Best Metatrader 5 Brokers in Canada | July 2025

What is Metatrader 5?

Metatrader 5 is a multi-asset trading platform developed by MetaQuotes Software, released in 2010 to serve the growing needs of Forex, CFD, and financial instrument trading. It is widely adopted by both retail and professional traders in Canada for its powerful yet accessible toolset, including real-time order execution, advanced technical analysis tools, and the capability to implement manual or fully automated trading strategies using built-in trading robots (Expert Advisors) and custom indicators. Metatrader 5 is compatible with most major Canadian brokers and operates seamlessly across desktop (Windows, macOS), mobile devices (iOS, Android), and a dedicated web platform.

Despite the emergence of newer alternatives, Metatrader 5 remains a preferred choice for its intuitive interface, reliability, and the strength of its ecosystem— featuring a large active community, vast libraries of custom scripts, trading bots, and indicators. Today, Metatrader 5 continues to be a relevant and trusted platform for Canadian traders seeking flexibility, solid performance, and a broad range of trading features.

What Is a Metatrader 5 Broker?

A broker Metatrader 5 is a financial intermediary that enables traders to access the Metatrader 5 trading platform and interact with global financial markets. Its primary role includes providing technical infrastructure, allowing connection to live markets, real-time data feeds, and reliable order execution within the Canadian regulatory framework.

Not all brokers are compatible with Metatrader 5; the platform requires specific technical integration and supports only those brokers who invest in secure connectivity and market access.

• a trading account with login credentials usable on the Metatrader 5 platform
• access to a diverse range of financial instruments, such as forex, indices, commodities, cryptocurrencies, and stocks through CFDs
• transparent trading conditions including defined spreads, leverage settings, fee structures, and optimal trade execution
• full support for the core functionalities of Metatrader 5, such as automated trading (robots and scripts), conditional orders, and advanced analysis tools

Many Canadian traders select brokers offering Metatrader 5 due to its flexibility, reliability, and broad feature set, often surpassing what is available on most proprietary platforms.

Why choose a broker offering Metatrader 5?

Choosing a broker that offers Metatrader 5 provides real value for Canadian traders. This platform is well-known for its strong reputation, stable performance, and global popularity among traders of all experience levels. Metatrader 5 is frequently supported by regulated brokers, making it a widely trusted choice for those seeking both accessibility and adherence to Canadian financial regulations.

Advantages

✅ Widespread platform with extensive broker compatibility and community support

✅ Comprehensive charting and technical analysis tools for informed trading decisions

✅ Automated trading options using robots and custom scripts (Expert Advisors)

✅ Wide asset class coverage, including forex, indices, commodities, cryptocurrencies, and stocks via CFDs

✅ Robust order management features, including pending and conditional orders

✅ Accessible from multiple devices (desktop, web, mobile), enhancing flexibility for users

Disadvantages

❌ May be complex for beginners due to its broad range of features and configuration options

❌ As third-party software, maintenance and occasional technical updates are required

❌ Some features may not be fully available with every broker or may be restricted by regulatory standards

❌ Customization and advanced automation may require additional learning or technical skills

In summary

A Metatrader 5 broker is a solid choice for Canadian traders looking for a reliable, flexible, and well-supported trading environment, combining broad market access with advanced trading tools and adherence to local regulatory frameworks.

The Assets Available for Trading with a Metatrader 5 Broker

Brokers compatible with Metatrader 5 grant access to a wide variety of financial instruments, primarily through contracts for difference (CFDs). This model enables Canadian traders to speculate on price movements of major asset classes without claiming physical ownership. Metatrader 5’s flexibility is appealing for both those seeking broad market exposure and those interested in specific niche assets.

Currency pairs (Forex)

Forex is the central offering on Metatrader 5, with most brokers supporting dozens—sometimes hundreds—of currency pairs. Traders can speculate on both major and minor pairs, with typically low transaction costs and high leverage compared to other asset classes. Common pairs include:

• EUR/USD
• USD/CAD
• GBP/USD
• AUD/JPY

Stock indices

Access to indices is generally provided via CFDs reflecting the price of global benchmarks. With Metatrader 5, traders can monitor and trade market-wide sentiment, often targeting volatility around economic announcements or geopolitical events. Popular examples:

• S&P 500 (US500)
• Dow Jones 30 (US30)
• NASDAQ 100 (NAS100)
• DAX 40 (DE40)

Commodities

Commodity CFDs on Metatrader 5 enable speculation on the price of physical goods such as metals and energy. These instruments can serve as hedges against macroeconomic trends like inflation or geopolitical instability. Typical commodities include:

• Gold (XAU/USD)
• Silver (XAG/USD)
• Crude Oil (WTI, Brent)

Cryptocurrencies

Some brokers offer access to cryptocurrency CFDs, allowing positions on digital asset price movements without wallet management or direct ownership. Trading is available almost 24/7, with pronounced volatility. Main cryptos available:

• Bitcoin (BTC/USD)
• Ethereum (ETH/USD)
• Litecoin (LTC/USD)

Stock CFDs

Metatrader 5 supports single stock CFD trading, giving exposure to worldwide equities and allowing speculation on price changes, earnings, or sector-specific trends. These products are not direct equity investments—no shareholder rights apply. Examples include:

• Apple (AAPL)
• Shopify (SHOP)
• Bank of Nova Scotia (BNS)

How Much Does It Cost to Use Metatrader 5?

For individual traders in Canada, Metatrader 5 is generally available at no direct cost when you open an account with a supporting broker. The platform itself does not usually require a separate subscription or payment from retail clients. Most trading expenses are incurred through broker-defined costs rather than charges by Metatrader 5.

Beyond these standard expenses, traders using Metatrader 5 may choose to invest in optional or premium features to enhance their trading experience or performance.

• Paid Expert Advisors (EAs), which are automated trading robots
• Custom indicators or analytical tools purchased via the Metatrader marketplace
• VPS (Virtual Private Server) rental for uninterrupted, automated trading
• Subscription services for advanced market data or trading signals

Who Are Metatrader 5 Brokers For?

Brokers offering Metatrader 5 in Canada are well-suited for a broad spectrum of trader profiles, from beginners discovering online trading to experts seeking advanced tools and customization. The platform’s flexibility, accessible interface, and comprehensive set of features cater to various experience levels and trading needs.

Trader profiles

Metatrader 5 is especially effective for traders active in the Forex and CFD markets, offering robust analytical tools and efficient order execution. The platform is ideal for technical traders, though its range for direct spot equity or options trading is more limited compared to some specialized Canadian brokerage solutions.

Objectives and compatible strategies

In summary, Metatrader 5 stands out for its adaptability and robust toolset, making it a strong choice for many trading styles and levels in Canada.

The Alternatives to Metatrader 5 Brokers

While Metatrader 5 is a well-known reference among trading platforms, there are several other alternatives available in Canada, either developed by software providers or as proprietary solutions by brokers. These alternatives may appeal to traders who seek more advanced features, access to spot markets, or a more visually oriented trading interface.

Takeaway

Despite many alternatives, Metatrader 5 remains a versatile and reliable choice, especially for traders who rely on trading robots, custom scripts, or a wide selection of brokers.

The features of Metatrader 5

Metatrader 5 provides a comprehensive real-time trading environment, enabling traders to execute orders with minimal latency and monitor prices as they change. A broad range of order management tools—including stop loss, take profit, and trailing stop features—allow effective risk and position management.

For analysis, the platform offers a robust suite of technical tools, from more than 80 native indicators to a flexible library for custom indicator integration. Various drawing tools (trendlines, channels, Fibonacci tools) let users mark chart observations and design strategies visually.

Charting capabilities include interactive charts with multiple timeframes and types such as candlestick, line, and bar charts. This makes it easy to adapt the workspace to different trading styles and asset classes.

Automated trading is another major feature, with Expert Advisors (EAs) and scripts facilitating algorithmic strategies and backtesting directly within the platform. Traders can test ideas against historical data and automate execution without manual intervention.

Alerts keep traders informed through sound, email, or push notifications, supporting quick decision-making in fast-moving markets. Security measures such as encrypted data transmission and account verification are standard.

Metatrader 5 is also notable for its multi-device compatibility, ensuring traders can access their accounts from desktop terminals, web browsers, and mobile apps, maintaining flexibility wherever they are.

Overall, these features make Metatrader 5 a platform of choice for both beginner and advanced traders seeking a reliable and flexible trading solution.

How to Open a Metatrader 5 Account

Opening a Metatrader 5 account is completed through a broker that offers support for the platform. After registering with the selected broker, you will receive login credentials that allow you to access Metatrader 5 from your desktop, web, or mobile device.

Tip

Consider starting with a demo account on Metatrader 5 to practice trading and become comfortable with the platform’s features before transitioning to a live account.

How to Use Metatrader 5

Metatrader 5 is a fully-featured platform designed to help you manage your trading operations from analysis to execution. Below, you will find a step-by-step guide on how to use Metatrader 5 efficiently, with instructions tailored to both new and experienced traders in Canada.

Search for an asset on Metatrader 5

• Open the Market Watch panel on the left side of your workspace.
• Right-click anywhere inside Market Watch and select Symbols to browse all available trading instruments.
• Search for your preferred asset (for example, forex pairs, commodities, or indices) or navigate by category.
• Double-click the asset to add it to your Market Watch list and make it accessible for trading.

Use indicators on Metatrader 5

• Open the Navigator panel or use the Insert menu at the top of the platform.
• Click on Indicators to view a list grouped by type (for example, trend, oscillators, volume).
• Drag and drop your chosen indicator onto a chart, or right-click and select Attach to a chart.
• Adjust the indicator’s parameters as needed and confirm by clicking OK.
• The indicator will now show in real time on your chart.

Place an order with Metatrader 5

• Select the asset from Market Watch.
• Right-click on it and choose New Order, or click the New Order button in the main menu.
• Select your order type (Market Execution or Pending Order).
• Enter the order parameters:
• Trade volume (for example, 0.10 lots)
• Stop Loss value
• Take Profit value
• Review your entries and click Buy or Sell to submit the order.

Practical example

To enter a trade on EUR/USD, add EUR/USD to Market Watch, then open a new order window. Enter a volume of 0.10 lots, set your stop loss at 1.0810, and take profit at 1.0910. Once you confirm, your position will appear in the Terminal panel, where you can track or modify it. Metatrader 5 also offers one-click trading—a feature ideal for active traders or scalpers—allowing for rapid order execution directly from the chart.

How to Choose the Best Metatrader 5 Broker

Not all Metatrader 5 brokers are the same. To make an informed decision, traders should compare multiple technical, financial, and regulatory criteria. The goal is to select a reliable broker that fits your personal profile and trading strategy within the Canadian market context.

Tip

Always look past marketing claims—objectively evaluate these criteria and test the broker using a Metatrader 5 demo account before risking real capital.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.