MetaTrader 5 (MT5) is an online trading platform which is the successor to MT4. MT5, like MT4, is developed and provided by MetaQuotes, established in 2000. However, MT5 is available to traders through brokers, who themselves subscribe to this service. MT5 offers a number of enhancements over MT4. Like MT4, MT5 allows the use of online trading robots and lets the trader customise the platform.
MT5 is a platform that allows the trader to make their own trading decisions and, if they wish, use robots to trade on their behalf. Robots on MT5 have the same name as those on MT4, which is Expert Advisors (EAs). However, MT5 robots use a different programming language, MQL5 (based on C++, so it allows object-oriented coding), versus MQL4 for MT4. MQL5 (and MQL4) allows the trader to design their own robots.
MQL5 is not backwards compatible with MQL4, so one reason for starting with MT5 versus MT4 is to be able to write code without needing to rewrite it at some stage. Traders can download robots as well; some may be provided for free, but many have a fee.
MT5 wins awards; for example, it won 'Best Multi Asset Platform' at the prestigious FMLS Awards in London. As the award suggests, MT5 is designed to provide a wide range of markets (this is a major difference between MT4 and MT5). The actual market offering depends on the broker; however, it can accommodate thousands of markets (for example Stocks CFDs). Consequently, the number of markets offered by MetaTrader brokers has trended up.
MT5 offers more inbuilt technical indicators than MT4. The trader may download more indicators and can build them in MQL5. Technical indicators are used to indicate possible market conditions, such as momentum and volatility, and are based, in general, on past trading patterns. MQL5 can also create scripts, which are used to perform desired functions with the platform (for example, automating repeated functions).
Time frames and, indeed, time frame analysis can be important in trading, and MT5 has more time frames than MT4. MT5 also features a built-in Economic Calendar, which may be used in a wide range of ways, as it shows upcoming data releases, with forecasts for the numbers and pointers to affected markets. MT5 also supports 64-bit multi-threaded devices, so it can be faster and more efficient, and additionally, there is a wider range of pending order types.
MT5 can offer a wider ecosystem, the MQL5 Community. This includes MQL5 Trading Signals (copy trading), Tutorials, Code Base, Forum (to exchange ideas), Market, and VPS (for running robots 24/7). MQL5 Code Base allows the trader to access free source code for indicators and trading systems. MQL5 Market lets the trader purchase ready-to-go indicators and systems.
Since MT5 is available through brokers (or, more properly, providers), these will choose which services to provide as well as, in many cases, offer additional platforms and services.
1 Pepperstone
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
Pepperstone offers MT5 along with other trading platforms. Pepperstone provides accounts for traders who want to trade on their own behalf and for those who want to use automated trading. MT5 has a user-friendly app. Desktop has the full features of MT5.
MT5 also comes with Autochartist, which scans the market looking for potential trades, as well as Smart Trader tools, which are a suite of add-ons for MT5. MT5 at Pepperstone offers 1200+ markets to trade, including Forex (with spreads from 0 plus commission) and Stock CFDs. Pepperstone uses trading infrastructure to deliver rapid order processing and allows a wide range of trading styles.
2 IC Markets
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader
IC Markets has a focus on providing platforms and accounts for scalpers, high-volume and automated traders. IC Markets' MT5 servers are located in Equinix's NY4 data center for low-latency order transmission. IC Markets says that within the center latency is on the order of 1 milisecond, with overall latency around 40 miliseconds.
IC Markets says it has no restrictions on trading styles. IC Markets also provides MT5 add-on tools. Spreads are available from 0.6 without a commission charge and 0 with a commission charge. There are 2250+ markets to trade, including 2100+ Stocks CFDs.
3 AvaTrade
- Minimum deposit: $100
- Online trading platforms: MT4, MT5, Web Trader, AvaOptions
AvaTrade offers a wide range of trading platforms, including MT5. AvaTrade is regulated in a wide range of different regions and provides 1000+ markets to trade on MT5.
4 XM
- Minimum deposit: $5
- Online trading platforms: MT4, MT5
XM offers MT5 on all its account types, including its Ultra Low account. The Micro option on this account allows for very small trade sizes (it is a cent-type account). This account has a $5 minimum deposit, as do the other account types. The lowest spreads are on the XM Zero account, which is available in some regions. This account offers spreads from 0 pips, plus commission.
5 HYCM
- Minimum deposit: $20
- Online trading platforms: MT4, MT5, HYCM Trader
HYCM ofers MT5 on its Fixed, Classic and Raw Accounts.
This Fixed account offers Fixed spreads, the Classic account offers variable spreads, and the Raw account offers spreads from 0.1 pips plus a commission charge (e.g., for scalpers and EA robot traders).
6 BlackBull
- Minimum deposit: None
- Online trading platforms: MT4, MT5, cTrader, TradingView, BlackBull Shares
BlackBull Markets offers trading on MT5, with spreads from 0 plus a commission charge. BlackBull supports a wide range of trading styles, including robots and scalping.
BlackBull utilised Equinix servers, focusing on MT5 trading for strategies needing rapid order transmission, with three account types: ECN Standard, ECN Prime, and Prime+ (an account specifically for high-volume traders). The approachable ECN Standard account is suitable for those who want to test out this advanced level of MT5 trading.
7 Deriv
- Minimum deposit: $5
- Online trading platforms: MT5, Deriv X
Deriv offers a wide range of types of markets to trade on MT5. Deriv provides the Deriv Nakala and MetaTrader Signals (for copy trading) on MT5. Deriv has no minimum deposit requirement to fund its MT5 trading account (but a $5 minimum deposit is required overall).
8 Vantage
- Minimum deposit: $50
- Online trading platforms: MT4, MT5, ProTrader
Vantage Markets offers MT5 trading on all its account types. Both the Standard STP and Raw ECN accounts have a $50 minimum deposit, while the Pro ECN account requires a $10,000 minimum deposit. The Raw ECN and Pro ECN accounts offer Forex spreads from 0 plus commission; however, the Pro ECN has a lower commission charge.
9 Titan FX
- Minimum deposit: $0
- Online trading platforms: MT4, MT5
Titan FX offers MT5 trading across a a range of account types, including its Zero Micro account, which provides higher leverage to allow for smaller deposits and position sizes.
Titan FX supports strategies such as robots, scalping and higher-volume trading on MT5. Titan FX utilizes Equinix servers for rapid order transmission.10 FXPRIMUS
- Minimum deposit: $15
- Online trading platforms: MT4, MT5, cTrader
FXPRIMUS provides MT5 on its PrimusCLASSIC account with a $15 minimum deposit. MT5 is also available on its PrimusPRO account, with a $500 minimum deposit.
MT5 is the successor platform to MT4. It offers a number of enhancements and continues with the legacy of MT4 (which still very much exists) by offering automated trading, the capacity to customise the platform, and the ability to download or create robots, indicators, and scripts.
