MetaTrader 5 Terminal also known as MT5 was developed by MetaQuotes Software Corp. and launched in 2010 following the success and popularity of its predecessor, MetaTrader 4.
Overview of MetaTrader 5 Terminal
- ✔️Overview
- ✔️MetaTrader 5 Features
- ✔️MetaTrader 5 Terminal Installation
- How to Open an Account
- Authorization
- OTP
- Live Updates
By utilizing the MetaTrader 5 Client Terminal, traders have access to trade in various Forex, options, futures, and stocks markets.
Overview
MetaTrader 5 was developed by MetaQuotes Software Corp. and launched in 2010 following the success and popularity of its predecessor, MetaTrader 4.
Instead of merely building on what the MetaTrader 4 Client Terminal already was, the MetaTrader 5 Client Terminal was developed, re-written and built from scratch, making the possibilities of the Client Terminal so much wider than that of MetaTrader 4.
Although the MetaTrader 4 Client Terminal is offered by various brokers and still used by millions of traders, more are transitioning to use the MetaTrader 5 Client Terminal due to its comprehensive offering of additional functions and features.
Some of the most popular brokers that offer use of the MetaTrader 5 Client Terminal in conjunction with one of their tailored accounts, include, but is not limited to:
MetaTrader 5 Features
The MetaTrader 4 Client Terminal was solely focussed on providing traders with access to Forex markets, whereas the MetaTrader 5 Client Terminal allowed working in a variety of markets.
By utilizing the MetaTrader 5 Client Terminal, traders have access to trade in various Forex, options, futures, and stocks markets. Another added feature to the MetaTrader 5 Client Terminal is that traders have access to Depth of Market when trading in stock markets.
The MetaTrader 5 Client Portal provides traders the option between two separate accounting systems namely the traditional netting system and the hedging option system.
Traders can choose between four order execution modes which includes instant, request market and exchange in addition to the Client Terminal supporting all types of trade orders which includes market, pending, stop orders and trailing stop.
Where the MetaTrader 4 Client Terminal only offered traders the option of viewing charts in nine different time zones, the MetaTrader 5 Client Terminal offers twenty-one.
In addition to this, the MetaTrader 5 Client Terminal also makes more technical indicators and analytical tools available for use when conducting professional technical analysis and traders can have up to 100 window frames open simultaneously.
Traders are not limited to the tools and indicators built into the Terminal, but they also have access to the Code Base, the Market and Freelance Services to obtain more either through free downloads or paid purchased.
With the MetaTrader 5 Client Terminal, came the transition from MQL4 to MQL5 and this provides traders with even more opportunity to create indicators and EAs.
The MetaTrader 5 Client Terminal also makes up for what the MetaTrader 4 Client Terminal lacks with regards to the provision of fundamental data and news which enables traders to conduct a comprehensive fundamental analysis.
From news reports and essential financial information to an economic calendar, the MetaTrader 5 Client Terminal sufficiently equips traders with the resources needed to conduct comprehensive analysis.
The MetaTrader 5 Client Terminal also offers traders with the option to subscribe to trading signals and use copy trading should traders not have the time to manually trade or analyse the markets by offering a significant amount of trading providers.
Where mobile trading is concerned, the MetaTrader 5 Client Terminal can be downloaded and installed to all devices that run either Android or iOS, in addition to offering Android users access to download the APK version of the Client Terminal.
For traders who either cannot download the desktop or mobile version of the Client Terminal, MetaTrader 5 can be used through Web Trading from any desktop and by using any Web Browser to access the Client Terminal.
MetaTrader 5 Terminal Installation
Installation on MS Windows
The MetaTrader 4 Client Terminal is a MS Windows designated application which means that the download and installation of the Client Terminal to computers that run this OS is straight forward and simple as opposed to other OS such as Mac OS and Linux.
Before the user can install or run the Client Terminal, it is necessary that it be downloaded either directly from a broker’s website should the user have an existing account with a broker of their choosing, or from the MetaTrader 5 official website.
As soon as the user has downloaded the Client Portal, it can be selected either from the browser’s download list, or it can be run from the selected location to which it has been downloaded on the user’s computer.
As soon as the user opens the setup file, the prompts in the installation wizard can be followed and completed after which the Client Terminal will launch automatically.
Should the user have an older version of the MetaTrader 5 Client Terminal pre-installed, downloading and installing a newer version will allow for the one pre-installed to be updated.
Installation on Mac OS
Users of Mac OS computers will not be able to download and install the MetaTrader 5 Client Terminal directly as it is a MS Windows-based application and therefor cannot run on Unix-systems without the assistance of applications such as Wine and PlayOnMac.
The user will first have to download and install the Wine application, if they do not yet have it pre-installed on their computers, by visiting the product website and downloading it directly from there.
Users should take note that Wine is not a stable application and when using this, there may be a limitation on features of the MetaTrader 5 Client Terminal in addition to some functions not working properly.
To avoid these limitations and avoid improper functioning of some MetaTrader 5 Client Terminal features, users are advised to download and install PlayOnMac instead.
Users can download this application by visiting the PlayOnMac website and downloading it from the Download section. As soon as the download has completed, the user can select the installation file from Downloads on their computer and selecting the PlayOnMac file.
After selecting it, the PlayOnMac application will open, and a launch window will appear. The first phase of installation allows PlayOnMac to check for- and install all required components that will enable it to run on the Mac OS system.
One of the first components required, is Xquartz, and the user will have the option to either install it from PlayOnMac or to install it at a later stage, but it is recommended that should users not have it pre-installed, that it is installed through the PlayOnMac installation.
Once Xquartz has downloaded, the user will be taken through several installation stages which include:
Introduction
Read Me
License
Destination Select
Installation Type
Installation
Summary
As soon as the user has gone through the first four stages of the installation, the Mac OS Security System will prompt the user to enter their login and password for Mac OS before installation of Xquartz can be performed and completed.
Once installation is complete, the user must restart their computer for the necessary changes to take effect.
Once the computer has been restarted, the user can access the PlayOnMac setup file under Downloads, select it and proceed to complete installation of PlayOnMac.
Once the PlayOnMac setup file is selected, the user will be prompted to install MS Windows Fonts, which is the second component required to be able to run the MetaTrader 5 Client Terminal on the Mac OS computer.
As soon as this has been installed and the user has accepted the License Agreement Conditions, PlayOnMac will now be ready for use.
To download the MetaTrader 5 Client Terminal, the user can visit the MetaTrader 5 download page, click on the download link and wait for the download to complete.
Once the setup file ‘mt5.setup.exe’ has finished downloading, the user will be able to run the installation through PlayOnMac by following the instruction prompts.
As soon as installation has completed, PlayOnMac will offer to create shortcuts to the MetaTrader 5 Client Terminal along with MetaEditor and upon agreeing, these will be added to the desktop or home page of the Mac OS computer.
To run the MetaTrader 5 Client Terminal, the user can either click on the shortcuts or use PlayOnMac and select the Client Terminal to launch it.
Installation on Linux
The requirements for installation and running of the MetaTrader 5 Client Terminal on Linux systems is like that of Mac OS systems as the Client Terminal is originally a MS Windows Application.
Where Linux systems do not have access to applications through which to install and run the Client Portal such as PlayOnMac, users of Linux OS computers will have to rely on Wine to install and run the Client Portal.
Linux versions also vary as there are different groups of developers who work on these versions which include Debian, Mint, Ubuntu, and several others. Users need to ensure that they download the corresponding version of Wine from the product website.
As soon as the user has downloaded and installed the correct, corresponding version of Wine, the MetaTrader 5 Client Terminal can be downloaded from the official website and installed accordingly.
How to Open an Account
For this article, the following sections of this walkthrough will be explained in accordance with utilizing the MetaTrader 4 Client Terminal on a MS Windows system.
Users can open a demo account either with a broker or by using the automatically generated MetaQuotes demo account when launching the Client Terminal after installation has been completed.
In addition, a live account can also be opened in the same manner by using the Client Terminal but before doing this, users are advised to first explore different brokers and their offerings to ensure that it is inline with their trading needs and trading plan.
Users can open a new account either from the Main Menu, or by making use of the shortcut provided in the Navigator window, under ‘Accounts’. As soon as the user has selected the option of opening a new account, the following steps can be followed:
Use the search function at the top of the window to search for the preferred broker (broker must have MetaTrader 5 as part of its offering) or by selecting the MetaQuotes demo account.
Once the user has made their selection, they can choose either to open a demo account, a live account or to log into an existing account from the next window.
As soon as the user has made their selection, they will be taken to a window which requires them to provide basic information such as First and Second name, Email address and Cellphone number.
Once the user has completed this information, the second part of the window requires them to select the server (automatically selected), the account type, the deposit amount, and the leverage.
In the next window all the information provided and selections which were made will be confirmed and the user will be provided with their login ID and Password (automatically generated when creating a new account) as well as their investor.
In the confirmation window, the user will also be provided with the details to download the Client Terminal on their mobile devices.
The MetaTrader 5 Client Terminal can be downloaded to Android tablets and smartphones as well as iPhones and iPads by visiting Google Play or the App Store depending on the OS of the mobile device.
Alternatively, users can also use the QR code provided on the confirmation window to download the Client Terminal on their mobile device with the added benefit that they will be automatically logged into the account they created.
Authorization
To make use of the MetaTrader 5 Client Terminal, users will be required to verify their credentials when the Client Terminal is launched. This entails entering the username and password.
OTP
Users can also make use of an OTP in addition to entering their credentials to log in and this can be set up through using the mobile version of the Client Terminal.
Users can activate the generating of an OTP in the ‘Settings’ section of the mobile Client Terminal. Users will need to enter their four-digit password for the mobile Client Terminal every time that they access the OTP generator.
When this has been set up, a request for an OTP will be sent to the OTP generator on the mobile device once the user accesses the login page on the desktop Client Terminal.
Live Updates
The MetaTrader 5 Client Terminal has an automatic update function which is built into the terminal, and it is therefore not necessary for users to check for updates.
Updates will be automatically downloaded and installed, and users will unfortunately not be able to disable this function.
Conclusion
The MetaTrader 5 Client Terminal offers traders a variety more functions and features than what is available on the MetaTrader 4 Client Terminal, and although it has not yet grown as much in popularity, a lot more brokers are making it a part of their offering to traders.
The MetaTrader 5 Client Terminal does not only offer traders access to trade in more financial markets but also aims to equip traders with more tools and ways in which comprehensive and advanced technical analysis can be done.
In addition, the MetaTrader 5 Client Terminal also offers more resources which can be used for conducting fundamental analysis which makes it easier for traders who depend on both technical and fundamental analysis to develop strategies and make trading decisions.
The MetaTrader 5 Client Terminal caters for both beginner and advanced traders in its offering, and it is over-all a user-friendly platform which can be navigated and mastered quite easily.
One of the MetaTrader 5 Client Terminal’s strongest points remains its customizability and wide variety of tools and indicators made available along with the ability for traders to download more and even for users to be able to create their own.
Top 4 Brokers
