MetaTrader 5: The Complete MT5 Review 2026
MetaTrader 5 is a multi-asset trading platform for forex, stocks, futures, and commodities. Find the best MT5 brokers, learn all features, and start trading today.
Best MetaTrader 5 Brokers 2026
Our top-rated brokers offering MetaTrader 5 with multi-asset trading, tight spreads, and reliable execution. All brokers are regulated and expert-reviewed.
IC Markets
True ECN Trading with Raw Spreads
Pepperstone
Award-Winning Forex & CFD Broker
Axi
Professional-Grade ECN Trading
Admiral Markets
Trade with the Admirals
AvaTrade
Award-Winning Multi-Asset Broker
Vantage
Trade Smarter
GO Markets
Award-Winning Australian Broker
Eightcap
Trade with the Best
FP Markets
Raw ECN Spreads Across Five Platforms
Titan FX
Zero Point Technology Trading
XM
Ultra-Low Deposits, Global Reach
easyMarkets
Trade with Confidence
Libertex
Zero Spread Trading
TioMarkets
FCA & CySEC Regulated Forex Broker with Raw Spreads from 0.0 Pips
TabTrade
Offshore CFD Broker with 0.0 Pip Average Spreads & Equinix Execution
What is MetaTrader 5?
MetaTrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software and released in 2010. While MT4 focused primarily on forex trading, MT5 was designed from the ground up to support multiple asset classes including stocks, futures, commodities, and forex.
MT5 is not just an upgrade to MT4 - it's a completely different platform with a new programming language (MQL5), more timeframes (21 vs 9), an integrated economic calendar, and full Depth of Market functionality. These features make it the preferred choice for traders who want multi-asset exposure from a single platform.
Despite being released in 2010, MT5 only gained significant traction in recent years as MetaQuotes stopped licensing MT4 to new brokers. This means all new brokers must offer MT5, and existing brokers are being encouraged to migrate their clients to MT5.
Important: MetaTrader 5 is not a broker - it's a trading platform that brokers license from MetaQuotes. Your broker provides the trading conditions (spreads, leverage, instruments) while MT5 provides the interface and execution technology.
MT5 Summary
The biggest differences between MT5 and MT4 are: more timeframes (21 vs 9), a built-in economic calendar (MT4 has none), full Depth of Market, support for exchange trading (stocks, futures), and the MQL5 programming language which is more powerful but not backward compatible with MT4's MQL4.
Many traders still use MT4 because their existing Expert Advisors (EAs) don't work on MT5 without being completely rewritten. However, for new traders starting fresh or those wanting to trade multiple asset classes, MT5 is the better choice.
Should You Use MetaTrader 5?
Based on expert reviews and hands-on testing, here's what traders think about MT5:
8 Reasons To Use MetaTrader 5
- Multi-asset trading: trade forex, stocks, futures, and commodities from one platform
- 21 timeframes vs MT4's 9 gives more flexibility for analysis across different trading styles
- Built-in economic calendar means no need for external news sources or plugins
- Depth of Market (DOM) shows real order book data for better entry and exit timing
- More powerful MQL5 programming language enables more sophisticated Expert Advisors
- Better backtesting with multi-threaded strategy tester that uses all CPU cores
- Integrated VPS hosting available directly from the platform
- Free to download and use with any MT5 broker
3 Reasons Not To Use MetaTrader 5
- MT4 Expert Advisors are NOT compatible - EAs must be rewritten in MQL5 from scratch
- Smaller EA marketplace compared to MT4's extensive library built over 15+ years
- Some forex traders find MT5 unnecessarily complex if they only trade currency pairs
MT5 vs MT4 - Full Comparison
Understanding the key differences to make the right choice for your trading:
| Feature | MT4 | MT5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Technical Indicators | 30 | 38 |
| Analytical Objects | 23 | 44 |
| Economic Calendar | No (external only) | Built-in |
| Depth of Market | Limited | Full DOM |
| Asset Classes | Forex, CFDs | Forex, Stocks, Futures, Commodities |
| Pending Order Types | 4 | 6 |
| Account Types | Hedging only | Hedging + Netting |
| Strategy Tester | Single-threaded | Multi-threaded (faster) |
| Programming Language | MQL4 | MQL5 (not compatible) |
| EA Library Size | Extensive (15+ years) | Growing |
| Best For | Forex, existing EAs | Multi-asset, new traders |
When to Choose MT5 Over MT4
- You want to trade stocks, futures, and forex from one platform
- You need more timeframes for detailed multi-timeframe analysis
- You rely on fundamental analysis and want a built-in economic calendar
- You're a new trader starting fresh (no existing MT4 EAs to migrate)
- You want faster backtesting with multi-threaded strategy tester
- Your broker only offers MT5 (new brokers)
MetaTrader 5 Key Features
MT5 is packed with features for serious traders. Here's what you get:
| Feature | MetaTrader 5 Capability |
|---|---|
| Timeframes | 21 timeframes from 1-minute to monthly, including unique 2H, 3H, 6H, 8H, 12H options |
| Devices | Desktop, Mobile, Tablet, Web (PC, Mac, iOS, Android) |
| Asset Classes | Forex, Stocks, Futures, Commodities, Indices, Crypto CFDs |
| Indicators | 38 built-in technical indicators plus unlimited custom indicators |
| Economic Calendar | Built-in calendar with real-time news events and impact ratings |
| Depth of Market | Full DOM showing live order book data for better execution |
| Programming | MQL5 - more powerful object-oriented language for EAs |
| Hedging | Both hedging and netting account types supported |
| Cost | MetaTrader 5 is Free to download |
MT5 Trading System
MT5 offers more order types and execution modes than MT4:
- Market, pending, stop, and trailing stop orders
- Four execution modes
- Hedging and netting positions
- Six pending order types
- Partial order filling policies
MT5 Analytics
Enhanced analytical tools for technical and fundamental analysis:
- 38 technical indicators
- 44 analytical objects
- 21 timeframes
- Unlimited charts
- Built-in economic calendar
MetaTrader 5 Features In-Depth
Click each feature to learn more about MT5's capabilities:
Built-In Economic Calendar
One of MT5's biggest advantages over MT4 is the integrated economic calendar. This shows upcoming economic events, their expected impact, previous readings, and forecasts - all without leaving the platform.
You can filter events by country, impact level (high, medium, low), and date range. Events are displayed in real-time with automatic updates as data is released.
For fundamental traders, this eliminates the need for external websites like Forex Factory or Investing.com - everything you need is built into MT5.
Depth of Market (DOM)
MT5's Depth of Market shows the complete order book - all pending buy and sell orders at different price levels. This is crucial for understanding market liquidity and finding optimal entry/exit points.
You can see how much volume is waiting at each price level, helping you anticipate support and resistance areas based on actual orders rather than just historical price action.
DOM trading is especially useful for scalpers and day traders who need to see where large orders are sitting in the market.
21 Timeframes
MT5 offers 21 timeframes compared to MT4's 9. The additional timeframes include 2-hour, 3-hour, 6-hour, 8-hour, and 12-hour charts that aren't available on MT4.
These intermediate timeframes are valuable for traders who find 4-hour too short but daily too long for their analysis. Multi-timeframe analysis becomes more precise with more options.
Full MT5 timeframe list: M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30, H1, H2, H3, H4, H6, H8, H12, D1, W1, MN
Multi-Asset Trading
Unlike MT4 which focuses on forex and CFDs, MT5 was designed for multi-asset trading. You can trade forex, stocks, futures, commodities, and indices all from the same platform.
This is particularly valuable if you want to diversify across asset classes without switching platforms. Many brokers now offer direct exchange access for stocks through MT5.
The unified interface means you can apply the same technical analysis tools, indicators, and trading strategies across all asset classes.
MQL5 & Expert Advisors
MT5 uses MQL5, an object-oriented programming language more powerful than MT4's MQL4. MQL5 enables more sophisticated trading algorithms with better performance and more capabilities.
However, MQL5 is NOT backward compatible with MQL4. This means MT4 Expert Advisors cannot run on MT5 without being completely rewritten - the biggest barrier to MT5 adoption.
The MT5 marketplace is growing, but the library of available EAs is still smaller than MT4's 15+ year collection. For new EA development, MQL5 is the better choice.
Strategy Tester
MT5's Strategy Tester is significantly more powerful than MT4's. It uses multi-threaded processing, meaning it can use all your CPU cores for much faster backtesting.
Key improvements include: tick-by-tick testing with real tick data, multi-currency testing, forward testing mode, and distributed computing across the cloud.
You can also test strategies across multiple symbols simultaneously and optimize parameters using genetic algorithms.
Mobile & Web Trading
MT5 is available on all major platforms: Windows desktop, Mac (via Wine or native), web browser, iOS, and Android. All versions sync your account, charts, and settings.
MT5 Web runs directly in your browser without installation - perfect for trading on public computers or when you can't install software. It includes most features of the desktop version.
Mobile apps offer full trading functionality including charting, indicators, and account management. Push notifications alert you to price movements and trade executions.
Download MetaTrader 5
MT5 is free to download. Choose your platform:
MT5 for Windows
Full-featured desktop application
Download for WindowsMT5 for Mac
Native Mac version via Wine
Download for MacMT5 Web
Trade from any browser, no install
Open Web TerminalMT5 for iOS
iPhone and iPad app from App Store
Download for iOSMT5 for Android
Android app from Google Play Store
Download for AndroidSystem Requirements
- Windows: Windows 7 or later, 100MB disk space, 1GB RAM
- Mac: macOS 10.12 or later (via Wine or native version)
- iOS: iOS 12.0 or later
- Android: Android 5.0 or later
- Web: Any modern browser (Chrome, Firefox, Safari, Edge)
Getting Started with MetaTrader 5
Follow these 6 steps to start trading on MT5:
Download & Install MT5
Download MT5 from your broker's website or the official MetaTrader 5 site. Run the installer, accept the terms, and the installation completes in under 2 minutes. MT5 is available for Windows, Mac (via Wine), iOS, and Android.
Create Your Account
Open MT5 and go to File → Open an Account. Select your broker from the list, or add a custom server. Register for a demo account to practice, or log in with your live account credentials provided by your broker.
Explore the Interface
Familiarize yourself with the Market Watch (symbol list), Navigator (accounts, indicators, EAs), Toolbox (terminal, news, calendar), and the chart area. MT5 supports detachable charts across multiple monitors.
Configure Your Charts
Right-click any chart to customize. Choose from 21 timeframes, 3 chart types (candles, bars, lines), and add from 38+ built-in indicators. Save your workspace as a template for quick loading.
Check the Economic Calendar
Open the Toolbox panel (Ctrl+T) and click the Calendar tab. Filter by impact level, country, and time. This built-in feature is exclusive to MT5 and crucial for fundamental traders.
Place Your First Trade
Press F9 or click New Order. Select symbol, volume, and order type. Set stop loss and take profit levels. Choose between market execution or pending orders. Start with a demo account to practice risk-free.
MT5 Keyboard Shortcuts
Speed up your trading with these essential shortcuts:
How to Choose an MT5 Broker
Not all MT5 brokers are equal. Here's what to look for:
Regulation
Choose brokers regulated by tier-1 authorities like FCA (UK), ASIC (Australia), or CySEC (EU). This ensures fund protection, segregated accounts, and fair practices.
Asset Coverage
If you want multi-asset trading (MT5's main advantage), check what instruments the broker offers on MT5. Some only offer forex; others provide stocks, futures, and more.
Spreads & Fees
Compare spreads on major pairs. ECN accounts offer raw spreads from 0.0 pips but charge commission. Standard accounts have wider spreads but no commission.
Execution Quality
For scalping and EA trading, execution speed matters. Look for brokers with low latency, minimal slippage, and servers close to major financial centers.
MetaTrader 5 FAQ
What is MetaTrader 5?
Who owns MetaTrader 5?
Is MT5 better than MT4?
Which broker is best for MT5?
Is MT5 free to use?
Can I use MT4 EAs on MT5?
Can I trade stocks on MT5?
What is Depth of Market (DOM)?
Does MT5 have copy trading?
What is the difference between hedging and netting?
Can I use MT5 on Mac?
How do I backtest strategies on MT5?
Ready to Start Trading on MT5?
Get exclusive bonuses when you sign up through TradeTheDay. MetaTrader 5 is free to download and use with any of our recommended brokers.