How to Open a MetaTrader 5 Account
Interested in learning how to open a MetaTrader 5 demo account? How about a MetaTrader 5 live account? In this article, we will explain in detail how to open and start trading on a MetaTrader 5 account.
Table of Contents
So, how can you open and start trading on a MetaTrader 5 (MT5) account? In the remainder of the article, we will look individually at the five main steps involved in the process.
MetaTrader 5: Choosing a Broker
The first step in opening an MT5 trading account, is to find and choose a Forex broker which offers the MetaTrader 5 trading platform.
Choosing a good broker can be a daunting task due to the amount of choice there is out there. Be sure to do your research carefully and, if in doubt, read our guide on 'How to Find the Best CFD & Forex Brokers’ which will help guide you through this process.
Looking to practice your trading under real and live market conditions, but with virtual currency? Register now for a free demo account and hone your skills before putting them to the test on the live markets! Click the banner below to register today:
How to Find a Broker?
At Admirals, we offer the ability to trade using both the MetaTrader 4 and MetaTrader 5 trading platforms.
With Admirals, you can trade using MT5 in your browser or download the platform for free. Furthermore, traders who open an MT5 account with Admirals gain access to additional benefits such as our exclusive Premium Analytics portal, regular market analysis and a constantly growing library of educational articles.
MetaTrader 5 Download: How To
The second step is to download MetaTrader 5. Whether you are considering opening a MT5 demo account or live account, you will need to download the same software for both.
Once you have downloaded the file, open it to begin the installation process. To log in, you will need to have either a live or demo MT5 trading account, both of which we will explain how to open later on.
For Mac users, read our article 'How to Install MetaTrader 5 For Mac' to learn how to download MT5. The specific steps involved will depend on which Mac OS you have installed.
MetaTrader 5: Opening an Account
Once you have completed your download of the MT5 trading platform, you will need to open either a live or demo MetaTrader 5 account.
For new traders, we recommend that you practise on a MetaTrader 5 demo account before making the transition to the live markets. The process for opening a demo trading account does not differ greatly from that of opening a live account with Admirals. Below we will walk you through both processes.
How to Open a Demo Account
A demo trading account allows you to trade in MetaTrader 5 with virtual funds, meaning you can practise trading in realistic market conditions, on a range of different products, without risking your own capital.
In order to open your free MT5 demo account, simply visit the demo account page on our website and complete the form. Once you have done this, you will receive an email with your MetaTrader 5 demo account details, which you can then use to log in to the trading platform.
How to Open a Live Account
If you are ready to trade on the live markets, you can open a live MetaTrader 5 account with Admirals.
Firstly, you need to log in to the Dashboard with your registered email address and password - if you have a demo account, this is the same email you used in the signup process. If you do not already have a Dashboard account, you will need to create one.
Once logged in to your Dashboard, just follow these steps:
- Click the 'Open Live Account' button.
- Add and verify your phone number.
- Add the requested information over the following pages. These details will include contact information, tax identification details and your passport number.
- Read and accept the confirmation notice.
- Verify your identity by uploading the requested documents.
From here, Admirals will review your application, after which we will contact you by email with the results of your application. If your application is successful, you will receive your account details by email. These will include:
- An account ID
- A main password
- Account server
- Account type
- Account balance
- Leverage available
Logging In to Your MT5 Account
Once you have your MT5 trading account set up, open the MetaTrader 5 trading platform. Click 'File' at the top of the screen and select 'Login to Trade Account'.
A dialogue box will then appear on your screen prompting you to enter your MT5 account details to log in. You need to ensure that the 'Server' field matches the server details provided by your MetaTrader 5 broker. You can overtype in this field if needs be. Enter your account ID in the 'Login' field and complete the 'Password' field with your main password.
Adding Funds to Your MT5 Account
To add funds to an MT5 live account, you will need to log in to the Dashboard using the same email address and password you used to sign up for your trading account. Once you've logged in, follow these steps:
- Scroll down to the account where you would like to deposit funds, and click 'deposit'.
- Choose your preferred payment method and follow the prompts to deposit funds.
Depending on your payment method, funds may take up to three business days to clear. Once they have cleared, your account balance will appear in your Dashboard next to your live account details. You can also withdraw funds from the Dashboard.
MetaTrader 5: Final Thoughts
We hope you have found this article on how to create a new account in MetaTrader useful. Of course, learning how to open an account on MetaTrader 5 is really just the first step on your journey as a trader. If you would like to learn more about the technical tools you'll find in the trading platform itself, you might want to read our list of ‘Forex Indicators Every Trader Should Know’.
Interested in always staying up to date with the latest trading news and tactics? Why not register for one of our free webinars, and level up your trading with new strategies and insights! Click the banner below for more:
Frequently Asked Questions
What is MetaTrader 5 (MT5) and why should I open an account?
MetaTrader 5 (MT5) is a popular online trading platform used for forex and stock trading. It provides access to various financial markets and offers tools for technical analysis. Opening an MT5 account allows you to trade assets, access real-time data, and use advanced trading features.
How can I open a MetaTrader 5 account?
Follow these steps to open an MT5 account:
Choose a Broker: Research and select a reputable broker that offers MetaTrader 5 as a trading platform.
Registration: Visit the broker's website and locate the account registration section. Provide your personal details, including your name, email, and contact information.
Account Type: Select the type of MT5 account you want to open. Brokers offer various account types with different features and trading conditions.
Verification: Complete the broker's verification process. This usually involves submitting identification documents, such as a photo ID and proof of address.
Deposit Funds: Once your account is verified, deposit funds into your trading account. Brokers have minimum deposit requirements that you need to meet.
Download MT5: Download the MetaTrader 5 platform from the broker's website or app store. Install it on your device.
Login: Open the MT5 platform, enter your account credentials (username and password), and log in.
What should I do after opening a MetaTrader 5 account?
After opening an MT5 account, here's what you should do:
Explore the Platform: Familiarize yourself with the platform's layout, tools, and features. You can access charts, technical indicators, and trading instruments.
Practice Trading: Many brokers offer demo accounts with virtual funds. Use the demo account to practice trading without risking real money. This helps you understand how to execute trades and test your strategies.
Educate Yourself: Learn about trading strategies, risk management, and market analysis. Numerous online resources, tutorials, and courses are available to help you become a more informed trader.
Start Trading: Once you're comfortable with the platform and have gained some confidence through demo trading, you can start trading with real funds. Remember to start with small, manageable investments and gradually increase your trading activity as you gain experience.
Remember that trading involves risk, and it's important to have a clear understanding of the markets and trading strategies before you start. It's also advisable to seek advice from financial professionals if needed.
Other articles you may find interesting:
- The Ultimate MetaTrader 5 Guide
- Mobile Trading With the MetaTrader 5 App
- MetaTrader 4 vs MetaTrader 5
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