There are a number of brokers combining the advantages of low spread and MT5 accounts nowadays. But which one is the best for you?
If you ask which trading platform has the biggest fandom in the trading industry, it's probably MetaTrader. The reason is that MetaTrader allows you to switch quickly between accounts and windows, making it easier to place orders in the markets. This software is known to have two variations which are the MT4 (MetaTrader 4) and MT5 (MetaTrader 5).
See Also: MT5 Forex Brokers and Their Advantages
Benefits of Using MetaTrader 5
While some traders might lean towards the popular MT4, others might be more comfortable using MT5. First of all, it is an updated and improved version of its predecessor which has long been the industry standard for traders around the world. Another reason is that while the MT4 account is primarily used by forex traders, MT5 is considered a multi-asset platform. Aside from that, MetaTrader 5 has two market orders, six pending orders, plus two stop orders, whilst MT4 offers "only" two market orders and four pending orders.
Furthermore, MetaTrader 5 has a user-friendly interface that makes it easy to use even if you don't have a lot of experience with a trading platform. The following are other notable benefits you can experience with MT5:
Technical Analysis
MT5 trading platform has more than 100 price charts available with 21 time frames, ranging from one minute to one month. This makes MT5 suitable for analyzing both short-term and long-term price trends. In addition to that, MetaTrader 5 is equipped with 38 built-in technical indicators including but not limited to EMAs, MACD-2 lines, volume profile, pivot points, renko, zigzag, b-clock, and many more. Custom indicators are also available from CodeBase and the MQL5 market.
Tools
MetaTrader 5 also has a bunch of useful tools to help you get the best possible trading conditions. For starters, MT5 offers real-time international news streams and an economic calendar. Aside from that, the software has a Depth of Market feature that helps you see the market's liquidity. It is also equipped with one-click trading and a vast library of historical market information. It also allows separate accounting of orders and trades which includes Netting and Hedging.
See Also: Hedging vs Netting in Forex Brokers
Customization
If you love customizations, you will love MT5 as the web terminal was designed with personalization in mind. It enables integration so users can run custom indicators to analyze price data. The scripts can perform almost any function on the platform, such as adding indicators to a chart or closing all pending orders. On top of that, the libraries are full of a portfolio of tasks that share segments of popular custom applications on the platform.
Expert Advisors
If automated trading is your style, MT5 might be a great choice for you since it is highly compatible with Expert Advisors (EAs) that are capable of automatically executing trades on your behalf. In contrast with the MT4, EAs run on the MT5 platform use the MQL5 programming language. Experienced traders can also get benefits from supporting tools like MetaEditor and Strategy Tester.
Mobile Trading App
Nowadays, traders tend to conduct their activities on mobile. If you are one of these types of traders, consider yourself lucky because MT5 mobile apps are one of the best in their class. Through its apps, you will gain access to a complete set of trading orders, including pending orders and level 2 prices. Switching between financial instruments on charts is also possible to do in a very short time. Aside from that, you can enjoy free financial news, push notifications, 30 technical indicators, and 24 analytical tools.
While MT5 in itself is good and all, you also need to find a good broker that offers great features on their MT5 account. There are a lot of parameters to decide which are the best MT5 brokers, but finding ones with low spreads is most recommended due to obvious reasons (in regard to trading fees). Here are some of them:
IC Markets
When it comes to low spread MT5 accounts, IC Market is easily among the top choices. This broker offers raw pricing with spreads as low as 0.0 pips to make sure you can get the best trading experience. IC Markets is a no-dealing desk broker, so there will be no price requotes or any sort of manipulation on their market-leading platforms. Because of that, their MT5 accounts are suitable for high-volume traders, scalpers, and automated traders who demand some of the best trading conditions. But what exactly makes IC Markets one of the best MT5 brokers is the execution speed that is supported by less than 1-millisecond latency.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
Admirals
Admirals is a multi-licensed broker that allows access to hundreds of stocks and stock CFDs from various exchanges around the world. This broker applies no commission fees for those products. They offer a Zero MT5 account which is another name for a low spread MT5 account that lets you enjoy spread as low as 0 pips. However, for this account type, you will be charged commissions from USD1.8 to USD3.0 per 1.0 lots for forex and metals, USD0.05 to USD3.0 per 1.0 lots for cash indices, and USD1 per 1.0 lots for energies.
FP Markets
FP Markets is another brokerage with a raw spread MT5 account. Here, you can enjoy spreads from 0.0 pips and leverage up to 500:1. Besides an amazing spread, there is the depth of the market display and technical indicators that you can take advantage of. You can also make use of 6 pending stop order types including Buy Stop Limit and Sell Stop Limit. Busy traders don't have to worry about missing opportunities as FP Markets also provides the platform with e-mail alerts and push notifications on mobile devices.
HotForex
The HotForex low spread MT5 account is a wonderful choice to consider. This account type provides you with 0 pips spread from the get-go. Of course, you can get access to tons of financial products including but not limited to forex, metals, energies, indices, and many more. The minimum opening deposit for the low spread MT5 account is $200, which is considered pretty affordable. However, you will be charged a commission fee of $0.06 per round turn.
HF Markets is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HF Markets has around 1,500,000 live accounts opened and 200 employees globally.
Based on its services, HF Markets can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade with this broker. Also, there are various account types, trading software, and tools to facilitate individuals and institutional customers to trade forex and CFD online.
HF Markets is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:
- HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
- HF Markets (Europe), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
- HF Markets SA (PTY), is authorized and regulated as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
- HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
- HF Markets (DIFC) Ltd, authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
- HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.
If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risks. For that reason, these kinds of clients are granted access to more favorable rates but afforded lesser regulatory protections than retail clients.
Trading with HF Markets can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.
HF Markets offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate pricing and the best possible spreads.
HF Markets receives numerous highly prestigious titles, including the huge honor of being ed to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.
After opening an account in HF Markets, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade on desktop or prefer to trade on-the-go, they can use MetaTrader 4 on desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).
Clients' funds are held in segregated accounts. Only major banks are used by Markets because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.
Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HF Markets ensures that traders make fast transactions 24/5 during the standard hours.
Traders can earn extra income by joining the affiliate program offered by Markets. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HF Markets can be obtained on their official website which is supported in 27 languages.
From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HF Markets, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.
Pepperstone
Pepperstone is one of the best brokers that is known for its razor spread. As the condition is available in their MT5 platform, this leads to a low spread MT5 account where you can enjoy spread as low as 0 pip spreads. The reason why they are capable of providing such benefit is that Pepperstone uses multiple liquidity providers from Tier 1 Banks and institutions to give you competitive quotes with low spreads and deep liquidity. The commission fees are different according to what asset you trade. Thus, make sure you find out about this first on their official website before you start trading.
Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.
Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone .
They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.
Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:
- The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
- Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
- Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018
With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.
For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.
Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.
When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.
Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).
There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.
Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. The initial deposit starts at USD200 with a minimum lot of 0.01 (micro) and 1:500 leverage.
As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.
If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.
Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.
BlackBull Markets
BlackBull Markets is a true ECN broker with one of the best low spread MT5 accounts. The spread can get as low as 0.0 pip on their ECN Institutional Account. This is the best account type if you are looking for Institutional Services and Functionality. While most broker gives you fixed commission fees, BlackBull Markets lets you negotiate how much you want to pay for your commission fee.
BlackBull Markets Specifications

1:500


$50

2014
Conclusions
Besides MT4, the MT5 trading platform has a lot of fans in the industry. This platform offers abundant benefits for all kinds of traders, particularly those who trade in multiple assets at once. Thus, it doesn't come as a surprise that a low spread MT5 account is one quality to consider when choosing a good broker. However, it is also important that you do more research about the broker's specifications to make sure that it can fulfill your needs.
From the abovementioned brokers, here's a comparison to give you more insights:
Compare | IC Markets | Admirals |
General Rating |
4.23/5 |
4.22/5 |
|
Trustpilot |
4.9/5 24082 users |
4.6/5 1391 users |
|
💼 Regulation | |||
❗Information | Testimonials (549), News (56), Articles (21), Webinars (217) | Testimonials (93), News (27), Articles (23), Webinars (281) | Testimonials (59), News (11), Articles (18) |
⌛ Established | 2007 | 2001 | |
💲 Min Deposit | $200 | $1 | |
⚖ Max Leverage | 1:500 | 1:500 | |
🔢 Spread | Variable | Variable | |
💸 Commissions | $3.50 | $1.8 to $3 per lot for Forex & Metals | |
💡 Min Position | 0.01 lot | 0.01 lot |
💳 Payment | Crypto, BPAY, Credit/debit cards, FasaPay, Neteller, PayPal, Skrill, UnionPay and Wire transfer | AstroPay, Crypto, Credit/debit cards, iDEAL, Neteller, PayPal, Skrill, SOFORT and Wire transfer |
🏢 Office(s) |
![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
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🧩 Demo Account | ||
📁 Segregated Account | ||
🕋 Islamic Account | ||
👨💻 PAMM Account | ||
📈 Managed Account |
💱 Hedging | ||
🇺🇸 US traders | ||
🕛 Swaps |
🏆 Trading contests | ||
⚡ Automated trading | ||
💰 Bonus offers | ||
📖 Free education |
1️⃣ One-click trading | ||
⏱ Trailing stop | ||
⏳ Pending orders |
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🗣 Website Languages | Arabic, Chinese, English, German, Indonesian, Japanese, Korean, Malay, Portuguese, Russian, Spanish | Arabic, Bulgarian, Croatian, Czech, English, Estonian, German, Hungarian, Italian, Latvian/Lettish, Malay, Polish, Portuguese, Romanian, Russian, Serbian, Slovenian, Spanish, Swedish, Turkish, Vietnam |
🚪 Trade Now | Open IC Markets | Open Admirals |
For more comparisons, you can directly go to this page.