MetaTrader, created by MetaQuotes Software Corporation, comprises a range of trading platforms, and it proves to be the most influential amongst both forex traders and CFD traders alike. MetaTrader encompasses two fundamental platforms; thus we have MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Despite the fact that MT4 is preferred by many forex traders globally as their best platform of choice, MT5 has become more widely used in the last ten years.
It will be much easier for you to choose the best forex brokers for MT5 after going through our MetaTrader 5 guide because it focuses on highly regulated brokers. Whether you select MT4 or MT5 as your preferred trading platform, you must find a trustworthy forex broker who adheres to rules, regulations, etc. This part discusses the characteristics of the MT5 platform as well as the best MT5 brokers providing strong services on this platform to meet different trading preferences and requirements.
Multibank
Multibank has advanced charting tools, technical indicators and automated trading capabilities through Expert Advisors (EA) on the MT5 platform. With high trading speeds on MT5, it is appropriate for many forms of trading including scalping and day trading. Multibank, being one of the most used MT5 brokers, offers traders extensive flexibility in terms of customizing their trading interface and tools, as well as access to other features like market depth, trading signals, an economic calendar, etc.
RoboForex
RoboForex supports all MT5 features including multi-asset trading and advanced charting with technical analysis tools using the MT5 platform. Another one of the most used MT5 forex brokers offers Cent, Standard, ECN and Prime accounts for MT5, so it caters to different types and levels of traders. The broker has an expanded list of instruments traded in MT5, including forex assets, stocks, indices, and cryptocurrencies. It is also possible to use automated trading through advisors, where, in addition to Virtual Private Server (VPS) services, extended support is implemented.
AvaTrade
The MT5 AvaTrade platform, like many other MT5 stock brokers, has advanced charting functions and a built-in economic calendar among others. For users to maximize their use of MT5, guides and tutorials are integrated into the platform. Regulated markets such as foreign exchange, commodities, shares, indices and cryptocurrencies are supported by the MT5 too.
Justmarkets
JustMarkets is an online brokerage company that offers a complete range of trading platforms with the MetaTrader 5 terminal. These include an integrated technical analysis package, customizable charting options and multiple asset classes. Users have the option to choose from three types of accounts: ‘Standard’, ‘Pro’ and ‘Raw Spread’. One of the best MT5 crypto brokers offers tight spreads and fast order execution. The broker also supports expert advisors and provides a virtual private server (VPS) for the smooth running of automated trading systems. They enable their clients to learn about Forex markets by combining educational materials with market analysis right from their trading platform.
IC Markets
IC Markets is another one of the top MT5 brokers, offering raw spread and standard accounts tailored to MT5 users’ needs, advanced trading tools, customizable interface, and massive technical analysis settings. This broker is well known for its short execution speeds; thus, making it quite suitable for use in scalping or even high-frequency trades on MT5.
MT5 Indicators
The table below lists the MT5 indicators that traders need. Thus, people familiar with MT5 trading brokers will find it indispensable for their strategies due to the huge range of these tools.
| Category | Indicator | Description |
Trend Indicators | Moving Averages (MA) | Using this indicator, the trend direction could be ascertained by simple, smoothed exponential linear weighted averages. |
| Bollinger Bands | This indicator measures market volatility and thus identifies areas with high and low prices. | |
| Average Directional Index (ADX) | It shows the strength of the trend. | |
| Parabolic SAR | This indicator identifies potential reversals in the market trend. | |
Oscillators | Relative Strength Index (RSI) | This indicator measures the speed and change of price movements. |
| Moving Average Convergence Divergence (MACD) | It shows the relationship between two moving averages of the price of a security. | |
| Stochastic Oscillator | It compares a specific closing price to a range of closing prices over a specified period. | |
| Commodity Channel Index (CCI) | This indicator identifies cyclical trends in the market. | |
Volume Indicators | On-Balance Volume (OBV) | This indicator combines price and volume to show how volume moves into or out of a security. |
| Money Flow Index (MFI) | This indicator uses both price and volume to measure buyer and seller pressure. | |
| Accumulation/Distribution (A/D) | It evaluates the strength of a trend using volume and price. |
MT5 Features
Its robust feature set makes MT5 futures brokers a powerful and versatile platform for traders of all levels, providing advanced tools and capabilities to enhance trading efficiency and effectiveness. Let us examine them in detail.
Trading on Mobile Devices
Traders have the flexibility to manage their accounts and make trades from anywhere because MT5 is available on both iOS and Android platforms for all brokers that use MT5. An entire set of charting tools and technical indicators that are similar to the ones on the desktop version is at hand. A wide range of functions, such as opening/closing positions or setting stop loss/take profit orders are available for the traders. It provides access to real-time price quotes for all financial instruments.
Variety of Trading Tools
- MT5 allows automated trading using Expert Advisors who analyze market situations and perform trades without human intervention.
- A range of order types – Market Order, Limit Order, Stop Order – have been added to satisfy various trading styles; hence this feature is good for the platform.
- There is an economic calendar inside brokers that support MT5 that informs either on scheduled changes in financial policy or data.
- Access to a wide range of trading signals and copy trading options, enabling traders to follow successful strategies.
- Integration with Virtual Private Servers (VPS) for uninterrupted trading, especially useful for running EAs.
Chart Analysis
MT5 provides a comprehensive view of markets across different time frames. Its high-quality, interactive graphs allow for detailed analysis and easy zooming and scrolling. Moreover, it has more than 80 preset indicators such as Moving Averages, MACD, etc., but traders can also create their own. A charting interface that can be customized easily has been developed for traders to change the colors, styles or positions of their charts. Also, brokers MT5 have more different kinds of charts such as bars (histograms), candles (candlesticks) and lines. Moreover, it is possible to store chart templates and profiles for quick setup or consistent analysis across many instruments. This also means that you can study more than one chart simultaneously which makes it easier to compare them hence diversification of trading strategies.
FAQs
The top brokers for MT5 usually demonstrate a combination of the following characteristics: regulation, security, low spread, high execution speed, flexible leverage, and various account types.
An MT5 demo account is not a real trade account that pretends to behave like a real trade account through which traders can practice trading with Meta Trader 5 without risking money. It gives real-time market information and operates under the same conditions as live accounts.
Deposit methods offered by MT5 brokers include bank wire transfers, electronic payment systems, cryptocurrencies, and local payment options. Withdrawals generally reflect these options, offering flexibility and convenience to traders.
