What's the best MT5 broker?
Verdict
- Pepperstone is our best MT5 broker for Hong Kong traders: MT5 comes with both its Standard and Razor accounts, and Razor is published at a 0.1-pip EUR/USD average plus $3.50 per side.
- An MT5 Razor lot of EUR/USD costs about $8 round turn at the published average; the Standard account has no commission and averages 1.1 pips.
- Capital.com (MT5, $20 minimum) and XS (MT5, Elite account at 0.1 pips plus $6 round turn, $500 minimum) are our second and third choices.
- Pepperstone has no SFC licence; Hong Kong clients are served by Pepperstone Markets Limited, regulated in the Bahamas (SIA-F217).
MetaTrader 5 is the same software at every broker, so the choice comes down to the price you pay on it, what the broker adds around it, and who holds your account. On those three points Pepperstone is the MT5 broker we would pick from Hong Kong.
Why Pepperstone gets our MT5 vote
Pepperstone does not ration MT5 by account type: both Standard and Razor accounts on its international site run it. It allows expert advisors on MetaTrader, offers Smart Trader Tools add-ons for MT4 and MT5 (Trade Terminal, Correlation Matrix, Mini Terminal and others), and says it executes from 50 milliseconds with a 99.32% fill rate and no dealer intervention, based on trades in the first quarter of 2026. Perpetual CFDs on gold, NAS100, US500 and crude are listed on its retail margin table and run on MT5 too. You can open with $10 and keep the account in HKD.
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What an MT5 trade costs at Pepperstone
Per standard lot of EUR/USD, opened and closed, at Pepperstone's published averages:
| Account | Average spread | Commission | Approx. total |
|---|---|---|---|
| Razor, USD account | 0.1 pips ($1) | $3.50 per side ($7) | $8 |
| Razor, HKD account | 0.1 pips | HKD 28.17 per side | Spread plus HKD 56.34 |
| Standard | 1.1 pips ($11) | None | $11 |
Capital.com and XS on MT5
Both accept Hong Kong residents and both run MT5, but neither beats Pepperstone across the board.
- Capital.com: MT5 alongside MT4, TradingView and its own web platform and app; $20 minimum deposit; says EAs are allowed. Our data holds no published EUR/USD average for it, so you cannot price an MT5 lot in advance from its site.
- XS: MT4, MT5 and the XS Trading App. Its Elite account is published at 0.1 pips on EUR/USD with a $6 round-turn commission, which is about $1 a lot cheaper than Pepperstone Razor on MT5, but it needs $500 and offers no HKD account (base currencies USD, EUR and JPY).
- Neither shows an SFC licence in our data either.
Settings to check after you log in to MT5
- Confirm the server name matches the account type you opened (Razor or Standard).
- Check the account currency in the terminal; switching base currency later usually means a new account.
- Look at the contract specification for each symbol you trade: it shows the swap rates and trading hours.
- Retail leverage on Pepperstone's international entity is up to 1:200 on FX; set your own position sizes well below that.
- If you will run EAs, decide where MT5 will stay online: Pepperstone offers a free VPS to eligible and Pro clients.
Sources
Is MT5 better than MT4?
MT5 is the newer platform and is where brokers add new products: Pepperstone's perpetual CFDs, for example, run on MT5 but are not listed for MT4. If you rely on old MT4-only indicators, check they have MT5 versions first.
Can I trade Hong Kong shares on Pepperstone MT5?
Pepperstone lists 46 HKEX share CFDs, with commission of 0.2% per side on the international site. Check the symbol list in your terminal, as availability can differ by platform.
What is the cheapest MT5 setup at Pepperstone?
A Razor account. At the published 0.1-pip average plus $7 round-turn commission, a EUR/USD lot costs about $8, against about $11 on Standard.
Does Pepperstone hold an SFC licence for MT5 trading in Hong Kong?
No. Hong Kong clients are served by Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas.
Trading CFDs and leveraged forex is high risk: leverage can make you lose money quickly, and most retail accounts lose. Only trade money you can afford to lose. Nothing here is investment advice, and the broker terms quoted can change, so confirm them on each broker's website first.