MetaTrader 5 (MT5): The Complete Guide for Traders in 2026 

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MetaTrader 5, better known as MT5, is a multi-asset trading platform developed by MetaQuotes. It allows traders to study charts, place orders, manage open positions and run automated strategies. 

MetaQuotes launched MT5 in 2010 as the newer sibling of MetaTrader 4. Brokers can connect the platform to forex, stocks, futures and other markets, although the instruments available to you depend on your broker and account type. Some brokers provide these products as contracts for difference, or CFDs, rather than direct ownership of the underlying asset. 

This guide covers the essentials of MetaTrader 5, from installation and platform setup to placing trades and evaluating brokers available to South African traders. 

If you are deciding between the two MetaTrader platforms, read our full MT4 vs MT5 comparison. This guide focuses on MT5 itself. 

Risk warning: Trading leveraged products such as forex and CFDs carries a high risk of loss. MT5 is trading software, not an investment adviser, broker or guarantee of profitable results. You can lose all the money placed in a trading account. 

What is MetaTrader 5?  

MetaTrader 5 is a trading platform that connects traders to their broker’s trading server. MetaQuotes develops the platform, while the broker provides the account, prices, tradable instruments, order execution, and custody of client funds. 

The platform supports forex and exchange-traded markets, although the products available depend on the broker. In practice, your broker controls which currencies, shares, indices, commodities, futures or other products appear in Market Watch. 

MT5 includes charting, technical and fundamental analysis, manual orders, algorithmic trading and account reports. It is available on desktop, mobile and the web. 

MT5 is not a direct upgrade that automatically replaces every MT4 setup. The two platforms use different programming languages and file formats. An Expert Advisor written for MT4 will not normally work in MT5 without conversion. 

MetaTrader 5 Key Features for Traders 

The official MT5 platform guide lists a broad set of trading and analysis functions:

• Multiple markets: MT5 can support forex, shares, futures, options and other instruments. Actual access depends on your broker. 

• 21 chart timeframes: Desktop users can view price data from one-minute charts to monthly charts. 

• Order controls: MT5 supports market orders, pending orders, Stop Loss and Take Profit instructions. Execution modes depend on the broker and instrument. 

• Depth of Market: This window can show available bid and ask prices when the broker or exchange supplies the required market-depth data. 

• Economic calendar: Scheduled economic releases can be viewed inside the desktop platform. 

• Technical analysis: MT5 provides built-in indicators, analytical objects and several chart types. 

• MQL5 and Expert Advisors: Traders and developers can create indicators, scripts and automated trading programs with the MQL5 language. 

• Strategy Tester: The MT5 Strategy Tester supports backtesting, parameter optimization, multi-currency testing and distributed processing. 

• Copy trading: MetaQuotes provides a Trading Signals service that can copy a provider’s transactions to a subscriber’s account.

Backtests and copied trading signals do not predict future returns. Price gaps, spreads, slippage and changing market conditions can produce results that differ from historical records. Apply clear forex risk-management rules before you use real money. 

How to Download MetaTrader 5 

You can use MT5 on Windows, macOS, Linux, Android, iPhone or iPad. A browser-based WebTerminal is also available. 

The safest options are your broker’s client portal or the official MetaTrader 5 download page. Avoid installers shared through social media, private messages or unknown download sites. 

Follow these steps: 

1. Open your broker’s official website and confirm its correct domain. 

2. Create a demo or live MT5 account. 

3. Download the correct MT5 application for your device. 

4. Install and open the platform. 

5. Select File, then Login to Trade Account on desktop. 

6. Enter the account number and password supplied by your broker. 

Search for the exact broker server shown in your welcome email or client portal. 

Your broker account and your MQL5 community account are not the same login. You need the broker-issued trading credentials to access a trading account. 

A forex demo account uses virtual funds and is useful for platform practice. A live account uses deposited money and exposes you to real losses, spreads and execution conditions.

How to use MetaTrader 5?

New traders should practice these steps on a demo account first. You can also review the official MetaTrader 5 user manual. 

1. Open a chart 

Find an instrument in Market Watch. Right-click its symbol and select Chart Window. If a symbol is missing, right-click inside Market Watch and choose Show All, or search under Symbols. 

2. Change the timeframe 

Use the timeframe toolbar or right-click the chart. A five-minute chart shows one candle for every five-minute period. A one-hour chart shows one candle per hour. 

3. Add an indicator 

Select Insert, then Indicators. Choose an indicator, review its settings and click OK. Indicators analyze past and current price data. They do not know what the market will do next.

4. Place a market or pending order 

Click New Order and select the instrument and trade size. A market order is executed at the available market price, subject to execution conditions. A pending order activates only when the price reaches its trigger. 

Check the direction, volume, and estimated exposure before you click Buy or Sell. A wrong lot size can create a much larger position than expected.

5. Add a Stop Loss and Take Profit 

Enter your Stop Loss and Take Profit levels in the order window or modify the position after entry. These tools can support a trade plan, but they do not guarantee execution at the exact requested price during gaps or fast markets. Read our Stop Loss and Take Profit guide before setting these levels. 

6. Review your activity 

The Trade tab shows open positions, pending orders, balance, equity and margin. The History tab records completed trades and account transactions. Review both tabs before you close the platform. 

Our beginner forex trading guide explains currency pairs, position size and basic trade preparation.

MetaTrader 5 account types and what you need 

A demo account lets you test the software with virtual funds. It is suitable for learning the interface, checking an Expert Advisor and testing order sizes. Demo performance may still differ from live execution. 

Opening a live account generally involves identity verification and funding through a broker: 

• A trading account number 

• A trading password 

• The correct server name 

• An investor password, if offered 

An investor password normally provides read-only access. A person with that password may view the account but should not be able to place trades. 

Your account currency affects how deposits, withdrawals, profits, losses and conversion charges appear. Some South African brokers offer ZAR base accounts, but this is not automatic. Confirm the available currencies for the exact account and legal entity before registration. Our guide to checking a forex broker covers the details you should verify.

MT5 vs MT4: Which should you use? 

MT5 is newer and was built for multi-asset trading. It offers more timeframes, a built-in economic calendar, additional pending-order types and a more advanced strategy-testing system. 

MT4 has a simpler, forex-focused setup and still has a large library of MQL4 indicators and Expert Advisors. Existing MT4 tools may not work on MT5. 

Neither platform is automatically better for every trader. Your markets, broker, strategy and software requirements should guide the choice.  

Which South African brokers offer MetaTrader 5? 

Examples commonly considered by South African traders include Exness, Pepperstone, AvaTrade, FXTM and HFM. Their public websites advertise MT5 access, but platform availability, account currencies and the legal entity that accepts a client can change. 

Do not treat inclusion in this list as a recommendation or endorsement. Traders United does not sell broker rankings. Compare regulation, trading costs, withdrawal rules, execution policies and complaint procedures in our guide to FSCA-regulated forex brokers. 

Before you deposit money: 

1. Find the broker’s registered legal name and FSP number. 

2. Search for that entity through the official FSCA FSP register. 

3. Check that the status is authorized. 

4. Review the approved financial-product categories. 

5. Confirm that the entity in your client agreement matches the entity you checked. 

A recognized brand may operate through several companies in different countries. An FSCA license held by one group company does not prove that another company is covered. Follow our step-by-step FSCA verification process and contact the FSCA if the information is unclear. 

Tools and indicators in MetaTrader 5 

MT5 includes indicators and drawing tools, but the tool itself does not create a profitable strategy. You still need rules for entry, exit, position size and maximum loss. 

These guides can help you understand common tools before you apply them: 

• Fibonacci retracement in trading 

• How to read candlestick patterns 

• How traders use pivot points 

Custom indicators and Expert Advisors can be added through MQL5 files or the MetaTrader Market. Review the source, permissions, fees and testing record first. Do not assume that a paid robot is safe or profitable. Protect your account credentials and never give an EA permission beyond what it needs.

You may also be asking… 

Is MetaTrader 5 better than MetaTrader 4? 

Not for every trader. MT5 is newer and supports a broader multi-asset structure, more timeframes and stronger backtesting tools. MT4 is simpler and remains popular with forex-focused traders. Either may suit a forex trader, but broker availability and software compatibility matter. 

Is MetaTrader 5 free? 

Yes. MetaQuotes provides the MT5 platform as a free download for traders. Your broker may still charge spreads, commissions, swaps, market-data fees or other account costs. Paid indicators, Expert Advisors, signals and virtual hosting are optional services and are separate from the basic platform. 

How do I get MetaTrader 5 in South Africa? 

Choose a broker that offers MT5 and confirm the legal entity that will hold your account. Verify any claimed FSCA authorization, open a demo or live account, download MT5 from the broker or MetaQuotes and log in with the broker-issued account number, password and server.money. Hence, beginners can play around with MetaTrader 5 without the risk of losing their own money. 

Learn with other traders on CommuniTrade

Successful trading depends on more than platform familiarity. Consistent execution, disciplined risk management, and regular performance evaluation play a far greater role in long-term results than any trading software. 

Sign up for CommuniTrade to join trader discussions, follow educational content and exchange practical platform knowledge. Community posts and opinions are not financial advice. Check every claim and make your own decisions before you risk money.