MT5 may not be as popular as MT4 yet, but there are unparalleled advantages that you can get from forex brokers that support MT5.

Whether you are a beginner or a professional trader, you must have heard about MetaTrader 4 (MT4) as its popularity has reached a global scale and has arguably set a standard in the forex industry at some point. The software was first launched in 2005 and has attracted a lot of traders' enthusiasm ever since. Because of the same reason, most forex brokers offer MT4 as their primary trading platform.

mt5 trading app

Five years later, the parent company of MT4, MetaQuotes Inc., released a new platform called MetaTrader 5 (MT5). The upgraded platform was made to provide a more sophisticated and practical trading experience, but it somewhat doesn't get as much attention as its predecessor.

 

The Problems with MT5

Generally, MT5 does have a more refined technology and a more complete package compared to the MT4. MT5 uses a programming language called MQL5, whereas the language used in MT4 is MQL4. MT5 does not have backward compatibility, which means that the programs in MT4 will not be able to operate in MT5. This can be a challenge for traders who want to upgrade their MQL4-based software from time to time. So, many traders ended up staying with MT4.

Another major issue in MT5 is its compliance with the US' "no hedging rule," which states that forex brokers in the US must deal on a FIFO (First In, First Out) rule. It means that if a trader opens two positions in the same currency pair, they're prohibited from closing the two positions simultaneously. This is different from MT4 that allows hedging and logs every trade individually so that traders can manage their positions separately. This might not be a problem for traders from the US that must comply with the rules as well, but for traders from the rest of the world, the no hedging rule can be bothersome.

See Also:  Introduction to Forex Hedging Strategy

 

The Advantages of MT5

Despite all the issues that make MT5 less popular than MT4, the software has certain advantages that definitely worth considering. Indeed, MetaQuotes Inc. released MT5 for a good reason in 2010. The platform is designed for a broader range of users. Not only for forex traders, but it is also highly suitable for stock and commodity traders. The moment MT5 was released actually coincided with the booming of retail stocks and commodities, so the platform was designed to fit the market and gain more audience. Therefore, MT5 is an excellent choice for diversified traders that are active in multiple markets.

See also: Most Popular Assets Traded in Forex and CFD Brokers

Other than that, MT5 uses a more advanced technology compared to MT4. Firstly, it has a better backtesting function where you can test programmed trading strategies at a much faster speed, and secondly, it allows simultaneous multi-currency pair backtesting. These features are very helpful for traders who need to run many backtests during their trades. It also enables them to execute orders using multiple accounts via multiple brokers. Combined with a wide range of technical indicators and analytical objects provided in MT5, it's much easier to track the market trends.

MT5 also receives regular updates to improve its performance. The "no hedging" condition has apparently been fixed with an additional "hedging option" that can be attached to the platform if the broker providing it choose to allow hedging strategy for clients.

Lastly, over the last few years, MetaQuotes inc. has been trying to lead its users and software developers to switch to MT5. It can be traced back to 2015 when the updates made for MT4 were only minors, and a few years later, the company decided to stop ordering new licenses for MT4. There's a possibility that MetaQuotes will stop updating MT4 completely in the future.

 

MT5 Forex Brokers

MT5 may not be positioned as the main platform by the majority of forex brokers. But the number of trading companies supporting this platform has been growing substantially. Furthermore, the MT5 platform offering sometimes signifies a broker's update and commitment to provide traders with more advanced technology. If you are interested in using MT5, here are some brokers you can choose from.

See Also:  How to Choose the Best Forex Broker

 

1. IC Markets

Spread
Variable
Regulation
ASIC, ACN 123 289 109
Min Deposit
$200
Established
2007

Interest rate on funds
Free education
PAMM accounts
MAM accounts
Segregated accounts
Managed accounts
Payment
Bitcoin
BPAY
Credit/debit cards
FasaPay
Neteller
PayPal
Skrill
UnionPay
Wire transfer

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.

MT5 is one of the most highlighted platforms in this broker. Along with MT4, IC Markets presents the MetaTrader series as an option for traders who prefer to trade in a familiar environment. There are two types of accounts that support MT5: Raw Spread and Standard. Traders can choose the Raw Spread account if they prioritize trading with tight spreads, or opt to open a Standard account if they want to avoid being charged with trading commissions.

 

2. FBS

Website
fbs.com
Spread
Fixed and Variable
Regulation
ASIC, 426359
Min Deposit
$1
Established
2009

Bonus offers
Trading contests
Free education
Affiliate program
Islamic accounts available
Payment
Credit/debit cards
FasaPay
Local bank transfer
Neteller
Perfect Money
Skrill
UnionPay
Wire transfer

Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.

FBS is regulated by IFSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.

Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.

In all types of accounts, provided spreads start from 1 pip. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.

Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading tools: 28 currency pairs and 2 metals.

Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.

FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.

MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.

Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of depositing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.

To increase the security of client funds, FBS also provides segregated account where 70% of funds can be deposited in the client bank. This broker also presents something unique; a guarantee 10% to 100% of the deposit fund. If a trader loses funds during a transaction but is insured, FBS will refund the trader's funds.

Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.

Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.

Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Dutch, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.

In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.

FBS is a widely known broker with branch offices in more than 197 countries and more than 13 million traders worldwide. The broker has been around since 2009 and keeps growing with no less than 7,000 new clients and partners each day. FBS provides various types of accounts, either for trading or investing. With only $1, you can open a Cent account and experience trading in the real market. The broker also supports Islamic Accounts (swap-free) on request. As for the trading platform, FBS provides access to both MT4 and MT5 for Windows, Android, and iOS.

 

3. InstaForex

Spread
Fixed
Regulation
FSA (St. Vincent & the Grenadines), IBC22945
Min Deposit
$1
Established
2007

Interest rate on funds
Bonus offers
Trading contests
PAMM accounts
Affiliate program
Islamic accounts available
Payment
AdvCash
AliPay
AstroPay
Bitcoin
Bitcoin Cash
Credit/debit cards
Dash
Dogecoin
EOS.IO
Litecoin
NEO
Neteller
Ripple
Skrill
SOFORT
Tether (USDT)
UnionPay
Wire transfer

InstaForex is an international broker that provides trading services to traders globally. Since it was founded in 2007, InstaForex has provided for clients from various countries as many as 7 million traders. Based in Kaliningrad, Russia, InstaForex always attempts to improve the quality of the company in order to captivate the hearts of their clients.

Their hard work can be proven, one of which is by achieving a variety of awards, including Best Forex Cryptocurrency Trading Platform 2018 by UK Forex Awards, Best ECN Broker Asia 2018 by IBM, Forex Broker of the Year for Eastern Europe 2018 according to le Fonti Awards, Development, and Success award at Financial Olympus 2016-2017, etc.

There are 4 types of account offered by InstaForex representing a universal trading tool that help to work on international financial markets, such as Insta.Standard, Insta.Eurica, Cent.Standard, dan Cent.Eurica. Trading account types differ by the methods of accounting spreads and commissions, which are picked by the trader opening an account.

Insta.Standard account is relevant for standard trading terms on the Forex market and allows a trade to be settled with classical spread and with no fees. Traders will be charged a fixed spread every time they make a transaction. Spreads that are provided ranging from 3-7 pips. The main advantage of this type of accounts is its universality, as a trader can change the trading leverage and work with a deposit size convenient for traders.

Different from Insta.Standard accounts, Insta.Eurica accounts do not require payment of any spread on opening a deal. Therefore, this type of InstaForex account is suitable for beginner trader with a minimum transaction of 0.01 lots.

There are also other types of accounts InstaForex, namely Cent.Standard and Cent.Eurica which can be used for beginner traders because they can use the minimum transaction volume, which is 0.0001 lots (the cost per lot is USD0.1 cent). Deposit currencies that can be used by traders are EUR and USD (for all types of accounts).

Trading in InstaForex is quite a given as traders can choose to trade with leverage between 1:1 to 1:1,000. With a minimum initial deposit requirement of only USD1 (for all types of accounts), InstaForex clients have the opportunity to get a 30% to 100% deposit bonus.

Not only that, but beginner traders are also exempt from confusion in determining forex trading strategies. Because Instaforex provides ForexCopy services that allow traders to copy orders from professional traders in just a few minutes.

And then, there are around 300 trading instruments offered by InstaForex for traders. In addition to currency pairs, there are also futures, shares, gold, silver, CFDs, Bitcoin, and others.

Every InstaForex client is free to choose a trading platform that can be tailored to their needs. There are four types of trading platforms available, including InstaBinary, WebIFX, MetaTrader4, and MetaTrader5. Each platform has advantages and disadvantages. InstaForex also provides video tutorials on how to register on each platform. It aims to make it easy for beginner traders who want to join InstaForex.

If a trader still confused after seeing the video tutorials, traders can contact customer service available 24 hours connected to various social media, including email, Skype, Whatsapp, Telegram, Viber, Twitter, and Phone Call. On the InstaForex website, there are around 30 languages provided to facilitate traders from various countries.

The trader can also help themselves with trading calculators provided on the InstaForex website. Traders can accumulate currency pairs, Leverage, volume, and currency used.

The payment system in InstaForex is also diverse. Traders can pay deposits via Visa, Mastercard, Skrill, Neteller, PayCo, as well as Wire Transfer. All in all, InstaForex is a well-rounded broker for many types of traders.

InstaForex was first established in 2007 and has gained more than seven million clients from all around the world. Traders can choose from around 100 trading instruments, whether for Forex, CFD, or commodity, and only be required to deposit at least $1 to open a trading account. The leverage starts from 1:1 to 1:1000. When it comes to trading platforms, InstaForex supports the use of MT5 for Windows, Android, and iOS.

 

4. OctaFX

Spread
Variable
Regulation
CySEC, 372/18
Min Deposit
$100
Established
2011

Interest rate on funds
Bonus offers
Trading contests
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Payment
Bitcoin
Credit/debit cards
Dogecoin
Ethereum
Litecoin
Neteller
Skrill
Tether (USDT)

OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. OctaFX was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.

Prestigious awards that have been received by OctaFX include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).

For traders in most countries, OctaFX is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders.

OctaFX offers different types of accountsthat are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.

There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.

Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD50. The currencies used on the account are US Dollars and Euros.

OctaFX gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.

If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.

Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.

Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.

Another advantage offered by OctaFX is the Trade & Win program. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.

Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.

One example of a prize contest is OctaFX Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period. OctaFX broker also provides contests on the cTrader platform, titled cTrader Weekly Demo Contest. As the name implies, this trading contest is held on a demo account for 1 week and uses cTrader as the platform.

OctaFX is a broker founded in 2011. The broker claims that its focus is to put the traders as the top priority in their business. The broker once claimed that they only received around 0.7% of their clients' complaints, which shows its competency and credibility. Just like the previous brokers, OctaFX also supports MT5 as their primary trading platform. Interestingly, they also provide access to cTrader, another platform regarded as more advanced than the plain old MT4.

 

5. XM

Website
www.xm.com
Spread
Variable
Regulation
ASIC, 443670
Min Deposit
$5
Established
2009

Interest rate on funds
Bonus offers
Free education
Personal manager
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Requires sending documents via postal mail
Payment
CashU
Credit/debit cards
FasaPay
giropay
iDEAL
Moneta.Ru
Neteller
paysafecard
QIWI
Skrill
SOFORT
UnionPay
WebMoney
Western Union
Wire transfer

Established in 2009, XM is a member of an online brokerage company called Trading Point of Financial Instruments Ltd. In providing clients on a global scale, the company has branched into XM Australia and XM Global, and XM Cyprus. Each member has different headquarters and licenses, with XM Australia registered under the Australian Securities and Investment Commission (reference number: 443670), XM Global under the IFSC (60/354/TS/19), and XM Cyprus under the Cyprus Securities and Exchange Commission (reference number: 120/10).

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Commodities, Equity Indices in CFDs, Precious Metals, Energies, to Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip. Instead of providing maximum leverage on the scale of 1:500 or 1:1000 (round numbers), XM chooses to limit their leverage on a 1:888 scale, a unique number that is now widely recognized as XM's trademark.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. The deposit starts from $5 in Micro and Standard Account, while Ultra-Low Account requires a minimum deposit of $50. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

XM also provides an Islamic Account for Muslim Traders obligated to Sharia Law that prohibits the use of interest generated by overnight swaps for each currency pairs. To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

XM is a broker established in 2009 under Trading Point Holdings Ltd. So far, XM has obtained licenses from some top-tier regulators, including the FCA and CySEC (Cyprus). The broker is widely known to have reasonably low spreads and many trading instruments to choose from. With a total client base of more than 1 million traders, XM provides its services in more than 30 languages. The MT5 provided by this broker is also supported for Windows, Android, and iOS.

 

6. Exness

Spread
Fixed and Variable
Regulation
Capital Markets Authority of Kenya, 30/05/2022
Min Deposit
$1
Established
2008

Trading contests
Free education
PAMM accounts
LAMM accounts
Segregated accounts
Affiliate program
Islamic accounts available
Payment
Bitcoin
Credit/debit cards
Neteller
Perfect Money
Skrill
Tether (USDT)
WebMoney
Wire transfer

The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.

Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.

Not only that, but traders can also enjoy other advantages such as an automatic fund withdrawal system. If a trader withdraws funds through the e-Payment facility provided by Exness, the processing time is instant and goes straight into the account. This means that when traders make a withdrawal, everything happens automatically without human intervention.

The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.

Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable for delays in processing deposits and withdrawals if such delays are caused by the payment system.

Traders do not need to worry about transaction fees when depositing and withdrawing. When trading on Exness, transaction fees are not charged to traders. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.

All information displayed on the Exness website is tested and proven. Their business is audited quarterly by Deloitte, which is an audit company for financial services.

Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.

The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.

Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.

One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.

Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.

Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.

When trading with Exness, profit opportunities generated by traders also increase with VPS hosting services. This feature helps to maintain trading activities to progress smoothly and without interruption in the event of unexpected troubles such as lost internet connection or electricity problems that shut down traders' PCs unanticipatedly.

From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.

Exness is a broker established in 2008 and has gained popularity in various countries worldwide. In 2016, the broker had total transactions exceeding $253 billion due to its tight spreads as well as fast and accurate execution. Not only that, the number of newly registered trading accounts in Exness is growing by more than 15,000 accounts per month. The broker also provides its service in more than 22 languages on its website. Combined with the support of MT5, Exness has steadily gained a prominent share in the forex retail market.

 

7. RoboForex

Spread
Variable and Fixed
Regulation
IFSC (Belize), 000138/333
Min Deposit
$10
Established
2009

Interest rate on funds
Bonus offers
Trading contests
MAM accounts
Affiliate program
Islamic accounts available
Payment
AdvCash
AstroPay
Boleto Bancário
Credit/debit cards
Local bank transfer
Neteller
Perfect Money
Skrill
UnionPay
Western Union

Well-known as one of the most committed brokers in trading technology advancements, RoboForex reaches out to a wide range of traders, from beginners to the more experienced ones who seek sophisticated trading environments with ECN-like spread and execution. The company is established in 2009 and holds a head office in Belize. Registered under the IFSC Belize, RoboForex manages to attract clients with fantastic leverage as high as 1:2000.

As for the service for European-based traders, RoboForex specifically operates a different brand called RoboMarkets that is still a member of the head company (Robo Holding Company) and has an office in Cyprus. The operation is licensed under Cyprus Securities and Exchange Commission (CySEC).

Following its commitment to be the forefront in terms of a high technology forex broker, RoboForex provides various trading platform choices including MetaTrader 4, MetaTrader 5, cTrader, Social Platform, and its proprietary platform.

Trading instruments range from Currencies to Metals, Indices, Energies, Stocks, ETFs, and Cryptocurrencies. Aside from basic service, trading in RoboForex also presents a collection of distinctive features such as the PAMM system and Social Trading network developed with their own brand of CopyFX, ETFs, and stocks that reaches up to thousands as the available trading assets, tight spreads, and payment method via Bitcoin and Ethereum.

RoboForex also accepts payment through a surprising online gateway besides wire transfer and credit card. The alternative methods are Skrill, Neteller, FasaPay, UnionPay, WebMoney, Perfect Money, Qiwi, and other similar online payments.

After opening an account, traders can start with a minimum deposit as low as $10 in Pro Accounts. To specify, here is a short description of each type of accounts that traders can choose from in RoboForex:

Pro-Standard

  • Minimum Deposit: $10
  • Spread: from 1.3 points
  • Minimum order volume: 0.01
  • Leverage: up to 1:2000

ECN-Pro

  • Minimum Deposit: $10
  • Spread: from 0 points
  • Minimum order volume: 0.01
  • Leverage: up to 1:300

Prime

  • Minimum Deposit: $5,000
  • Spread: from 0 points
  • Minimum order volume: 0.01
  • Leverage: up to 1:100

Pro-Cent

  • Minimum Deposit: $10
  • Spread: from 1.3 points
  • Minimum order volume: 0.1
  • Leverage: up to 1:2000

R Trader

  • Minimum Deposit: $100
  • Spread: from $0.01
  • Minimum order volume: 1 stock
  • Leverage: up to 1:200 (during the trading session) and up to 1:4 (after the trading session)

The R Trader account signifies RoboForex's attempt to distinguish forex and stock trading condition. It appears that the platform used in that particular account is RoboForex's in-house product that is specifically designed for stock online trading.

The overall description above depicts RoboForex as a distinguished broker despite its status as an offshore-regulated entity. Not only successful in providing various trading technology, but RoboForex also focuses on stock trading for more conservative traders. However, it is also important to note that RoboForex is one of the few brokers that boldly offer an extremely high perimeter of leverage at 1:2000.

RoboForex was first founded in 2008 but started its business in 2009. Since then, the broker has received various awards and achievements in terms of excellent service and high-quality performance. The broker was initially settled in New Zealand but later moved to Cyprus. More services in their business have been added since then, including instant order execution, floating spreads starting from 0 pips, and leverage of up to 1:1000. The MT5 supported by this broker also works for Windows, Android, and iOS.

 

8. Alpari

Website
alpari.com
Spread
Variable
Regulation
FSA (Seychelles), SD026
Min Deposit
$1
Established
1998

Bonus offers
Trading contests
Free education
Trading by telephone
PAMM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Payment
AdvCash
Bitcoin
Credit/debit cards
Ethereum
FasaPay
Litecoin
Neteller
Perfect Money
Skrill
Tether (USDT)
UnionPay
Wallet One
WebMoney
Wire transfer
Zcash

Alpari International is one of the largest forex brands. They always try to work hard to make sure traders make the best trading and investment decisions. Established on 24th December 1998, Alpari has started from a small group of men who are looking to start a business in finance in one of the most economically precarious years in Russia's history.

During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. Alpari has a head office on the 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius. The company is regulated in St.Vincent and the Grenadines (the licensed number is 20389 IBC 2012), IFSC Belize (the licensed number is IFSC/60/301/TS/18).

This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface. For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. All of their accounts use USD, EUR, GBP, and NGN as the options for base currency. But, NGN accounts are only available to clients in Nigeria.

Each kind of account has a different spread. At Standard Account provides spreads from 1.2, the spread of Micro Accounts is from 1.7, and ECN Account and Pro Account have spread from 0.4. A trader can open an account in Alpari and opt to trade currencies (FX majors, FX minors, FX exotics, and FX RUB), spot metals, spot commodities, stock trading, spot indices, and crypto-currencies.

A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading. If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website.

Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time.

Besides, Alpari offers PAMM (Percent Allocation Management Module) which allows a trader to choose their desirable Account Manager. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.

This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors. The investors then will help Strategy Managers to earn more through commission fees up to 40%.

Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.

For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.

Alpari creates a very convenient funding and withdrawal experience for each trader. A trader can transfer with any kind of methods, such as e-payment (example: FasaPay, Local Transfer, TC Payment, etc), credit cards (Visa, Mastercard, and Maestro), E-Wallet (Neteller, Skrill, VLOAD, TC Pay Wallet, WebMoney, Perfectmoney, Bitcoin), and bank transfer. If there's been no trading activity on the trader account for at least 6 months, an inactivity fee of 5 EUR/USD/GBP will be applied.

All Back office transfers are processed during standard business hours, 03:00-19:00 GMT+2 (GMT+3 during DST), Monday-Friday. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email.

Alpari is one of the top brokers that was established in 1998. Many traders even consider this broker as one of the pioneers in retail trading. This is hardly surprising, considering the total transaction obtained in 2015 alone exceeded $1 trillion. The broker essentially combines excellent services with a wide range of options to choose from. There are various types of accounts and different trading instruments to accommodate the needs of many types of traders. Most importantly, Alpari supports MT5 with a hedging option, allowing traders to trade with hedging strategy with the upgraded version of the MetaTrader platform.

 

9. FIBO Group

Spread
Fixed and Variable
Regulation
CySEC, 118/10
Min Deposit
$1
Established
1998

Interest rate on funds
Trading by telephone
PAMM accounts
MAM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Payment
Bitcoin
Bitcoin Cash
CashU
Credit/debit cards
Ethereum
FasaPay
Local bank transfer
Neteller
Perfect Money
Ripple
Skrill
Tether (USDT)
WebMoney
Wire transfer

International Financial Holding, officially known as FIBOGroup (Financial Intermarket Brokerage Online Group), is a brokerage company offering online trading services since 1998. With the mission to always meet the highest international standards, FIBO is currently regulated by the Financial Services Commission of the British Virgin Islands and the Cyprus Securities and Exchange Commission (CySEC).

The company is very "generous" in offering different types of trading accounts. Aside from Cent Account and MT5 NDD, the minimum deposit in FIBOgroup's accounts starts from $50. It is important to note that MT5 NDD requires a minimum deposit of $1000. Trading in FIBOGroup enables traders to enjoy variable spreads, although the MT4 Fixed account offers fixed spreads from 2 pips.

Meanwhile, the average maximum leverage in FIBOGroup is 1:400. Only two types of accounts have different standards of the highest leverage; 1:1000 in Cent Account and 1:200 in MT4 Fixed.

FIBOGroup provides a comprehensive market analysis comprised of contents on long-term forecasts, economic calendar, interest rates, financial instruments, and Shares.

The company also houses a proprietary PAMM feature that allows professional traders to become Account Managers with a profit-sharing system. New traders who open accounts in FIBO can benefit from PAMM by following an Account Manager that they choose by their preferences. For this particular feature, FIBOGroup provides a special feature of the Manager rating table.

Since its invention in the late 1990s, FIBOGroup has reached global recognition. They have official branches in Vienna, Limassol, Munich, Shanghai, Kyiv, Limassol, and Almaty. Deposit and withdrawal options range from wire transfer, credit card, BitPay, Blockchain, Neteller, Skrill, Perfect Money, FasaPay, and many others.

In conclusion, FIBO Group is an experienced broker for adventurous traders who like to try out various trading conditions; from variable spreads to fixed spreads, from MT4 to cTrader, from low leverage to high leverage, from independent trading to PAMM trading. Their low deposit requirement also indicates that it is open to all kinds of traders regardless of their amount of capital.

FIBO Group is a broker founded in 1998, headquartered in Cyprus, and is regulated by the CySEC. The broker is also a member of the Investor Compensation Fund, adding an extra layer of protection for the trader's accounts. Some advantages offered by FIBO Group are accounts with different types of spreads (fixed and variable), STP trading conditions, Cent account that supports low-risk trading, as well as MT5 support available for desktop and mobile platforms.

 

Conclusion

The trading platform is one of the most crucial tools to choose before entering the forex market. While it is true that each trader is free to choose their platforms, in reality, the choices are limited by the forex broker they use because not all trading platforms are provided by every broker. Some brokers don't have the compatibility with specific platforms and offer access only through a bridge, while some others have their own platforms. Although choosing a broker based on its safety components is more important than the platform offered, traders must still consider the platform's features and whether they're comfortable using the service.

trading platform

If we talk about choosing the best trading platform, you must first understand what you want and what you need in trading. Basically, you'd like a trading platform that is reliable and easy to use, doesn't lag, and crash too often. Apart from that, you can weigh the pros and cons yourself based on your objectives and trading strategies.

Regarding MT5, it is practically most suitable for traders who put importance on advanced charting but don't really mind the MQL4 incompatibility. So if you are included in those criteria, choosing MT5 might be the best option for you. After all, some brokers have enabled the "hedging compatibility" feature on their MT5 platforms to eliminate the restriction. To name a few, here's the list of such brokers:

As for the choice of the common MT5 platforms, here is a side by side comparison between three of the brokers mentioned above:

Feature Go to FBS Go to Exness Go to IC Markets

Rating

General Rating 3.28/5
4.16/5
4.23/5
Trustpilot 3.1/5

rated by 278 users
3.8/5

rated by 579 users
4.9/5

rated by 22604 users

General Information

Office(s) China, Egypt, Indonesia, Korea (Republic of), Malaysia and Thailand Cyprus, Seychelles and United Kingdom Australia, Hong Kong and Viet Nam
Regulation ASIC 426359
CySEC, 331/17
FSCA (South Africa), 50885
IFSC (Belize), IFSC/000102/310
FCA temporary permit 808276
Capital Markets Authority of Kenya, 30/05/2022
CySEC 178/12
FCA (UK), 730729
FSA (Seychelles), SD025
FSC (BVI), SIBA/L/20/1133
FSC (Mauritius), 176967
FSCA (South Africa), 51024
The Financial Commission, 22.07.2021
ASIC, ACN 123 289 109
CySEC, 362/18
Securities Commission of The Bahamas, SIA-F214
The Financial Commission, 25.11.2021
Established 2009 2008 2007
Minimum Deposit $1 $1 $200
Maximum Leverage 1:3000 1:2000 1:500
Spread Variable Variable Variable
Commissions $6 $3.50 $3.50
Minimum Position 0.01 lot 0.01 lot 0.01 lot
Payment Credit/debit cards, FasaPay, Local bank transfer, Neteller, Perfect Money, Skrill, UnionPay and Wire transfer Bitcoin, Credit/debit cards, Neteller, Perfect Money, Skrill, Tether (USDT), WebMoney and Wire transfer Bitcoin, BPAY, Credit/debit cards, FasaPay, Neteller, PayPal, Skrill, UnionPay and Wire transfer
Official Website Visit FBS Visit Exness Visit IC Markets

Account Variations

Segregated Account
Islamic Account
PAMM Account
Managed Account
LAMM Account
MAM Account
Forex Demo Account

Trading Requirements

Hedging
US traders are welcome
Requires sending documents via postal mail
Overnight interest rates (swaps)
Trading by telephone

Trading Features

Trading contests
Automated trading
Interest rate on funds
Bonus offers
Free education
Personal manager
Affiliate program

Trading Platforms and Complements

Mobile trading
Browser-based platform
Trading via API
One-click trading
Trailing stop
Pending orders
One-Cancels-Other (OCO) orders

Instruments Traded

Forex
CFD
Indexes
Spread betting
Gold & silver
Cryptocurrencies
Stocks
Binary options
Oil
Metals
Energies
Futures
ETF
Soft commodities
Options
Agriculture
Soft Commodities
Spread Betting
Bonds

Customer Support

Website Languages Arabic, Bengali/Bangla, Burmese, Chinese, English, French, German, Indonesian, Italian, Japanese, Korean, Laothian, Malay, Portuguese, Spanish, Thai, Turkish, Urdu, Vietnamese Arabic, Bengali/Bangla, Chinese, English, French, German, Hindi, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Thai, Urdu, Vietnamese Chinese, English, Japanese, Russian
Email Support
Call Support
Chat Support

Reviews

Traders Reviews

FBS

Jun 20 2022

Hilton Schell: Unfortunately, USD/THB is not available in FBS for trading.

FBS

Jun 20 2022

Bernardo Snowden: This leverage is available for Standard, Micro, and Zero Spread accounts, both real or demo.
We would like to remind you that we have specific regulations on leverage in correlation to the sum of equity. The company is entitled to apply leverage change to already opened positions, as well as to reopened positions, according to these limitations.
Leverage

More Reviews

Madison Jackman

Mar 25 2022

Anyone also often experience server problems with EXNESS? I just experienced it myself. Hopefully it doesn't happen like this again. A little disappointed tho, I never have a problem when trading with EXNESS before.

Zoey

Mar 24 2022

Each broker must have advantages and disadvantages of each. As a new trader, EXNESS must look very good. The features are quite complete. However, when you trade for a longer period of time and with more money, you will lose more often. Unreasonable price differences are often the cause of your lose.

More Reviews

Wilford Faust

Jun 24 2022

Can I trade cryptocurrency in the IC Markets using the same leverage as any other assets there? For example, I know that IC Markets offers 1:500 leverage for most of their instruments (ex: forex pairs). So, I wonder if I can get the same amount for cryptocurrency trading as well? Or will there be a different amount of leverage I can get? 

Issac Sturgill

Jun 24 2022

Does the ZuluTrade trading platform still available in IC Markets automatic trading features? I had my eyes on it for a while but at the time I wasn't sure to check it out. As you can see, automatic trading can have a bad reputation among some traders. But, lately, there are a lot of my friends starting to use it. Then I remember that IC Markets offered these features, so I was thinking to try it.

More Reviews

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