Top Prop Firms Using MT5 for Forex Trading: A Comprehensive Guide

If you’re specifically looking for prop firms that use MT5 for forex trading, you’re not alone. MT5 remains a favorite among discretionary and algorithmic traders, and demand hasn’t slowed despite platform shakeups across the industry. In this guide, I’ll unpack who’s still offering MT5, what to verify before buying a challenge, and how MT5 stacks up against alternatives like cTrader and DXtrade.

I’ll also share first-hand tips I use when vetting firms, including how to confirm an MT5 server exists and whether your strategies EAs, news trading, hedging are actually allowed. Let’s get you matched with the right program, the right platform, and the right rules.

Introduction

Prop firms allow traders to use firm capital after passing an evaluation, allowing them to keep a percentage of the profits. For many forex traders, this offers a quicker path to meaningful capital compared to bootstrapping a personal account.

MetaTrader 5 (MT5) is the platform of choice for large parts of the retail forex world due to its speed, reliability, comprehensive toolset, and vast resources for automation through MQL5. Compared to older MetaTrader versions or newer web-first platforms, MT5 combines robust charting, one-click trading, multi-asset access, and a vast marketplace of tools. According to the U.S. Securities and Exchange Commission (SEC), proper tools and a strong understanding of market dynamics can enhance trading success.

Having traded on MT5, cTrader, and DXtrade across various prop firms, I can say that while all three platforms are viable, MT5 remains my go-to for the broadest EA ecosystem and the simplest path to building or acquiring automation.

Current Status of MT5 in Prop Firms

Why Some Prop Firms Have Dropped MT5

You may have noticed that some prop firms have quietly removed support for MT4/MT5 in recent years. Several factors contribute to this trend:

• Licensing Pressure and Compliance: In 2023, MetaQuotes increased scrutiny over MetaTrader white labels, especially in non-broker environments. In response, many prop firms have pivoted to alternatives like cTrader, DXtrade, or TradeLocker to simplify compliance and reduce risk. You can read more about this trend in the Times (FT).

• App Store Volatility: The temporary removal of MT4/MT5 from Apple’s App Store in late 2022 raised concerns and accelerated platform diversification.

• Risk Management and Copy Trading Controls: Some firms prefer platforms that allow tighter control of copy trading, risk limits, and server-side rules.

• Operational Consolidation: Maintaining multiple trading platforms can be expensive. Consequently, firms sometimes drop MT5 to simplify operations, defaulting to a single platform with standardized features.

Verification of MT5 Availability

MT5 availability is dynamic. Never assume it’s offered just because a review said so. Here are steps I follow to verify availability before paying for a challenge:

1. Check the Product Page: Look for a platform picker on the checkout page. If MT5 is listed, it should be selectable by account size and asset class.

2. Request the Exact MT5 Server Name: Contact support via live chat or email to ask for the server name you’ll connect to in MT5. Reputable providers will provide something like “FirmName-DC” or the name of their broker partner’s server.

3. Request a Read-Only Investor Login: Some firms will provide temporary read-only access to confirm the server exists and that all intended symbols are available.

4. Inspect the Knowledge Base: Reliable firms typically publish setup guides with download links, server information, and symbol lists.

5. Confirm Build and Symbol Set: In MT5, check the server connection (located in the lower right corner), symbol suffixes (e.g., “.pro”, “.raw”), and ensure depth of market is enabled for available markets (FX, metals, indices).

6. Screenshots and Platform Links: Ask support for a screenshot of MT5 trade conditions (commission per lot, typical spreads) or a link to their MT5 setup guide. If they evade your questions, consider it a red flag.

Top Prop Firms Using MT5

Important Note: MT5 availability changes frequently, and the firms below have historically offered MT5 or have been reported to support it. Always verify before purchase.

Best Overall MT5 Prop Firms

• FTMO

  • Why it’s here: An industry leader known for robust risk rules, strong support, and polished tooling. While it historically supported MT4/MT5 and alternatives, availability may depend on region and account type.

  • What stands out: Clear evaluation structure, strong reputation, frequent updates, and tight execution environments.

  • Verify: Confirm current MT5 server availability; FTMO has occasionally promoted their own platform instead of MT5 in certain regions. For more about FTMO's evaluation process, check their official website: FTMO Evaluation.

• Fidelcrest

  • Why it’s here: A long-time supporter of MT4/MT5 with various account sizes and risk profiles.

  • What stands out: Multiple evaluation options and broad asset coverage on MT5.

  • Verify: Ask support for the exact MT5 server and confirm whether your chosen program supports it by default.

• The5ers

  • Why it’s here: Popular for scaling programs and instant funding options, with historical access to MT5 in select programs.

  • What stands out: Unique growth pathways and relatively flexible rules for swing traders.

  • Verify: Confirm which programs and account sizes currently offer MT5, as availability may vary.

• SurgeTrader

  • Why it’s here: Known for instant funding and MT5 access through broker partnerships in several program tiers.

  • What stands out: Simple ruleset and strong appeal for discretionary traders.

  • Verify: Ask for the MT5 server details and current commission structure on raw accounts.

• FundedNext

  • Why it’s here: A large user base with multiple account types, historically offering MT4/MT5 via partner brokers.

  • What stands out: Competitive pricing and frequent promotions, often with EA-friendly policies.

  • Verify: MT5 availability has fluctuated; always check server details and allowed strategies.

Best MT5 Prop Firms for Scalping and Low Spreads

When looking for scalping-friendly MT5 accounts, consider the following criteria:

• Raw spread feed with transparent commission per standard lot (typically $6–$7 round-turn on majors).

• Fast execution with minimal rejected orders and partial fills supported.

• A flexible rulebook that doesn’t penalize for brief hold times or high trade volumes.

• Clarity around news trading policies.

Firms to consider for MT5 scalping include:

• FTMO: Known for competitive spreads on majors and metals, with professional-grade execution. Be sure to verify news rules and minimum hold times specific to your program.

• Fidelcrest: Often offers raw accounts with transparent commissions on MT5; confirm any minimum trade time requirements.

• SurgeTrader: Known for raw pricing through broker partnerships. Ideal for discretionary scalpers, provided your strategy avoids disallowed latency arbitrage.

Spread benchmarks to ask support about (on MT5 raw feeds):

• EURUSD: Typical spread of 0.0–0.2 pips, plus commission.

• GBPUSD: Typical spread of 0.2–0.5 pips, plus commission.

• XAUUSD (Gold): Typical spread of 10–25 cents, plus commission.

• US30/US100 (indices): Spreads can vary; inquire about typical spreads during liquid hours.

Instant Funding MT5 Prop Firms

Instant funding allows you to trade a funded account immediately, usually with profit targets that unlock withdrawals or scaling. The trade-off often involves stricter drawdown limits or higher fees.

MT5 candidates to verify for instant funding include:

• SurgeTrader: Frequently cited for instant funding with MT5 access and straightforward rules.

• The5ers: Offers instant funding options that provide room for scaling and swing trading.

• FundedNext (Express-type programs): Historically offered instant or accelerated funding options; confirm MT5 availability for specific programs.

Key checks for instant funding include:

• Drawdown: Is it trailing by balance or equity?

• Daily Loss Limit: Does the firm enforce one?

• Minimum Days or Consistency Rules: Are there any before payouts?

MT5 Prop Firms for US Traders

US-based traders often find themselves facing a moving target. While some firms accept US clients, others have paused US onboarding due to regulatory uncertainties.

Firms commonly reported to accept US traders (verify current status):

• FTMO: Historically accepted US traders.

• The5ers: Also accepted US traders and various trading styles.

• SurgeTrader: Reports indicate they have a US marketing footprint and acceptance.

• Fidelcrest: Often welcomes US clients; always double-check.

Rules to confirm as a US trader:

• Are payouts in cryptocurrency, bank transfer, or both?

• Any specific strategy restrictions for US clients?

• Is the evaluation simulated or executed in live markets? US regulators closely monitor marketing claims, with relevant information available at the U.S. Commodity Futures Trading Commission (CFTC).

Key Features to Consider in MT5 Prop Firms

Evaluation Challenges

Most MT5 prop firms utilize one of the following evaluation structures:

• Two-Step Challenges: Involves an initial target (around 8–10%) followed by a smaller target (around 4–5%) that includes daily and overall drawdowns. Typically, no maximum trading days limit; some require a minimum number of days.

• One-Step Challenges: Features a singular, larger target (often around 8–10%) with similar risk limits. This path is faster but often comes with higher fees and tighter regulations.

• Instant Funding: No challenge is required; you begin with a funded account. The trade-off usually involves stricter drawdown limits and profit unlock thresholds.

What to look for:

• Target vs. Drawdown Ratio: A balanced program doesn’t force excessive risk to achieve targets.

• Time Pressure: Programs that allow unlimited time with no minimum trading days suit systematic traders.

• Clear Equity vs. Balance Drawdown Mechanics: Ensure clarity on how drawdowns are calculated.

Profit Split and Scaling Options

• Common Splits: Typically range from 80/20 to 90/10 in favor of the trader. Some firms increase the split after consistent payout performances.

• Scaling: Many programs scale after every 1–3 payout cycles or when you achieve certain cumulative profit milestones. While some firms advertise doubling up to 400k–2M, the actual scaling pace may vary.

• Payout Schedule: More firms are currently offering biweekly or monthly payouts with minimal or no minimum-day requirements.

Preferred Firms Should:

• Scale based on consistency and risk metrics rather than merely relying on one fortunate month.

• Offer clear, predictable payout methods and timelines.

Drawdown and Risk Management Rules

Drawdown limits are often where many fail challenges. On MT5 accounts, common regulations include:

• Daily Drawdown: Typically set at 4–5% of the initial or current balance/equity, resetting daily at a predetermined hour.

• Maximum Drawdown (Overall): Usually 8–10% from the starting balance or highest balance.

• Trailing Drawdown: Some instant funding programs may trail the maximum drawdown as equity increases, “locking” at the initial balance or trailing further an important distinction for traders.

Understanding Equity vs. Balance:

• Balance-Based Drawdown: Ignores unrealized profits or losses until you close positions.

• Equity-Based Drawdown: Considers mark-to-market values, potentially impacting swing traders more during volatile periods.

Pro Tip: Ask the firm to provide numerical examples to clarify how their rules apply. For instance, “If I start at $100k and grow it to $104k, then open a trade that floats -$3k, would I breach daily or overall limits if daily is set at 5% and overall at 10%?”

Commission and Fee Structures

On MT5, commission-based (raw) accounts are common:

• Typical FX Commission: Ranges from $6 to $7 per round-turn per standard lot (100k notional).

• Indices/Metals: Fees are often either embedded in the spread or charged per lot with symbol-specific rates.

• Swaps: Most prop firms either simulate swaps or apply standardized rates; confirm if overnight financing applies to evaluation and funded phases.

Other Costs:

• Challenge Fee: Often a one-time cost, sometimes refundable after the first payout.

• Add-ons: Features like news trading add-ons or increased profit splits may have associated costs always read the fine print.

• Data Fees: Rare in FX-only props; more common in futures props (not applicable to MT5).

Trading Strategies Allowed on MT5

EAs and Algorithmic Trading

MT5 excels with automation, and most MT5-friendly prop firms permit EAs, albeit with certain restrictions:

• Typically Allowed: Your own EAs, discretionary automation, and indicator-based systems.

• Commonly Restricted: Latency arbitrage, tick manipulation, and mirrored trades across multiple accounts to exploit consistency rules.

If you plan to copy trade:

• Some firms allow copy trading from your own account or a signal provider.

• Others may insist that the master account be yours or disallow third-party commercial signals.

• Always inquire if they track trade IDs to detect mirroring across multiple accounts and what is deemed abusive.

News Trading and Hedging Policies

• News Trading: Policies vary. Some firms allow full news trading; others impose restrictions against opening new positions within a specified window before or after high-impact news releases.

• Hedging: Many MT5 firms permit internal hedging (holding long and short positions in the same symbol). Remember that equity-based drawdown can make hedging less effective, as margin and floating P/L still affect equity calculations.

I recommend asking firms for their “news rule clock” using UTC and which calendars they rely on (e.g., forexfactory, Investing.com, or in-house), enabling you to set up alerts on MT5 accordingly.

Swing Trading and Weekend Holds

• Swing-Friendly Policies: You’ll find more flexibility among firms targeting discretionary traders and those offering instant funding programs.

• Weekend Holds: Generally allowed, but check if spreads widen at Friday close and Sunday open. If the equity-based daily drawdown resets during weekends, exercise caution as a gapped open might unjustly trigger violations.

For swing traders using MT5, inquire about:

• The swap policy (are swaps simulated or charged?).

• Margin changes during weekends and holidays.

• The timing of daily drawdown resets and breach checks (whether at midnight server time or a specified hour).

Comparison of MT5 and Other Platforms

MT5 vs cTrader

• Speed and Execution: Both platforms offer fast execution. cTrader is lauded for its clean depth of market (DOM) and Level II data presentation. MT5 competes well with reliable one-click trading options and diverse order types.

• Automation: MT5 harnesses MQL5, boasting an extensive marketplace and community. cTrader Automate employs C# (cAlgo), which many developers favor, though its marketplace is smaller.

• Charting and UX: MT5 has made significant improvements, while cTrader features a modern UI showcasing native elements like advanced DOM and detachable panels. Personal preference plays a large role here, switch to cTrader for DOM-heavy indexing trading.

• Broker/LP Support: MT5 still holds the largest share among retail FX brokers, which often translates into greater choice in trading symbols and CFD markets in prop arrangements.

MT5 vs DXtrade

• Execution and Features: DXtrade (by Devexperts) is web-focused with a streamlined interface and robust risk controls for firms. While it’s stable and lightweight, it lacks the native automation features available in MT5.

• Automation and Backtesting: MT5 wins decisively in the automation domain due to its use of MQL5, extensive testing capabilities, and third-party tool accessibility. DXtrade excels in manual trading and firm-oriented risk management.

• Onboarding Flexibility: A number of firms prefer DXtrade for its uniformity and compliance; however, for algo traders, MT5 remains the practical choice unless the firm provides an API with DXtrade.

Practical Verification Checklist

Before committing to any challenge claiming MT5, follow this checklist:

1. Platform Confirmation

   • Is MT5 explicitly selectable on the purchase page for your account size and instrument list?

   • Request the exact MT5 server name you will use.

   • Seek a read-only investor login or a video/screenshot demonstrating the MT5 login screen with their server.

2. Trade Conditions

   • Ask for the specific commission per lot (round-turn) associated with majors.

   • Inquire about typical spreads during peak trading hours for EURUSD, GBPUSD, and XAUUSD.

   • Clarify their slippage policy and whether partial fills are permissible.

3. Risk Rules in Writing

   • Confirm daily drawdown limits and whether they are based on equity or balance.

   • Verify the maximum overall drawdown and whether it is static or trailing.

   • Check the rules surrounding news trading, hedging, minimum hold times, and EA policies.

4. Operational Details

   • Inquire about the payout schedule and available payment methods (bank transfers, crypto, both).

   • Clarify the scaling path (milestones and increments).

   • Test support responsiveness by opening a chat and asking two detailed questions; vague replies should raise a red flag.

5. Legal and Regional Considerations

   • Do they accept traders from your country?

   • Are there any specific limitations for US, UK, or EU clients?

   • Are you trading on a simulated or real-money execution environment, and how do they replicate fills?

FAQs

1. Which prop firms currently offer MT5 accounts for forex?
Availability changes frequently, but firms like FTMO, Fidelcrest, The5ers, SurgeTrader, and FundedNext have historically offered MT5. Always verify MT5 server options before purchasing.

2. Why did some prop firms remove MT5 and which ones still have it?
Licensing and compliance pressures have prompted many firms to shift to cTrader or DXtrade. While several large firms still offer MT5 in some regions, confirming with support for current offerings is crucial.

3. Is MT5 better than cTrader or DXtrade for prop trading?
For automation and access to third-party tools, MT5 is superior. cTrader offers a modern UI and strong DOM capabilities, while DXtrade focuses on simplicity and firm-side risk management. Your choice depends on your trading strategy.

4. Do MT5 prop firms allow EAs, bots, and copy trading?
Generally, yes for your own EAs, with restrictions on latency arbitrage and toxic flow. Copy trading is often allowed from your master account; third-party signals might be prohibited. Always check their automation policy.

5. What are typical spreads and commissions on MT5 prop firm accounts?
For raw accounts, typical spreads include EURUSD at 0.0–0.2 pips plus $6–$7 round-turn per lot, GBPUSD at 0.2–0.5 pips, and XAUUSD at 10–25 cents. Spreads on indices vary widely; inquire during liquid periods.

6. Are hedging, grid strategies, or news trading allowed on MT5 prop accounts?
Hedging is generally allowed. Grid/martingale strategies may be tolerated to a point but come with risks under equity-based drawdown. News trading rules differ by firm, from full allowance to specific restrictions confirm the exact timeframes in UTC.

7. How can I verify a prop firm truly provides MT5 (not just MT4 or demo)?
Request the MT5 server name, seek a read-only investor login, or ask for a platform setup guide with server screenshots. In MT5, confirm available symbols and spreads. If support hesitates to provide details, it's a warning sign.

8. Do MT5 prop firms accept US/UK/EU traders?
Many do, but acceptance can fluctuate due to regulations. Firms like FTMO, The5ers, SurgeTrader, and Fidelcrest have historically welcomed US traders. Always read the latest terms and conditions and check with support.

9. What drawdown rules do MT5 prop firms use (daily vs. overall, balance vs. equity)?
Daily limits are often 4–5% with overall max drawdown of 8–10%. Some programs use a trailing mechanism for overall drawdowns. Equity-based limits can be stricter for swing traders, so confirm specifics with support.

10. Which MT5 prop firm is best for scalping vs. swing trading?
For scalping, look for raw spreads and swift execution, FTMO, Fidelcrest, and SurgeTrader are often recommended. For swing trading, firms like The5ers and FTMO with flexible holding policies and clear equity-based rules are preferable. Always verify weekend and swap policies.

Conclusion

MT5 remains a powerhouse for forex prop trading, even as some firms transition to cTrader or DXtrade. The key to success lies in thorough verification: don’t buy a challenge until you confirm the MT5 server, rules, and the live trading conditions you will face.

For the best blend of features and reputation, start by verifying MT5 access with FTMO, Fidelcrest, The5ers, SurgeTrader, and FundedNext. Scalpers should prioritize raw pricing with documented spreads and commissions, while swing traders need to scrutinize equity-based drawdown and weekend policies.

Prop firms that utilize MT5 for forex trading provide access to an extensive ecosystem for EAs and discretionary tools. Now it’s your turn to use the checklist, contact support, confirm platform access, and choose a challenge that fits your trading style. Then execute with confidence.