Best Prop Firms for MT5

Why MT5 matters when choosing a prop firm

MetaTrader 5, developed by MetaQuotes, is a trading platform used widely by forex and CFD brokers and prop firms. It runs on Windows, Mac, web and mobile, supports forex, indices, commodities and other CFDs, and runs automated strategies called Expert Advisors written in MQL5. The firms listed above offer MT5 on at least one program. Because many traders already know the platform, it removes one variable when moving from a personal account to a prop firm challenge.

Who this suits

MT5 suits traders who already use MetaTrader, traders who run Expert Advisors or custom indicators, and traders who want to use the built in strategy tester to check a system on historical data before trading it under prop firm rules. It also suits traders who move between firms, since the platform works the same way at each, even though symbols, spreads and trading hours differ.

The trade offs

MT5 access depends on the firm's arrangements with the platform developer and with the broker or technology provider behind its accounts, and availability has changed at several firms in recent years, especially for US residents. A firm may offer MT5 in some countries and another platform elsewhere. Automated trading is not always allowed: some firms permit Expert Advisors freely, some ban certain types such as high frequency or tick scalping systems, and some ban copying trades from other sources. The charts are functional rather than modern, and traders used to web charting may prefer another tool for analysis.

What to check before you buy

• Availability in your country. Check that MT5 is offered where you live, not just listed on the firm's home page.
• Expert Advisor rules. Read which automated strategies are allowed, and whether third party EAs or trade copiers are treated differently from your own code.
• Symbols and trading hours. Confirm that the instruments you trade are available, along with their contract sizes and session times.
• Costs. Check spreads, commissions per lot and swap charges on the account type the firm uses.
• Server time. The daily loss limit usually resets at a set server time, so know when your trading day starts and ends.
• Platform switching. Check whether you can move to another platform later without buying a new account.

How to compare the firms listed

Since every firm listed offers the same platform, compare the conditions around it. Start with the rules: profit target, daily and maximum loss, how drawdown is measured and whether news trading and weekend holding are allowed. Then compare trading costs on the instruments you use, since commissions and spreads differ between the brokers and liquidity providers behind each firm. If you use Expert Advisors, rule firms in or out early based on their automation policy. Finish with the price per $1,000 of account size and the payout terms. Each firm's profile lists its platforms, rules and programs, and the comparison table can be filtered by platform.

For the wider forex and CFD market, see the forex and CFD hub and prop firms for forex trading. Traders weighing other platforms can compare firms offering cTrader, Match Trader and TradeLocker, and how prop firms detect rule violations explains what firms monitor on automated accounts.