EAs, so you must verify that your broker allows this feature and supports the programming language used by your EA.

Who is Arincen and What do We do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.

The Bottom Line

There has never been a better time to trade FOREX. Thanks to the work of the best MetaTrader brokers, many thousands of traders around the world have a meaningful way to participate in this thriving global marketplace.
Still, you must perform thorough research before choosing a broker. Even though MetaTrader is the same basic trading architecture available to all brokers, not all brokers choose to switch on every single feature. For example, even though copy trading is available on many of the best MetaTrader brokers, some of them will turn this feature off if copy trading is something they do not want to support. Be sure to conduct thorough research along these lines before you decide which online MetaTrader FOREX broker to use. By and large, you cannot go wrong with this tried-and-tested product.


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:

  1. Companies’ Websites.

  2. Other Websites that have ranked FOREX companies.

  3. 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:

  1. Registering with FOREX companies as a secret shopper and/or as Arincen.

  2. 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.


Are the trading profits made on MetaTrader taxed?

The tax implications of trading profits made on MetaTrader (or any other trading platform) largely depend on the jurisdiction and its specific tax laws. In many countries, profits from trading (whether it's FOREX, CFDs, stocks, or other instruments) are subject to taxation. These can be classified as capital gains or business income based on the country's regulations. Always be sure to contact a tax professional to know where you stand.

What is MetaTrader?

MetaTrader is a trading platform designed for online trading in FOREX and other markets. It is widely used by retail traders to access various financial instruments. Besides FOREX, traders can access stocks and commodities on the platform.

How do I download MetaTrader?

You can download MetaTrader from the official website of the platform or from a broker who offers MT4 or MT5 for trading. Once downloaded, you can install the platform on your computer or mobile device. Do note that you need a brokerage account before you can trade.

What are Expert Advisors?

EAs are automated trading programs that can be used with MetaTrader. They can execute trades automatically based on a set of predefined trading rules and parameters.

How do I fund my MetaTrader account?

To fund your MetaTrader account, you need to deposit funds with a broker who offers the platform for trading. You can fund your account using various payment methods, such as bank transfer, credit/debit card, or online payment systems.

Can I trade on MetaTrader using my mobile phone?

Yes, MetaTrader is available as a mobile application for iOS and Android devices. You can download the app from the app store on your mobile device and access your trading account from anywhere.
Written by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
Edited by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
Fact Checked by
Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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