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[Basics] [Basics] What is MT5? What to check when you first open it
MT5 is the trading platform used by most retail FX/CFD brokers. It's made by MetaQuotes (headquartered in Cyprus), and brokers license it to their clients.
What you can do with MT5
- View charts and add indicators (moving averages, RSI, etc.)
- Place orders: market, pending, stop loss (SL) and take profit (TP)
- Attach an EA (trading bot) that trades by rules even while you sleep
- Strategy Tester: backtest an EA on historical data
- MetaEditor: the editor for building and editing EAs (MQL5 language)
MT4 vs MT5
- MT4 is the older version, MT5 the newer one. The industry is moving to MT5
- MT4 EAs don't run on MT5 as they are. Always check which version an EA is for before buying
First things to check
- Account type: at the top or in the Toolbox → Trade tab, check whether it's Demo or Real
- Market Watch: right-click your symbol (e.g. XAUUSD) → Specification to see contract size, minimum lot and swaps
- Server time: chart time is the broker's server time, not your local time
- Algo Trading button: the Algo Trading button at the top must be green for an EA to place orders
Good to know
- MT5 is just software; your money is held by the broker, not by MetaQuotes
- Even on MT5, symbol names (XAUUSD, GOLD, XAUUSD.m…) and contract sizes vary by broker
- In early 2024 MetaQuotes restricted MT use by prop firms serving US clients, so some moved to cTrader, DXtrade or Match-Trader. Check the platform when choosing a prop firm
On EADesk, Verified → My strategy (live link) attaches a small piece of code to MT5 and publishes your real account performance as it happens. If you use MT5, you can try it right away.
