MetaTrader 5 Requirements for Beginners: What You Need to Get Started

MetaTrader 5, commonly known as MT5, is one of the most widely used multi-asset trading platforms, which can be used online via the web or can be downloaded in the form of software on a range of devices like computers, tablets, and smartphones, and operating systems like Windows, macOS, Linux, iOS, and Android.

This platform is known for its robust analytical features and ease of access and use.

It offers a wide range of financial instruments, including foreign exchange (forex), futures, and stocks.

MT5 is an excellent platform for speculative CFD trading, as real-time reporting on accurate price movements is key to success.

Due to these features, it is a hit among both beginner and experienced traders. 

Beginners in the field require all the help they can get to gain experience and familiarity with the trading process.

MT5 is an excellent platform for beginners to gain all that and much more.

MT5 offers a range of educational courses for beginners, a comprehensive guide to the software and its versatile tools, as well as various guides for expert advisors.

A unique feature of the platform is that it offers its users tailored and customisable trading strategies after carefully auditing their monetary situation and expectations.

Another great feature of MT5 is the flexibility to create and utilize a demo account.

Through this, beginners can gain first-hand experience in the world of trading without any tangible assets involved. 

It is worth noting that although MT5 is an all-in-one platform that allows traders to buy and trade assets, it is particularly well-suited for price speculation and analysis.

One minor limitation of MT5 is its dependence on a stable internet connection.

This is because the world of trading and investments is highly dynamic, and the role of MT5 is to provide uninterrupted, real-time updates on financial instruments; therefore, a stable connection is a critical requirement. 

In this article, we will take you through everything you need to know about the MetaTrader 5 requirements for beginners and how to use MetaTrader 5.

This article can also serve as a MetaTrader 5 tutorial for traders with varying levels of experience.

What Is MetaTrader 5?

MetaTrader 5 is a software that offers a range of analytical tools and advanced features for multi-asset trading.

MetaQuotes, a prominent developer in the trading world, developed this software.

MetaQuotes released MetaTrader 5 in 2010 and has since been perfecting the software by adding new tools and features.

This single software handles a wide range of financial instruments, including but not limited to forex, stocks, cryptocurrencies, indices, commodities, and contracts for difference (CFDs). 

The MT5 is an all-in-one platform where traders can buy and sell assets and, most importantly, analyse trades and speculate on price movements.

This is possible due to the around 80 different tools and analytical measures MT5 offers on the platform.

To use these tools successfully, one must understand them and have prior knowledge about trading, which surely comes with time.

Additionally, MT5 offers a range of educational content on general and specific trading, as well as all its tools and comprehensive features, so users can easily navigate the platform. 

A standout feature of MT5 is its unparalleled prowess in speculative CFD trading.

In CFD trading, traders aim to profit by speculating on an asset’s price movements without actually owning the underlying asset.

The key for traders here is to remain updated with the latest price fluctuations and to use a robust platform that can execute orders quickly without any latency.

Additionally, analytical tools that provide an in-depth report on real-time market sentiment are crucial when engaging in speculative CFD trading.

This and much more can be found on MT5 on a stable internet connection. 

System Requirements for MT5

The MetaTrader5 can be accessed via two main routes: the web or the software.

The web version of the MT5 is lightweight and requires no software download.

The website can be accessed and run comfortably on almost all major web browsers, including Google Chrome, Mozilla Firefox, Opera, Microsoft Edge, and Safari.

This can be done on a computer, tablet, or smartphone.

Alternatively, the MT5 platform can be accessed by downloading the software directly to your device.

The MT5 software is robust and runs more smoothly than the website.

The software can be downloaded from the official MT5 website for various devices and operating systems like Windows, macOS, iOS, and Android.

Here are the specific requirements for the different operating software running MT5:

Windows

MT5 can run on Windows 7 and later versions, supporting both 32-bit and 64-bit architectures.

A dual-core processor with at least 2GB of RAM is recommended for smooth operation.

Around 150 MB of free disk space is required to download the software. 

macOS

macOS 10.14 or higher can run MT5.

A dual-core processor with at least 4GB of RAM is recommended for smooth operation.

Around 150 MB of free disk space is required to download the software. 

iOS

iOS 12.0 or higher can run the MT5.

Almost all devices running iOS software are likely compatible with MetaTrader 5 (MT5).

Around 50 MB of space is required for installation.

Android

Android 5.0 or higher is required to run MT5.

A minimum of a Quad-Core processor and 2GB of RAM are required.

Additionally, around 50 MB of space is needed for installation. 

These were the operating software-specific requirements for MT5.

However, generally speaking, these two requirements must always be met when using the platform:

Stable Internet Connection 

As discussed earlier, a stable internet connection is crucial for ensuring the software operates at optimal performance.

If the internet is down, you may experience significant delays in price updates and important developments, which can cause issues with orders.

You can adopt a few measures to ensure your internet is stable.

First, get a high-speed internet package, preferably with a broadband connection.

Secondly, ensure that you check the speed fluctuation in real-time so you can make quick adjustments if the speed falls below what the platform can handle.

Lastly, make sure you have a backup option for internet access.

These are a few ways to ensure a stable connection, but each device, OS, and location differs, so make sure you plan accordingly. 

Suitable Security

When using any trading platform, it is crucial to maintain suitable security on your device to ensure the safety of your assets and accounts.

For this, you can download antivirus software or firewalls that protect the contents of your device.

Additionally, ensure that you do not fall for website scams and avoid clicking on suspicious email links unnecessarily.

Lastly, ensure you do not connect to any random Wi-Fi signal, as they can be spoofed.  

How to Set Up a MetaTrader 5 Account

Now that we know what MT5 is, what it offers, where it can be used, and what devices or OS are compatible with it, we set up a MetaTrader account for beginner or experienced traders.

You can set up your account on any device or OS you choose, but make sure to use your personal device and accurate personal information for security purposes. 

Finding a Broker

MT5 does not offer brokerage services and works through other brokerage platforms that serve as a bridge between traders and financial markets.

You need to find a broker that offers the MT5 trading platform.

You can find a broker directly from the MT5 platform or look for one online.

When selecting a broker, ensure that you consider the associated fees, their credibility, and ease of access, and conduct your own due diligence.

This will help you in making a good decision.  

Access the MT5 

After selecting your broker, the next step is accessing the MetaTrader 5.

Some brokers may offer you a link to download or access the platform.

A crucial decision to make is whether you prefer to access the platform via the web or download the software directly to your device.

In any case, the software can be downloaded from the MT5’s official website. 

Register the Account

After successfully accessing MT5, you will be prompted to log in with your account or create a new one.

Follow the prompt to create a new account, and you will be directed to complete the registration.

Follow the following steps:

1. In the platform’s “File” menu, select the “Open an Account” option. 
2. Select a server provided by your broker to make a live account. Or
3. Select the demo account option to make a demo account. We recommend creating a demo account before setting up a live one for beginners. 
4. Fill out the registration form with the rest of your details. Ensure you provide accurate information matching your personal documents. 
5. Submit the form after filling out the details. 
6. Receive your login credentials and keep them secure. 

Set Up Your Account

Carefully enter your account credentials and start setting up your account.

This will take some time, as there are many tools and features to go through, and you may not need to use them all.

Make sure to follow the platform’s prompts and familiarise yourself with the basics.

Understand where the tabs and buttons are and what they mean.

You are all ready to start trading.

For experienced traders with live accounts, you must deposit funds before making orders.

For demo accounts, no real deposits are required. 

MetaTrader 5 Tutorial for Beginners

Now that you have set up your account, let us see how you can use the MetaTrader 5.

The MT5 interface can be intimidating at first, but as you explore and understand its features, you will become more confident in using the platform.

There are a few main screen features that you should familiarise yourself with.

These include the following:

Main Menu and Toolbar

As the name suggests, the main menu provides access to all the platform’s significant features.

Below it is the toolbar, which provides access to all the commonly used tools in MT5. In the toolbar,  you can find options for placing orders, e.g. new orders, stop-loss, and more. 

Market Watch Window

The market watch is on the left side of the screen.

Here, you can add financial instruments to visualise real-time market changes. 

Chart Tools 

All the charting tools are in the centre of the screen.

Here, you have many choices and can make changes according to your preferences.

Among many things, you can choose what type of charts you want, set different timeframes, apply or remove multiple indicators and analytical tools on your assets, and finally, adjust chart sizes and colours to fit your aesthetics. 

Terminal Window

At the bottom of your charts is the terminal window, which serves as the control panel for monitoring and managing your accounts. 

These are just a few main-screen keys important for a beginner on the MT5 platform.

There is so much more to discover and get used to. 

Key Features of MetaTrader 5

Since the release of MT5 in 2010, it has undergone numerous changes and new developments.

MetaQuotes ensured that, with the advancement of technology, the features and tools offered on the platform were continually improved.

Even now, the platform continues to receive regular updates and undergo development changes to keep pace with the ever-changing world.

This has resulted in a platform that offers unmatched features, and a few of these features are as follows:

Multi-Asset Support

The primary feature of MT5 is its multi-asset support, which enables seamless trading across various asset classes, including forex, stocks, cryptocurrencies, indices, and commodities.

Because of this, it is also referred to as an all-in-one platform.

This multi-asset support enables users to not only diversify their portfolios but also explore different markets without the hassle of creating and maintaining separate trading accounts for each asset class.

Another great feature of MT5 is its ability to support speculative CFD trading without requiring the ownership of underlying assets. 

Advanced Charting Tools

As mentioned, MT5 offers approximately 80 tools, various analytical measures for its users, and numerous charting tools.

It also offers around 21 different time frames to choose from.

Additionally, users can set up alerts according to their liking and reminders for price movements.

The platform’s blog is also very active in disseminating information that can help many traders make informed decisions based on facts and real-world developments. 

Automated Trading

This feature might be the best feature of MT5.

MetaTrader 5 enables its users to automate trading by allowing them to develop, test, and deploy customised algorithms.

Traders can utilise any and all indicators and analytical tools to develop and set such algorithms, and MT5 has the capability and the capacity to read and act according to that algorithm.

This feature is not offered on all trading platforms, which makes MT5 one of its kind. 

The features, as mentioned earlier, make MT5 stand tall in a line of trading platforms in today’s technological age.

To effectively utilize any of these features, it is essential to have some prior knowledge of the trading world.

Differences Between MT4 and MT5

MetaTrader 4 and MetaTrader 5 were both developed and released by MetaQuotes in 2005 and 2010, respectively.

These platforms have key differences and are famous among traders from all experience levels.

Here, we discuss the differences in detail:

• MT4 platform exclusively deals in forex trades and does not support other asset classes.
  
  Meanwhile, MT5 supports multi-asset class trades on one platform, including speculative CFD trading. This is the most significant difference between the two platforms.
  
  When MT4 was released in 2005, forex traders rushed to adopt this platform because it offered a sophisticated yet exceptionally functional platform with the necessary features for trading forex.
  
  Over time, MT4 retained some of its original popularity, but traders who sought to diversify their portfolios turned to other platforms.
  
  In 2010, MT5 supported multi-asset classes, bringing it the fame and name it deserved. 
  
• As MT4 supports only forex trading, the choice of technical analysis tools and features is also limited.
  
  It offers excellent tools for forex trading but none for any other asset class, and rightfully so.
  
  However, MT5 provides a range of top-of-the-line tools, features, and charting analyses that are very useful to users.
  
  MT5 also offers customisation of the main interface, which MT4 does not. 
  
• MT4 allows users to place simple orders, such as market, limit, or stop orders, whereas MT5 offers a broader range of orders that can be made.
  
  This gives the traders more control over their trades and outcomes. 
  
• MT4 does not allow traders to develop and test algorithms, whereas MT5 does. Overall, MT5 is a more interactive and user-engaging platform than MT4. 
  
• MT4 offers users a basic risk management strategy, whereas MT5 provides more advanced ways, such as hedging and netting. 
  
• MT4 does not allow copy trading, whereas MT5 does. This can be an essential tool for new traders. 

In conclusion, MT4 is an excellent platform for those looking to engage in forex trading.

Still, for individuals seeking more comprehensive multi-asset support, unparalleled features, and customisation, MT5 is the better choice. 

Trading Information on MT5

MT5 is recognised for its comprehensive trading information, enabling users to make informed trading decisions and manage trades more effectively.

The following are the key features of MT5’s trading information:

Real-Time Data

MT5 offers real-time market data, which the platform delivers with minimal latency, provided it has a stable internet connection.

Real-time data is crucial for traders to make informed decisions, especially when engaging in speculative CFD trading.

The difference between a good and a bad trade often depends on the precision of minute market changes, and MT5 ensures that its users receive the latest updates as they occur in real-time. 

Technical Analysis Tools

MT5 offers a range of analysis tools that traders can utilise to gain valuable insights into the asset class of their choice.

The key here is first to understand the technical analysis tool and then use it to your advantage.

With experience, these tools can be very helpful and provide you with significant leverage.

Charting Options for CFDs

Charting options for CFDs provide a valuable way for traders to make informed decisions and speculate on price movements.

Traders can use different metrics and charting patterns as benchmarks to speculate movements and place orders accordingly.

The key here is to understand and use the art of chart reading to your advantage. 

MT5 is one of the leading trading platforms, and the points mentioned above, along with a few others, may explain why.

Ensure you deeply understand the platform before using a live account and real-world assets. 

FAQs About MetaTrader 5

Here are a few frequently asked questions about the MetaTrader 5:

What Are the Benefits of Using MT5? 

There are many benefits of using the MT5, but here we mention a few of them:

• MT5 has a user-friendly interface and is available as a website and software on various devices and operating software. 
  
• MT5 supports trading across multiple asset classes, including forex, stocks, cryptocurrencies, indices, and commodities.
  
  It also supports speculative CFD trading without owning the underlying assets. 
  
• It offers a wide range of technical analysis features and charting tools that are easy to use and deploy. 
  
• MT5 offers a wide range of order placement and execution options. 
  
• MT5 allows automated trading. 
  
• It allows hedging and netting as risk management techniques. 

How Does the Demo Account Differ from Live Accounts?

A demo account differs from a live account in that it is based on simulated capital, risk, and market conditions.

Beginners use a demo account to familiarise themselves with and understand the trading process in simulated real-world financial market conditions with fake assets and no real capital involvement.

In contrast, a live account is a real account used by traders to trade with real-world assets bought from real capital under real market conditions and with involved risk. 

MT5 is a great multi-asset trading platform for traders of all experience levels.

The platform requires its users to make an account and access the platform via the web or after downloading the software to an eligible device and operating software.

The platform offers a range of technical analysis features and charting tools that are easy to use and deploy.

It supports trading in forex, stocks, cryptocurrencies, indices, commodities, and speculative CFD trading without owning the underlying assets. 

MT5 does not offer brokerage services and works through other brokerage platforms that serve as a bridge between traders and financial markets.

You have to find a broker that offers MT5 as a trading platform.

The platform has a lot to offer and works best when it has access to a stable internet connection.

It features state-of-the-art tools and capabilities for you to explore and utilise to your advantage.

We recommend starting with a demo account for beginners, as it will be very useful and vital for your learning.

We encourage you to explore the platform and use it to your advantage.

Make sure that you do so responsibly.