MetaTrader 5 (MT5) is a free, multi-asset trading platform from MetaQuotes, released in 2010 as the successor to MetaTrader 4. Like MT4, you download MT5 through a broker and use it to analyse markets, read charts, and place trades on desktop, web, or mobile. The difference is scope: where MT4 is built around forex and CFDs, MT5 reaches into exchange-traded stocks and futures (where the broker supports them) and adds more timeframes, a built-in economic calendar, Depth of Market, and faster backtesting. So when people ask "what is MT5?", the short answer is: MetaQuotes' current, broader trading platform — newer than MT4, but, as we explain below, not a straight upgrade.
What MetaTrader 5 is
MT5 is the current flagship platform from MetaQuotes, the software company behind MetaTrader 4. It's a downloadable desktop terminal (plus web and mobile apps) that connects to a broker's servers so you can see live prices, run technical analysis, and execute orders. The platform itself is free; the broker provides the market access and the account you fund. MetaQuotes makes the software and licenses it to brokers rather than selling it to individuals — so, exactly like MT4, you always get MT5 from a broker, and your money sits with that regulated broker, never inside the app. If you're brand new to MetaTrader, it's worth reading what MT4 is first, since the two share the same DNA.
MetaTrader 5 at a glance
| What it is | A multi-asset trading platform (charting + analysis + order execution) |
|---|---|
| Developer | MetaQuotes Software |
| Released | 2010 (the successor to MT4) |
| Status | MetaQuotes' current flagship platform — actively maintained |
| Language | MQL5 (files end in .ex5 compiled / .mq5 source) |
| Runs on | Windows, macOS, Android, iPhone/iPad, plus a browser-based WebTrader |
| Markets | Multi-asset — forex, CFDs, and exchange-traded stocks & futures where the broker offers them |
| Automation | Expert Advisors and custom indicators written in MQL5 |
| Cost | Free — you only fund an account with a broker to trade live |
How MT5 works
Like MT4, MT5 has two halves: the client terminal you install, and the broker's trade server it connects to. When you open MT5 you log in with three things from your broker — a login (account) number, a password, and a server name. The server streams live prices and executes your orders; the terminal is where you read charts and click buy or sell. Get the server name wrong and the platform simply won't connect, so copy it exactly from your broker's welcome email.
This is why MT5 is free yet you still need a broker: MetaQuotes makes and maintains the software, and the broker provides the account, the prices, and the market access. Practically, the workflow is the same as MT4 — install the terminal, open a demo account to practise (or a live one to trade real money), pick your broker's server, log in, then open a chart and place an order. Our how to install MT5 guide walks through the setup step by step on each device.
What you can trade on MT5
This is the heart of what makes MT5 different. MT5 is a genuinely multi-asset platform, so through a broker it can offer:
- Forex — currency pairs, from majors like EUR/USD to minors and exotics (the same core MT4 trades).
- CFDs — contracts for difference on metals such as gold, stock indices, energies like oil, and crypto.
- Exchange-traded stocks — direct shares on supported exchanges, not just share CFDs, where the broker provides market access.
- Futures — exchange-traded futures contracts at brokers that offer them.
That stock-and-futures reach is the key contrast with MT4, which is built around forex and CFDs and generally does not offer direct, exchange-traded shares — where stocks appear in MT4 they're share CFDs. MT5 was designed to fill exactly that gap. One honest caveat: "multi-asset" describes what the platform can do, not what every broker actually offers. Many forex brokers run MT5 with the same forex-and-CFD lineup as their MT4, and never switch on stocks or futures. So always check the broker's instrument list before assuming a market is available — see the best MT5 brokers for who offers what.
Key features of MetaTrader 5
- Multi-asset access — forex, CFDs, and exchange-traded stocks and futures in one terminal, depending on your broker.
- 21 timeframes — far more than MT4's nine, for finer chart analysis from one minute up to one month.
- 38+ built-in indicators — more than MT4's roughly 30, plus drawing tools and unlimited custom MQL5 indicators.
- Built-in economic calendar — news and data releases inside the terminal, so you can see scheduled events without leaving the platform.
- Depth of Market (DOM) — view the order book and available liquidity on supported instruments.
- Netting and hedging account modes — choose how positions in the same symbol are accounted for. MT4 is hedging-only; MT5 supports both, and your broker sets which account types are available.
- Faster, multi-threaded backtesting — the Strategy Tester runs multi-currency, real-tick tests on a modern 64-bit engine.
- MQL5 — a more powerful language for custom indicators and Expert Advisors (EAs), with a built-in editor (MetaEditor).
You can install MT5 for free, but you trade through a broker's account and servers — and the broker decides which markets, account modes, and tools you actually get. That's why every download here leads to a regulated broker: it's the official way to get the platform and the market access together.
How MT5 differs from MT4
The headline difference is breadth: MT5 was built for more markets than forex, reaching into exchange-traded stocks
and futures where MT4 stops at forex and CFDs. But the most practical difference for existing traders is the
programming language. MT5 uses MQL5 (files end in .ex5 and
.mq5); MT4 uses MQL4 (.ex4 and .mq4), and they aren't
cross-compatible. The indicators and Expert Advisors you've collected for MT4 — and the folders they live in,
MQL4/Indicators and MQL4/Experts — won't run on MT5 without being rewritten in MQL5. If you depend on a
particular tool, confirm an MT5 version exists before you switch.
Beyond that, MT5 adds 21 timeframes (versus nine), 38+ built-in indicators (versus roughly 30), a built-in economic calendar, Depth of Market, netting and hedging account modes (MT4 is hedging-only), and a faster, multi-currency Strategy Tester. For a full, feature-by-feature breakdown and a recommendation on which to pick, see our dedicated MT4 vs MT5 comparison.
If you trade forex and lean on MT4's enormous ecosystem of EAs and indicators, MT4 may still suit you best. If you want stocks, futures, an economic calendar, Depth of Market, or heavier backtesting, MT5's extras genuinely help. Match the platform to what you actually trade — not to the version number.
MT5's strengths and limitations
No platform is perfect. Here's an honest read on where MT5 leads and where MT4 may still serve you better:
- Strengths: genuinely multi-asset (forex, CFDs, plus exchange-traded stocks and futures where the broker offers them); more timeframes (21) and more built-in indicators (38+); a built-in economic calendar and Depth of Market; netting and hedging account modes; and a faster, multi-currency, real-tick Strategy Tester for systematic traders. It's still free, and it runs on every major device.
- Limitations: its tool ecosystem is younger and smaller than MT4's nearly two decades of EAs and indicators; MQL4 tools don't carry over, so switching can mean replacing or rebuilding your automation; the extra features make the interface feel busier to a beginner; and some forex brokers run MT5 with the same forex-and-CFD lineup as their MT4, so the multi-asset advantage only materialises if your broker actually enables stocks and futures.
Who MT5 is for
- Multi-asset traders who want forex alongside exchange-traded shares, indices or futures in one platform.
- Data-driven traders who value the built-in economic calendar and Depth of Market.
- Systematic traders running heavy or multi-currency backtests in the faster Strategy Tester, or who want netting accounts.
- New traders whose broker leads with MT5 — it's perfectly beginner-friendly, just newer and a little busier than MT4.
It's a weaker fit if you mainly trade forex, rely on a specific MT4 Expert Advisor or indicator that has no MQL5 version, or simply prefer MT4's leaner interface and larger tool library. Weighing the two? Read MT4 vs MT5, or stick with forex's favourite and download MT4.
How to get MetaTrader 5
You don't download MT5 from MetaQuotes directly — you get it from a broker, the same way as MT4. Open an account (a free demo is fine), download the platform for your device, choose your broker's server, and log in. Our MT5 download guide covers every device, how to install MT5 walks through setup step by step, and the best MT5 brokers page compares regulated options so you can match a broker to the markets you want.
Try MetaTrader 5 free
XM offers both MetaTrader 5 and MT4 with a free demo and a low minimum on live accounts — a simple way to try MT5 with virtual money first.
⚠ Trading forex and CFDs is high-risk and most retail traders lose money. This is not financial advice.
Affiliate disclosure: we may earn a commission if you open a broker account through our links, at no extra cost to you. Learn more.
Related guides
Compare the platforms in MT4 vs MT5, download it via the MT5 download guide, follow how to install MT5, find a broker in best MT5 brokers, or stick with forex's favourite and download MT4 instead.
Frequently asked questions
What is MetaTrader 5 (MT5)?
MetaTrader 5 (MT5) is a free multi-asset trading platform from MetaQuotes, released in 2010 as the successor to MetaTrader 4. Like MT4, you download it through a broker and use it to chart, analyse, and place trades — but MT5 reaches beyond forex and CFDs into exchange-traded stocks and futures where a broker offers them, with more timeframes, a built-in economic calendar, and faster backtesting.
Is MT5 free?
Yes. The MetaTrader 5 platform is free to download and use on desktop, web, and mobile. You only need a funded broker account to trade live; a demo account lets you practise with virtual money at no cost. As with MT4, MetaQuotes makes the software and licenses it to brokers, so the platform is free and the broker provides the market access.
Is MT5 newer or better than MT4?
MT5 (2010) is newer than MT4 (2005), but it isn't simply 'better' — it's a different platform built for a wider range of markets. MT4 stays focused on forex and CFDs and has the largest library of Expert Advisors and indicators; MT5 adds asset classes, 21 timeframes, Depth of Market, and a faster multi-currency backtester. See our full MT4 vs MT5 comparison to choose the right one for what you trade.
Can I use my MT4 indicators and EAs on MT5?
No. MT5 uses the MQL5 programming language (files end in .ex5 and .mq5) and MT4 uses MQL4 (.ex4 and .mq4), and they aren't cross-compatible. Tools written for MT4 must be rewritten in MQL5 to run on MT5 — a key thing to check before you switch, especially if you rely on a specific Expert Advisor or indicator.
What can you trade on MT5?
Through a broker, MT5 can offer forex, indices, commodities, share and crypto CFDs, and — unlike MT4 — direct, exchange-traded stocks and futures where the broker supports them. Exactly which markets you get depends entirely on the broker you open an account with, so check their instrument list before assuming a market is available.
What is the difference between netting and hedging on MT5?
They are two ways MT5 accounts for positions in the same symbol. In hedging mode (the only mode MT4 supports) you can hold separate long and short positions on the same instrument at once. In netting mode, trades in one symbol combine into a single net position. MT5 supports both; your broker decides which account types they offer.
Does MT5 have a Strategy Tester like MT4?
Yes, and it's more capable. The MT5 Strategy Tester runs on a multi-threaded, 64-bit engine, supports multi-currency and real-tick backtesting, and is generally faster than MT4's single-symbol tester. As with MT4, you should test any Expert Advisor on historical data and a demo account before risking real money — a backtest is not a guarantee of future results.
Is MT5 good for beginners?
Yes. MT5 is free, runs on almost any device, and includes a free demo to practise on. It has more features than MT4, which can feel busier at first, but the core workflow — open a chart, add an indicator, place an order — is the same. Start on a demo, learn the order ticket, and only trade money you can afford to lose. The platform doesn't reduce the risk of trading.
Does MT5 replace MT4?
Not in practice. MetaQuotes promotes MT5 as its current platform, but MT4 is still actively maintained and widely offered — our 2026 audit found all 21 leading brokers run both. Many traders keep using MT4 for forex and its huge tool ecosystem, while choosing MT5 when they want stocks, futures, or its extra features.
Is MT5 still updated in 2026?
Yes. MetaTrader 5 is actively maintained by MetaQuotes and remains the company's flagship platform, with regular terminal updates. (There is no single 'current build' figure we publish for MT5 the way we verify MT4's build 1460 — but the platform is current and fully supported across desktop, web, and mobile.)
Trading foreign exchange and contracts for difference (CFDs) carries a high level of risk and may not be suitable for all investors. Leverage can work against you as well as for you. You could lose some or all of your deposited funds; do not trade with money you cannot afford to lose. Past performance is not indicative of future results. Nothing on MT4Download.com is financial, investment, or trading advice. Consider your circumstances and seek independent advice if needed.