MetaTrader 5 review: comprehensive guide and platform analysis

MetaTrader 5 is one of the most popular trading platforms in the world, alongside MetaTrader 4. But, why is it so popular and why is it a top choice among traders with all types of strategies? In this MetaTrader 5 review, we will explore its functionalities and features, uncovering the reasons why MT5 is one of the most widely used trading platforms in the world.

What is Metatrader 5 (MT5)?

MetaTrader is a package of trading platforms designed to connect traders to the global markets. The current suite consists of MetaTrader 5 (MT5) and MetaTrader 4 (MT4). MT4 was launched first and has become one of the most common trading platforms for forex and CFDs.

MetaTrader 5 is not seen as an upgrade to MT4, but rather an additional platform well-equipped to trade other assets, such as stocks, commodities, options, and futures.

The MT5 platform is known for:

  • Wide range of analysis tools and features
  • Automated trading (MQL5)
  • Over 20 timeframes are available
  • Depth of markets (DOM)
  • On-screen economic calendar

In addition, MetaTrader 5 is compatible with a wide variety of top-tier brokers, so you can access a huge variety of financial instruments and markets.

If you are unsure whether MetaTrader is suitable for your objectives and strategy, check out the best trading platforms in the UK.

General features of MetaTrader 5

FeaturesExplanation
ProductsCFDs on forex, commodities, bonds, indices, stocks, ETFs
Indicators & Tools+80
Minimum DepositDepends on the broker.
CostsDepends on the broker
BrokersMultiple brokers, including:
Eightcap – Visit the broker
Admirals
Oanda
Pepperstone
FP Markets
ContactUsually via broker

Best UK brokers for MetaTrader 5

Below we will see a list of some of the best UK brokers compatible with MetaTrader 5, as well as some of the most relevant features of each one.

MT5 BrokerDetails
ActivTradesVisit the broker
EightcapVisit the broker
Admiral MarketsAdmiral Markets review
OandaOanda review
Pepperstone Pepperstone review
FP MarketsFP Markets review
XMXM review
FxProFxPro review

ActivTrades

ActivTrades is a forex and CFD broker with a wide range of financial instruments, including currencies, indices, commodities, stocks and ETFs.

A distinctive feature of ActivTrades is that it offers negative balance protection on all its trading accounts.

For more information, check out our in-depth ActivTrades review.

Eightcap

Eightcap is a reputable forex and CFD broker. One of its shining features is the access to MetaTrader platforms and TradingView.

With spreads starting from 0 pips, this MT5 broker has a highly competitive cost structure and offers the ideal trading conditions if you want to join the MT5 global community.

For more information, check out our in-depth Eightcap review.

Admiral Markets

Admirals is a CFD broker boasting competitive costs, including commission-free stocks and over 8,000 markets to choose from. Also, Admirals provides users with a wide variety of tools and educational resources to help traders improve their trading skills and knowledge.

Oanda

Oanda is a CFDs broker that offers a wide variety of financial instruments, including currencies, indices, commodities and precious metals.

Oanda has a customer service team available 24/7, which offers support in several languages, including English, Spanish, French, German, Japanese and Chinese.

Other MT5 brokers

  • Pepperstone is a forex and CFDs broker that stands out for offering very low spreads and fast order execution. It also has a wide variety of financial instruments, including currencies, indices, commodities, and stocks.
  • FP Markets is a forex and CFDs broker that offers a wide variety of financial instruments, including currencies, indices, commodities, and stocks. It stands out for offering direct market access (DMA) to trade stocks.
  • XM has a wide variety of financial instruments, including currencies, indices, commodities, and stocks. In addition, it has an unlimited demo account, which allows traders to practice and experiment with the trading platform before trading with real money.
  • FxPro offers a free VPS service for traders who trade frequently and require greater stability in the execution of their trades.

What assets does MetaTrader 5 offer for trading?

Generally, the assets available in MetaTrader 5 depend on the broker used to connect to the platform. However, it's worth mentioning that you can have access to virtually any financial asset worldwide through MetaTrader 5, including:

  • Currencies
  • Indices
  • Bonds
  • ETFs
  • Stocks
  • Commodities

Types of MetaTrader 5 accounts: demo and real

MetaTrader 5 allows traders to open two types of accounts: demo accounts and real accounts.

MetaTrader 5 demo

MetaTrader 5 demo acts as a trading simulator. A virtual balance is offered and the trader has the possibility to:

  • Familiarise themselves with MetaTrader 5
  • Gain experience in the markets; MetaTrader 5, even with a demo account, offers real-time trading conditions
  • Use the wide range of tools to gain experience
  • Test trading strategies without risking money
  • Craft a robust risk management strategy

MetaTrader 5 real account

MetaTrader 5 in a real account offers all the necessary features and tools to carry out virtually any type of trading strategy:

  • Real-time quotes and charts
  • Technical analysis tools
  • Place orders
  • Money and risk management

It's worth mentioning that the leverage, costs, minimum deposit and other features depend on your chosen broker.

How to download MetaTrader 5 for free in 5 steps

To download MetaTrader 5 for free, follow these steps:

  1. Select a broker that offers the MetaTrader 5 platform, such as any of the brokers we've listed above.
  2. Visit the broker's website. Once you have found a broker that offers MetaTrader 5, go to the website and look for the download section. Generally, the download section is located on the main page of the website or in the “trading platforms” section, depending on the structure of the broker's website.
  3. Download MetaTrader 5: Click on the “Download MetaTrader 5” button. Make sure to download the appropriate version for your device (Windows, iOS, or Android).
  • Once the download is complete, follow the instructions to install MetaTrader 5 on your device. The installation process is similar to any other software.
  • Log in: After installing MetaTrader 5, log in to your trading account (or create a new one) to start trading.

It is important to keep in mind that MetaTrader 5 is only a third-party trading platform and a trading account with a broker is needed to trade with real money. However, most brokers that offer MetaTrader 5 also offer free demo accounts for traders to practise with before trading with real money.

Costs of MetaTrader 5

There are no costs associated with using MetaTrader 5. Instead, all the costs are associated with your chosen broker. MT5 is simply the trading platform – or environment – that allows you to place your trades according to the broker's terms and conditions. While you place the orders within MT5, the broker itself executes them, so the broker establishes the charges.

How does MetaTrader 5 platform work?

Let's have a closer look at what functionalities MT5 offers.

Advanced order types

MT5 allows you to execute any order type, including:

  • Market orders (executing the trade at the prevailing market price)
  • Pending orders (i.e., to buy or sell at a future time)
  • Take profit orders (i.e., close the position at a certain price level)
  • Stop loss orders
Order Setting in MetaTrader 5

Advanced technical analysis

MetaTrader 5 has a wide variety of technical analysis tools, including more than 80 technical indicators and graphic objects, which allows traders to identify price patterns and market trends.

Custom Expert Advisors (EA)

Traders can program their own EAs using the MQL5 programming language, which allows them to automate their trading strategies and trade 24/7 without “manual” intervention (that is, without executing the orders themselves).

Backtesting and strategy optimisation Functions

MetaTrader 5 has a backtesting function that allows traders to test their trading strategies with historical data and see how they would have performed in the past. It also includes an optimisation function that helps find the best parameters for a strategy.

Backtesting in MetaTrader 5

Alerts and notifications

Traders can program specific types of alerts and receive emails directly from the platform, allowing them to stay informed about their trades and receive news and market analysis remotely and automatically.

Integrated economic calendar

The platform has an economic calendar that shows the next relevant economic events, which helps traders make informed decisions about their trades without having to use other external sources. This feature can save significant time and money since you don't need to pay for third-party information.

Other MT5 features include:

  • Real-time financial news
  • Customisable charts with multiple timeframes
  • Risk management tools
  • Customisable interface

Metatrader 5 platform devices/OS

MetaTrader 5 is available on different operating systems and devices. MT5 is essentially available for download on both Windows and MAC OS. Also, there is a browser-based version and another version optimised for mobile phones.

Metatrader 5 Web

MetaTrader 5 WebTrader is a web-based trading platform that does not require download or installation: traders can access it from any web browser and manage their portfolios or strategies directly from there.

The web platform offers the best user experience, and all the functions and tools, including advanced graphics, technical indicators and analysis tools.

MetaTrader 5 mobile app

MetaTrader 5 also offers mobile applications for iOS and Android devices. These applications allow traders to operate in the financial markets from their mobile phones or tablets, allowing them to stay connected and operate in real time.

The applications offer all the functions and tools of the web version, so you can stay up-to-date on the go.

MetaTrader 5 Mobile App

Differences between Metatrader 4 and 5

Let's see some of the most relevant differences between Metatrader 4 and Metatrader 5:

Market depth functionality

MetaTrader 5 offers a market depth functionality (DOM), which MT4 lacks. This allows traders to see the market liquidity for any financial asset, which can help them make informed decisions about their trades.

Order types

MetaTrader 5 offers more two more order types than MetaTrader 4. In particular, MetaTrader 5 allows the placement of stop limit and stop loss limit orders, which are not available in MetaTrader 4.

Test mode

The test mode in MetaTrader 5 is more advanced than in MetaTrader 4, allowing traders to perform more sophisticated and accurate trading strategy tests.

Programming language

MetaTrader 4 uses the MQL4 programming language, while MetaTrader 5 uses the MQL5 programming language. MQL5 is more advanced and flexible than MQL4, allowing traders to create more sophisticated indicators and EAs.

FIFO rule

MetaTrader 5 complies with the FIFO rule – first in, first out. This rule was introduced after the launch of MT4, so it only affects MT5.

According to the FIFO rule, you need to close your first position in an asset before opening a new one. So, for instance, you cannot have opposing positions in the same asset (you need to close the oldest one first before opening a new one).

This rule does not apply to MT4.

Programming language compatibility

The Expert Advisors designed in MetaTrader 4 use an MQL4 programming language (the one of this trading platform). While in MetaTrader 5, the language MQL5 is used. This fact makes it impossible for programs written for MetaTrader 4 to be used in MetaTrader 5.

So, which one should you choose?

MT4 or MT5? As is often the case when dealing with products and services related to the world of trading and investment, there is no definitive answer. After reviewing the features, advantages, and shortcomings of MetaTrader 5 in this review, each trader must compare the information with their own interests and requirements. To evaluate a platform, it is essential to consider the following questions:

  • What is my trading style? (scalping, day trading, swing, etc.).
  • Which financial markets do I want to trade?
  • What analysis tools and indicators do I need?
  • How many timeframes do I need access to?
  • Will the FIFO rule impact my experience?'

You may also want to check out the following articles to find the right platform for your needs:

Metatrader 5 review: summary

MetaTrader 5 is an incredibly popular and well-established trading platform that provides a broad range of tools and resources for traders at all experience levels. The platform is highly regarded for its advanced functionality, intuitive user interface, and ability to customise and automate operations.

In general, MetaTrader 5 is a highly recommended platform. Although there may be an initial learning curve that requires time and effort to assimilate the necessary knowledge to use the platform efficiently, traders who invest the time to become familiar with MT5 and its tools will discover it to be a valuable and powerful tool that can cater to the needs of any trading style.

Pros and cons of using Metatrader 5

Here's a short summary of the pros and cons of using MT5:

Pros

  • Wide range of features: MetaTrader 5 offers a great variety of trading tools, including advanced features such as market depth and multiple types of orders.
  • Customisation and automation: Traders can customise and automate their operations using the extensive range of technical indicators, EAs and other features available on the platform.
  • Wide variety of financial instruments: MetaTrader 5, given its compatibility with a large number of brokers, offers access to practically all financial instruments in the market.
  • Tools and analysis: The platform offers a wide variety of technical and fundamental analysis tools and features, such as advanced charts, technical indicators and an economic calendar.
  • Mobile Platform: Traders can access the platform and make trades from anywhere through the MetaTrader 5 mobile app.

Cons

  • Learning curve: The platform's extensive functionality and the large number of tools and indicators available can be overwhelming, especially for beginner traders.
  • Incompatibility: Some brokers may not offer support for MetaTrader 5, which limits its accessibility for certain traders depending on the broker they wish to use.

FAQ

Can I trade multiple financial markets using MetaTrader 5?

Yes, MetaTrader 5 allows traders to access and trade multiple financial markets, including forex, stocks, futures, and more.

Is MetaTrader 5 suitable for beginners with little trading experience?

MetaTrader 5 caters to traders of all experience levels. It provides a user-friendly interface, educational resources, and various trading tools to support beginners in understanding the market and executing trades.

Can I automate my trading strategies using MetaTrader 5?

Yes, MetaTrader 5 offers comprehensive options for automated trading. Traders can develop and implement their own trading algorithms using the MQL5 programming language.

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