| Online Broker | Minimum Deposit | Key Features |
|---|---|---|
| Pepperstone | $200 Minimum Deposit | Pepperstone offers trading on MT5 and MT4, cTrader and TradingView, with automated trading on all these platforms, and rapid order processing Key Features |
| Deriv | $5 Minimum Deposit | Deriv offers trading on a wide range of markets on MT5, from Forex to Synthetic Indices Key Features |
| IC Markets | $200 Minimum Deposit | IC Markets provides trading on MT5 along with MT4 and cTrader, allowing a wide range of trading styles including automated trading, scalping, and high-frequency trading Key Features |
| XM | $5 Minimum Deposit | XM offers trading on MT5 and MT4, allowing automated trading and offers its Micro account, which allows very small trade sizes Key Features |
| AvaTrade | $100 Minimum Deposit | AvaTrade provides trading on MT5 along with MT4, its user-friendly Web Trader and AvaTradeGO app, and AvaOptions Key Features |
| Titan FX | $0 Minimum Deposit | Titan FX provides MT5 along with MT4, offering its Zero Micro account with no minimum deposit and higher leverage, and for traders who use advanced strategies, its Zero Blade and Zero Standard accounts. Key Features |
| Vantage | $50 Minimum Deposit | Vantage offers trading on both MT5 and MT4, with accounts for automated traders and scalpers, and also provides ProTrader (powered by TradingView) Key Features |
| HYCM | $20 Minimum Deposit | HYCM provides trading on both MT5 and MT4, allowing automated trading, and offering a low minimum deposit of $20 Key Features |
Best Brokers For MT5 - How To Download MT5 - MT5 Automated Trading
MT5 is the successor to MetaTrader 4 (MT4). MT5 contains a number of upgrades to MT4, including depth of market as standard, more technical indicators, time frames, and graphical objects on the platforms, and support for an expanded range of markets. MT5 can be used for both discretionary trading, where the trader makes their own trading decisions, and automated trading, where the computer program makes these decisions for the trader. Like MT4, MT5 provides Expert Advisors (EAs) to automate trading strategies.
To trade on MT5, the trader can sign up with the broker, then typically create an MT5 account. This can normally be live or demo. To use MT5, the trader will download MT5 from the broker. This is desktop MT5, which offers the full features of the platform, including automated trading. There is also a Web Trader, which is a slimmed-down version of MT5 but does not need a download. MT5 can also be traded on mobile. There is also a user-friendly mobile version of MT5, which can be downloaded from the relevant app store.
MT5 is typically offered by brokers that support the use of automated trading strategies. These are algorithms specifying rules to enter, manage, and exit a trade at different frequencies.
Lower-frequency trading is essentially the way a human trader trades, normally implementing rules of some kind (e.g., indicator signals). When trading with rules, the trader is, in effect, following an algorithm, except that at any time they can change their algorithm or try something else. This is exercising discretion, which the human trader can do to a greater or lesser extent, and differs from automated trading, where the robots apply the rule, thereby sacrificing flexibility for the capacity to react quickly and often. A problem with trading discretion is that markets, including Forex, are complex, and deviating from a rule can also result in attempting to chase the market, which can become an experience of trading on volatility.
Computer programs aim to deal with the complexity of the market with their advantage of speed and accuracy, taking this to a kind of extreme when making rapid trades on changes in the market which a human cannot follow, as seen in high-frequency trading. However, for the lower frequency trades, a human may also prefer to use MT5 trading robots (Expert Advisors), as they will not tire and will execute the instructions accurately, assuming no equipment or connection problems. Some trades may require the trader to execute them again and again, even at a lower frequency, and while this may be feasible for the human trader, they may find maintaining consistency hard to do, but a computer program will likely not. These kinds of trades may also have limited scope for discretion.
To some extent, the strategies associated with algorithmic trading, particularly for higher-frequency trades, can be seen as efforts to use the advantages of computer programs to reduce the need to rely on discretionary decision-making. AI (Artificial Intelligence), though, can be seen as an effort to let the system learn from data and hence emulate the discretion reflected in this data to some extent. The typical trader may well be implementing a rule based on an indicator signal and may not need that level of automated decision-making, insofar as it is achievable in practice. The trader may wish to bypass any potential system or connection issues at their end by renting a Virtual Private Server (VPS), a connected computer system hosting and executing the trading robots used by the trader.
The trader can use EAs designed by others, but they also have the possibility of creating their own robots, which can be written in the MQL5 language. This means that the trader can write up the rules they have fine-tuned by trading at their own discretion, seeing which may work and which may not. Strategies can be backtested on MT5, but the problem with all rule-based systems, though, is that just because they worked in the past does not mean that they will work in the future. So there is always room for the trader to supplement the use of robots with knowledge from trades they enter, manage, and exit themselves. MT5 has the tools for this kind of trading, with a somewhat larger set of built-in technical indicators than MT4. However, the trader can also download other indicators and can even build their own in MQL5.
