MetaTrader 5 (MT5) is a multi-asset platform that traders and investors use to trade forex, CFDs on stocks, commodities, cryptocurrencies and indices and exchange-traded futures. MT5 was developed by MetaQuotes Software and released in 2010. MT5 offers superior tools for comprehensive price analysis, algorithmic trading applications and copy trading. MT5 uses custom indicators and Expert Advisors for trading automation.

Best MetaTrader 5 forex brokers for traders in South Africa

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Founded 2006

Regulated ASIC, BVI, CBI, CySEC, FSA(JP), FSC, FSCA

Headquarters Ireland

Tradeable assets Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform MT4, MT5, AvaOptions, AvaSocial, AvaTradeGo

Trading desk Market Maker

Minimum deposit $100

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Founded 2008

Regulated CySEC, FCA, FSA(SC), FSCA

Headquarters Cyprus

Tradeable assets Currencies, commodities, indices, stocks, crypto

Trading platform MT$, MT%

Trading desk Market Maker, NDD

Minimum deposit $10

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Founded 2009

Regulated CySEC, IFSC

Headquarters N/A

Tradeable assets Currencies, stocks

Trading platform MT4, MT5

Trading desk STP, ECN, NDD

Minimum deposit $1

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Founded 2005

Regulated ASIC, CySEC

Headquarters Australia

Tradeable assets Currencies, commodities, indices, stocks, crypto, futures

Trading platform IRESS, MT4, MT5, WebTrader

Trading desk No dealing desk (NDD)

Minimum deposit $100

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Founded 200

Regulated CySEC, FCA, FSCA, SCB

Headquarters United Kingdom

Tradeable assets Currencies, commodities, indices, stocks, futures

Trading platform cTrader, MT4, MT5, Proprietary

Trading desk No dealing desk (NDD)

Minimum deposit $100

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Founded 2011

Regulated FCA, CySEC, FSCA, FSC (Mauritius)

Headquarters Cyprus

Tradeable assets Currencies, commodities, spot metals, stocks, indices, crypto

Trading platform MT4, MT5

Trading desk Market Maker

Minimum deposit $10

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Founded 2010

Regulated CySEC, DFSA, FCA, FSA(SC), FSCA

Headquarters Cyprus

Tradeable assets Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform MT4, MT5

Trading desk DMA, ECN, STP

Minimum deposit $5

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Founded 2007

Regulated ASIC, CySEC, FSA(SC)

Headquarters Sydney, Australia

Tradeable assets Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform cTrader, MT4, MT5

Trading desk NDD, ECN

Minimum deposit $200

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Founded 2010

Regulated ASIC, BaFin, CySEC, DFSA, FCA, SCB

Headquarters Australia

Tradeable assets Currencies, commodities, indices, stocks, crypto, futures

Trading platform cTrader, MT4, MT5

Trading desk Bank, DMA, ECN, NDD, STP

Minimum deposit $150

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Founded 1977

Regulated CIMA, CySEC, FCA, SVGFSA

Headquarters United Kingdom

Tradeable assets Currencies, commodities, indices, stocks, crypto, futures

Trading platform MT4, MT5

Trading desk DD, Market Maker

Minimum deposit $100

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FAQs : MT5

What is MT5?

MetaTrader 5 delivers a powerful forex trading system with Depth of Market (DOM) and separate accounting of orders and trades. MT5 support the traditional netting system and the hedging option system. Four order execution modes are available to meet various trading objectives: Instant, Request, Market and Exchange execution.

MT5 supports all types of trade orders, including market, pending and stop orders and trailing stops. MT5 is a sophisticated electronic trading platform with a simple interface. Advanced traders can use any trading strategy on MT5 due to its flexibility, order type diversity and multiple execution modes.

MT4 vs MT5: Which is better?

MT5 is the most recent electronic trading platform developed by MetaQuotes Software. MT5 was released eight years after MT4 but it isn’t an updated version of the original platform. Instead, it was developed with additional functionality for a different trading audience.

MT5 is not as popular as the MT4 trading platform but that’s not because MT4 is better than MT5. Traders choose a MetaTrader platform based on their trading strategy. MT5 got off to a slow start but interest in the software application from online brokers is growing.

The main differences between MT4 and MT5 are:

Who uses MT5?

MT5 is used by online brokers and retail traders and investors to access multiple financial assets on the global financial markets. Retail traders cannot directly access exchanges to trade forex and CFDs. They have to trade through a broker on an electronic trading platform.

MT5’s server component is run by licensed online brokers and the software is used by clients to automate trading using algorithms that open and close trades. MT5 is used to deposit and withdraw funds, draw and monitor charts, review fundamental and technical analysis, and use analytical functions to open and close positions and set orders.

Should I use MT4 or MT5?

MT4 and MT5 are both excellent trading platforms. They offer interactive charting and a huge variety of technical analysis indicators across multiple timeframes as well as the latest financial news. The MetaTrader platform you use depends on what type of trader you are:

Note: Features and tools used to analyse forex charts are not as robust on MT5 as they are on MT4. You’ll sacrifice performance when using MT5 for forex trading.

Can I convert my MT4 trading account to MT5?

No, you can’t transfer your trading account from the MT4 to the MT5 terminal. You need to open a separate forex trading account to use the MT5 trading platform.

Who owns MT5?

MT5 was developed by MetaQuotes Software. It is sold under license to online brokers. MetaQuotes is one of the leading developers of software applications for brokerages, banks and exchanges.

MetaQuotes Software released software for automated trading for the first time in 2000. MT4 is an iteration of the original software. MetaQuotes Software released MetaTrader 5 (MT5) in 2010.

Is MetaQuotes a broker?

No, MetaQuotes is not a broker. The company develops software for algorithmic trading and sells its electronic trading platforms to licensed online brokers. MetaTrader licensed brokers offer the MT4 and MT5 trading platforms to their clients to access the global financial markets.

Is MetaTrader 5 safe to use?

Yes, MT5 is safe to use. The software application encrypts all your data on the trading platform and server and conceals your IP address while trading multiple financial instruments. Forex and CFDs trading itself is risky and is not suitable for all traders.

How much does it cost to use MetaTrader 5?

MT5 is free to download through a reputable online broker that supports the software application. Licensed MT5 retail brokers pay an upfront fee for a full license and pay an annual fee for hosting, bridging and 24/5 support. Forex brokers absorb the cost of hosting MT5 and make money on the spreads.

You download MT5 for free from an online forex broker when you register for a demo or live account. You have the option of downloading a zip file with the MT5 platform from the MetaQuotes website free of charge, but the majority of retail traders use online brokers to trade forex.

Is MetaTrader 5 suitable for beginner traders in South Africa?

Yes, MT5 is suitable for beginner traders who would like broader applications for contract-for-differences (CFDs), stocks and exchange-funded futures. MT4 was designed specifically for forex trading and is a more popular option for beginner forex traders.

Is MetaTrader 5 suitable for advanced traders in South Africa?

Yes, MT5 is suitable for advanced traders. The software application offers broader applications for contract-for-differences (CFDs), stocks and exchange-funded futures with advanced charting capabilities and technical analysis as well as built-in indicators and graphical tools. MT5 supports automated trading with MetaQuote’s proprietary MQL5 language that advanced traders use to construct custom indicators.

How do you use MetaTrader 5?

MT5 has a simple interface that is easy to set up and use. Here is a simple guide on how you access MT5 and use the platform for forex trading.

  1. Open a demo or live account with a reputable forex broker
  2. Download the MetaTrader 5 trading platform
  3. Select Tools and New Order when you are ready to start trading
  4. Select an order option; instant execution or pending order
  5. Monitor and close your positions and pending orders via the MT5 terminal
  6. Modify stops and limits on open positions
  7. Use a wide range of tools to customise your charts; draw on charts, add indicators, change timeframes, set up price alerts, view your trade history and download trade reports

What analytical functions does MetaTrader 5 offer?

MT5 is an all-in-one software application for financial trading and offers users an impressive array of analytical tools. MT5 allows you to open up to 100 charts of currency and stock quotes at a time. The 21 timeframes available enable a comprehensive analysis of all minor price movements. More than 80 technical indicators and analytical tools provide detailed analysis of quote dynamics, including graphic objects.

Analytical resources on the MT5 terminal are not limited to the built-in tools. You can choose between thousands of free-of-charge indicators from the Code Base, purchase or rent applications from the Market (a library of more than 2500 ready-made algorithmic applications) and order custom indicators from professional programmers through the Freelance service.

The high-performance MQL5 programming language allows you to create custom indicators with unique characteristics.

MetaTrader 5 offers 44 analytical objects: Gann, Fibonacci and Elliott tools, geometric shapes, various channels, and more. Contrary to the technical indicators, the analytical objects are applied manually.

Objects control is intuitive and is not difficult to manage. To apply a tool, an MT5 trader only needs to specify a few control points to plot the object. After that, the required analytical object will appear on the screen.

Can I use MetaTrader 5 for copy trading?

Yes, you can use MT5 for copy trading. Trading Signals in MT5 allow you to automatically copy deals performed by other traders in real-time. Many advanced traders publish forex trades on MT5 for retail traders to access either for free or for a reasonable fee. These traders are known as signal providers.

You can choose from hundreds of free and paid signals available for demo or live accounts with the preferred risk level and profitability by subscribing to the selected signal provider. You may choose to monitor trading results or rely on the signal behaviour.

You need the following to subscribe to MT5 Trading Signals:

Does MetaTrader 5 have a mobile application?

Yes, MT5 has a mobile application for iPhone/iPad and Android devices. The MT5 mobile app allows you to trade forex and CFDs in real-time from anywhere. You can trade multiple assets and manage your trading account 24-hours a day.

What support does MT5 offer if I have a problem?

Your first port of call if you have a problem with the MT5 trading platform is your online broker. Reputable online brokers offer customer support 24-hours a day/5-days a week via Live Chat. You can also get hold of your broker via email or telephone.

MetaQuotes Software publishes online PDFs and video tutorials that are helpful when you start using the MT5 trading platform. You’ll find information on every topic. Another place to go for help is online trading communities.

You may need to install updated MT5 software if you are experiencing glitches or problems with the software application freezing or not starting.

FOREX TRADING AFRICA DISCLAIMER

Forex and CFDs are complex instruments. Trading these instruments involves a high risk of losing money rapidly due to leverage and margin. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers, trading platforms and financial instruments. The content is research-based and provides information to help traders and investors make better decisions when trading multiple assets on the global financial markets. The information is provided to improve your knowledge and expertise in financial trading and is not a substitute for professional advice from expert traders.

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