How to Open a MetaTrader 5 Account
Interested in learning how to set up a MetaTrader 5 account? This article will explain in detail everything you need to know about how to get started. Moreover, this article will also discuss how to create a demo account for MetaTrader 5 (MT5) and other useful tips to help you get started, such as adding and withdrawing funds.
Trading With MetaTrader 5
To answer the question of how to open a trading account on MetaTrader 5, we need to look at six steps that are part of involved in the process.
These steps are:
- Choose a MetaTrader 5 broker
- Download the trading platform
- Creating a trading account
- Log in to MetaTrader 5
- Installing MetaTrader 5 Supreme Edition.
- Adding funds to your live account
Let's look at these six stages individually, to provide us with a more detailed understanding of how to open a trading account on MetaTrader 5.
1) Choose a MetaTrader 5 Broker
The first step in opening a MetaTrader 5 trading account, is to 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.
At Admiral Markets, we offer the ability to trade using both the MetaTrader 4 and 5 trading platforms.
2) Download the Trading Platform
Whether you are considering opening a live account for MetaTrader 5, or a demo trading account, you will need to download the software.
If you are using Windows, head over to the MetaTrader 5 download page, fill in your details and begin your download! For Mac users, read our article 'How to Install MetaTrader 5 For Mac' in order to learn how to proceed. The specific steps , which will depend on which Mac OS you have installed.
Once you have downloaded the installation file, open it to begin the installation process. To log in, you will need to have either a live or demo trading account, both of which we will explain how to open later on.
3) Create Your MetaTrader 5 Account
Once you have the MetaTrader platform on your device, you will need to open an account with your chosen MetaTrader 5 broker.
For new traders, we it is recommend youed to practice on a demo account before making the transition to a live MetaTrader 5 account. The process for opening a demo trading account does not differ greatly from that of opening a live account with Admiral Markets, however, below we will walk you through both processes.
Opening a Demo Account
A Forex demo account enables you to trade Forex in MetaTrader 5 with virtual funds, allowing you to practice different trading strategies without risking your own capital. You can practice trading on a wide range of products, all with real market prices.
To create a new demo account for MetaTrader 5, 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 trading account details, which you can then use to log in to MT5.
Opening a Live Account
If you are ready to trade on the live markets, you can open a live MetaTrader 5 account with Admiral Markets. To do this, you must firstly log in to the Trader's Room with your registered email address and password (if you have a demo account, this is the same email you used in that sign up process). If you do not already have a Trader's Room account, you will need to create one.
Once logged in to your Trader's Room, just follow these steps:
- Click the 'Open Live Account' button.
- Add and verify your phone number.
- Add your details 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, Admiral Markets 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
- An investor password
- Account server
- Account type
- Account balance
- Leverage available
You can see the full process for opening a live account in the video below.
4) Log In to MetaTrader 5
Once you have your trading account set up, open MetaTrader 5. Once opened, click 'File' at the top of the screen and select 'Login to Trade Account', as shown in the image below.
Source: Admiral Markets MetaTrader 5 - File - Login to Trade Account
A dialogue box will then appear on your screen prompting you to login. 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.
Source: Admiral Markets MetaTrader 5 - Login
5) MetaTrader 5 Supreme Edition Plugin
Once you have opened your account, you will have access to a core bundle of indicators. If you would like to expand that selection, there are a vast number of custom indicators that you can purchase from the MT5 Marketplace.
Alternatively, you can add a number of cutting-edge indicators and other trading tools free of charge, by downloading the Admiral Markets MetaTrader Supreme Edition plugin (MTSE). MTSE is a custom plugin developed by market professionals that expands the choice of indicators and Expert Advisors (EAs) available on the MT5 platform.
6) Add Funds to Your Account
To add funds to a live MetaTrader 5 account, you will need to log in to the Trader's Room 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 Trader's Room dashboard next to your live account details.
Note that you can also withdraw funds from the Trader's Room. Both the deposits and withdrawals processes are outlined in the video below.
We hope you have found this article on how to create a new account in MetaTrader useful. Of course, opening an account for MetaTrader 5 really is just the first step on your journey as a successful 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 the 'Most Important Forex Indicators'.
Trade on MetaTrader 5 With Admiral Markets
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About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.