Topics MT5

9 Best MT5 Brokers for Crypto Trading

Intermediate
MT5
Nov 4, 2024

The top MetaTrader (MT5) crypto brokers combine advanced tools, competitive spreads and strong security, making them indispensable for crypto trading. With the powerful MT5 platform, these brokers offer traders access to a wide variety of indicators, customizable charts and automated trading options ā€” features that suit both beginners and seasoned traders.Ā 

This article looks at the leading MT5 brokers known for delivering a smooth trading experience, highlighting why they stand out as excellent choices for those looking to trade cryptocurrencies.

Key Takeaways:

  • MT5ā€™s fast, secure and user-friendly platform is perfect for crypto traders, with its advanced tools and automated trading.

  • Top MT5 brokers and exchanges such as Bybit, FP Markets, IC Markets and Eightcap offer diverse crypto options, low fees and high leverage with advanced trading features.

  • To choose the right MT5 broker, focus on regulation, low fees, asset variety and platform quality for a secure and reliable trading experience.

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What Is MetaTrader 5 (MT5)?

MetaTrader 5 (MT5) is a versatile trading platform created by MetaQuotes software. It allows users to trade a variety of assets, including forex, stocks, futures and cryptocurrencies. Known for its efficient market analysis, MT5 excels with its advanced analytical tools, automated trading features and an intuitive, user-friendly interface.

Why Is MT5 Useful for Crypto Trading?

Thanks to its advanced features and flexibility, MT5 offers numerous advantages for crypto trading as follows.

  • Comprehensive analysis tools: MT5 comes with 38 built-in technical indicators (plus plenty of custom indicators available on the MQL5 marketplace), 44 analytical objects and several charting tools to help traders perform in-depth market analysis. This setup makes it easier to identify trends and patterns for better data-driven decisions.

  • Automated trading: MT5 supports expert advisors (EAs), which enable traders to automate their trading strategies. This helps reduce emotional decision-making and facilitates 24/7 operation without manual intervention.

  • Multi-asset platform: MT5 isnā€™t limited to cryptocurrencies. It supports trading across various asset classes, including forex, stocks and futures, providing traders with a versatile, all-in-one trading environment.

  • High-speed execution: Fast order execution is critical in the volatile crypto market, and MT5 excels in this area, ensuring traders can act quickly on market changes.

  • Customizable interface: Traders can tailor the platform to their personal trading styles for a more intuitive and efficient user experience.

  • Flexible order types: MT5 supports various order types, including market, limit and stop orders. This flexibility increases tradersā€™ control over their strategies and trade execution.

  • Robust security: The platform uses strong security measures, such as data encryption and secure login protocols, to safeguard traders' information and funds.

  • User-friendly interface: MT5ā€™s design is easy to navigate, making it suitable for both beginners and seasoned traders. Its intuitive layout ensures smooth execution and accessible analysis.

  • Mobile trading: With mobile apps available for Android and iOS, traders can monitor and execute trades on the go, ensuring they donā€™t miss any market opportunities.

  • Copy trading: MT5 allows traders to follow and copy the trades of successful peers, making it easier for beginners or those with limited time to participate in the market.Ā 

How to Select a Good MT5 Broker

When selecting a reliable MT5 broker, the following are the key factors to keep in mind.

  • Regulation and security: Prioritize brokers that are regulated by reputable financial authorities. This measure ensures your funds and personal information are secure. Look for brokers that segregate client funds from their own accounts and offer features like negative balance protection, which can help protect you from losses beyond your deposit.

  • Trading costs: Trading profits can easily be eaten up by high fees, so it's essential to compare brokersā€™ spreads, commissions and hidden fees. Look for those offering competitive spreads, especially for major currencies, and be aware of any additional costs, such as inactivity fees.

  • Range of assets: A diverse asset selection allows you to spread your risk and take advantage of different market opportunities. To diversify your trading portfolio, choose brokers that offer a broad range of cryptocurrencies, forex, stocks and commodities.

  • Trading platform quality: The quality of the MT5 platform is crucial. Ensure the broker offers a user-friendly interface, advanced charting tools, a wide range of indicators and support for automated trading with expert advisors (EAs). Test the platform for speed, reliability and order execution to ensure a smooth trading experience. Fast order execution is especially important in the fast-moving crypto market, where prices can shift quickly. Make sure the broker can process orders efficiently to help you capitalize on price changes in real time.

  • Customer support: Responsive customer service is important when issues arise. Check the brokerā€™s availability, professionalism and the quality of support through channels like live chat, email and phone. A quick response can make a big difference in resolving potential issues.

  • User reviews: Reputation matters. Check reviews from trusted sources and forums to get a sense of the brokerā€™s reliability and transparency. Look for brokers with a proven track record of fair dealing and a solid reputation in the industry.

Best MT5 Brokers

Bybit

Bybit, a leading cryptocurrency exchange, recently expanded its trading capabilities with a pacesetting integration of the popular MT5 on its platform. Launched in 2018 and serving over 40 million users globally, Bybit is known for its diverse trading options, including spot, margin, futures and options markets, with access to over 1,200 cryptocurrencies and 60 fiat currencies.Ā 

Bybit is remarkable for its robust security, employing a dual wallet system to keep user funds safe. Its user-friendly interface includes advanced charting tools and a mobile app, making trading accessible on the go. Bybit's competitive fee structure starts at just 0.1% for spot trading, with fees decreasing based on the user's VIP level. Combined with the option for up to 100x leverage (and up to 500x leverage on the Bybit MT5 platform), this makes Bybit especially appealing for high-frequency traders.

The recent integration with MT5 adds a new dimension to Bybitā€™s platform, with advanced trading features, copy trading and the introduction of an NFT marketplace. Bybit's MT5 platform offers a wider selection of crypto trading pairs compared to other MT5 brokers, providing traders with more opportunities to diversify their portfolios and leverage various market trends. Furthermore, users can choose to create a free Bybit MT5 demo account and practice trading risk-free before they start using their main account.

Pros

  • 500x leverage

  • 0-pip spreads

  • 100+ popular trading pairs

  • Tailored fees

  • Top-tier liquidity

  • 24/7 customer support

  • Free demo trading account

  • Robust security measures

  • User-friendly Interface

  • Comprehensive educational resources

Cons

  • Unavailable in certain jurisdictions (for instance, U.S. and U.K.)

  • Some advanced features may overwhelm beginners

FP Markets

FP Markets, established in 2005 and based in Sydney, Australia, is a reputable online trading platform regulated by ASIC, CySEC and FSCA. With a strong reputation, it caters to both beginning and seasoned traders, offering access to a wide range of financial instruments through the MetaTrader 4 and 5 platforms.

FP Marketsā€™ competitive fee structure offers traders with standard accounts commission-free trading, while those with raw accounts are charged a low $3 commission per trade for a cost-effective option. The platform offers traders the opportunity to use leverage of up to 50x for crypto trading, and 500x for forex on professional accounts, giving traders the opportunity to amplify their potential returns.

FP Markets also supports tradersā€™ growth with an extensive library of educational resources and tools to help enhance trading skills. Itā€™s renowned for its fast order execution (averaging under 40 milliseconds), and offers a free demo account for users to practice without financial risk. With robust security measures in place, FP Markets ensures that user funds and data are well-protected, providing a secure and reliable trading environment.

Pros

  • Competitive spread and trading feesĀ 

  • Regulated in several regions

  • Comprehensive educational resources

Cons

  • Limited instruments offered

  • Limited research tools

IC Markets

IC Markets is a prominent online trading platform regulated by ASIC, CySEC, and FSA. Based in Sydney, Australia, It was established in 2007 and has amassed a global client base of over 200,000 active users. The broker serves both retail and institutional traders with a broad range of trading opportunities.

One of IC Markets' key strengths lies in its low trading fees, with spreads starting as low as 0.0 pips. This cost effectiveness extends to crypto trading as well, with the platform charging low commissions that appeal to active crypto traders. Traders can access over 2,250 instruments, including forex, commodities, indices and cryptocurrencies, providing diverse options for building their portfolios. If youā€™re looking to amplify your crypto trades, the platform offers leverage up to 200x, which can significantly boost potential returns.

IC Markets features raw spread accounts that allow traders to employ strategies like scalping and hedging without any restrictions. The platform meets usersā€™ educational needs with comprehensive knowledge resources, including webinars and tutorials, created for both beginners and experienced traders looking to sharpen their skills.

Pros

  • Low trading costs

  • Fast order execution

  • Free deposits and withdrawals

ConsĀ 

  • U.S. residents cannot open accounts

  • Limited product selection

AvaTrade

Established in 2006, AvaTrade is a well-known online broker that serves around 400,000 traders worldwide. The platform allows trading across various asset classes, including cryptocurrencies, without charging commissions on trades. With support for popular platforms like MetaTrader 4 and 5, AvaTrade offers a versatile trading experience, including access to around 20 cryptocurrencies for CFD trading. Traders can also benefit from leverage of up to 25x when trading crypto.

One of AvaTradeā€™s key advantages is its zero-commission structure, though spreads can vary depending upon the asset. Traders focused on digital currencies are required to pay an internal markup between 0.25% and 10% over regular market spreads.Ā 

AvaTrade also prioritizes safety, offering negative balance protection to ensure that traders never lose more than their account balance. Its support for multiple trading platforms, including proprietary tools and the advanced MT5, further enhances the user trading experience.

Pros

  • No commission on trades

  • Seamless, fast account opening

  • Strong regulatory oversight across multiple jurisdictions

Cons

  • Limited customer support hours

  • Lengthy withdrawal times for certain methods

XM

XM is a global forex and CFD broker with a strong presence in over 190 countries, serving more than 10 million clients. Regulated by major authorities like CySEC, ASIC and IFSC, XM offers a user-friendly trading experience through MetaTrader 4 and 5 platforms. With access to over 1,000 tradable assets, including cryptocurrencies, the broker caters to a diverse range of traders.

XM features a competitive fee structure, with low spreads, no commissions on trades and no deposit or withdrawal fees. However, traders should be aware of inactivity fees that kick in after 90 days of account dormancy. The platform stands out for its commitment to providing a smooth trading experience, offering no requotes or trade rejections, thereby ensuring orders are processed seamlessly.

XM also provides a wealth of educational resources, such as webinars and demo accounts. For those interested in copying successful strategies, XMā€™s copy trading feature allows users to follow the moves of experienced traders, adding another layer of convenience.

Pros

  • Over 1,400 CFDs available, including 55 forex pairs

  • Excellent educational resources and research content

  • Fast account opening

Cons

  • Inactivity fees

  • Limited cryptocurrency optionsĀ 

FOREX.com

Launched in 2001, FOREX.com is a leading retail forex and CFD broker owned by GAIN Capital Holdings. The platform serves a global base and is well-regulated in key markets, including the U.S. and U.K., ensuring a secure and trustworthy trading environment for its users. It offers a range of trading platforms, with proprietary options as well as MT5.Ā 

The platform caters to both novice and experienced traders, providing advanced charting tools and support for algorithmic trading. This makes it an appealing choice for those seeking flexibility and technical depth in their trading experience.

FOREX.com maintains competitive spreads and generally low trading fees, though traders should note that fees for cryptocurrency trading can vary, and may include additional spreads.Ā 

Impressively, FOREX.com gives users access to over 4,500 markets, including cryptocurrencies. In addition to its extensive educational resources, the platform also provides proprietary research tools and performance analytics to help traders refine their strategies and improve their overall performance.

Pros

  • Fast trade execution

  • Comprehensive market analysis tools.

  • Intuitive mobile trading app

Cons

  • Product offerings limited to forex and CFDs

  • Limited customer support

FxPro

FxPro is a global forex and CFD broker that has been serving over 870,000 clients across 173 countries since 2006. The platform caters to traders of all experience levels and supports a wide range of trading platforms, including its proprietary FxPro Trading Platform, MetaTrader 4 and 5 and cTrader.

FxPro offers competitive spreads and generally low trading costs, though fees for cryptocurrency trading may fluctuate. Traders gain access to over 2,100 markets, including cryptocurrencies, making it a versatile platform for those looking to diversify their portfolios. The broker is also known for its rich educational resources and advanced trading tools, ensuring that both novice and experienced traders can develop their skills.

For crypto traders, FxPro offers several unique advantages. The platform supports algorithmic trading through cTrader, allowing users to automate their strategies. It also provides access to a Virtual Private Server (VPS), enabling traders to run bots 24/7 without interruptions. FxPro also offers backtesting and strategy development tools, helping traders refine their approach before entering live markets.

Pros

  • Wide range of crypto CFDs

  • Reliable and secure trading environment

  • User-friendly mobile appĀ 

Cons

  • Limited to CFDs and forex only

  • Inactivity fee

Eightcap

Eightcap is a reputable Australian-based forex and CFD broker that stands out for its extensive range of offerings and strong regulatory backing from authorities like ASIC, FCA and CySEC. The platform is designed to cater to a wide spectrum of traders by providing access to over 250 cryptocurrencies in addition to forex, stocks and commodities.Ā 

Traders can benefit from spreads as low as 0.0 pips and a commission of just $3.50 per lot on its Raw accounts. In addition, the absence of fees for deposits, withdrawals or inactivity makes it an attractive option for those who trade frequently or are looking to minimize their costs.

The platform supports both MetaTrader 4 and 5, offering advanced charting tools and automated trading options. Integration with TradingView further enhances the trading experience by providing comprehensive market analysis tools.Ā 

Pros

  • Low fees and no inactivity charges

  • Extensive cryptocurrency options

  • Strong regulatory oversight

Cons

  • No demo account available

  • Limited educational resources for beginners

Pepperstone

Pepperstone, launched in 2010, is a global forex and CFD broker regulated by authorities such as ASIC and FCA. With over 400,000 clients across more than 160 countries, the platform offers access to over 1,200 trading instruments, including cryptocurrencies. However, it does not serve U.S. clients.

The platform offers competitive spreads, starting at $10 for Bitcoin and $3 for Ethereum, with no account, deposit or withdrawal fees (though third-party charges may apply). Traders also benefit from a variety of platforms, including MetaTrader 4 and 5, cTrader and TradingView, all of which support advanced and automated trading strategies.

For cryptocurrency traders, Pepperstone offers the ability to trade crypto CFDs without the need for a digital wallet. The platform's fast execution and low spreads make it an attractive option for those looking to trade digital assets efficiently. Also, the platform provides 24/5 customer support through multiple channels, and its advanced Autochartist and Smart Trader Tools to help users optimize their trading strategies.

Pros

  • Low trading fees and no hidden charges

  • Wide range of tradable assets and platforms

  • Fast execution and high fill rates

Cons

  • Not available to U.S. residents.

  • Focuses exclusively on CFD trading and lacks non-CFD options

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The Bottom Line

When picking a broker, it's essential to focus on factors such as security, trading costs and platform quality to ensure a smooth and secure trading experience. MetaTrader 5 (MT5) is a flexible and powerful platform that makes cryptocurrency trading accessible to all. It provides advanced tools, automated strategies and an easy-to-use interface. The top MT5 brokers stand out for their competitive fees, fast trade execution and a wide range of assets, making them great choices for both beginning and seasoned traders.

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