Best MetaTrader 5 Brokers
MetaTrader 5 (MT5) facilitates online trading in forex, stocks, and futures. Rich analysis tools and indicators make it an excellent platform for experienced traders. We review the MT5 platform and list the best MetaTrader 5 brokers in 2024.
Top 9 MetaTrader 5 Brokers
We have tested hundreds of brokers as of July 2024 and found that these are the 9 best brokers with MetaTrader 5 integration:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
DNA Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
3
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCashUSD -
4
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySECCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
5
xChief$100 No Deposit Bonus
$100.01 Lots1:1000VFSCCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
6
Axofa10% Deposit Bonus
$10.01 Lots1:1000SVGFSAForex, CFDs, Stocks, Indices, CommoditiesMT5Debit Card, Credit Card, Visa, Mastercard, Neteller, Skrill, Bitcoin Payments, Wire TransferUSD, IDR -
7
Plexytrade120% Cash Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.011:2000UnregulatedCFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR -
8
Coinexx100% Deposit Welcome Bonus
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
9
World Forex100% Deposit Bonus
$10.01 Lots1:1000SVGFSAForex, CFD Stocks, Metals, Energies, Cryptos, Digital ContractsMT4, MT5Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, VoletUSD, EUR, RUB
Here is a summary of why we recommend these brokers:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- RedMars - Launched in 2020, Cyprus-based RedMars offers competitive spreads on more than 300 instruments and leverage up to 1:500. Three accounts are available - Standard, Pro and VIP - serving a range of budgets and experience levels, with a fast and fully digital account opening process.
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Axofa - Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa remains an attractive option, although the broker does not hold a reputable license.
- Plexytrade - Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Best MetaTrader 5 Brokers Comparison
| Broker | MetaTrader 5 | Auto Trading | Instruments | Regulators | Minimum Deposit |
|---|---|---|---|---|---|
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✔ | Expert Advisors (EAs) on MetaTrader | Forex, Stocks, Futures, Futures Options | NFA, CFTC | $100 |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Indices, Commodities, Stocks, Crypto | ASIC | $100 |
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✔ | ✔ | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | MISA | $50 |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | CySEC | €250 |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Metals, Commodities, Stocks, Indices | VFSC | $10 |
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✔ | Expert Advisors (EAs) on MetaTrader | Forex, CFDs, Stocks, Indices, Commodities | SVGFSA | $1 |
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✔ | Expert Advisors (EAs) on MetaTrader | CFDs, Forex, Indices, Stocks, Commodities, Crypto | Unregulated | $50 |
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✔ | Expert Advisors (EAs) on MetaTrader | Forex, Commodities, Indices, Cryptocurrencies | - | 0.001 BTC |
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✔ | ✔ | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | SVGFSA | $1 |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
DNA Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
- DNA Markets offers top-rate platforms and charting tools for day traders with access to MT4 and MT5
Cons
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- Extremely fast and smooth sign-up process that takes less than 2 minutes
Cons
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Regulator | CySEC |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR |
Pros
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
Cons
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
- The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
- The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
Cons
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
- xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
- The broker trails competitors when it comes to research tools and educational resources
Axofa
"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform. The low entry requirements and ECN spreads are particularly promising, but the lack of transparency and respected regulatory oversight raises security concerns."
Axofa Quick Facts
| Bonus Offer | 10% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Stocks, Indices, Commodities |
| Regulator | SVGFSA |
| Platforms | MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, IDR |
Pros
- The $1 minimum deposit across all 3 accounts will appeal to novices and those on a budget
- The broker offers a range of local payment methods, especially for clients in Asia, as well as crypto deposits
- Low ECN spreads are available from 0.0 pips, plus reasonable commissions at $3.50 per side
Cons
- Our team found inconsistencies between international subsidiaries and website information
- There is limited verifiable information about the broker’s owners and background
- There is a lack of transparency around pricing and account conditions, which significantly reduces the trust score
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
| Regulator | Unregulated |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
- US residents are accepted as clients, distinguishing Plexytrade as one of the rare offshore brokers that cater to US-based traders.
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
Cons
- With around 100 instruments, Plexytrade restricts the flexibility of investors who prefer to trade across various assets, especially compared to Blackbull with its 26,000 securities.
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
Coinexx
"Traders seeking highly leveraged CFDs with a broker that uses crypto as a base account currency will find a good match in Coinexx. The ECN model also offer tight spreads from 0 pips. On the downside, traders should note the weak regulatory oversight."
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- 100% deposit bonus for new clients
- MetaTrader 4 and MetaTrader 5 integration
- Demo account available to prospective traders
Cons
- Limited educational materials for new traders
- No regulatory oversight reduces safety
- No copy trading service for aspiring investors
World Forex
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- Copy trading solution
- Demo account
- Educational content
Cons
- Withdrawal fees apply
- Weak regulation
- No negative balance protection
History of MetaTrader 5
MetaQuotes released the MetaTrader 5 platform in 2010 as a successor to the hugely popular MetaTrader 4. Retaining the same iconic logo, MetaTrader 5 was marketed to the advanced trader, offering an extensive suite of trading tools.
The platform connects retail traders to multiple markets:
- Stock indices, including the S&P 500, Dow Jones, NASDAQ, Dax 40
- Cryptocurrency, including Bitcoin (XTB)
- Commodities, including gold
- Forex, including XAU/USD
- CFDs
Getting Started with MT5
System Requirements
MetaTrader 5 is free to use and available directly through an online web browser. Alternatively, you can download the platform to your PC. The software is compatible with Windows XP, 7, 8, and 10. The download also works on Mac devices, except with MacOS Catalina. The software should run smoothly on both 32-bit and 64-bit processors. MetaTrader 5 is also compatible with Linux.
Registration
Once you have downloaded MetaTrader 5 to your PC or navigated to the login page on your browser, register for a new account. Most brokers will require basic information to verify your identity, trading objectives, and risk appetite.
From your account dashboard, you can make deposits and withdrawals. Minimum deposits vary between brokers. Payment fees also depend on the provider and method selected.
Trading costs, commissions, and leverage levels are flagged when you sign up for an account. Forex traders may see a swap charge against their account. A swap fee is interest earned or paid on trades kept overnight.
Technical Analysis
MetaTrader 5 offers 38 built-in technical indicators, including:
- Exponential moving averages (EMAs)
- Volume profile
- MACD-2 lines
- Pivot points
- B-clock
- Zig zag
- Renko
Custom indicators are also available from Code Base and the Market.
Over 100 price charts are available on the platform with 21 timeframes, ranging from one-minute to one-month. This makes the platform suitable for analysing both short-term and long-term price trends.
Additional Tools
MetaTrader 5 is home to real-time international news streams and an economic calendar. The software also has a Depth of Market feature to see liquidity, plus one-click trading and a vast library of historical market information, such as NSE stock data.
MetaTrader 5 allows for separate accounting of orders and trades, plus support for all types of trading orders and execution models.
The two accounting modes are:
- Netting – Adopted on exchange markets
- Hedging – Used for trading
For further guidance on how to build a trading strategy, see here.
Customisation
The MetaTrader 5 web terminal has been designed with personalisation in mind. Gateway Java and Python APIs, for example, enable integration so users can run:
- Custom indicators – Indicators can analyse price data following pre-determined rules.
- Scripts – Scripts can perform almost any function on the platform, such as adding indicators to a chart or closing all pending orders.
- Libraries – This is a portfolio of tasks that share segments of popular custom applications on MetaTrader 5.
Note you can also personalise the look and feel of the platform, including choosing between the light and dark mode.
Expert Advisors
Automated trading is available through expert Advisors (EAs). Following pre-determined criteria, algorithms will automatically execute trades on your behalf.
The MQL5 programming language allows for the development, backtesting, and optimisation of expert advisors. The MQL5 Wizard helps beginners get started with trading robots. For advanced traders, MQL5 IDE provides additional tools:
- MetaEditor – Used to develop and refine trading robots and indicators
- Strategy Tester – Tests trading strategies using historical data
Expert advisors can also be bought directly from the Market or free downloads are available at Code Base. Detailed tutorial PDFs that explain how to get started with MetaTrader 5 robots can be found online.
Mobile App
If you need to step away from your MacBook or Chromebook, the mobile app has everything a pro needs to operate. You can access a complete set of trading orders, including pending orders and level 2 prices, with up to 32 quotes. Mobile traders also benefit from fast switching between financial instruments on charts, free financial news, push notifications, 30 technical indicators, and 24 analytical tools. Additionally, the History Center can be used to view price quote history.
Download the Android mobile app (APK) from the Google Play Store. For iPhone users, head to the Apple App Store. Alternatively, the platform is available through the WebTrader login page on your mobile browser. A tutorial for MT5 mobile beginners is offered by most brokers.
Note the time zone is set by the broker and cannot be changed from your iPhone or Android device.
Demo Account
The free MetaTrader 5 demo account is an excellent preliminary step to take before opening a real live account. Beginners can get familiar with trend analysis and order execution. You could test a strategy on shares, for example, without risking real money. You could also play around with different lot sizes in a forex strategy, or try trailing stops and risk management tools. Note 1 lot equals 100,000 of your base currency while a mini lot equals 10,000 and a micro lot equals 1,000.
A useful tip for new traders is to keep a trading journal, documenting what does and doesn’t work. For further guidance on demo accounts, see here.
Support
Support is available to MetaTrader 5 customers through several avenues. Head to the ‘Help’ page for key topics, including:
- Getting started
- Charts & graphs
- Price analysis
- Copy trading
- Mobile trading
- Trading signals
- Automated trading
For common issues, such as no connection, the platform keeps closing, or you’ve forgotten your password, most brokers operate a live chat or telephone support service. To get complex topics explained and standard templates, user manuals and guides in PDFs or online videos are a good place to start.
However, arguably the greatest source of support is the online MetaTrader 5 community. If you’re having issues with the platform not updating, connecting or working, or if you want a review of keyboard shortcuts and hotkeys, you’ll find forums with users willing to help. Avid users are also great for updates on how to get the most out of the latest version of MetaTrader 5.
Errors
Common platform errors include:
- ‘Market closed’ – Appears when you try and place a trade outside of trading hours
- ‘Off quotes’ – If connectivity drops, the platform can’t display current prices
- ‘Can’t place order’ – Usually happens if you try to place a trade without sufficient capital in your account
- ‘Unsupported filling mode’ – Brokers use different symbol filling modes, so check the filling mode accepted by your symbol
Head to the ‘Contact us page’ to speak to a manager from one of MetaTrader’s representative offices.
MetaTrader 5 Vs MetaTrader 4
MetaTrader 5 certainly isn’t as widely used as MetaTrader 4, but it still has a lot to offer. The key difference is that MetaTrader 5 is geared towards the advanced trader. MT5 offers 38 technical indicators while MT4 has 30. MT5 has 44 graphical objects to MT4’s 31. And MT5 has 21 timeframes while MT4 has nine.
MetaTrader 5 is also considered a multi-asset platform, whereas MetaTrader 4 is primarily used by forex traders. Finally, MetaTrader 5 has two market orders, six pending orders, plus two stop orders, whilst MT4 offers two market orders and four pending orders. But the price of MT5’s additional tools is that beginners and those looking for an uncomplicated platform might be deterred.
So when it comes to the choice of MetaTrader 5 or MetaTrader 4, consider your needs. MT5 is probably the best fit for advanced traders seeking a state-of-the-art platform, but MT4 will suffice for most.
MetaTrader 5 vs NinjaTrader 8
For forex traders, there is a MetaTrader vs NinjaTrader debate. Both platforms are aimed at experienced traders using sophisticated strategies.
The benefit of NinjaTrader is that it promises more customisation than MetaTrader 5. The downside is it’s not as readily available as MetaTrader. This means less choice when it comes to brokers and a smaller online community. In contrast, the MetaTrader 5 community is extensive, ensuring help is always on-hand, be it you want to change the platform’s time zone indicator or view the latest update release notes.
Overall, MetaTrader 5 is more widely available and still offers ample customisation.
Final Word
For experienced traders wanting a multi-asset platform and access to powerful trading tools, MetaTrader 5 is a sensible option. The server allows you to operate multiple accounts with different brokers. It also has excellent automated trading capabilities and copy trading. Overall, for complex trading strategies, MetaTrader 5 is among the best.
FAQ
What is MetaTrader 5?
MetaTrader 5 is an online trading platform that connects retail investors to the financial markets. It’s commonly used for trading on forex, stocks, and futures.
Is MetaTrader 5 a broker?
No – MetaTrader 5 is not a broker. It’s offered by brokers to customers who use the interface to manage trading activity, including conducting analysis and executing trades.
Is MetaTrader 5 a legitimate platform?
MetaTrader 5 is a legitimate and well-regarded platform. Its developers, MetaQuotes, are among the industry’s best-established providers.
How do I use MetaTrader 5?
To use MetaTrader 5 you need to download the platform to your Mac or Windows device, or open the terminal in your web browser. You will then need to register for a new account. Once you have your login details, sign-in to deposit funds, conduct price analysis, and place trades.
Is MetaTrader 5 free?
MetaTrader 5 is free to use for traders. The broker pays an upfront fee and a monthly charge to be able to license the platform to its customers.
How do I use a MetaTrader 5 demo account?
To use a MetaTrader 5 demo account, simply register for a new account, select ‘demo’, and follow the on-screen instructions.
Is MetaTrader 5 safe?
MetaTrader 5 is a relatively safe platform, using data encryption and extended authentication to protect client information from hackers. With that said, it’s impossible to guarantee the security of any online platform. Also, trading by its very nature is risky, so do not risk more than you can afford to lose.