which broker is best to use for MT5?
Verdict
- Pepperstone is the broker we recommend for MT5: it offers MT5 on both its Razor and Standard accounts, publishes average spreads, and carries its perpetual CFDs on MT5.
- On an AUD Razor account, MT5 commission is AUD 3.50 per side on forex and AUD 4.50 per side on gold; on a USD account it is USD 3.50 per side.
- Capital.com, our second choice in Australia, also offers MT5, as do IC Markets, Fusion Markets, Vantage, FP Markets and OANDA.
- Pepperstone's MT5 accounts sit with Pepperstone Group Limited, licensed by ASIC (AFSL 414530).
MT5 is the newer MetaQuotes platform, with more timeframes, a depth-of-market view and a built-in economic calendar. Plenty of brokers offer it; what differs is the price you get through it and which of the broker's products it carries.
Pepperstone: MT5 on either account
Unlike MT4, which Pepperstone limits to Razor in Australia, MT5 is open to both account types, so you can choose commission-free Standard pricing (EUR/USD 1.1 pips average) or Razor (0.1 average plus commission) and keep the same platform. MT5 also carries Pepperstone's perpetual CFDs and its Smart Trader Tools add-ons.
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compare the best metatrader 5 brokers
Published figures for brokers in our data that offer MT5 and accept Australian residents:
| Broker | EUR/USD on MT5 | Minimum deposit | Other platforms |
|---|---|---|---|
| Pepperstone | Razor 0.1 avg + $3.50/side; Standard 1.1 avg | $10 | MT4, cTrader, TradingView, own app |
| Capital.com | No static figure published | 20 | MT4, TradingView, own app |
| IC Markets | Raw 0.01 avg + $3.50/side (global site) | None | MT4, cTrader, TradingView |
| FP Markets | Raw 0.11 avg + $3/side | $100 | MT4, cTrader, TradingView, Iress |
| Fusion Markets | Zero: 0.0 claimed + $2.25/side | None | MT4, cTrader, TradingView |
| Vantage | Raw from 0.0 + $3/side | $50 | MT4, TradingView, ProTrader |
| OANDA | Not published for Australia in our data | None | TradingView, own platform |
Matching an MT5 broker to how you trade
- Automated strategies: Pepperstone supports EAs on MT5 and offers free VPS to eligible and Pro clients.
- Gold on MT5: Pepperstone Razor averages 0.12 on XAU/USD; on an AUD account commission is AUD 4.50 per side. IC Markets publishes a 0.09 average.
- Index trading: Pepperstone's index CFDs carry no commission on MT5, with US500 averaging 0.4 points on Razor.
- Weekend exposure: Pepperstone's perpetual CFDs trade 24/7 and can be traded on MT5.
Before you move your EAs from MT4 to MT5
MT4 and MT5 code is not interchangeable: expert advisors written in MQL4 have to be ported to MQL5. Run them on a Pepperstone MT5 demo first, check symbol names (perpetuals carry a PERP suffix), and compare fills with your MT4 history before switching live money.
Sources
Is MT5 available on Pepperstone's Standard account?
Yes. In Australia, Standard runs on Pepperstone's web platform and app, MT5 and cTrader; Razor adds MT4 and TradingView.
Does Capital.com offer MT5 in Australia?
Capital.com lists MT5 among its platforms; check the Australian sign-up for the account types available on it.
Is MT5 cheaper than cTrader at Pepperstone?
No. Razor forex costs USD 7 per round turn on MT5 and USD 6 on cTrader.
CFDs and margin FX traded through MT5 are leveraged and can lose money rapidly. Consider the PDS and TMD before trading. Comparison data is as published by each broker; nothing here is personal advice.