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MT5 or MetaTrader 5 is a comprehensive platform which enables everything a business needs to deliver complete brokerage services eliminating any requirement for additional software. While some in the virtual trading business expected the MT5 trading platform to be an update to the MT4, this was not the scenario. The MT5 trading platform was designed specifically for non-Forex marketplaces such as commodities, stocks, and futures. However, despite the many benefits, the overall success of using MetaTrader 5 comes down to evaluating the best MT5 brokers to choose the ideal one for you. Let’s take a look at some of the most popular MT5 brokers that are currently preferable by traders around the world.
IC Markets
IC Markets is unique among ECN brokers in that it provides a friendly atmosphere for new traders. IC Markets also offers great technical support for the MT5 platform and other general questions 24 hours a day, 7 days a week. For algorithmic traders, IC Markets' affordable pricing and scalable execution make it a good choice. IC Markets has a library of structured training materials, comprehensive independent market analysis, and expert-led webinars. IC Markets' trading expenses are comparable to the leading low-cost forex brokers, thanks to its minimal effective spreads and cheap deposit requirements for commission-based accounts.
Pros
- Lower fees for forex trading
- Quick and straightforward account opening
- Withdrawal and deposit processes are relatively fast
Cons
- Product selection is somewhat limited
FxPro
FxPro is one of the most popular MetaTrader brokerages, offering a variety of account types and execution choices. FxPro is a forex and CFD broker that offers to trade in commodity markets, equities, indices, futures, and cryptos. It was originally established in 2006. FxPro is regulated by multiple regulators around the world, such as the top tier FCA and CySEC. It has corporate and business users in over 170 countries. With the capacity to deliver order execution, FxPro stands out in the Platform/Tools segment.
Pros
- Faster account opening procedure
- Prompt customer service
- Provides negative balance protection for users
Cons
- Research tools lack quality
Admiral Markets
Admiral Markets (Admirals) is preferred by traders because of its superior investor training and powerful MetaTrader capabilities. Admirals are generally recognised as reliable since its parent group, the Admirals Group, is publicly traded and has a proven track record. Admirals are known for offering a wide choice of stocks, FX, and CFD markets, as well as high-quality research. The broker is regulated by ASIC in Australia, CySEC in Cyprus, the FCA in the United Kingdom, and the Jordanian Financial Services Commission (by JSC).
Pros
- Easy and beginner-friendly account opening
- Lower fees in forex and CFD trading
- The deposit and withdrawal process is both free and quick
Cons
- Lacks 24/7 customer care
FP Markets
Since 2005, when the brokerage was founded, FP Markets has been offering a professional trading platform to over 12,000 clients across the globe. Regulated by the ASIC in Australia and the Cyprus Securities and Exchange Commission (CySEC), the platform suite features more than 8,000 tradable symbols. With comparatively lower FX fees, FP Markets offer faster account opening and deposits that are especially ideal for beginners.
Pros
- Lower fees to trade forex
- Exceptional educational tools
- Easy and prompt account opening process
Cons
- Research tools are not up to the mark
XM
Specifically designed for MetaTrader5, XM Group offers an extensive selection of top-quality market research and educational tools. Regulated by multiple regulatory bodies like ASIC and FSC, XM features lower fees when it comes to withdrawal. Traders also have the facility of experiencing an easy and hassle-free accounts opening process along with an excellent mobile trading platform. XM also offers a dedicated economic calendar with a news feed, video news and more.
Pros
- Low fees for trading CFD as well as the withdrawal process
- Fast account opening with an easy-to-use platform
- Provides an extensive range of educational tools
Cons
- Inadequate product portfolio
Conclusion
The newer MetaQuotes platform has been preferred by traders around the world for the level of functionality and user interface it provides. However, when it comes to choosing the right MT5 broker for you, make sure to consider the basic factors like regulation, available assets, fee and commission, trading expenses, and more.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.