Platforms
MetaTrader 5 guide: getting started
What MetaTrader 5 is, how to download it and log in with NextTrade, and how to place a first order on a demo account.
NextTrade Education TeamUpdated 8 min read
Key takeaways
- MT5 runs on Windows and macOS, in a web browser through WebTrader, and as a mobile app for iOS and Android.
- To log in, select the NextTrade server and enter the credentials you received when you opened your trading account.
- Learn four areas first: Market Watch, the chart, the order window and the list of positions and orders.
- MT5 offers market orders and several pending order types, and you can attach a stop loss and take profit to any order.
- Practise on a demo account with virtual funds before you trade with real money.
On this page
What MetaTrader 5 is
MetaTrader 5 (MT5) is a multi-asset trading platform from MetaQuotes: the software where you see prices, read charts, place orders and follow your positions. NextTrade offers it alongside TradeLocker, with the same spreads and execution on each; maximum leverage differs by platform.
MT5 is known for detailed charting, Expert Advisors (EAs) for automated trading, Depth of Market and both hedging and netting account modes. You do not need any of the advanced tools to start. This guide covers the basics: the versions, logging in, the layout and a first order. For the full feature list, see the MetaTrader 5 platform page.
Desktop, web and mobile versions
MT5 comes in three versions. They connect to the same trading account, so your orders and positions are the same on each.
| Version | Runs on | Good to know |
|---|---|---|
| Desktop | Windows and macOS | The full terminal, including the Strategy Tester and the MetaEditor for Expert Advisors |
| WebTrader | Chrome, Firefox, Safari or Edge | No installation: charts, one-click trading and account management in the browser |
| Mobile app | iOS and Android | Place orders, manage positions and check charts on a phone or tablet |
MT5 is free to download and use with a NextTrade account. The steps below follow the desktop terminal; WebTrader and the mobile app have the same parts, laid out differently.
Downloading MT5 and logging in
- Register with NextTrade and open a trading account. You receive the account's login credentials when you open it.
- Download MT5 for Windows, macOS, Android or iOS from the MetaTrader 5 platform page, or get the mobile app from the App Store or Google Play. To use WebTrader, open the web terminal from the same page instead.
- Open MT5, select the NextTrade server and enter the account credentials you received.
- Check the account number MT5 shows, so you know whether you are on a demo or a live account before you place an order.
If you forget your MT5 trading password, you can reset it in your NextTrade client area. If you forget your client area password, use the password reset on the login page. If you still cannot log in, NextTrade's support team can help.
A tour of the layout
The desktop terminal has four areas to learn first. Each one has a clear job.
Market Watch
Market Watch lists instruments with their current bid and ask prices. Pick an instrument here to open its chart or a new order for it.
Charts
Each chart shows one instrument on one timeframe, from one minute to monthly, as candlesticks, bars or a line. You can add indicators and analytical objects such as trend lines, open several charts at once, and read exact values in the Data Window.
Order window
The order window is where you set the instrument, the order type, the volume in lots, the stop loss and the take profit, and then buy or sell.
Positions and history
A panel at the bottom of the terminal lists your open positions and pending orders, with account values such as balance, equity and free margin. Closed trades appear in your trading history.
Placing your first order, step by step
Try these steps on a demo account first.
- Find the market. Choose the instrument in Market Watch and open its chart.
- Open a new order. Open the order window for that instrument.
- Choose the order type. A market order is executed at the current price. A pending order waits for a price you set.
- Set the volume. Enter the number of lots and check it carefully: the volume sets the size of the trade, and so the size of any profit or loss.
- Add a stop loss and take profit. In MT5 you enter them as price levels.
- Send the order. For a market order, click Buy or Sell and a position opens. A pending order is placed and waits for its price.
| Order | What it does |
|---|---|
| Buy Limit | Buys at a set price below the current market |
| Sell Limit | Sells at a set price above the current market |
| Buy Stop | Buys at a set price above the current market |
| Sell Stop | Sells at a set price below the current market |
MT5 also has Buy Stop Limit and Sell Stop Limit orders. They combine the two: when the price reaches the stop level, a limit order is placed.
One-click trading skips the order window
MT5 lets you trade from the chart with one-click trading. With it on, a single click on Buy or Sell opens a position straight away, with no window to check the volume first. Use it with care, and only once you know the order window well.
Hypothetical example: a demo buy order with a stop loss and take profit
- Account
- Demo (virtual funds)
- Market
- EUR/USD, bought at 1.1000
- Stop loss
- 1.0950
- Take profit
- 1.1100
- Stop loss distance: 1.1000 − 1.0950 = 0.0050, which is 50 pips
- Take profit distance: 1.1100 − 1.1000 = 0.0100, which is 100 pips
- If the stop loss is reached, the trade closes with a 50-pip loss, plus costs
- If the take profit is reached, the trade closes with a 100-pip gain, minus costs
Outcome: a 50-pip loss or a 100-pip gain, and in a fast market the loss can be larger. Neither is certain.
The money value of each pip depends on the volume and the instrument; see pip. These prices are made up. Read the risk note before you trade.
MT5 or TradeLocker
Pricing is the same on both platforms. MT5 suits traders who use Expert Advisors, Depth of Market or the MT5 Strategy Tester. TradeLocker suits traders who want TradingView charts and a built-in risk calculator. You can also use both with the same login.
To see how TradeLocker works, read the TradeLocker getting-started guide, or compare both platforms side by side.
Start on a demo account
A demo account uses virtual funds, so you can repeat each step without risking real money. Open a chart, place a market order and a pending order, change a stop loss, cancel a pending order and close a position.
Demo results are not a guide to live results. On a live account prices can move quickly, a stop loss can fill at a worse price than the one you set, and every trade has costs. Before you open a live account, compare the costs and minimum deposits on the account types page.
Trading involves risk
Contracts for Differences (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage.
This guide explains how the MetaTrader 5 platform works. It is not investment advice and does not suggest what, when or how much to trade. Read the full Risk Disclosure Policy before you trade with real money.
Frequently asked questions
Is MetaTrader 5 free to use with NextTrade?
Yes. MT5 is free to download and use with your NextTrade account, and there are no platform fees. You pay the standard trading costs, such as spreads and commissions, which depend on your account type. Pricing is the same on MT5 and TradeLocker, so the platform you choose does not change the cost of a trade.
Can I use MT5 on a Mac?
Yes. MT5 is available for macOS as a direct download. You can also use the WebTrader version in Chrome, Firefox, Safari or Edge with nothing to install, or the mobile app on an iPhone or iPad. All of them connect to the same trading account, so your orders and positions appear in each one.
How do I connect MT5 to my NextTrade account?
Download MT5, open it, select the NextTrade server and enter the account credentials you received when you opened your trading account. If you have more than one trading account, check the account number MT5 shows before you trade. If you forget your MT5 password, you can reset it in your NextTrade client area.
What is the difference between a market order and a pending order in MT5?
A market order is executed straight away at the current price. A pending order, such as a Buy Limit or a Sell Stop, waits for a price you set and only opens a position if the market reaches it. Until then you can change or delete it. You can attach a stop loss and take profit to both.
Do I need Expert Advisors to trade on MT5?
No. Expert Advisors (EAs) are optional programs that automate trading, and you can place every order by hand. EAs and the Strategy Tester are advanced tools. An automated strategy can lose money just like a manual one, so learn the basic order window on a demo account before you look at automation.
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