Metatrader 5 (MT5) – The Most Flexible Platform & Best MT5 Forex Brokers 2023
MetaTrader 5 is a multifunctional and multi-asset trading platform, just another version of MetaTrader 4 or MT4. However, MT4 focused more on forex, while MT5 focused more on commodities and stock trading. Get the most fulfilled list of mt5 brokers/ MetaTrader 5 brokers/ mt5 forex brokers list in 2023.
However, MetaQuotes released the MetaTrader 5, also known as MT5, in 2010, the updated version of MT4. Unfortunately, MT5 did not get much popularity like MetaTrader 4. Still, MT5 is holding a significant market as traders only focus on commodities and stocks.
Who Should use MT5?
Anyone can use MetaTrader5; however, we would recommend it for the advanced and day traders.
Advanced Traders: As you already know, MT5 is a multi-asset platform, making it better used for advanced traders. Additionally, a trader can work with different brokers from a single MT5 account, which is not feasible for the new traders.
Day Traders: MetaTrader 5 comprises all features a day trader needs, such as a secured server, fast and customizable interface. So, day traders will find it perfect. Check our List of MetaTrader 5 best forex broker in 2023.
MetaTrader 5 Trading Platform Features
Another best platform by MetaQuotes that offers currency trading, futures, and stocks. It offers all the top class features to ease these trading. Features include-
Flexible Trading System
MetaTrader 5 offers a nifty trading system with a separate accounting system for the orders and trades. Additionally, it supports a hedging option system as well as a netting system. It provides a four-order execution system, including Market, Instant, Request, and Exchange execution. Furthermore, the MetaTrader 4 platform also gives you the opportunity to place all types of trading orders, such as pending and stop orders, market orders, and trailing stops.
Such a combination of order types and execution modes can get the trader to experiment with different custom trading strategies.
Professional Technical Analysis Tool for MT5 Forex Brokers
MetaTrader 4 forex trading platforms provide a real-time analytical tool that allows more than 100 charts and quotes at a time. Additionally, 21-time frames provide a comprehensive analysis of any minor movements. They also provide 80 technical indicators, which also includes a graphical presentation.
Apart from the built-in tools, they also offer thousands of indications for free, and you can purchase advanced indicators from the marketplace. Besides, there are options to make your own custom indicator using the MQL5 coding. You can hire a professional to create a custom indicator for you as per your requirements.
Fundamental Analysis Tool
It is a unique tool offered via MetaTrader 5 brokers, which is used to forecast the price changes of different offered financial instruments. However, it constantly monitors the market, aiming to the fundamental analysis, which takes the data from MetaTrader 5.
Moreover, this tool also collects trending news reports via international news agencies and send them to the platform. Another good thing about the fundamental analysis tool is that it provides economic calendars, which show the macroeconomic indicators from different countries, and the trader can use them to analyze the impact while making any strategy.
Copy Trading with MT5 Brokers
Sometimes you may not manage the time to create a strategy, and it would be great if you can have a readymade strategy. Copy trading is what you need to take help from.
It features some successful traders who share their strategy for all in exchange for fees. You can subscribe them to and copy their strategy and become a pro in trading in no time, perhaps without any experience. Furthermore, you don’t need to copy them manually. You will just need to set it up in your MetaTrader 5 account and pass the instruction.
After analyzing different forex broker reviews, who are integrated with MetaTrader 5, we found that algorithmic trading is an impressive feature. It works through specialized applications, which is called Expert Advisors, which is also known as trading robots.
The best thing about MT5 algorithmic trading is that you need to sit in front of the computer to perform the trading. Instead, you will just set your parameters in the platform, and it will do the rest.
Additionally, if you have any successful trading strategy, you can compile it via expert advisors and program it in your account, which will work itself without your presence.
Trading Applications Market
MT5 has its own marketplace for the users, where trading applications and tools are sold to integrate with the platform. Additionally, the applications and tools also have the free trial option so that you can check them before actually paying for them.
Whatever you purchase from the marketplace is ready to use immediately. The marketplace is accessible 24/7, and you can buy anything anytime.
However, the payment methods are flexible.
When you open an account with MT5 brokers, you can trade via web browser from any device and any operating system. However, it is an advanced version of traditional MetaTrader 5 software, which was used to be downloadable on the computer.
For web trading, you don’t need to download or install any software. You need two things for web trading, the first one is any latest browser and the second one is a stable internet line. The combination of these two MetaTrader 5 web trading along with the best forex broker will provide cutting edge trading performance.
It is another cool feature offered by the MT5 forex brokers. Mobile trading gives you a walkable trading platform through which you can trade from anywhere and anytime.
MetaTrader 5 has a mobile app for both iOS and Android operating system enabled devices, including iPad and Tablets. However, you don’t need a separate account for mobile devices. With a single account, you can log in to the mobile trading platform as well as web trading.
Virtual Hosting (VPS)
VPS provides a speedy trading operation, which works even if the computer is turned off. With the help of MetaTrader 5 brokers and VPS, you can virtualize the platform, which operates from the remote server. Furthermore, VPS helps to run the platform smoothly, without any interruption.
MetaTrader 5 Pros
MT5 has been in operation for the last 10 years, and numerous forex broker reviews are available from the top forex brokers list about this trading platform. After analyzing those, we sort out the following pros of MetaTrader 4.
- The interface is really easy to navigate, which makes it simple to use.
- Get you access to a wide range of asset classes.
- A comprehensive list of analytical tools, which boost trading.
- The economic calendar fed you with the recent world news to make your trading decisions fairly.
Despite having some excellent features, it also has some disadvantages too.
- MT4 doesn’t offer hedging for exchange markets.
- It is not 100% beginners friendly; however, automated trading features may ease the newbies.
MT5 Customer Support
If you face any issues with the platform itself, you can physically or virtually contact their customer support. For virtual contact, they have a phone call and email option. However, if you sign up with a broker from Metatrader 5 brokers list, you may contact the broker for other issues. Brokers will have a live chat option for instant solutions.
Is Meta Trader 5 Safe?
MetaTrader 5 is safe, as they use the secured server. Besides, all the data remains confidential and transmitted via super safe and secured servers. The platform is encrypted with special code.
How Much does MT5 Cost?
MT5 doesn’t cost a penny if you trade with one of the MetaTrader 5 brokers. However, to find the best MT5 brokers, you will have to cross-check the selected broker with the top forex brokers list.
On the other hand, few brokers may charge extra for providing MetaTrader 5. But their commission structure and fees might be different than the regular brokers.
Usually, the brokers don’t charge for MetaTrader 4, but they are taking charge indirectly from the trader as commissions and charges, which stands that it is not free technically.
Is Meta Trader 5 Legit?
MetaTrader 5 is a product of MetaQuotes, a Russian company that has been operating since 2002. All these years, they did not have any bad reputations, which makes them a legit platform.
Which one is best between MetaTrader 5 and MetaTrader 4?
MetaTrader 5 is not as popular as MetaTrader 4; most of the best forex broker offers both platforms. However, most of the features are common on both platforms, but there are some differences too.
MetaTrader 5 is more specialized in stocks, bonds, commodities, and futures. However, it provides a currency trading feature too. On the other hand, MetaTrader 4 is the best for forex currency trading.
MT5 takes more memory space if you download it for the desktop, as it uses the MQL5 language, while MT4 uses MQL4 language and takes up less space.
Recently, MetaQuotes included other asset classes like stock, commodities, crypto, and much more. So, traders can access all from MetaTrader 4. Both platforms are significant in their own specialty.
MetaTrader 5’s user-friendly customizable interface and the availability on all the devices make them choice-able by all types of traders. Also, automated trading features keep them ahead of their competitors.
Besides, the MT5 brokers make the platform’s usability relaxed for the traders by providing education tutorials, which definitely helps the newbies.
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