Best brokers
Best MetaTrader 5 forex brokers
Seven of the brokers we review offer MetaTrader 5. They differ on pricing, minimum deposit and the regulator you would join. See MT4 vs MT5 if you are still choosing a platform.
Terms checked on 3 Nov 2026 against each broker's own website and legal documents
1. IC Markets: MT5 with raw pricing
Raw pricing
From 0.0 pips + $3.50 per side (MT4/MT5); $3.00 per side on cTrader
Minimum deposit
$0 (global)
Regulation
ASIC (AFSL 335692), CySEC (362/18), FSA Seychelles (SD018), SCB Bahamas (SIA-F214)
Watch for: Retail clients outside Australia and the EU usually join an offshore entity. Read our IC Markets review.
2. Pepperstone: MT5 with no minimum deposit
Raw pricing
Razor from 0.0 pips (average 0.1) + $3.50 per side on its own platform and TradingView, $3.00 on cTrader; check MT4/MT5 pricing
Spread-only pricing
Standard from 1.0 pips (average 1.1), no commission
Regulation
ASIC (AFSL 414530), FCA (FRN 684312), CySEC (388/20), SCB Bahamas (SIA-F217)
Watch for: Confirm the MT5 commission on the pricing page. Read our Pepperstone review.
3. Eightcap: MT5 with a $100 deposit
Raw pricing
Raw from 0.0 pips + $3.50 per side
Spread-only pricing
Standard from 1.0 pips, no commission
Regulation
ASIC (AFSL 391441), FCA (FRN 921296), CySEC (246/14), SCB Bahamas (SIA-F220), FSA Seychelles (SD100)
Watch for: No cTrader if you later want to switch. Read our Eightcap review.
4. XM: MT5 with a $5 deposit
Minimum deposit
$5 (Standard and Ultra Low)
Spread-only pricing
"As low as 0.8 pips" per XM; not published per account
Regulation
CySEC (120/10) for EU clients; most other clients join XM Global, regulated in Belize
Watch for: High leverage at XM Global and spreads not published per account. Read our XM review.
5. Exness: MT5 with raw and zero-spread accounts
Raw pricing
Raw Spread from 0.0 pips + up to $3.50 per side; Zero from 0.0 pips + from $0.05 per side
Spread-only pricing
Pro from 0.1 pips, no commission
Regulation
Retail clients are usually onboarded offshore, e.g. FSA Seychelles (SD025); FCA and CySEC entities do not serve retail clients
Watch for: Retail accounts are usually held offshore. Read our Exness review.
6. FxPro: MT5 alongside cTrader
Raw pricing
Raw Spread and cTrader + $3.50 per side; cTrader EUR/USD average 0.43 (indicative)
Regulation
FCA (FRN 509956), SCB Bahamas (SIA-F184), FSA Seychelles (SD120)
Watch for: Minimum deposit not confirmed for standard accounts. Read our FxPro review.
7. OANDA: MT5 with no minimum deposit
Spread-only pricing
UK spread-only from 0.6 pips
Minimum deposit
None in the US, UK and Australia
Regulation
FCA (542574), CFTC/NFA (NFA 0325821), ASIC (AFSL 412981)
Watch for: UK accounts carry a 1.0% conversion mark-up. Read our OANDA review.
How we chose. These shortlists use published terms only: costs, minimum deposit, platforms and the regulator of the entity you would join. We have not ranked brokers on scores, and the order is not a recommendation for your circumstances. Read our methodology and affiliate disclosure.
CFDs and leveraged forex are complex and carry a high risk of losing money rapidly. Most retail accounts lose money. Only trade with money you can afford to lose.
Ready to compare the terms?
Put up to three brokers side by side: costs, platforms, leverage and award history.
FA
Written by the Forex Awards research desk
Guides are checked against current broker documents and regulator rules. Spotted something out of date? Tell us and we will re-check it.
Forex