So, what is MetaTrader 5? In a layman’s language, MetaTrader 5, popularly known as MT5, is an online trading platform that facilitates the trading of stocks, helps understand what is Forex and futures online. It is highly regarded by expert traders thanks to its excellent indicators and analysis tools. Besides, it offers automated trading with the help of experienced advisors and signals.
This MetaTrader 5 tutorial is going to give you an in-depth MetaTrader 5 review, guide potential Forex traders on how to download and install MetaTrader 5 on Mac and Windows, list some of the best MetaTrader 5 brokers, and finally compare MetaTrader 4 vs 5. Let’s plunge in.
A Brief History of MetaTrader 5
To understand MetaTrader 5 better, it is essential to know more about the roots. Perhaps, you have heard about MetaTrader 4. Well, MT 5 is a successor of the behemoth Meta trader 4. While MT 4 was released in 2005, MT5 was released five years later. However, MT5 retained the same logo.
MetaTrader 5 is generally meant for advanced traders, and that is why most of its marketing strategies are geared towards pro traders. The platform offers a broad range of trading tools to provide a state-of-the-art trading platform to seasoned traders.
MT5 connects traders to the following markets:
- Stock indices, including Dax 30, S&P 500, Dow Jones, etc.;
- Commodities such as gold;
- Cryptocurrency, e.g., Bitcoin, Etherium, etc.
Getting Started: How to Use MetaTrader 5
To use MetaTrader 5, you can access it directly online on your website browser, or you can download the application to your computer. The software can run on Mac and Windows devices. It works on Windows XP, 7, 8, and 10. But it is not compatible with macOS Catalina. The software runs properly on 32-bit-and 64-bit processors. It also works on Linux. One of the brokers supporting the MT5 Alpari platform
The Main Elements of the MetaTrader 5 Interface
Though we are not going to cover all the elements of how to use MetaTrader 5 here, understanding the primary features of MT5 is a big kick-start for Forex for beginners. MetaTrader 5 trading platform offers a straightforward and friendly UI. On the Main menu, you can access all the commands. See the image below that shows the location of each element.
The most frequently accessed commands are contained on the Toolbar.
The Market Watch displays quotes.
All the technical analysis and algorithmic tools are managed from the Navigator.
Charts help you in the technical analysis of trades.
How to Open a MetaTrader 5 Demo Account
For starters in Forex trading, a free MetaTrader 5 download demo account provides the right preliminary grounds to experiment and learn before trading with a real live account. With a free demo account, newbies can learn how to analyze trends and execute orders without staking real money. A trader could also experiment with varying lot sizes in a stock or Forex strategy.
It is always recommended to open a real live trading account when you are comfortable with it. For starters, it is essential to keep a trading journal, listing what works and what doesn’t work.
Now, to get started with an MT5 demo account, you should choose a trading server and select registration data.
You can choose brokers from our list or use your own brokers.
After opening the account, the MT5 platform will automatically connect to the server. You are now set to start trading on the platform.
How to Execute the First Trader on Your Demo Account
As noted earlier, you can execute trades on your MetaTrader demo account without risking real bucks. Now, it’s time to make the first move.
Go to the Market Watch window and choose a financial instrument. Open its menu and select New Order.
To buy, click Buy and to sell, click Sell as shown above.
The designing of the MetaTrader 5 website terminal is done with customization (personalization) in mind. For instance, Python APIs and Gateway Java enable web integration, and therefore traders can execute:
- Custom indicators – Essential in analyzing price data based on predetermined rules.
- Libraries – This is a profile of tasks that use the same customized applications on the trading platform.
- Scripts – Scripts execute a variety of functions on the MT5 platform. For instance, they add indicators to the charts or close all pending orders.
Note you can make your MT5 platform truly yours in terms of its appearance and feel by choosing either dark or light mode.
More Trading Opportunities
At the MQL5.community, you can access a myriad of useful services such as ready-made trading bots to automated copy trading. Additional services accessible on MQL5.community include:
- Signals – Here, you will find multiple professional traders offering copy trades. To get these copy trades to your account, select your preferred trader and keep the trading rolling.
- Market – This is typically a store of applications on the MetaTrader 5 platform. Here you can get both paid and free trading bots, technical indicators, and other essential tools that will facilitate your work on the money markets.
- Virtual Hosting – TheMQL5.community enables you to rent a virtual hosting directly from MT5 platform to copy signals or run your trading bot. Virtual trading platforms are situated on special hosting servers to make sure unhindered operations around the clock.
- Freelance – In the MQL5.community, there is a dedicated section called Freelance section where you can order your desired applications if you cannot find them in the Market or Code Base.
To get started with MQL5.community, sign up for an account now. Click on the registration page, choose your preferred username and your email. You will receive a confirmation email to your specified address. Click on the link to access all the MQL5.community services.
MetaTrader 5 Support
MetaTrader 5 customers can access support through different avenues. If you need assistance, go to the Help page and choose the relevant topic. The topics are categorized as follows:
- Getting started.
- Trading signals.
- Charts and graphs.
- Automated trading.
- Price analysis.
- Mobile trading.
However, if you are facing common problems with your account, such as a constant breakdown of your account, forgotten password, connection issues, etc., you can get that solved by your brokers through a phone call or live chat services.
If you need standard templates or guidance on complex subjects, you would want to opt for MetaTrader 5 tutorials in PDFs or online videos.
Inarguably, the best place you can get support is in the online MT5 community. If your platform has update issues, not working or connecting, or if you need to learn more about hotkeys and keyboard shortcuts, there are lots of forums with people willing to help you out. Ardent traders are also a great source of the latest updates of Meta trader 5.
MetaTrader 5 for Android
You don’t always have to carry your Chromebook or MacBook to trade with the MetaTrader platform. A mobile application has everything you need to execute your trades on the go. The app allows you to access various key elements of the trades, including quotes, level two prices, and your pending orders. Other functions that mobile users benefit from include:
- Quick switching between money instruments on the chart;
- Push notifications;
- 24 analytical trading tools;
- Free and up-to-date financial news;
- 30 technical indicators.
Besides, mobile traders can view price quote history at the History Centre.
To get started with MetaTrader 5 for Android trading, go to Google Play Store and download the Android mobile application. Alternatively, you can access the trading platform on your mobile web browser through a Web Trader login page.
Remember that your broker exclusively sets the time zone, and you cannot change it from your Android handset.
After downloading the MT5 app, run it by clicking on the icon displayed on your screen.
- The MetaTrader 5 for Android is compatible with tablet PC and smartphones that run on Android 5.0 or higher. Besides, you need internet access to connect it to the trading server of your broker.
- Mobile users with older Android versions such as Android 2.1 and above can still install the application, but they cannot get all the functions. Besides, there is no support for older versions.
- Regular updating of the MT5 is recommended to enjoy improved functions and better stability.
Open a Demo Account/ Live Account
- Open a demo MT5 account – If you are a beginner, choose this option to start experimenting with a demo account.
- Open a real MT5 account – If you are comfortable with your trading skills and you want to take things far, choose this option to start trading with real money with a live account. To start, you need to request a real live account from a particular MetaTrader 5 broker. The broker will ask for identification docs and personal information to set your account.
- Log in to an existing MT5 account – Choose this option if already you have signed up with MetaTrader 5 trading platform.
The UI of the MetaTrader 5 for Android platform is comprised of the main working platform, the side panel, and the bottom panel. A user can switch between the key function of the program.
- Quotes – an area showing prices of financial instruments.
- History – shows the history of the executed trades.
- Settings – here, you can access all the settings of your mobile platform.
- News – news pop up here.
- Charts – price charts are displayed here.
- Mailbox – messages sent through the internal mail system can be accessed here.
- Messages – push-notifications and messages are displayed here.
- Trade – manage trade positions, pending trade orders, and your account.
- Journal – MT5 for Android logs are displayed here.
The Menu icon allows you to execute trade operations and manage different symbols, depending on the running tab.
MetaTrader 5 Brokers
Below is a list of MetaTrader 5 brokers:
- FP Markets – It was started in 2005 and regulated by ASIC. FP Market is a conglomeration of companies, including First Prudential Markets Ltd, which is regulated by the Cyprus Securities and Exchange Commission. They provide different trading resources (education, analysis) through MetaTrader 5 tutorial videos, e-books, and articles.
- FXTM – If you want to trade with a leading CDF and Forex broker, then FXTM is the best option. Apart from Forex and CDFs, they also trade in the markets such as spot metals such as gold and silver, Cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc.)
- Avatrade – A leading CDF and Forex broker regulated in Canada, Ireland, South Africa, and Australia. They are regarded for their strong MT5 integration.
Other MetaTrader 5 brokers include:
- Admiral Markets,
- Interactive Brokers,
- Trading 212,
MetaTrader 4 Vs MetaTrader 5
So, what is the difference between MetaTrader 4 and 5? Well, there are distinct differences between MT4 and MT5. Though Meta trader 5 has fewer users compared to Meta trader 4, it still has much to offer. The main difference is that MT4 is explicitly meant for the advanced trader. See the table below:
|Functions||MetaTrader 5||MetaTrader 4|
|Market||A multi-asset platform||Mostly used for Forex trading|
However, though the additional tools in MetaTrader 5 may work well for the advanced traders, they could be a turnoff for newbies and those who want a simple platform.
So, when it comes to deciding between MetaTrader 4 vs MetaTrader 5, it all melts down to your needs. MT5 would be an ideal option for pro traders looking for a high-tech platform, while MetaTrader 4 cuts across the entire divide.
For seasoned traders looking for a state-of-the-art platform to benefit from powerful trading tools, MetaTrader 5 will suffice. With MT5, you can use multiple accounts with different brokers. It also offers you amazing automated trading features as well as copy trading. Generally, for sophisticated trading approaches, MT5 leads the pack.
Is MT5 A Broker?
No. It is a trading platform provided by brokers to clients to manage their trading, carry out trades, and conduct analyses.
Is MT5 A Genuine Trading Platform?
Yes. It is one of the well-regarded trading platforms. It is developed by MetaQuotes, which is one of the industry’s leading providers.
Is MT5 Free?
Yes. MT5 is free to use for all traders. However, there is an upfront fee and monthly charge that a broker should pay to license the trading platform to its clients.
Is MT5 Safe?
Yes, your relative safety is taken seriously while using MetaTrader 5. The platform uses extended authentication and data encryption to safeguard customer data against online hacking. However, it is worth noting that guaranteeing safety for any platform is impossible. Besides, online trading is naturally a risky gamble. So, always put at stake what you can afford to lose.