Before MetaTrader 5 (or MT5) was introduced, the earlier version, MT4, gifted forex traders never-seen-before control over trading timings and strategies. In this article about MetaTrader 5 brokers, we will look at the MetaTrader 5 and the possibilities that the forex trading app offers.
It allowed the implementation of automatic trading systems, but trading was restricted to currencies only. With the launch of MT5 in 2010, stock market traders also got access to the powerful platform.
MT5 facilitates online trading in futures, stocks, and forex. It is a superb platform, especially for advanced traders, due to its extensive suite of analytical tools and indicators.
Hundreds of brokers and banks use this multi-asset institutional platform to connect millions of retail traders worldwide to multiple markets; CFDs, commodities (including gold), forex, stock indices (including Dax 30, NASDAQ, S&P 500, and Dow Jones) as well as for cryptocurrencies.
Top Ranked MetaTrader 5 Brokers
MetaTrader 5 is available at some of the most reputable stock and forex brokers worldwide. These include;
| Broker | Min Deposit (US$) | Benefits | Trading Platforms | Regulation | Risk Warning |
| IC Markets | 200 | Allows scalping & hedging Low minimum deposit Negative balance protection | cTrader, MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, Mac | ASIC, CySEC | Losses can exceed deposits |
| FxPro | 100 | Allows scalping and hedging Low min deposit Offers negative balance protection | MT4, MT5, cTrader, Tablet and mobile apps | FCA, CySEC, FSCA, SCB, DFSA | Your capital is at risk |
| Admiral Markets | 200 | Allows scalping and hedging Offers STP Low min deposit Offers Negative Balance Protection | MT4, MT5, Mac, Web Trader, Tablet and mobile apps | FCA, CySEC | Losses can exceed deposits |
| XM | 5 | Allows scalping and hedging Low min deposit Offers Negative Balance Protection | MT4, MT5, Mac, Web Trader, Tablet and Mobile apps | IFSC, CySEC, ASIC | Your capital is at risk |
| OCTAFX | 5 | Allows scalping and hedging Offers STP Low min deposit Guaranteed stop loss Offers Negative Balance Protection | MTY4, MT5, Web Trader, cTrader, Tablet and Mobile Apps | FCA | Losses can exceed deposits |
| ROBOFOREX | 1 | Allows scalping and hedging Offers STP Low min deposit | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet and Mobile Apps | CySEC | Losses can exceed deposits |
Choosing MetaTrader 5 brokers
With hundreds of banks and brokers worldwide offering the MetaTrader 5 platform, the hunt for the best broker to match your needs can be a daunting task, especially if you are a beginner.
It is important to consider the following checklist when choosing an online MetaTrader 5 broker:
- Does your MT5 broker have the ability to process deposits and withdrawals within at most 3 days?
- Does your broker have a history of at least 2 years?
- Ensure that the MT5 broker that you are considering has reasonably-sized customer support (at least 15).
- Importantly, check that the broker you are considering has the ability to hire staff from various parts of the world who can better communicate in your language. You don’t want to be caught up in translation.
- Ascertain that the MT5 broker that you are considering has a presence in multiple countries around the world. Find out if they provide local training or seminar presentations.
Do they operate in a regulation jurisdiction that can hold a broker responsible or that offers arbitration services in the event of big disputes?
Understanding MetaTrader 5
MetaTrader 5 is not a broker by itself. Instead, brokers offer traders who want to use the platform’s interface to monitor trading activity and execute trades and conduct analysis. It is developed by MetaQuotes Software Corp – one of the best-established service providers in the industry.
To use MetaTrader 5, you will have to download it on your device (iOS, Windows, Linux & Android are supported) or launch the terminal on your web browser. You can then register a new account and log on to deposit money, analyze prices, and make trades.
It is recommended that you start with a demo account before using a live one. Here you can familiarise yourself with the interface, order execution, and trend analysis. Keeping a trading journal will give you a good idea of what works and what doesn’t before investing your money.
MetaTrader 5 is free to use for traders since brokers pay an upfront and monthly fee to license the product to their customers.
MetaTrader 5 versus MetaTrader 4
The main difference between the two platforms is that MetaTrader 5 is more geared towards the experienced trader as compared to MetaTrader 4, which is good for beginners. It provides 55 technical indicators compared to MetaTrader 4’s 30. On graphical objects, MetaTrader 5 has 44, while MetaTrader 4 has 31. MetaTrader 4 has 9 timeframes, while MetaTrader 5 offers 21.
Additionally, MetaTrader 5 allows an unlimited number of open charts compared to MetaTrader 4’s maximum limit of 128. It also offers an economic calendar, a feature that is not available on MetaTrader 4. Broker support is also needed to use MetaTrader 5, which is not the case for MetaTrader 4.
Whereas MetaTrader 4 is mainly used for forex trading. MetaTrader 5 is a multi-asset platform that offers two market orders, two stop orders, and six pending orders compared to MetaTrader 4’s two market orders and four pending orders.
It is important to note that the additional tools on MetaTrader 5 can deter beginners looking for an unsophisticated platform. In choosing between the two, it is prudent to consider your needs.
MetaTrader 5 Advantages and additional features
- It incorporates tooltips that display the number of units being traded and related information.
- It offers the ability to copy take profit (TP) and stop-loss (SL) settings automatically.
- MT5 comes with additional chat functionality.
- On MT5’s Standard Library, new statistical functions are added.
- Older entries on MT5 are featured; first, this enables a trader to track currencies more easily.
- Traders and brokers can access the Depth of Market feature from the terminal window to see liquidity.
- MT5 avails an XML format that eases documentation.
- Trade volumes and asset prices are now concurrently displayed.
- It houses a stream of real-time international news and an economic calendar.
One-click Trading
MT5 also offers one-click trading and an extensive collection of historical market information, including NSE stock data.
It further allows for separate accounting of orders and trades, netting (exchange markets), and hedging (trading) while supporting all types of execution models and trading orders.
Meta>Trader 5 is made with customization in mind – you can, for example, personalize the platform via Python or Java APIs to run, among others, libraries, scripts, and custom indicators. You can also customize the look and feel.
Automated trading is enabled on MetaTrader 5 via expert advisors (EAs) were adhering to pre-selected criteria; algorithms automatically make trades on your behalf. If you are an advanced trader, you can create, optimize, and pre-test (using historical data) EAs. Otherwise, you can purchase them online or download free ones at CodeBase.
Expert Advisors and trading robots can allow for copy trading capability; they can be found in the in-built MetaTrader MQL Market – the largest place to also buy or rent developed technical indicators custom-designed for MetaTrader 5.
Wrapping Up MetaTrader 5 brokers
MT5 is an excellent trading platform for the discerning trader. Its multi-asset institutional affordances make it a one-stop-shop for all your online trading needs, but it’s advisable to follow the learning curve if you are a beginner. Use the demo account to get acquainted with the platform, trade analysis, and order execution.
There is no shortage of brokers accepting MT5 clients, but careful consideration of how well they meet your trading needs is important. This includes minimum deposits, available funding methods, trading options, platforms offered, spread types, and available customer support levels.
Remember, with trading, your capital is always at risk.