Intro
MetaTrader 5 is the latest platform developed by MetaQuotes. It is a multi-asset platform where you can trade stocks, futures and CFDs, in addition to forex and indices. The platform has advanced pending orders, indicators, and other features and is great for advanced technical analysis.
Similarly to MT4, MT5 is also available in several languages.
Look and feel
The platform’s look is similar to MetaTrader 4 with the same key elements, including the Main Menu, Market Watch, Navigator, Charting Window, and the Terminal Window. However, in the Market Watch window there are more market categories as MT5 is a multi-asset platform. Besides forex, commodities and indices, you can also trade assets like stocks and cryptocurrencies. If something is missing, it is likely because your broker doesn’t offer those products.
Another difference is that MT5 has more timeframes, built-in indicators and order types than MT4. MT5 offers a popular feature called 'Depth of Market' that MT4 doesn’t. This is a display of the bid and ask prices for a particular instrument. The Terminal Window, which is also available in the fourth version of the terminal, provides more functions, too. One of the new tools is the Economic Calendar. Macroeconomic indicators are updated in real-time and calendar events can be displayed on the chart.
Just like MT4 platforms, MT5 on the web is highly customizable. You can easily reposition the windows and tabs to fit your needs.
Despite the few adjustments from MT4, MT5 still feels outdated and some features are hard to find. Adding a new asset to the watchlist, for instance, is not straightforward.
Search functions
The search functions are good. You can find the assets listed by category. You can type in the assets' names manually.
Placing orders
One of the main differences between the MT4 and MT5 platforms is the number of available pending order types.
Here's the comprehensive list of pending order types on MT5:
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
- Buy stop-limit
- Sell stop-limit
To get a better understanding of these terms, read our overview of order types.
There are also order time limits you can use:
- Good 'til cancelled (GTC)
- Good 'til time (GTT)
These are the same order time limits that are available on MT4.
Alerts and notifications
You can't set alerts and notifications on the MetaTrader web trading platform. This feature is available only on the desktop trading platform.
Portfolio and fee reports
There are clear portfolio and fee reports available on the MetaTrader 5 web trading platform. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab, but we didn't find a way to download them on the web version. Note that if you use the MT5 desktop platform, you can download these reports.
MetaTrader 5 mobile trading platform
MetaTrader 5 has a great mobile trading platform, we liked its design and user-friendliness. You will easily find all the features. MT5 is available for both iOS and Android.
Just like on the web trading platform, you can choose from several languages on the mobile trading platform too.
Further reading
- Best brokers for MetaTrader in 2023 - Fee comparison included
- What is MetaTrader?
- MetaTrader 4 vs MetaTrader 5
- How to download MetaTrader?
- MetaTrader 4 web trading platform
- MetaTrader 4 mobile trading platform
- MetaTrader 4 desktop trading platform
- Best brokers for MetaTrader
- MetaTrader expert roundup
- Pepperstone MT4 Review for Mobile, Web and Desktop
- Does Pepperstone have MT4? Yes, and here's how to use it
