CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is MetaTrader 5?
Introduced in 2010, MetaTrader 5 (MT5) is a popular forex trading platform for web, mobile, and desktop. Created by MetaQuotes Software Corporation, MT5 is the successor to the widely adopted MT4 platform.
Though MT4 remains the more popular option among retail forex traders, MT5 boasts numerous upgrades and significant improvements to the MetaTrader software suite. That said, MT5's adoption rate among forex traders hasn't kept pace with its predecessor, MT4. That is slowly starting to change, however, as more brokers begin to add MT5 to their platform offering.
MT5 upgrades and improvements
- Tooltips have now been added to trade execution buttons. This feature displays the number of units of being traded, informing traders about the value of every trade placed in the market.
- Market depth information is now displayed directly in the terminal window.
- Expanded time frames; 21-time frames are now available.
- Traders can hedge trades on MetaTrader.
- Trade volumes are now displayed alongside the asset price of new positions.
- The number of technical indicators has been expanded.
- Tradres can use libraries in MQL5 to convert EAs and indicators built with MQL4 for use with MT5
- New statistical functions have been added to the Standard Library.
- Advanced settings have been added to MetaTrader's strategy tester.
- The MT5 mobile app allows users to chat and interact with other members of the MT5 community from within the MT5 platform.
MT5 special functions and features
MQL5 IDE
MT5's algorithmic trading suite enables the use of forex robots built with the MQL5 programming language. Traders and programmers can use the MQL5 Development Environment to build, test, debug and optimise automated trading robots. There is also a development assistant which enables traders with no experience whatsoever to compile very simple robots. MQL5 is more advanced than its MT4 counterpart, and includes elements of C++ to empower skilled developers to build increasingly complex expert advisors within the MQL5 IDE. Programmers are able to profit from their programming skills, by developing new robots or by selling existing EAs and indicators using the code base.
Strategy Tester
MetaTrader's Strategy Tester enables the optimisation and testing of all software built with MQL5 before they are run on live accounts. Anyone who wants to purchase an EA from the MT5 Community should use the Strategy Tester to evaluate the software before purchase. This can also be done using the demo version of the software.
Is MT5 Free to Use?
Yes, MT5 is free to download and use. However, trading fees will still be applicable when you place live forex trades, which can vary from broker to broker. You'll still be responsible for paying standard trading fees incurred with any forex broker such as commissions, spreads, and overnight carrying costs (premiums).
How does MetaTrader make money?
MetaQuotes Software, the company that developed the MetaTrader platform suite, makes money by licensing its trading platforms directly to brokers. Brokers will pay a fee to license MT4 and MT5 so that they can offer the platforms to their clients. Retail forex traders are not charged any fees from the platform's developer.
Forex Brokers that offer MetaTrader 5
Looking for a forex broker that offers the MetaTrader 5 platform? Check out our comprehensive list of MT5 brokers (listed in alphabetical order). Click on each broker's name to read our data-based broker reviews.
Admiral Markets
ACY Securities
AvaTrade
BDSwiss
BlackBull Markets
Eightcap
FlowBank Review
FOREX.com
FP Markets
FXCM
FxPro
HYCM
HFM
IC Markets
IG
LegacyFX
Moneta Markets
OANDA
OctaFX
Pepperstone
Swissquote
Tickmill
TMGM
Trade360
Vantage
VT Markets
XM Group.
MetaTrader 5 Platforms
Like its predecessor, MT4, MetaTrader 5 is available for desktop, web, and mobile. The differences between the MetaTrader 5 platform options largely come down to individual trader preferences, trading styles, and the specific requirements of individual trading strategies. Remember: Regardless of platform choice, always prioritize risk management and responsible investing.
MetaTrader 5 Mobile App
Pros:
- Portability: Traders using mobile trading apps have the ability to monitor, execute, and manage trades from anywhere in the world with an internet connection. This flexibility is especially valuable in the fast-paced forex markets.
- Real-time data: Live quotes, charts, and trading analytics are at your fingertips, helping you remain informed on the go.
- Notifications: Instant alerts and push notifications keep you updated on market movements, facilitating timely decision-making.
Cons:
- Limited functionality: The mobile app, while robust, may not offer the full suite of tools available on the desktop or web versions (such as the ability to run backtests for automated trading or execute Expert Advisors).
- Smaller screen: Chart analysis and multitasking can be more challenging on smaller screens.
- Dependence on mobile network: As with any mobile trading app, the platform's efficiency may be compromised in areas with weak cellular signals or unreliable Wi-Fi.
MT5 is available for Android and iOS users for on-the-go trading. Despite being temporarily delisted from the Apple App Store in September 2022, MetaTrader is available again for iOS as of March 2023.
MetaTrader 5 Web Platform
Pros:
- Cross-platform compatibility: The MT5 Web Platform is accessible from any device with an internet connection and a web browser.
- Frequent updates: Most (if not all) web trading platforms typically receive real-time updates, ensuring users always have access to the latest features and security patches.
Cons:
- Browser reliance: Performance can vary based on the browser used, and there might be occasional compatibility issues.
- Potentially limited features: While more comprehensive than the mobile version, some features available on the desktop platform might still be missing.
desktop_windowsWant to try out MT5 on your web browser?
Check out the web version of MT5 by navigating to the web platform landing page on the MetaTrader 5 website.
MetaTrader 5 Desktop Platform
Pros:
- Full suite of tools: Offers the most comprehensive set of analytical tools, charts, and trading functionalities, suitable for the most demanding traders.
- Customizability: Allows for a tailored trading experience with custom indicators, scripts, and automated trading robots (Expert Advisors).
Cons:
- Stationary: Like all desktop software, the desktop version of MT5 requires a dedicated machine. You can't just log in from any device (like with the MT5 web platform) or carry it in your pocket (like the MT5 mobile app).
- Software updates: Unlike the web platform, which updates automatically, the desktop platform might need manual updates from time to time.
Can I use MT5 without a broker?
No, you can't use MetaTrader (MT4 or MT5) without a broker. You’ll need to open a live account with a broker that offers MetaTrader 5 (MT5) to trade with real funds. You need to open a live account with a broker that offers MT5 to trade with real funds. While you can try out MT5 with a demo account, live trading isn't possible unless you've connected MT5 to your broker. Whether you decide to connect your broker to MT4 or MT5, it's critical to make sure that your forex broker that is highly regulated to safeguard yourself from potential forex scams.
Which is better for beginners, MT4 or MT5?
If you're just starting out as a forex trader, you might be wondering whether MT4 or MT5 is a better fit for you. In our experience, MT4's simplicity may make it a more suitable choice for beginners. As you gain more trading experience and begin to understand the intricacies of forex trading, you may find the expanded features and advanced capabilities of MT5 increasingly beneficial.
Both platforms are designed with user-friendly interfaces, but MT5 presents a steeper learning curve due to the complexity of its features and functionalities. That being said, it's important to remember that both platforms provide plenty of support and online resources to assist you in your learning journey.
The table below summarises some of the more prominent differences between the two platforms.
What is the best forex broker for MT5?
IC Markets is our top pick for the best forex broker for traders that want to use MetaTrader 5. IC Markets stands out due to its high global trading volumes among MetaTrader brokers, and its competitive pricing and execution methods make it a popular choice for algorithmic traders. Traders at IC Markes gain access the Advanced Trading Tools package, a suite of platform add-ons developed by FX Blue LLP. The broker also supports third-party plugins from Trading Central and AutoChartist. If you'd like to learn more about why IC Markets received the top ranking for MetaTrader brokers in 2024 from our sister site, ForexBrokers.com, be sure to check out our data-based IC Markets review.
What is MetaQuotes Software?
MetaQuotes Software is a renowned financial technology company that was founded in the year 2000. Based in Russia, MetaQuotes is best known for the development of its MetaTrader suite of online trading platforms. The company started its journey by creating FX Charts, an online charting package for forex traders. However, it was the launch of the MetaTrader platform in 2002 that brought the firm global recognition. Today, MetaQuotes Software has become a staple in the financial markets and has offices and representative branches in several countries worldwide, including the United States, China, and Singapore.
A brief history of MetaTrader
MetaTrader 4, often referred to as MT4, was launched by MetaQuotes Software in 2005. MT4 became an instant hit among forex traders and brokers for its user-friendly interface, automated trading capabilities, and the scripting language MQL4, which allowed users to develop their own indicators and trading robots (also known as Expert Advisors). MT4 is immensely popular and is still used by a considerable number of forex traders worldwide.
Following the success of MT4, MetaQuotes Software released MetaTrader 5 (MT5) in 2010. Despite its upgraded functionalities, adoption of MT5 was initially slow due to the deep-rooted popularity of its predecessor. Designed as a full-fledged multi-asset trading platform, MT5 includes additional timeframes, advanced trading operations, enhanced order management capabilities, and the ability to trade a wider range of instruments beyond forex. Today, MT5 is gaining more recognition as brokers and traders start to embrace its advanced features and broader capabilities.
BrokerNotes.co 2024 Overall Rankings
To recap, here are our top forex brokers for 2024, sorted by Overall ranking.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
John Bringans is the Managing Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
CMC Markets
FxPro
IG
Interactive Brokers
Saxo
Charles Schwab
City Index
XTB
eToro
Capital.com
Swissquote
AvaTrade
OANDA
Plus500
FXCM
XM Group
Admirals
Markets.com
FinecoBank
BlackBull Markets
Vantage
ThinkMarkets
HYCM (Henyep Capital Markets)
HFM
DooPrime
Questrade
Trading 212
BDSwiss
Trade Nation
TMGM
Eightcap
Moneta Markets
Spreadex
MultiBank
Exness
easyMarkets
RoboForex
VT Markets
Octa
IronFX
IFC Markets
Trade360
Axi
TeleTrade
iFOREX
FXOpen
FXPrimus
Xtrade
Forex4you
GBE brokers
Alpari
TopFX
Libertex (Forex Club)
LegacyFX
FXGT.com
