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MetaTrader 5 Review
The multi-asset successor to MT4 (by MetaQuotes), adding more timeframes, order types and asset classes. Offered through brokers.
Best for
- Multi-asset traders
- Automated trading (EAs)
- Strategy backtesting
Not best for
- You want a simple beginner app
- You prefer a modern consumer UI
Our verdict & scoring
MetaTrader 5 (MT5) is the multi-asset successor to MT4, supporting forex, futures, and (via brokers) equities, with more timeframes, order types, an economic calendar and a faster strategy tester. Like MT4 it's provided by brokers, not sold directly, and is increasingly the default for new deployments.
Scores are based on our review methodology. Affiliate relationships do not buy higher ratings.
Who should actually use MetaTrader 5
MT5 is for traders who want MetaQuotes' automation ecosystem with multi-asset reach: forex and futures natively, plus equities and CFDs through supporting brokers, with more timeframes, more order types, an economic calendar and a faster strategy tester than MT4. Algorithmic traders running Expert Advisors and backtesters get the most value. The software itself is free — you get it through a broker — so it's the wrong 'choice' if what you actually need is a broker recommendation or a simple consumer app.
What we'd change
The interface remains dated next to modern consumer platforms and carries a learning curve. MT5 is not fully backward-compatible with MT4 Expert Advisors, so migrating an MT4 strategy library isn't free. And everything cost- and protection-related depends on the broker you connect it to — the platform itself neither charges nor protects.
How it compares to TradingView
Different centres of gravity: MT5 is an execution-and-automation terminal — EAs, strategy testing, broker-native order routing; TradingView is an analysis layer — best-in-class web charting, community scripts and alerts, connecting outward to brokers. Automated traders live in MT5; discretionary chartists live in TradingView. Many use both: chart on TradingView, execute algos on MT5.
Pros
- Multi-asset support
- Stronger strategy tester than MT4
- EA automation ecosystem
Cons
- Still a learning curve
- Not fully backward-compatible with MT4 EAs
- Broker-dependent
Fees & hidden costs explained
Free platform; costs come from the broker you use it with.
Safety, regulation & availability
MT5 is trading-terminal software, not a broker. Regulation and protection depend on the broker you connect it to.
Account protection: Not a broker — holds no client funds; protections depend on the connected broker.
Available to retail traders in:
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Frequently asked questions
Is MetaTrader 5 free?
Yes — the platform is free software provided through brokers. Your costs are the connected broker's spreads/commissions, plus any paid third-party EAs or indicators.
What's the difference between MT4 and MT5?
MT5 is the multi-asset successor: more timeframes, more order types, an economic calendar and a faster strategy tester, with equities support via brokers. Note MT5 is not fully backward-compatible with MT4 Expert Advisors.
Is MetaTrader 5 a broker?
No — it's trading-terminal software from MetaQuotes. Regulation and investor protection depend entirely on the broker you connect it to.
Can I automate trading on MT5?
Yes — Expert Advisors (EAs) are the core of the MetaTrader ecosystem, and MT5's strategy tester is faster than MT4's for backtesting them.
What can I trade on MT5?
Forex and futures natively, plus stocks and CFDs where the connected broker offers them.
Official sources
Risk warning: Trading stocks, options, futures, forex, crypto, CFDs and funded accounts involves risk. You can lose money. This website is educational only and does not provide financial, investment, tax or legal advice.
Leverage, volatility, fees, spreads, liquidity and platform rules can increase losses.
Affiliate disclosure: We may earn a commission when you click some links on our site. This does not cost you extra. Our comparisons are educational and transparent, and our rankings are not affected by commissions.