A Step-by-Step Guide on How to Open a MetaTrader 5 Account

A Step-by-Step
Guide on
How to Open a
MetaTrader 5

To trade effectively, you need the support of a trading platform that is fast, user-friendly, easy to access, highly secure, and loaded with features. The MetaTrader 5 (MT5) platform is exactly that - plus more. This multi-functional platform is ideal for trading a variety of asset classes and features an array of advanced tools. It is the latest platform from MetaQuotes who also designed the predecessor, namely MetaTrader 4 (MT4).

MT5 is a state-of-the-art trading platform that is designed to suit traders of all levels. The tools available assist beginners in learning about the forex market and how contracts for difference are used to trade financial instruments such as currency pairs. For seasoned professionals, the platform allows for technical analysis using features such as EAs that assist with deciding and executing trades.

The layout and user interface of MT5 are similar to the popular MetaTrader 4 (MT4) trading platform, which makes it easy for traders to make a seamless transition. Being the latest platform, MT5 is faster and more efficient while providing a wider range of trading tools. Prior to looking at the process of opening an MT5 trading account, it is useful to know what you can trade on the platform and why it is so popular for trading forex.

What Can Be Traded
on MetaTrader 5?

Backed by a reliable and robust platform, traders can set out on their journey to identify trading opportunities in a range of assets like forex, metals (e.g. gold and silver), commodities (like crude oil), indices (like Nikkei 225, Euro50 and S&P500) and cryptocurrencies (Bitcoin, Ripple, Ethereum and Litecoin). It is also possible to trade different financial instruments on MT5, including highly leveraged CFD instruments that enable traders to find opportunities in both rising and falling markets.

What are the Key
Features Offered by
the MT5 Platform?

With MT5, you gain access to a wide variety of technical analysis tools, highly interactive charting capabilities, automated trading systems, forex signals and copy trading functionalities.

The best part is the ease of access that MT5 offers. It can be downloaded for free and accessed on the device of your choice. You can access the web version of the platform directly via a browser or access the software on your PC (Windows, MacOS or Linux). There are also mobile versions of the trading platform. They are available for download in Google Play and the App Store for respective Android and iOS devices.

The platform is highly user-friendly and easy to navigate, allowing you to access trading functions from a single menu. Users can customise the toolbar in order to quickly implement your most commonly used commands. This is a very useful feature for traders with defined trading strategies.

This advanced platform offers high-level security. Data transfers are compressed and encrypted using 128-bit keys. Additionally, it supports RSA digital signatures.

MT5 offers automated trading robots like EAs that can be downloaded free of cost to help you improve analysis and execution, while relieving you of the burden of constantly looking at the markets and your trades.

For better risk management, this platform offers buy and sell stop orders and a trailing stop function.

MetaTrader gives you a Depth of Market (DOM) display and a choice of several built-in technical indicators. Additionally, MT5 enables you to develop your own custom indicators using custom mathematical tools for performing specific analytical operations on the basis of a predefined set of conditions. You can program an application (as script) for performing any function on the MT5 platform. For instance, you can run a script to close all pending orders or even remove all indicators from a chart.

MT5 offers a plethora of technical capabilities, with more than 80 technical indicators, 44 analytical objects, 21 timeframes, and an unlimited number of charts. It allows one-click trading, sending your trading orders directly from the chart where you have performed your technical analysis to identify entry and exit points.

Using the MT5 platform via a regulated forex broker will allow you to trade forex and other financial instruments in the best possible trading environment. That includes easy access to real-time market news and alerts along with a built-in economic calendar to make informed decisions. From Australia to the United Kingdom and beyond, there is no need to go searching for market news. It is all on hand.

What are the Main
Differences Between
MT4 and MT5?

While MetaTrader 5 is the latest version of the platform, it is not an upgrade to the highly popular MetaTrader 4 offering. Common questions that are often asked include why switch from MT4 to MT5 and how to choose between these two state-of-the-art platforms?

The interface of both is practically the same. This was a deliberate ploy from MetaTrader so that traders can make a hassle-free transition. Both platforms are fast, reliable, offer a range of free EAs and have multi-charting and back-testing capabilities. Here is how they are different:

The MT4 platform was designed with a focus on forex trading, while MT5 is suitable for trading in forex, commodities, indices, stocks CFDs, futures, bonds, options and more. MT5 is designed to cover both centralised and decentralised financial markets. While MT4 supports around 250 financial instruments, MT5 has more than 1,000 assets.

The MT5 platform provides access to more chart timeframes than MT4. While the latter has 9 timeframes, MT5 has 21! There are 7 hourly charts, 11 types of minute charts as well as daily, weekly, and monthly charts.

While MT4 has four types of pending orders - buy stop, buy limit, sell stop, and sell limit, the MT5 platform has six types of pending orders with buy stop-limit and sell stop-limit the two to be added. Additionally, MT5 supports partial order filling policies.

The MT5 expert advisors (EAs) are much more powerful than those offered on MT4. Remote optimisation is offered on MT5, which also allows concurrent back-testing for multiple pairs.

MQL4, which is the programming language for MT4, needs multiple functions to perform every trading operation, while MQL5, the programming language for MT5, is much more efficient and easier to use. The language of MT5 works well in the MT4 platform, but the language of MT4 is not compatible with MT5.

While MT5 allows both hedging (on-demand / request) as well as netting, MT4 permits only hedging. It is possible to transfer funds between accounts on the MT5 platform, but not on the MT4 platform. MT5 displays the DOM (Depth of Market) data, which is not shown in MT4. DOM data is a graphical representation of all bids and offers for a financial asset. All you need to do is click on the ALT+B buttons, and you can view the depth of markets.

The MetaTrader 5 platform comes with an integrated economic calendar, so traders can view the schedules of economic data releases, the figures of the previous release, and the market expectation for each. While both MT4 and MT5 have email integration, the latter supports emails with attachments.

Another unique tool available on the MT5 platform is the investor password. This allows someone other than the account holder to log in to an MT5 account for the purpose of viewing trading activities and histories. This is a useful tool for those who are seeking independent advice on their trading strategies and behaviour.

Finally, MT5 comes with technical support, which was missing in the MT4 platform.

What are the
Steps in Opening a
MetaTrader 5

Opening a MetaTrader 5 account is very simple and the interface is very user friendly.
However, to prevent errors, you may follow these steps:

Step 1:
How to Register for a
Demo Account?

The first thing to do is to decide the type of account you wish to begin with. If you are new to trading, it is a good idea to register for a demo account. This helps you explore the platform and become familiar with features such as the navigator window. You can also practise trading with virtual funds without putting any real capital at risk. A demo account simulates real-world trading, allowing you to check prices real-time and execute trading operations under live conditions. Use this demo account to skill up, gain the necessary confidence, test the strategies you wish to implement, and build the discipline required to trade for a long period of time. Once you have gained some expertise, you can open a live account.

You can register for a demo account with your chosen broker, by filling in a simple form with your personal details, like name, email address, phone number and country of citizenship. Here you can choose the platform like MetaTrader 5 and the account type as “standard”. You will also need to select the currency in which you will make deposits into your account.

Once you have done this, the forex broker will send you an email with login and server details, which you will need to complete step 2.

Step 2:
How to Download
MetaTrader 5 on PC
or Phone?

Ask your broker for the relevant platform download page for MT5. The page will include several options, as MT5 is compatible with various operating systems.

If you plan to use MT5 on your computer or laptop, you can choose the Windows, MacOS or Linux version, depending on the operating system on your PC.

If you wish to trade on the go, you will need to download MT5 on your smartphone or tablet. For this, you can choose between Android or iOS.

Once you have chosen your device and operating system, proceed with the relevant MT5 software. You need to download the MT5 software regardless of whether you want to start with a demo account or a live account.

For PC or Mac:

You need to download and install the corresponding software by launching the ‘.exe’ file. Simply follow the instructions provided by the installation wizard. After this is done, you will be asked to enter the server details and login. For the server details and login, check the email sent to you by your broker.

For Android or iOS (phones and tablets):

Once the app is downloaded to your phone or tablet, run it to start accessing your MT5 account. You will require the server details and login details, which would have been sent to your email address by the broker when you registered for a demo account.

An advantage of the MT5 software is that it is not very data intensive and does not occupy a lot of storage space on your device..

Step 3:
How to Set Up a
Live Account?

Once you have practised enough on the demo account to become familiar with the platform features including technical analysis and placing orders, you are ready to open a real account which in forex is called a live account.

To do this, look for the “Open Live” or "Open Live Account" button on the website of your broker and follow the steps.

As is the case with most account opening processes, the initial step here involves filling in the information required by the broker. Since you already have a demo account, your basic details are with the broker. To open a live account, your broker may ask for further details like your annual income, employment status and trading experience. Your broker will need to complete the KYC (Know Your Customer) process, for which certain information and documents need to be provided.

You will be asked to upload a photo identification, like your passport, driver’s license, or any other government-issued identification, like a state ID or national ID card. When uploading your photo identification document, ensure that your photograph is visible and clear. Make sure that the document has been issued by a government agency and that it clearly mentions your name, date of birth and the issue date and expiry date of the document.

You will also need to upload a proof of residence, like a utility bill, internet bill, phone bill or bank statement. Ensure that the document is current, which means it is less than 90 days old. Upload the complete document and make sure that it clearly mentions your name and address.

Once you have submitted all the KYC documents for verification, along with any other supporting documents, your application is likely to be considered as complete.

The broker will get back to you after reviewing the application. In case there is an issue with the documents you have submitted, the broker may ask for additional documents before approving your application and opening a live account for you.

Your aim should be to open an account with a reputed and regulated broker. Make sure you have gone through the terms and conditions of the broker. You should also check the charges and fees levied by the broker. If you have any questions regarding the terms and conditions or any charges, do not hesitate to check out the FAQ section on the broker’s website or send a query to the broker. This will help avoid discrepancies or surprises at a later stage.

Once your application is approved, you will receive all the new account details for the MT5 platform via email. These details will include account server, account ID, and different passwords.

Step 4:
How to Authorise Your New MetaTrader 5 Account?

To start trading on the MT5 platform, you will receive the account ID and password by email from your broker. It is a good idea to change the password once you log into the account for the first time. Ensure that you keep your login details safe, so that no one else can gain access to your account. When you log into your account for the first time, you will be asked for server details, which would have been provided to you in the initial email that has your account details.

You need to ensure that the right server details are used while trying to login for the first time. If required, you may change these details depending on your interaction with the broker. By logging into the account, you complete the authorisation process.

Once you are logged in, you can view your account details, like account type, account balance, leverage available, and more.

Step 5:
How to Add Funds
to Your Account?

To begin live trading on the MT5 platform, you need to deposit money into your trading account. This is mandatory before you can consider your live account as ready for trading. To add funds, you have to be logged into your account. Look for the ‘deposit’ or ‘add funds’ button and follow the instructions provided on your broker’s website. A reputed broker will offer you fast and easy methods of making deposits and withdrawals, and allow you to use a wide range of payment methods, including credit card, debit card, e-wallets like Neteller and Skrill, online banking, bank wire transfer and other payment services like PayPal and POLi Pay. You can select the most suitable method to initiate the addition of funds.

A world-class broker will allow you to make deposits in a range of currencies. The only limitation may be from the payment method you choose. For example, if you are using a debit or credit card, you may need to make the deposit in one of the major currencies like Australian dollar, Canadian dollar, Swiss francs, euros, British pounds, Hong Kong dollar, Japanese yen, New Zealand dollar, Singapore dollar and US dollar.

Depending on the payment method you choose, the funds may take up to 3 business days to be cleared and appear in your trade account.

Step 6:
How to Expand the
Pool of Expert Advisors
and Indicators?

MetaTrader 5 offers you access to a variety of cutting-edge tools to help you perform technical analysis and trading operations. These include a range of indicators and expert advisors (EAs), which are free of cost and can easily be integrated with the charts. However, as you trade, you may feel the need for custom indicators or EAs. There are several paid indicators and EAs available at the MT5 marketplace. If you do not wish to spend on these, there is also the option of downloading the MetaTrader Special Edition (MTSE) plugin, which provides you with a number of other indicators and trading tools for no additional cost. The MTSE is a custom plugin for the MetaTrader 5 platform and integrates seamlessly with it, enabling you to increase your pool of indicators and EAs.

What to Consider
Before Opening a
Live Account?

When you enter the world of live trading on MT5, you will be using your money to place trades. While there are attractive opportunities to trade profitably, there are also certain risks. So, before committing real money for live trading on MT5, here are a few things to keep in mind:

Practice on a Demo Account

Beginners can learn the nuances of trading with a demo account without worrying about real capital being involved. The demo account also serves as an ideal tool for experienced traders to test new strategies or enter a new asset class. This account is also useful for back-testing strategies to determine what can be improved by going ahead.

Another critical reason for using a demo account is to develop the discipline required to keep emotions in check and continue sticking to your strategy whether the market begins moving in your favour or against you. Both fear and greed can be devastating for a trader.

Don’t Forget Risk Management

Make sure to use risk management strategies, whether you are a novice or experienced trader. A few winning trades can boost confidence and make traders complacent. This can lead to traders having too many open positions, not applying stop losses and take profit orders with each trade, or not monitoring the news to know about market moving events. It is essential to remember that there is a high level of risk associated with these financial services and any risk warnings should not be ignored.

Broker Support for MT5

Since MetaTrader 5 has a host of advanced features and functionalities, you may seek help from a broker to understand the platform better. Check out the services offered by your broker to ensure that prompt support is provided.

Choose the Platform Correctly

For this, it is important to understand the differences between MT4 and MT5. Gaining a good understanding of the platform will help you easily navigate the various advanced tools, charts, timeframes, and indicators offered by MT5. The broker may also offer other platforms. You can check these out too.

MetaTrader 5 is a multi-functional platform that offers many benefits. It is super easy to download MT5 on different devices and sync them. However, before you begin trading on this platform, check the trading environment provided by the broker, like spreads, market depth and speed of order executions. These will help you take the maximum advantage of each trade and avoid risks resulting from slippage and delays in fund withdrawals.

Start Trading
in Minutes

bullet Access 10,000+ financial instruments
bullet Auto open & close positions
bullet News & economic calendar
bullet Technical indicators & charts
bullet Many more tools included

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