MetaTrader 5
MetaTrader5 is a powerful trading platform that offers advanced charting tools, automated trading capabilities, and a user-friendly interface. MT5 allows you to trade multiple asset classes including forex, stocks, futures, and options. In this article, we’ll cover the benefits and drawbacks of using MT5, as well as who it is suitable for.
Best MetaTrade 5 Brokers
Broker table
Benefits of MetaTrader 5
MetaTrader5 is a good trading platform. Here you can find some of the main benefits of MetaTrader 5.
Advanced Charting Tools: MT5 offers a range of advanced charting tools that allow traders to customize their charts. Traders can use technical indicators, graphical objects, and other tools. This is beneficial for traders who use technical analysis in their trading.
Automated Trading: MT5 allows traders to automate their trades using Expert Advisors (EAs). EAs can execute trades based on pre-set criteria.
User-Friendly Interface: MT5 has a user-friendly interface that makes it easy for beginner traders to navigate. The platform offers a wide range of educational resources, including tutorials, webinars, and trading signals.
Multiple Asset Classes: MT5 allows traders to trade a wide range of asset classes, including forex, stocks, futures, and options. This can be beneficial for traders who want to do more than just trade forex.
Backtesting: MT5 allows traders to backtest their trading strategies using historical data. This is helpful for traders who want to evaluate the performance of their strategies before implementing them in live trading.
Drawbacks of MetaTrader 5
Limited Customization: MT5 has limited customization options compared to other trading platforms. This can be a drawback for traders who want to create a highly customized trading environment.
Cost: MT5 may be more expensive than other trading platforms, especially if you choose to use third-party indicators or EAs.
Who is MetaTrader 5 Suitable for?
MT5 is suitable for a wide range of traders, including beginner traders new to forex trading. It also suits experienced traders using advanced charting tools and automated trading capabilities. MT5 is a versatile platform that can be used for a wide range of trading strategies, including scalping, day trading, swing trading, and position trading.
Finding a MetaTrader5 broker
You can find a list of MetaTrader5 brokers further up on this page. That list will show you our highest-rated brokers first.
You should consider many things before you decide to register with a broker. Below you can read more about some of the most important things to consider when choosing an MT5 broker to open an account with.
How to evaluate MT5 brokers
Research reputable brokers
Start by researching reputable brokers that offer MT5. Look for brokers regulated by a reputable regulatory authority, such as the Financial Conduct Authority (FCA) in the UK, The Cyprus Securities and Exchange Commission (CySEC) or the US Securities Exchange Commission (SEC) in the US.
Check the broker’s website.
Once you’ve found a broker that offers MT5, check their website to ensure that they offer the platform for the type of account you’re interested in opening. Some brokers may offer MT5 only for specific account types.
Check the broker’s fees.
Make sure to check the broker’s fees for MT5 trading. Look for information on spreads, commissions, and any other fees that may be associated with trading on the platform.
Check the broker’s customer support.
Look for brokers that offer reliable and easily accessible customer support, such as live chat, email, or phone support. Check the broker’s website for customer support hours and response times. It can be good to check what traders and 3rd party reviewers have to say about customer support.
Open a demo account
Once you’ve found a broker that offers MT5, consider opening a demo account to test out the platform and get a feel for the broker’s trading conditions. This lets you see if you like the broker before depositing any money into your account.
Read reviews
Read reviews from other traders to understand the broker’s reputation and reliability. Look for reviews on independent websites and forums to get an unbiased perspective. We stand by our reviews and will only recommend brokers we think are genuinely good, but it can still be a good idea to check what other websites has to say as well.
Alternatives to MetaTrader 5
While MetaTrader 5 (MT5) is a popular trading platform, there are several alternatives that traders can consider. Here are some alternatives to MT5:
cTrader: cTrader is a trading platform that offers advanced charting tools, customizable indicators, and algorithmic trading capabilities. It also offers access to multiple asset classes, including forex, stocks, and cryptocurrencies. cTrader is known for its user-friendly interface and intuitive design.
NinjaTrader: NinjaTrader is a trading platform that offers advanced charting tools, backtesting capabilities, and automated trading options. It also offers access to multiple asset classes, including forex, stocks, and futures. NinjaTrader is known for its customization options and community of developers who create custom indicators and strategies.
TradingView: TradingView is a cloud-based trading platform that offers advanced charting tools, social trading capabilities, and customizable alerts. It offers access to multiple asset classes, including forex, stocks, and cryptocurrencies. TradingView is known for its social community, which allows traders to share ideas and collaborate with other traders.
ProRealTime: ProRealTime is a trading platform that offers advanced charting tools, customizable indicators, and backtesting capabilities. It also offers access to multiple asset classes, including forex, stocks, and futures. ProRealTime is known for its fast execution and user-friendly interface.
MultiCharts: MultiCharts is a trading platform that offers advanced charting tools, automated trading capabilities, and backtesting options. It offers access to multiple asset classes, including forex, stocks, and futures. MultiCharts is known for its robust features and customization options.
FAQ
What is MetaTrader 5 (MT5)?
MetaTrader 5 (MT5) is a powerful trading platform that offers advanced charting tools, automated trading capabilities, and a user-friendly interface. It is designed for traders who want to trade multiple asset classes, including forex, stocks, futures, and options.
What are the advantages of using MetaTrader 5?
MT5 offers several advantages over other trading platforms. These include advanced charting tools, automated trading capabilities, a user-friendly interface, and the ability to trade multiple asset classes. MT5 also offers backtesting capabilities, which allow traders to test their trading strategies using historical data.
What are the drawbacks of using MetaTrader 5?
MT5 may have some drawbacks, such as limited market access, limited customization options, and higher costs compared to other trading platforms. Some traders may also find the platform to be more complex and difficult to use than other trading platforms.
Can I use MetaTrader 5 on my mobile device?
Yes, MT5 is available as a mobile app for both iOS and Android devices. This allows traders to access the platform on the go and manage their trades from anywhere.
Is MetaTrader 5 Available on iPhone and iPad?
Yes, MT5 is available as a mobile app for iOS. You can download the app from the Apple store.
Is MetaTrader 5 Available on Android?
Yes, MT5 is available as a mobile app for Android devices. The app is available in the Google store. Some brokers also allow you to download the app directly from their websites.
Is MetaTrader 5 suitable for beginner traders?
MT5 can be suitable for beginner traders who are new to forex trading. The platform offers a user-friendly interface and a wide range of educational resources, including tutorials, webinars, and trading signals. However, it may have a steeper learning curve than other trading platforms, so beginner traders may need more time to learn how to use the platform.