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MT5 brokers

Broker
Status
Vote Rating
Year
Reviews
Reliability Rating
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90%
10%
2021
-
icon
80%
20%
2005
-
icon
60%
40%
2021
-
icon
60%
40%
2010
-
icon
60%
40%
1982
-
icon
40%
60%
2017
-
icon
41%
59%
2015
-
icon
20%
80%
2022
-

Latest Reviews

Yura

My brothers, I’m unlucky, I always end up scammed like this. What doesn’t save me is the fact that they are tailor-made. Don't do like me or you won't make any money. Don't mess with Smart rVid.

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Arkady

I was an idiot and thought that this was a normal broker with whom I could make good money if I didn’t take too much risk, plus they promised me consultations so that I would feel confident. Therefore, I opened an account with $1000 at once to get wider leverage and better conditions. It turned out that there is nothing good there; the spreads are very wide, and at the moment of transactions there are hidden commissions that turn the profit into dust. In the end, I got tired and I submitted a withdrawal; it turned out that they were not going to give me the money until I paid the insurance of $500. Of course, I refused and they immediately gave me a ban.

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Vladislav

This is a very bad broker and you can’t trust him, he lures you in, I know from experience. He started calling me about a week ago and actively forced me to open an account with him, and this continued for 2 days until I agreed. They immediately demanded insurance fees from me, I refused to pay them and received an account ban, that is, the scammers simply stole my money for themselves and did not give anything back. I already contacted the prosecutor’s office and they said that these swindlers are sitting somewhere in another country.

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Grisha

The last time I trust a broker from the Internet is simply no good anymore. If others were simply cutting off my profit, this particular idiot didn’t even want to return the deposit. Not only did he constantly put a spoke in the wheels with his jumps in spreads, but then he also canceled withdrawal requests one after another without explaining the reasons. I tried to contact them in different ways, but apparently they no longer need what they have, they have already gotten through the roof.

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Andrey

I was seduced by registration in three countries and a solid website, everything at first glance looks very convincing. Therefore, I topped up the deposit. I was hoping to make good money, but it turned out that I donated my earned money to the afirists. When he received the first thousand from me, he immediately wanted more and began persuading me to give him more, without giving any objective reasons. They just demanded and that’s all, I naturally refused and put everything on the line, but I failed to take anything away.

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Arthur

I never managed to register even though I was really excited about it. I was very interested in what this swindler was offering there. As I understand it, the promo code is given only to those who are definitely ready for a replenishment. I just spilled it and lost my memory.

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All reviews

Forex brokers offering the MT5 platform — what to expect for a trader taking the stance.

The MetaTrader 5 trading terminal is a creation of MetaQuotes company and was introduced in 2010. It was intended to replace MT4, but in reality, displacing its predecessor in the market proved challenging.

Dealers who do not execute trades externally hold MT4 in high regard. In 2022, it is still in demand among them, whereas MT5 is less common in their arsenal. Thus, encountering a complete scam using MetaTrader 5 for fraudulent purposes is much less likely.

What can a broker with MT5 offer?

  1. Executing trades on the interbank market.
  2. Enabling trading on regular exchanges, making the platform more versatile than MT4.
  3. Technically, MetaTrader 5 can be integrated with any broker through an API. The built-in MQL5 language assists in automating trading.

Forex brokers with MT5: Can they be trusted or should they be avoided?

Among brokers offering trading on the MetaTrader 5 platform, many are reliable. Four Russian forex dealers with a license from the Central Bank of Russia fall into this category:

  • Alfa-Forex.
  • Finam-Forex.
  • VTB 24 Forex.
  • BCS Forex.

Reputable brokers from the UK, Australia, and the EU also offer trading with MT5. All of these brokers are closely regulated by government authorities.

MT5 brokers can be trustworthy, provided they possess a license safeguarding traders from non-market risks.

How to recognize scammers promoting online trading with MetaTrader 5?

Scammers offering trading on MetaTrader 5 online are often offshore brokers and dealers. They are often based in locations like Saint Vincent and the Grenadines, Bahamas, and Belize. These are where “kitchens” thrive, with excessive leverage allowing them to drain most traders’ positions.

Note: “Kitchens” manipulate quotes, such as inflating spreads to liquidate traders’ positions.

Target audience of Forex MT5 brokers: Who is the terminal designed for?

Brokers allowing trades on MetaTrader 5 cater to small and medium-sized traders, those who are not quite at the professional level. Institutional traders generally do not use such platforms.

The MetaTrader 5 program is flexible, relatively easy to learn, has a user-friendly interface, and even has a mobile version. However, it is less sophisticated compared to more professional paid platforms.

Therefore, traders do not need to spend money on MT5. The broker covers the licensing fee. The target audience for such brokers consists of small and medium-sized traders.

Binary options brokers with MT5: Scam or legitimacy?

Platforms solely offering binary options trading would not invest in a licensed MetaTrader 5 platform. They use it only when, in addition to bets on quote movement, they offer classic retail forex trading – opening and closing positions with derivatives.

In reality, trading binary options is often considered a scam, similar to betting on sports events. Genuine trading is seldom involved.

Binary options are banned in many countries worldwide, and for good reason. Manipulating the quotes on which bets are placed is easier than influencing outcomes in the world of sports. Scammers promoting binary options capitalize on this.

Can a broker with MT5 be trusted?

If a broker is licensed, offers fair service conditions, has a good reputation, and uses MT5 as one of its advantages, you can consider trading with them. MetaTrader 5 has numerous features, is free, and allows for the creation or use of trading robots for automated trading. However, if a broker only offers MT5 as a positive point while having other negative aspects, it’s best to avoid them as they might be fraudulent and not genuine about interbank execution or honest trading.