Dallas Forex Brokers: Choosing The Right Partner For Your Strategy – Have been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Every year, we collect thousands of data points and publish tens of thousands of words of research. Here’s how we test it.
The MetaTrader platform suite, developed by MetaQuotes Software Corporation, is home to two of the most popular trading platforms for CFD and forex traders – MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
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Although MT4 is perhaps the more popular version of the well-known platform, MT5 upgrades and improvements have increased the adoption of the newer MetaTrader platform in the forex brokerage industry over the past ten years.
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Like MT4, MT5 is not a broker. If you have decided that you want to use MT5 (and there is a good reason to do so), you still need to choose a reliable and well-regulated forex broker to start trading. This guide will help you choose the best MT5 forex broker, and explore some of the most important MT5 features and functions.
Our team has tested more than 60 of the biggest forex brokers in the industry (read more about how we test), and evaluated the top MetaTrader 5 offerings to produce a list of the best MT5 forex brokers:
Competitive pricing and scalable execution make IC Markets a great choice for algorithmic traders. Despite supporting an impressive array of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders. Read the full review
FP Markets shines as a low-cost broker for forex and CFD trading – as long as you use the MetaTrader platform. The Iress platform suite offers more than 9,000 tradable symbols, but it’s mostly a stock trading platform – and generally a more expensive option. Read the full review
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Pepperstone offers a wide range of tradable markets, high quality research, and support for a variety of social copy trading platforms. Read the full review
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. However, the range of markets that can be traded is quite narrow, and the prices on FXCM are only average. Read the full review
CMC Markets is trusted around the world, and offers a great trading experience thanks to the price and selection of more than 12,000 tradable instruments. Read the full review
Vantage completes the MetaTrader platform suite offering with support for multiple social trading platforms, content powered by Trading Central and a proprietary mobile app. However, Vantage tracks industry leaders in key areas such as research and education. Read the full review
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Tickmill is a run-of-the-mill MetaTrader broker that offers a selection of tradable securities. The broker offers very competitive commission-based pricing to professionals through VIP and Pro accounts. Read the full review
One of the most well-known retail forex trading platforms in the world, MetaTrader 5 (MT5) is part of the trading application developed by MetaQuotes Software Corporation for desktop, web, and mobile.
Designed as the successor to the hugely popular MT4 platform, MT5 features numerous upgrades and has some significant improvements to the MetaTrader software. However, MT4 remains one of the most widely used retail forex trading platforms in the market. If you want to learn more about MetaTrader 4 and the MetaTrader software suite, check out our complete guide to MetaTrader.
Like previous MetaTrader platforms, MT5 supports multiple execution methods and is designed as a turnkey solution for brokers. Brokers pay a fee to license the MetaTrader software in order to provide the platform to their clients. Brokers can customize their MT5 platform based on the variety of markets they offer to suit their individual client’s needs – meaning MT5 offerings can vary from broker to broker.
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The MT5 platform was first introduced in 2010 and has been slow to gain adoption among traders when compared to MT4, its successful predecessor. To encourage the transfer of accounts to the latest platform, MetaQuotes recently announced its decision to stop selling new licenses for the MT4 platform. As more brokers have added MT5 to their platform offerings over the years, it has slowly gained wider adoption in the brokerage industry.
Android and iOS users can download MT5 to trade on the go. The MetaTrader app (MT4 and MT5) was removed from the Apple App Store in September 2022, but MetaTrader is available again for iOS from March 2023.
Admiral Markets, ACY Securities, AvaTrade, BDSwiss, BlackBull Markets, Eightcap, FlowBank, FOREX.com, FP Markets, FXCM, FxPro, HYCM, HFM, IC Markets, IG, LegacyFX, Moneta Markets, OANDA, OctaFX, Pepperstone, Swissquote, Tickmill, TMGM, Trade 360, Vantage, VT Markets, and XM Group.
Like the MT4 platform, MT5 is available for desktop, web, and mobile. We’ve tested the MetaTrader 5 platform across devices, and we’ve detailed its strengths, weaknesses, similarities, and differences below:
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The popular Mobile Trading application MT5 is available for Android devices from the Google Play store, which has been downloaded more than 10 million times and has a rating of 4.5/5. The Android version is supported on phones and tablets, and – like the MT5 web platform – the MT5 mobile app has 30 built-in indicators.
Note: MetaTrader 5 is available for download from the Apple App store and for Android in the Google Play store.
Bottom line: The MT5 app is light on features compared to the desktop platform, but it still offers more functionality and is easier to use than the web version.
Some of the best mobile apps are developed in-house by the top forex brokers in the industry. Want to learn more about the various mobile apps available? Read our guide to the best forex trading apps.
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The MT5 desktop terminal is downloadable and designed for use with Windows-based computers. MT5 users get access to more than 100 interactive charts that feature dozens of analytical tools, such as indicators and graphical objects. The 21 time frames available allow technical analysis of currencies, futures exchanges, stocks, cryptocurrencies, indices, and spot metals.
Bottom line: If you’re hoping to unlock the full potential of the powerful MT5 trading platform, the desktop version is the way to go.
The MT5 web-based platform can be accessed from any browser or operating system without the need to download any software. However, your broker provides a unique URL of the service that can be accessed with the trader’s login details.
The web version of MT5 has recently undergone major changes, updating its charting capabilities and overall responsiveness to be more competitive with modern web platforms like TradingView.
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A popular trading platform that provides a variety of powerful charting functions and powerful analysis tools, TradingView is used by millions of traders. Learn more by checking out our TradingView guide.
Bottom line: WebTrader is a lighter version of the MT5 desktop platform, and offers only the most basic features for trading and account management.
Demo and live account options are available for all versions of MT5. It is always good to try out a free demo account to learn the software before risking real money.
MT4 and MT5 may share the same developer (and the two platforms even look the same), but the coding is very different, and each platform has different functions and features. MT5 brings several changes to the MetaTrader platform that have increased the computing power of the MetaQuotes software. For example, MT5 runs at 64 bits to match the capabilities of modern processors, meaning it runs faster and can handle billions more data points than MT4.
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MT5 also features two new order types, advanced Strategy Tester settings, a new MQL programming language, and various design optimizations – among other additions and changes.
Let’s take a look at what’s new with the MT5 platform, and what distinguishes it from its predecessor (MT4):
MetaQuotes Language – better known as “MQL” – is MetaQuotes Software’s programming language, designed to allow programmers to develop scripts, libraries (units of code or sets of custom functions), and technical indicators. Traders and programmers can also use the MQL Development Environment to build, test, debug, and optimize forex trading robots.
MetaTrader 4 and 5 each have their own programming language. MQL5 for MT5 is a cut above MQL4 (MT4 programming language). MQL5 has special C++ elements that allow developers to build expert advisors (EAs), or trading robots, with a greater level of complexity than MQL4.
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Programmers can sell EAs and indicators in the MQL5 market while still protecting their proprietary code, and this forex robot can be used in the very popular MT5 algorithmic trading suite. MQL5 even has a development assistant, which allows traders with no programming experience to create a very simple trading robot.
The MT5 Strategy Tester allows traders to test and optimize software built with MQL5 – before the software runs on their live accounts with real money.
If you are going to buy an EA from the MT5 Community, use the MT5 Strategy Tester to evaluate the software before buying. This can also be done using the demo version of the software.
Backtesting is a way for traders to evaluate their trading strategy without actually risking their investment capital. According to
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