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Best MT5 Crypto Brokers (Compared)

Toni Nasr, CFA, FRM| Updated January 5th, 2023
Best MT5 Crypto Brokers (Compared) Image

Best MT5 Crypto Brokers (Compared)

MetaQuotes introduced MetaTrader in 2005. Since then, the company has created several iterations of the trading platform – a trading platform that has become a popular choice among forex, CFD, and cryptocurrency traders. 

However, MT5, the latest version of the MetaTrader platform, is only available with certain brokers. That’s because MetaQuotes uses in-broker licensing to produce a profit from its MT5 and other MetaTrader trading platforms.

Why Is MT5 Important for Crypto Trading?

MetaQuotes designed the MetaTrader series of trading platforms to fill a significant void in the forex trading market. Although there were plenty of tools for stock and options traders, there were few quality platforms available in the forex trading space. 

Today, there are several benefits to using the MT5 platform, including:

  • Demo Account: MT5 offers a demo account that lets you trade in real-time with virtual cash. This gives you the opportunity to test your trading strategy before you risk your real money on  the market. 
  • Technical Analysis: MT5 is arguably the strongest technical analysis tool on the market for cryptocurrency traders. You can take advantage of several pre-loaded technical indicators or add more than 2,000 custom indicators to the platform for free. There are also hundreds of paid custom indicators to choose from 
  • Live Charts: All charts on the MT5 trading platform are interactive and easy to use. This makes it easier for you to analyze live market data as you trade.
  • Security: The MT5 trading platform takes advantage of the latest and greatest in online security, so you won’t have to worry about hackers breaking into your trading account.

Best MT5 Crypto Brokers

Every trader has unique goals and needs from their brokerage, so the broker that suits you best may not be the best broker for the next trader in line. As such, it’s difficult to choose a single  “Best” MT5 crypto broker. Instead, here’s a list of the best MT5 crypto brokers available today:

Best MT5 Crypto Brokers Compared

Broker Number of Crypto Pairs or Crypto CFDs Cryptocurrencies Supported Crypto-to-Fiat Pairs Crypto-to-Crypto Pairs
Pepperstone 5 BTC, BCH, ETH, DSH, LTC USD No
FP Markets 2000+ Thousands AUD No
IC Markets 10 BTC, BCH, DSH, EOS, EMC, ETH, LTC, NMC, PPC, XRP USD No
Avatrade 12 BTC, BTG, DSH, EOS, LTC, NEO, XLM, XRP  USD, EUR, JPY No
Markets.com 6 BTC, DSH, ETC, ETH, LTC, XRP USD No

Best MT5 Crypto Brokers Reviewed

There are several MT5 crypto brokers to choose from. As you make your comparison, it’s important to pay attention to the pros and cons of each and consider how they relate to your unique trading needs. Find details of the best brokers to choose from and their pros and cons below.

1# Pepperstone

pepperstone
Visit Pepperstone
74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Number of Crypto Pairs or Crypto CFDs5
Cryptocurrencies SupportedBTC, BCH, ETH, DSH, LTC
Crypto-to-Fiat PairsUSD
Crypto-to-Crypto PairsNo

Pepperstone is a global forex broker regulated by seven finance industry regulatory authorities. The company offers a wide range of forex, and CFD, with some CFDs on cryptocurrencies to choose from.It also has a  streamlined trading process that’s fit for every level of trader, from beginner to expert. Some of the biggest benefits of the Pepperstone trading platform include:

  • Free, Fast Deposits & Withdrawals: Pepperstone doesn’t charge you to deposit money into your brokerage account or transfer it from your brokerage account to your bank. The company offers several options for doing so, and it typically processes transfers quickly. 
  • Seamless Sign-Up Process: The sign-up process for Pepperstone is 100% digital and easy, even for the most novice traders. The process is also quick, so your account will be up, and you’ll be ready to trade quickly. 
  • Quality Customer Service: The customer service staff are  available whenever you need them. Perhaps more importantly, the team is knowledgeable and eager to help find solutions for Pepperstone’s traders. 

There are several compelling reasons to sign up for Pepperstone, but there are also some drawbacks. Most notably:

  • Fees: Pepperstone charges a $3.50 commission for batch trades using the MT5 platform, plus spread-related fees.
  • Basic Trading Features: Pepperstone only offers basic MT5 trading features.

2# FP Markets

fp markets
Visit FP Markets
75.31% of retail CFD accounts lose money.

FP Markets at a glance

Number of Crypto Pairs or Crypto CFDs2,000+
Cryptocurrencies SupportedThousands
Crypto-to-Fiat PairsAUD
Crypto-to-Crypto PairsNo

Founded in 2005, FP Markets is an Australian broker best known by the forex and CFD trading community. However, the company is also becoming a fierce contender in the cryptocurrency CFDs industry. 

The broker is a perfect fit if you’re interested in trading cryptocurrencies as part of a mix of a more diverse portfolio. That’s because FP markets offers financial products that revolve around more than 10,000 assets from stocks and indices to commodities, forex, and cryptocurrency. 

Some of the most enticing reasons to sign up for FP Markets include:

  • Educational Features: FP Markets knows that when you’re a successful trader, you’ll use their services more often, which means they’ll make more money. So, the company takes an interest in your success by providing in-depth educational materials that can turn beginner traders into pros. The company even offers free access to detailed eBooks that offer something for all levels of traders
  • Demo Account: Demo accounts give you the ability to test your strategies in real-time with virtual currency, rather than risking your hard-earned money. FP Markets offers its own demo account that does a great job of mimicking the live trading environment. 
  • Low Fees: FP Markets charges low spreads that average around 0.5 basis points. 
  • Withdrawals & Deposits: As is the case with Pepperstone, FP Markets offers a wide range of options for depositing or withdrawing money. Moreover, these options are all free, and money transfers happen fast. 
  • No Inactivity Fee: Many brokers charge inactivity fees if you don’t trade for a 90-day or longer period. These fees can add up to over $100 per year. FP Markets doesn’t charge any such fees. 

FP Markets comes with plenty of advantages, but there are also a few disadvantages to consider:

  • Poor Research: The broker offers research tools like news releases, fundamental data, and more. The problem is that these tools aren’t always accurate, so you’ll need to use other research tools if you choose this broker.
  • Vintage Design: The FP Markets desktop application has a vintage design. While it may bring you back to the good old days, it leaves much to be desired in terms of functionality.

3# IC Markets

IC markets
Visit IC Markets

IC Markets at a glance

Number of Crypto Pairs or Crypto CFDs10
Cryptocurrencies SupportedBTC, BCH, DSH, EOS, EMC, ETH, LTC, NMC, PPC, XRP
Crypto-to-Fiat PairsUSD
Crypto-to-Crypto PairsNo

IC Markets is a leading global forex broker. The company offers a wide range of currency pairs and CFDs and has become a key player in the crypto-trading industry. The company is a strong option for beginners, but experts may be turned off by its limited number of crypto assets available. 

IC Markets has become a prime choice among traders because it offers a highly diverse, yet carefully chosen group of assets in an effort to increase liquidity, ultimately reducing spreads – or the cost you pay to trade. Moreover, the company has also become a leader among traders who automate their trading process with two-thirds of more than 500,000 trades it processes per day coming from automated traders. 

Some of the most exciting aspects of IC Markets for MT5 crypto traders include:

  • Fast Sign-Up Process: The sign-up process is all digital and only takes a few minutes to complete, so you’ll be trading in no time. 
  • Fees: IC Markets doesn’t charge commissions, but it does charge a small fee that it bakes into the spread of trades. Nonetheless, the company’s spread-based fees are on the low end of the average. 
  • Easy-to-Use: IC Markets has created an easy-to-use platform , making it a great option for beginner traders who are just learning the ropes. 
  • Free Deposits & Withdrawals: You have plenty of deposit and withdrawal options, and all of these options are free. 
  • Fast Order Execution: The term time is money is no more true anywhere than in financial markets. That’s why IC Markets has invested in state-of-the-art technology that ensures your orders are processed as quickly as possible. In fact, the average order execution time with the broker is just 40ms. The company even offers access to a free low-latency VPS to help you harness trading speeds like never before. 

Some drawbacks to consider are:

  • Limited Crypto Availability: Although this makes things easier for beginners, a limited number of crypto assets may frustrate some traders. 
  • Customer Service: There are several online complaints that suggest long wait times for customer service. Following the wait, many traders have been disappointed with inadequate answers. This may prove to be a significant issue for many. After all, you want to be sure that when you have questions about your money, someone who’s qualified is ready to answer them.
  • Investor Protection for EU-Based Traders Only: The company doesn’t offer investor protection for traders outside the EU.

4# Avatrade

avatrade
Visit Avatrade
76% of retail CFD accounts lose money.

Avatrade at a glance

Number of Crypto Pairs or Crypto CFDs12
Cryptocurrencies SupportedBTC, BTG, DSH, EOS, LTC, NEO, XLM, XRP
Crypto-to-Fiat PairsUSD, EUR, JPY
Crypto-to-Crypto PairsNo

Avatrade started as a forex broker, and the company quickly grew to become one of the leaders in  the industry. As cryptocurrency became more and more popular, the company started offering crypto assets as well. 

Some of the biggest benefits of using Avatrade include:

  • Education: Educated traders tend to make the best trading decisions. Avatrade has invested quite a bit of time and money into creating educational features that just about any trader of any level can benefit from. The company offers in-depth lessons on everything from beginner trading concepts to expert trading strategies. 
  • Research: MT5 has you covered with technical analysis tools, but when you couple those with Avatrades fundamental research tools, you have the upper hand in the market. 
  • Deposits & Withdrawals: It’s easy to deposit money into your brokerage account or withdraw money from it. Moreover, Avatrade doesn’t charge you a penny to do so.
  • High Leverage: Avatrade has become a popular option for those who trade on margin – meaning you borrow money to increase the potential profitability of your trades. The company offers up to 400:1 leverage, making it possible to significantly expand your earnings potential. However, only those with experience as traders should consider using leverage as margins also significantly increase risk. 

Although you may be tempted to sign up with Avatrade, you should consider the following drawbacks first:

  • Trading Fees: Like many forex brokers, Avatrade bakes its fees into the spread of  trades. Unfortunately, the company’s fees are on the high end of the spectrum.
  • High Inactivity Fees: You could pay up to $150 if you leave your account inactive for too long. Avatrade charges a $50 inactivity fee after no trades have been placed for three months and an additional $100 inactivity fee if you don’t place any trades for a year.

5# Markets.com

markets.com
Visit Markets.com

Markets.com at a glance

Number of Crypto Pairs or Crypto CFDs6
Cryptocurrencies SupportedBTC, DSH, ETC, ETH, LTC, XRP
Crypto-to-Fiat PairsUSD
Crypto-to-Crypto PairsNo

Markets.com was developed by TradeTech Group, a subsidiary of PlayTech. The company has grown to become a world-class cryptocurrency trading platform. Here are the biggest benefits of using Markets.com as your preferred MT5 crypto broker:

  • Education Features: Markets.com offers a wide range of educational tools to help you climb the learning curve and give you an upper hand in the market. 
  • Fast Account Opening: You can open an account and start trading in a matter of minutes. 
  • Low Fees: Markets.com bakes its fees into the spread of trades. The good news is that these fees are relatively minimal compared to other broker spreads. 
  • Powerful Asset Trackers: The company’s asset trackers follow trading volume, price changes, and other indicators of potential opportunities, so you never miss a beat. 

Here are a few drawbacks to consider before you sign up for Markets.com:

  • Forex Fees: Although Markets.com offers competitive fees for crypto traders, if you plan on trading forex as well, you’ll pay spreads on the high end of the average.
  • Lacking Research Features: Markets.com asset trackers are powerful, but it lacks the fundamental research features that most expert traders would expect to have access to.

The bottom line

When you open an account with an MT5 crypto broker, you’re creating a financial relationship with a new company. It’s important to consider your options and carefully weigh the pros and cons before you start one of these relationships. 

If you’re ready to start trading crypto, consider signing up for one of the top MT5 crypto brokers listed above.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.

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