MetaTrader 5 (MT5)

MetaTrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software and released in 2010 as the successor to MetaTrader 4 (MT4). Although both platforms share the same core purpose—to allow retail traders to participate in online financial markets—they differ significantly in design, functionality, architecture, and intended audience. MT5 was built to address the limitations of MT4, offer more flexibility across asset classes, and align more closely with evolving regulatory and technological standards.

While MetaTrader 4 is still widely used for forex trading, MT5 is very popular among traders who want access to both forex and other assets and financial products. The MT5 platform is designed to handle a broader range, including forex, stocks, and futures, and if you pick a suitable broker you can also use CFDs to speculate on a wide variety of underlying assets.

MetaQuotes is also increasingly pushing traders to transition to the MT5, since they are no longer issuing new licenses for MT4. As a result, many newer brokers offer MT5 only, and even established firms are transitioning clients gradually toward the newer system.

The shift to MT5 among brokers is also partly driven by the increasing demand for multi-asset trading and advanced trading. The MT5 offers a more powerful back-end infrastructure than the MT4, and a more advanced scripting language, making it better suited for professional-level trading, strategy development, and portfolio management.

The 5 Best MetaTrader5 Brokers

Platform Architecture and Design

The MT5 trading platform is a 64-bit, multi-threaded platform capable of handling a greater volume of data and more intensive processing tasks than the MT4. This structural improvement means the platform can run faster, support more simultaneous charts and indicators, and operate more efficiently across modern operating systems. The multi-threaded nature allows MT5 to allocate computing tasks across multiple processor cores, which significantly improves performance during strategy testing and real-time data processing.

One of the key architectural changes in MT5 is the use of a different order handling system. Unlike MT4, which uses a hedging system only, MT5 supports both hedging and netting modes. The netting model aligns more closely with exchange-based trading standards where one position per symbol is maintained and offsetting trades reduce or reverse positions. This change was necessary for MT5 to integrate with regulated exchanges and support assets such as stocks and futures.

The MT5 platform also includes an economic calendar (especially important for news traders), a more powerful strategy tester, embedded depth of market (DOM), and a built-in email and alert system for trade-related events. These features aim to give traders a more comprehensive view of the markets and more control over trade planning and execution.

Broker Integration

Unlike the MT4, which was primarily designed for forex, the MT5 was built to support access to a wider range of instruments and products. Brokers offering MT5 can connect their clients to centralized exchanges, over-the-counter markets, and proprietary liquidity pools using one unified platform. This allows traders to manage a more diversified portfolio from a single terminal, whether they are trading currencies, equities, commodities, or indices. Your broker determines the instruments available to you on the platform and will configure pricing, leverage, and execution rules, so it is important to pick a broker suitable for your specific trading plan.

Trading Capabilities and Execution Model

Order execution in MetaTrader 5 is designed to accommodate a variety of trading styles and market structures. The platform supports four order types and six pending order types, offering more flexibility than MT4. It also includes stop-limit orders, which provide more granular control over entry and exit points.

The MT5 introduces depth of market functionality, which allows traders to view the volume of orders at different price levels. This feature is especially useful for traders participating in markets where order book visibility plays a role in execution decisions. While not all brokers enable full DOM features for all instruments, the functionality is integrated into the platform and can be used where supported.

The MT5 is compatible with various execution models, including dealing desk, STP, ECN, and DMA. The broker determines how trade orders are routed, and the platform accommodates these systems with features like advanced trade requests, slippage controls, and partial order fills.

Strategy Testing

The strategy tester in MT5 supports multi-threaded and multi-currency testing, allowing for faster and more comprehensive evaluation of trading systems. It also supports real tick data, which results in more accurate backtesting compared to the approximate data used in MT4. Traders can run simulations using real spreads and historical slippage to see how a strategy might perform under true market conditions.

Automated Trading

Automated trading in MT5 is facilitated through Expert Advisors (EAs), just as in MT4. An Expert Advisor (EA) is not a human advisor; it is a trading robot. Special software and an algorithm is utilized to execute trades based on predefined values. The EA can scan the market for the desired conditions, open/close positions, set stop-loss orders, and more. It is thus a type of automated trading. For many traders, this is ideal, since they can plan their strategy with a calm mind – and then step away from the screen and let the EA carry out its orders. This reduces the risk of emotional trading in the heat of the moment, when markets are storming and feelings like fear or greed are likely to cause a human trader to abandoned trading strategies and risk-management routines. The EA can also stay active around the clock, always scanning the markets for suitable openings, and analyze vast amounts of data without getting tired or overwhelmed. With 24/5 forex trading using an EA, opportunities that suit your predefined parameters will not go unnoticed.

Compared to the MT4, the MT5’s strategy development environment is considerably more advanced. The platform uses MQL5, which is a high-level, object-oriented programming language that offers better execution speed and more programming flexibility than MQL4. The MT5 platform also offers integrated access to a marketplace where users can purchase or rent EAs, indicators, and trading signals. This creates an ecosystem where traders can deploy automated systems without needing to develop them from scratch.

Technical Analysis

MetaTrader 5 provides enhanced charting functionality compared to its predecessor. It supports 21 timeframes, ranging from one minute to one month, compared to the nine timeframes available in MT4. This gives traders greater flexibility in analyzing market trends across both short-term and long-term periods.

The platform comes with a larger library of built-in indicators and graphical tools. It also allows users to download or create custom indicators using MQL5, a more structured and feature-rich language compared to MQL4. Charts are dynamic and can be adjusted easily to display multiple indicators, drawing tools, and data overlays. Traders can also open unlimited charts simultaneously and use templates to save specific chart settings for repeated use.

Fundamental Analysis

While MT4 focused mainly on technical analysis, MT5 includes more features supporting both technical and fundamental analysis. This includes integrated financial news feeds, an economic calendar with real-time data updates, and improved alert functionality that helps traders respond to market events as they unfold.

MT5 Has Not Fully Replaced the MT4

Despite its technical advantages, MetaTrader 5 has faced slower adoption than expected. Many traders remain loyal to MT4 because of its simplicity, extensive third-party support, and familiarity. The differences in scripting language between MT4 and MT5 have also slowed migration, as EAs and custom indicators built in MQL4 are not compatible with MT5 and must be rewritten.

MT5’s netting system is also a point of resistance for forex traders accustomed to hedging, although the platform now supports hedging accounts as well. The greater complexity of the platform, while beneficial to experienced traders, can present a learning curve for those just starting out.

Some brokers offer both platforms side by side, giving traders a choice depending on their needs and preferences. However, new brokers entering the market can not offer the MT4, since MetaQuotes are not selling any more licenses. Nowadays, MetaQuotes is promoting the MT5 platform it as the standard going forward, but have yet not discontinued the MT4.

While the transition from MT4 has been gradual, MT5 is increasingly becoming the default platform offered by new and transitioning brokers. MetaTrader 5 is a more powerful, flexible, and future-ready trading platform than its predecessor. Its support for multi-asset trading, faster strategy testing, expanded charting capabilities, and improved system performance make it well suited for serious traders looking for a unified solution.

For traders who require deeper analysis tools, faster execution, broader market access, and a more advanced scripting environment, MetaTrader 5 offers clear advantages. However, the choice between MT4 and MT5 depends not only on platform features but also on broker support, strategy compatibility, and personal workflow. As brokers shift toward MT5 in response to licensing changes and market demands, familiarity with the platform is likely to become increasingly important for retail traders looking to operate with full flexibility across asset classes.

About MetaQuotes

The Russian-origin software development company MetaQuotes Software is the entity behind both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 was released in 2005, followed by MT5 in 2009. Before that, MetaQuotes released the three first versions of the trading platform in 2002-2005. MetaQutoes is a privately owned company; it is not exchange-traded.

When MT4 was released, it signified a major step up from the three earlier versions of the trading platform, and MetaQuotes began is true ascent within the online retail trading community. During the 2007-2010 period, a lot of brokers were adding the MT4 to their offering.

When MetaQuotes developed the MT5, it was initially intended to replace the MT4 – just like the previous versions of the trading platform had replaced each other. MT5 was created with support for a wider range of instruments and financial products, and was also given additional tools for traders interested in technical analysis. Just like the MT4, it was fitted with support for automated trading using Expert Advisors (Eas.)

Once the MT5 had been rolled out, it became clear that a lot of traders were still so satisfied with the old MT4 trading platform that they were reluctant to switch. This was especially true for specialized forex traders, who did not see any benefit in moving to a platform with better support for equity speculation, commodity speculation, and so on. Eventually, MetaQutoes decided to keep offering both the MT4 and the MT5. Today, the MT5 is very popular among traders that do not specialize in forex, including traders who speculate on both forex and other asset types simultaneously.

Selecting a MetaTrader 5 Forex Broker

MetaTrader 5 is a popular choice among traders looking for broad asset access, fast strategy testing, and deep analytical features. Built as the successor to MetaTrader 4, MT5 supports multi-asset trading, improved technical performance, and more sophisticated order management tools. However, the quality of the platform experience depends largely on the broker, so simply signing up with the first MT5 broker you happen to stumble upon is not a good idea. It is very important to pick a well-regulated and trustworthy broker that is suitable for your specific trading plan and your preferences.

While MT5 is a powerful trading terminal, its capabilities are broker-dependent. The platform does not operate in isolation—it runs on the broker’s servers, displays the broker’s price feed, connects to the broker’s liquidity sources, and adheres to the broker’s trading conditions. Selecting a MetaTrader 5 broker means evaluating how well the broker has implemented the platform, what trading environment it provides, and whether its execution, cost structure, and regulation meet a trader’s specific requirements.

Selecting a MetaTrader 5 broker will therefore involve much more than confirming platform availability. While MT5 offers a sophisticated and modern trading experience, the broker behind the platform determines how effectively that experience translates into practice. From execution speed and asset availability to pricing transparency and regulatory safeguards, each layer of broker infrastructure contributes to the trader’s outcome.

A good MT5 broker will maintain reliable infrastructure, provide a consistent and fair execution environment, support automated trading without restriction, and operate under clear regulatory oversight. Traders who evaluate these factors carefully are more likely to find a broker that supports long-term performance, not just short-term accessibility. Selecting a broker is an operational decision that affects every trade, every position, and every withdrawal. It should be made with the same attention to detail as any other aspect of a trading strategy.

Instrument Access

One of MT5’s core advantages is its support for multi-asset trading. The platform allows brokers to offer not just forex but also CFDs on commodities, indices, equities, and futures. However, the actual list of available instruments depends entirely on the broker’s product range. Traders should verify which markets are accessible through the broker’s MT5 setup and whether any restrictions apply to account types or regional access.

Special Features

Some brokers enable features like Depth of Market, real tick data, and full use of hedging, while others disable these tools or limit them to specific account tiers. Verifying access to platform features before funding an account is necessary, especially for traders intending to use advanced functionality or automated systems.

Execution Quality and Order Handling

The performance of MetaTrader 5 is directly tied to the broker’s hosting environment. Fast, reliable execution depends on how the broker manages its server infrastructure, the location of its data centers, and the quality of its pricing and order routing systems. Although MT5 is a modern, multi-threaded application capable of handling high data volumes, its full benefits are only realized when the broker’s back-end systems are optimized accordingly.

Account configuration also varies across brokers. Some may offer separate MT5 accounts for different execution models—standard, ECN, or commission-based structures—while others integrate all features into a single offering. Minimum deposit requirements, leverage options, trade size limits, and margin policies should be evaluated to ensure they align with the trader’s risk profile and strategy.

Traders should assess whether the platform operates with minimal slippage, whether execution is delayed during high volatility, and how consistently orders are filled at the expected price. Latency, re-quotes, or trade rejections are often a result of insufficient server capacity or poorly managed liquidity connections. A well-structured MT5 broker will maintain stable infrastructure across mobile, desktop, and web versions, offering consistent performance regardless of access point.

MT5 supports a broader set of order types than MT4, including stop-limit and fill policy controls. The way a broker executes these orders reflects its overall execution model. Traders should understand whether the broker operates with straight-through processing, internal dealing, or hybrid order routing. This determines not only how quickly trades are executed but also how slippage, re-quotes, and order rejections are handled during fast market moves.

Trade receipts, execution timestamps, and price improvement records are increasingly available through better MT5 broker integrations. Access to this level of post-trade data is useful for evaluating whether the broker delivers consistent and fair execution across various market conditions.

Pick a Transparent Broker

It is smart to pick a broker that is willing and able to provide clear documentation on its execution policy. This includes whether market orders are subject to last look pricing, whether partial fills are permitted, and how stop orders are triggered during gapping conditions. Brokers that withhold this information or provide vague responses regarding execution behavior may be limiting transparency or control.

Algorithmic and Automated Trading

MetaTrader 5 includes built-in support for algorithmic trading through its MQL5 programming language. The platform also offers a more powerful backtester, real tick data access, and multi-currency simulation. Traders intending to develop or deploy Expert Advisors (EAs) or custom indicators should confirm that the broker allows full use of these tools without limitations.

Some brokers restrict EA functionality or throttle execution speed to prevent certain high-frequency or arbitrage strategies. Others apply position limits or close trades arbitrarily under risk management policies not disclosed in advance. These factors can significantly affect the performance of automated strategies and should be verified before scaling into live trading.

Server stability, order processing speed, and the quality of historical data also matter for automated traders. Brokers offering VPS hosting or integrated strategy deployment options through MT5 terminals provide a better environment for systematic trading.

Cost Structure

MT5 brokers may apply spreads, commissions, or a combination of both, depending on the account type. Brokers that offer raw or variable spreads generally charge an added commission per lot, while those offering all-inclusive pricing may use wider fixed or floating spreads. In both cases, clarity around fee structure is essential.

Traders should compare the effective trading cost across the pairs and instruments they trade most frequently, not just headline spreads on major pairs. Some brokers provide reduced commission rates based on volume or account size, but traders must confirm whether such tiers are applied automatically or require special request. Swap rates, inactivity fees, and withdrawal charges can also affect long-term cost-efficiency, even when trade-related costs appear low.

Spreads and commissions should be verifiable under live trading conditions. Testing a broker’s MT5 pricing through a small live account is often more revealing than relying on published averages. Any significant variation between demo and live pricing may indicate differences in liquidity access or a tendency to quote synthetic prices in simulation mode.

Regulation

For a trader in Kenya, picking an MT5 broker licensed by the Kenyan Capital Markets Authority (CMA) creates the most clear-cut legal situation. If you go with a foreign broker licensed abroad, you position yourself in a more complex situation when it comes to jurisdiction. You will also not be protected by the Kenyan investor protection program that can step in and replace your money if your CMA-licensed broker becomes insolvent and can not repay you your account balance.

With that said, some Kenyan MT5 users still prefer to go with a foreign broker, for a variety of reasons. If you do, it is important to pick a broker that is regulated by a serious financial authority that enforces strict trader protection rules, including rules about client fund segregation and minimum capital reserves, and will give you access to a transparent complaint resolution processes even though you are in Kenya and therefore outside their jurisdiction.

It can be tempting to pick an unregulated broker or one regulated by a lax financial authority. It is not uncommon for such brokers to offer enormous leverage (even to retail clients) and hand out big welcome bonuses. But if something goes wrong, it will be very difficult to get your money back, and the brokerage company is unlikely to face any legal consequences when you are dealing with a mailbox company registered on a tiny island in Farawayistan.

Before you sign-up with any broker, confirm their license directly with the applicable financial authority. Any fraudsters can claim to be licensed by the CMA, CySEC, ASIC, etcetera – but are they really? Verify the regulatory entity associated with the specific account being opened, as many brokers operate multiple legal entities in different regions with different rules and safeguards. You need to know which framework you are dealing with as a trader in Kenya.

Reputation

Client reviews and broker history offer insight into operational behavior, including how the broker has handled platform outages, withdrawal requests, and customer support cases over time.

If possible, try to find reviews from traders in Kenya, since a broker can market itself under a global brand but act through different domestic subsidiaries around the world – and these subsidiaries can fall under different financial authorities and follow different rule books.

Deposits and Withdrawals

Using MT5 as your trading platform is no guarantee for getting high-quality service when it comes to deposits and withdrawals, since this will depend on the brokerage company. Examples of questions to answer before signing up with any broker:

• Which methods for deposits and withdrawals are available for traders in Kenya? Are any of them suitable for me, e.g. when it comes to fee structure and security? MT5 brokers that are serious about the Kenyan retail trader market will typically accept methods that are in widespread use locally, such as M-Pesa and local Kenyan bank transfers.
• How long will it take before money shows up in my trading account using my preferred deposit method?
• Does this broker have a good reputation among forex traders in Kenya when it comes to processing withdrawal requests in a timely manner?
• Is the broker charging deposit processing fees and/or withdrawal processing fees?

Customer Support

Your broker will be your first port of call if you experience any issues trading on the MT5 platform, so it is important to pick a broker with stellar customer support skills. Here are a few examples of questions that are good to keep in mind when you are comparing MT5 brokers.

• Does this broker offer excellent support in general, and also specifically for MT5 related issues and questions? It is a good idea to contact the customer support with a few questions before you sign up to see how they manage.
• How can you reach the customer support? Email, live chat and phone are common alternatives.
• When is the customer support staffed, and is it staffed during the hours your are most likely to trade? Many traders in Kenya juggle forex trading alongside school, work, familiy obligations and other responsibilities, and may not be trading during London office hours only. The global forex market is active 24/5 and for many traders in Kenya the ability to trade when it suits your schedule is one of the big draws of fx. Make sure you pick a broker where the customer support will actually be available if you run into an issue while trading.
• If phone support is important to you, what will it cost you? Can you make a call to a local number in Kenya, or will you be forced to make a potentially costly call to a costumer support call center located in another country? Maybe the broker is offering a call-back service or a toll-free number that is accessible from Kenya, or maybe internet phone calls are possible (e.g. Whatsapp)?
• Is customer support available in a language you are comfortable using? Many brokers that are active on the Kenyan market offer customer support in English, but some can also answer questions in Swahili.