History and Overview

According to research in South Africa, MetaQuotes Software Corp. was established in 2000 and begun developing B2B software specifically for financial markets. The MetaTrader brand started when MetaTrader 3 CE along with MetaTrader for Palm was released in 2003.

Both these applications became extremely popular and the MetaTrader brand evolved once more in 2005 with the release of MetaTrader 4. A lot of other software developers have competed with this class of trading platform, and very few succeeded.

MetaTrader 4 was and still is one of the most popular trading platforms closely followed by MetaTrader 5 which was launched in 2010 based on what MetaQuotes Software Corp. had built into MetaTrader 4.

Where MetaTrader 4 was designed specifically to cater for Forex traders and the relevant market, MetaTrader 5 allows traders further access to trade other financial instruments such as Forex Stock Exchanges along with Futures.

In addition, MetaTrader 5 also provides traders access to MQL5 which is a multilingual web portal community. MQL5 brings together both developers and traders who use MetaTrader platforms.

Not only does the portal provide traders with access to services, but they can participate in social trading and access both the MetaTrader Market for trading apps along with the Code Base in addition to making use of Freelance Services to order apps and EAs.

Where should beginner traders start?

Being able to use MetaTrader 5 as a trading platform will require that the trader either has a registered account (live or demo) with a broker, or the trader can make use of the MetaQuotes Demo Account.

Traders can also register demo accounts with brokers who support MetaTrader 5, through the platform, but it may be easier to first register an account with a broker and then use the login details to connect with that broker and the trading account through MetaTrader 5.

How to Create a Demo Account with MetaQuotes on MetaTrader 5

There is more than one way to connect to the MetaTrader 5 platform, it can be downloaded onto any desktop that supports Windows, Linux, or Mac by visiting the MetaTrader 5 website and downloading it directly.

The trader can also download the mobile application to their mobile device that runs on Android or iOS by visiting either Google Play or the App store.

There is not an ‘either or’ factor between the software, the desktop version works in conjunction with the mobile app, or on its own.

The process to open a demo account on either a desktop or mobile version is based on the same principles and it is basically the same process, but it just differs in the way that the interfaces are set up to adapt to either platform.

MetaTrader5 for Desktop

After downloading and installing MetaTrader 5 on desktop, the trader can follow these steps to open a demo account on the platform:

1. As soon as the interface opens, navigate the curser to ‘Navigator’ situated on the left-hand side of the interface.
2. Right-click on ‘Accounts’ and select the first option ‘Open an Account’.
3. A new window will open with a search bar which allows the user to search for a broker with whom they would like to open either a demo or live account along with the list of accounts below that. Here MetaQuotes’ demo account can be seen.
   1. It should be noted that only brokers who support MetaTrader 5 will be listed when the user searches a broker name
4. When the user has selected their broker, it will be shown on the list below the MetaQuotes demo account. The process of opening a demo account, whether it is with a broker, or with MetaQuotes is the very same.
5. The user can select the account and click ‘Next’.
6. The next window has three sections or options
   1. “Open a demo account to trade virtual money without risk”
   2. “Open a real account for live trading”
   3. “Connect with an existing trade account”
7. Should the user want to open a new demo account, the first option can be chosen, should the user wish to open a live account (when they are ready), the second can be selected and should the user already have an account, they can select the third.
8. As soon as the user has made the relevant selection, they can click ‘Next’.
9. The new window that opens consists of two sections, namely:
   1. Basic information where the user must complete information pertaining to their Name, Second Name, Email Address and Telephone number.
   2. Account info such as whether the user would like to use hedging (check/uncheck the tick box), Server, Account Type, Deposit and Leverage
10. As soon as the user has completed the sections, the agreement with regards to the terms and conditions can be selected and ‘Next’ can be clicked.
11. The next window will confirm the details entered and selected in the previous window. The status bar will show whether the account has been approved and below that the user will find their Login ID, Password, and their Investor
12. Below the login details, the user will see the icons for both the App Store and Google Play along with a QR Code.
    1. When the user has downloaded the MetaTrader 5 mobile application on their device, they can either use the QR function when opening their device’s camera (depending on the device) or they can download a QR reader.
    2. Once the QR Reader has read the QR code, the MetaTrader 5 mobile application will open and automatically log into the account the user crated on the desktop platform.
13. As soon as details on the present window have been viewed, the user can click ‘Finish’ and they will be returned to the MetaTrader 5 Interface.

MetaTrader5 Mobile Application

Should the trader have a demo account which they have registered on the desktop version of MetaTrader 5 and they made use of the QR code to log into their new demo account on the mobile device, they will not need to go through the process again.

Should the case be that the trader has not yet opened a demo account using the desktop version of MetaTrader 5, they can follow the following steps to open a demo account from the mobile application:

1. As soon as the user has downloaded and installed either the Android or iOS mobile application on their device, they can open it and they will be on the ‘Quotes’ tab, which is the default tab which displays whenever the app is opened.
2. The user can tap on ‘File’ (three lines) in the top left corner and select ‘Manage Accounts’.
3. Here the user will see the default demo account which is generated for MetaQuotes when the app is opened for the first time.
4. The user can either continue with the MetaQuotes account, or they can tap on the ‘+’ in the top right corner.
5. The user can either select the broker with whom they wish to open a demo account, or they can use the default MetaQuotes demo account. Only brokers who support MetaTrader 5 will be listed when searching for a broker.
6. The process of opening a demo account, whether it is with a broker, or with MetaQuotes is the very same.
7. When the user has made their selection, they can choose between opening a real account, opening a demo account, or logging into an existing account. The user can select the option to open a demo account.
8. The next screen will show a short application consisting of basic information and account requirements. As soon as the user has completed the details and made the necessary selections as well as tapped ‘Agree’, they can tap ‘Register’
9. The last screen is a confirmation of details provided in addition to providing the user with their Login ID, Password, and Investor. After reviewing the information, the user can tap ‘done’ and they will return to the ‘Accounts’ screen.

Whether traders use the desktop program or the mobile application, opening a demo account is fairly quick, easy, and hassle-free.

What should beginner traders know before they start trading?

The opening of a demo account is merely one of the very first steps it takes to start the journey to becoming a more experienced trader.

To a beginner trader the interface of the platform may not make any sense if they do not have basic knowledge of the platform or of trading terminologies.

Merely opening a demo account on MetaTrader 5 will not provide a beginner with the necessary knowledge, skill, or experience that they need to be able to trade successfully.

It requires extensive research into several aspects such as:

• Developing a trading plan according to the personality, time management, needs, objectives along with money and risk management plans, and other factors
• Based on the before mentioned, developing a trading plan that suits the needs of the trader and keeping to it
• Finding out what different kinds of trading there are and what the trader would like to trade
• Developing a trading strategy
• Using technology to the advantage of the trader (Technical indicators)
• How and when to use algorithmic trading
• Learning how to test strategies and adapting them by using a demo account

In addition to learning what trading entails and how trading works, traders will have to conduct research on the different types of brokers, what they offer, what the fees are, and more.

Selecting a broker may seem like an impossible task when considering that there are hundreds, if not thousands. Regardless of this, there are key points that beginner traders need to look at when they view and evaluate brokers:

• The trader has to know their needs – whether they are an active broker or a passive one, what knowledge do they possess and what trades they would like to execute, what their investing goals are, and more
• Narrowing the field by looking at whether the broker is well regulated and authorized by a reputable entity, whether they have fund protection and they are part of a compensation scheme, insurance requirements, anti-fraud, etc.
• Having a look at both the trading and non-trading fees such as minimum deposit amounts, spreads, commissions, account management fees, etc.
• The trading platform provided by the broker – here traders need to keep in mind that to be able to make use of MetaTrader 5, the broker will have to support it by having it listed as one of the trading platforms for which provision is made.
• The availability of educational tools – this is essential for beginner traders. They must select a broker that provides enough educational material to aid beginners in their journey from beginners to more experienced traders.
• With what ease brokers allow depositing and withdrawal of funds along with minimums on each and any additional fees waived by the broker.
• The level of customer service and support that the broker offers

These are but a few points that beginner traders need to look at when selecting a broker. Another way to find out more about a specific broker, is by having a look at reviews that have been written on the broker.

These reviews are often in-depth and will provide enough information to the trader to enable them to evaluate whether or not the particular broker will be suited to their needs.

Reviews are often an easier way to obtain an overview of a broker, their offering, fees, and their level of service amidst other factors without having to scour the broker’s website in search of information.

Although visiting the broker’s website and navigating it while having access to reviews allows the trader to make their own conclusions.

Some of the best Forex brokers in 2025 who offer the use of MetaTrader 5 in conjunction with either a demo or a live account and who cater for beginner traders include, but is not limited to:

• com
• Admiral Markets
• Naga
• FpMarkets
• FBS
• OctaFX
• XM
• Exness
• Pepperstone

Although this is merely but a few, reviewing brokers such as these along with what they have to offer beginner traders will give traders a more defined and clear idea of what they should be looking for when selecting a broker.

What can traders expect when using MetaTrader 5?

Beginner traders can, through having conducted research and reading different opinions and reviews on trading platforms, identify and differentiate between the different characteristics of trading platforms and what they need to offer traders.

MetaTrader 5 has some of the best characteristics that a trading platform can offer, such as:

• Flexibility in that it is a powerful and advanced platform which provides Market Depth along with different order types, four execution modes and a hedging option system.
• It provides technical analysis which is comprehensive and professional by giving traders access to an impressive amount of analytical tools, the ability for traders to have up to 100 charts open simultaneously and 21 timeframes.
• In addition, it also offers over 80 technical indicators and analytical tools which are built into the platform. Traders can also obtain more from either the Code Base or they can purchase or rented from the MetaTrader Market.
• Charts are fully customizable to suit the needs of traders, whether beginners or advanced.
• Traders have access to MQL5 which can be used by more advanced traders to create indicators as well as Expert Advisors.
• In addition to technical analysis, traders can perform fundamental analysis through the provision of fundamental data accessible through the MetaTrader 5 platform.
• MetaTrader 5 allows traders to make use of Trading Signals as well as Copy Trading
• MetaTrader can be used either on a desktop use Linux, Windows, or Mac along with mobile devices that run Android or iOS operating systems.
• MetaTrader 5 features algorithmic trading, or Expert Advisors which can either be created using MQL5, downloaded from the Code base, rent, or bought from the Market or ordered via the Freelance Service.
• Traders can use virtual hosting, or VPS when they make use of the MetaTrader 5 trading platform.

Conclusion and Writer’s Opinion

MetaTrader 5 has a lot of the same functions as MetaTrader 4, but it is a lot more advanced and offers additional content and tools which can be used by traders to fulfil their trading needs.

MetaTrader can be used by beginner traders who are still learning to trade and using a demo account to practice and build up more skill, knowledge, and experience in a risk-free environment to more advanced traders with intricate and specific needs to fulfill.

MetaTrader 5 is user-friendly and both the desktop and mobile versions are extremely easy to navigate and use. The vast and comprehensive features, along with near-endless possibilities with MetaTrader 5 definitely makes it stand out amongst its peers, according to research in South Africa

Frequently Asked Questions

Where should a beginner trader start with Metatrader 5?

Visit the website of SAShares here for a comprehensive beginner’s guide to Metatrader 5.

What is Metatrader 5?

An update of Metatrader 4 trading platform that enable traders’ further access to other financial instruments, etc. Forex stock exchanges and Futures.

Does Metrader 5 have a mobile app?

Yes.

Does Metatrader 5 offer a demo account?

Yes.

What is MT5 platform?

The Metatrader 5 multi-asset platform