MetaTrader 5 review, along with a complete breakdown of its features, trading experience, and supported brokers—all in one place.
MetaTrader 5 is developed by MetaQuotes.
This popular trading platform/terminal is designed to overcome some of the limitations of MT4, which include limited asset coverage and time frame options.
MT5 brings enhanced capabilities such as more timeframes, an economic calendar, and improved charting tools, making it an excellent choice for traders who want to diversify their portfolios beyond currency pairs.
If you’re exploring modern trading platforms, it stands out as a versatile and powerful option.
In general, MetaTrader 5 offers a more advanced and feature-rich environment suited for a wide range of asset classes including forex, stocks, futures, and CFDs.
This trading terminal is suitable for both beginner and advanced traders.
MetaTrader 5 Review and Automated Trading
Automated trading support is an outstanding feature of MetaTrader 5.
Traders can develop, test, and deploy custom trading robots using the MQL5 programming language. The terminal includes a powerful strategy tester capable of multi-threaded and multi-currency backtesting, a significant upgrade over MT4’s capabilities. This feature enables traders to optimize their automated strategies efficiently.
Order types and execution on MT5 are highly advanced, offering reliable and flexible order-filling options. Traders can enter and exit positions quickly, enjoying a crucial advantage in fast-moving markets.
The overall trading experience on MT5 is smooth and intuitive, thanks to its user-friendly interface, customizable layouts, and advanced features.
Whether you trade on mobile, desktop, or web, MetaTrader 5 ensures seamless access and stability, giving you the power to stay connected and trade anywhere, anytime.
This MetaTrader 5 review highlights three US brokers that offer MT5 integration, along with detailed overviews of their features. It also exposes how scammers that pose as genuine MetaTrader 5 brokers exploit this trading terminal to defraud unsuspecting traders.
US Brokers That Support MetaTrader
While MetaTrader 5 is arguably the most popular trading terminal, not all brokers automatically support it. For example, many well-known and reputable US-regulated brokers do not feature MT5 integration for one reason or another although some may support MetaTrader 4. These include:
- Interactive Brokers—a leading global brokerage firm established in 1978 and headquartered in the US.
- TastyFX—a U.S.-based forex and CFD broker with over 300k clients worldwide.
- ATC Brokers—a brokerage firm founded in 2005 and headquartered in London, UK. Similarly, it accepts traders from the United States.
If you are looking for the best broker for MetaTrader 5 in the US brokers that will allow you to execute trades through this trading platform, look no further than the following brokers:
1. TD Ameritrade(Charles Schwab Futures and Forex LLC)
Based in Chicago, TD Ameritrade a.k.a Charles Schwab Futures and Forex LLC is regulated by the CFTC and NFA. This broker offers a $0 minimum deposit, and provides leverage of up to 50:1. It features its own native trading platform, Thinkorswim, and also supports a variety of third-party trading terminals, including MetaTrader 5, MetaTrader 4, NinjaTrader, TradeStation, and MultiCharts. This diversity in trading terminals makes it a strong contender among MT5 US brokers especially for those seeking flexibility in trading platforms.
2. Trading.COM
Trading.com is part of the Trading Point Group.
Regulated by the CFTC and NFA, this broker is available to U.S. traders, requiring a low minimum deposit of just $5 and offering leverage of up to 50:1. The platform features its own proprietary WebTrader terminal. It also supports MetaTrader 5, providing the flexibility to choose the trading terminal they prefer.
A word of caution: During my research for this MetaTrader 5 review, I discovered that Trading Point Group also owns XM, which I’ve previously covered as a questionable broker. Therefore, proceed with caution when dealing with TRADING.COM, another subsidiary of Trading Point Group.
3. FOREX.COM – Mentioned As a Supported Broker In Many MetaTrader 5 Reviews
Legal Name: GAIN Global Markets Inc.
Forex.com is operated by GAIN Global Markets Inc., a subsidiary of StoneX Group Inc. The company is headquartered at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA.
Fully approved by the NFA, FOREX.COM is one of the few MT5 brokers USA traders can trust.
The NFA works closely with the CFTC, the government body overseeing futures and options markets. Brokers approved by it are also automatically compliant with CFTC regulations, offering added protection for traders.
Key features of Forex.com include:
- Minimum deposit: $100.
- Leverage: Up to 50:1.
- Proprietary trading platform: Forex.com mobile trading app.
- Third-party platforms: MetaTrader 5 (MT5) and WebTrader.
If you’re looking for a reliable, U.S.-regulated broker that supports MetaTrader 5, Forex.com stands out as one of the best options available.
Is MetaTrader 5 Free To Use?
The short answer is YES, generally.
The trading platform can be utilized for free in many brokerage platforms that provide access.
However, it’s important to note that MT5 itself is not free.
The developer normally issues licenses to brokers at a cost, and it is the brokers that provide it to clients for free. Some brokers may charge a small fee to access it.
MetaTrader 5 Review Warning – How Scammers Target You
There are fake and cloned MetaTrader 5 terminals in circulation, and it’s easy to fall victim if not keen enough.
Scammers may obtain white-label versions of MetaTrader 5 or 4 and manipulate the backend.
Consequently, they can simulate fake trades, fabricate profits, and withhold funds.
Additionally, they may publish lookalike MT5/4 apps that closely mimic the real MetaTrader 5/4 on app stores, such as PlayStore and App Store or other platforms, and share direct download links. Such apps are completely fake and designed to steal users’ funds and financial details.
That’s not all, some scammers will use MetaTrader-supporting online brokerages that look genuine but are connected to privately hosted servers. Since these servers are not connected to real financial markets, scam brokers can manipulate prices and trades, causing the trader to lose funds.
Final Thoughts
To sum up, this enlightening MetaTrader review highlights MT5 as a valuable trading platform ideal for novice and experienced traders alike. With superior charting tools, support for a wide range of assets, and advanced automated trading capabilities, this trading terminal is a significant update of its predecessor, the MetaTrader 4.
While the platform is generally free when offered by legitimate brokers, it’s essential to be cautious. Scammers are increasingly exploiting white-label MT5 versions to defraud unsuspecting users.
If you’re seeking an updated and powerful trading platform, MetaTrader 5 can be a top choice, especially when offered by trustworthy brokers.
For U.S.-based traders, regulated brokers like TD Ameritrade, Trading.com, and Forex.com offer reliable access to MetaTrader 5.
Report A Scam
Have you fallen victim to a MetaTrader 5 or 4 scam? Visit this page or email scamread@scamreader.info to report it and seek help.
This honest MetaTrader 5 review is meant to inform you about how MT5 works, highlight trusted MT5 brokers that accept U.S. traders, and expose common scam tactics involving the platform. It is also intended to guide scam victims on how to seek help. If you suspect any foul play, don’t hesitate to reach out.