Best MetaTrader 5 Brokers
MetaTrader 5 is the successor to MetaTrader 4, the world's most popular trading platform. We've reviewed the best MT5 brokers in Canada, and highlighted those that allow all trading styles and Expert Advisors.
By Stefan on 29/09/2023
Best brokers
- FP Markets Best Trade Execution - APAC...
- LiteFinance Best ECN Broker Africa 2020
- 4XC Best Customer Service 2022
- AvaTrade Most Trusted Broker 2023 -...
Broker reviews
FP Markets is a true ECN broker with razor-thin spreads and deep liquidity. We also like that this broker offers a wide range of currencies for your trading account, including USD, EUR and GBP. Trade CFDs on over 1,000 stocks, indices, ETFs, commodities and currencies through MT4/5 without restrictions.
$100 | 1:500 | Market | |
$100 | 1:500 | Market | |
Trade CFDs on a wide range of markets on M4/5, with leverage up to 1:1,000 through LiteFinance.com. LiteFinance accepts all EAs and trading styles, including scalping and news trading. It's also the only broker that we know of, that pays up to 20% interest on your savings.
- Risk warning: 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5, Copy trading, Mirror trading
- Regulators: Cyprus (EU) , Saint Vincent and the Grenadines
$50 | 1:1000 | Market | |
$50 | 1:1000 | Market | |
4xc.com is an offshore broker founded by Forex industry veterans that we have met personally. Trade Forex, metals, oil and stocks with leverage up to 1:500. 4XC accepts all trading styles and Expert Advisors on MT4/5.
- Risk warning: Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of your deposits. You should carefully consider your financial situation and experience level before trading.
- Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5
- Regulators: Cook Islands
$50 | 1:500 | Market | |
AvaTrade.com is an award-winning online broker, in business since 2006. Trade CFDs on one of the widest possible range of instruments and asset classes. AvaTrade accepts all Expert Advisors on MetaTrader 4 and 5, except those with a focus on arbitrage.
- Risk warning: 77.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5, Copy trading
- Regulators: Australia, BVI, Cyprus (EU) , Gibraltar, Israel, Japan, South Africa, UAE
$100 | 1:400 | Instant | |
$100 | 1:30 | Instant | |
$100 | 1:400 | Instant | |
$100 | 1:30 | Instant | |
$100 | 1:400 | Instant | |
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Unbiased Reviews
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At Your Service
Compare trading accounts and find the best one for you, based on your preferences.
Here are 5 criteria to help you find the best MT5 broker, regardless of your experience or trading preferences.
1. Expert advisors
Expert Advisors, also known as EAs, are trading robots that run inside MetaTrader. They can perform technical analysis on the fly, open and close trades automatically without human intervention, and even copy other traders. EAs are popular because they can automate successful trading strategies and take emotion out of trading. Download indicators or robots from the MetaTrader 5 Market(1), or create your own. Brokers like LiteFinance and FP Markets support all trading styles and Expert Advisors, and even offer a complementary VPS (subject to conditions).
2. Trading signals
The MetaTrader 5 platform offers a wide selection of technical analysis indicators. But some MetaTrader 5 brokers go one step further by making trading signals available directly within the platform. For example, FxPro and FP Markets have integrated Trading Central signals into their MT5 platforms through a plugin. Trading Central uses algorithms and pattern recognition to identify daily trading opportunities in over 8,000 markets. Open and fund a live trading account with either broker to access these signals.
3. Educational content
Education is one of the keys to success, whether you're an experienced trader, or perhaps just starting out. If you're keen to improve your skills, look for a broker that offers a wide range of educational resources. We were impressed with FP Markets' range of educational content, that spans free online trading courses, webinars and podcasts(2). It's perhaps no surprise that FP Markets won the award for Best Education Material twice in the Investment Trends Report.
4. Customer support
Customer service can make all the difference between an outstanding and a disappointing trading experience. However, it can be one of the hardest things to assess before opening an account. When comparing brokers, look for one that provides a wide range of contact methods in your language. We'd also encourage you to contact customer support directly to assess how responsive a broker genuinely is.
5. Fees
Last but not least, be mindful about spreads and any commissions, as they will have a direct impact on your bottom line. Most brokers earn money through the spread, which is the difference between the price at which you can buy and sell an instrument. Some charge fixed spreads, others charge variable spreads that change based on market conditions. Most brokers publish minimum and typical spreads on their website.
If you're short on time, why not open an account with 2 or 3 brokers reviewed on this page. This will allow you to test-drive their service and assess their platform in a live trading environment. For information, FPMarkets.com was crowned Best Value Broker for a fifth consecutive year in the 2023 Global Forex Awards. FxPro.com was voted Best in Class MetaTrader Broker in the 2020 ForexBrokers awards(3).
MetaTrader 5 is an updated version of the MetaTrader trading platform, released in 2011. But surprisingly, it remains less popular to this day than MetaTrader 4, even though it's significantly more powerful than its predecessor:
- With MT4, you can trade Contracts for Difference (CFDs) on Forex, stocks, indices, commodities and cryptocurrencies. MT5 goes further by allowing you to trade futures and even options. Please note that the range of markets will ultimately depend on your broker.
- MT5 can handle an unlimited number of instruments, whereas MT4 is limited to 1,024 instruments. This is relatively little to the extent that thousands of shares are available to trade on the world's stock exchanges.
- MT5 incorporates fundamental data sourced from leading sites like Yahoo Finance, Google Finance and Finviz. This could be particularly useful if you're into fundamental analysis.
- MT5 shows real trading volumes (in lots) directly within the platform. Some traders use depth of market information to try to predict short term changes in prices. That information simply isn't available in MT4.
- MT5 includes historical prices for a wide range of instruments, which makes it easy to backtest and optimise trading strategies directly within the platform. In addition, MT5's Strategy Tester module is significantly faster and more advanced than MT4's.
- 1. MetaQuotes. MetaTrader Market. https://www.metatrader5.com/en/automated-trading/mql5market
- 2. FP Markets. Expand Your Knowledge as a Trader. https://www.fpmarkets.com/trading-knowledge/?bta=35364&cxd=35364_417032&/redir=stv/
- 3. FxPro. FxPro Awards. https://www.fxpro.com/awards
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