How to Open a MetaTrader 5 Demo and Live Account
Interested in learning how to set up a MetaTrader 5 demo account? How about a live account? This article will explain in detail everything you need to know about how to get started and provide useful tips for working with the platform, such as adding and withdrawing funds.
In this article, I'm going to present to you all the information you need to set up both a live account with MetaTrader 5 and a MetaTrader 5 download demo account. Because both versions are so similar, I'm going to start with general information on how to set up a live MetaTrader5 platform to give you an idea of how the platform works. Later on, I'll discuss setting up this trading demo account in detail.
Table of Contents
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 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 MetaTrader 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 involved 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, it is recommend that you 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 MetaTrader 5 Demo Account
A trading demo account enables you to trade different instruments 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. Therefore, an MT5 demo account will suit any trader's interests, regardless of whether you are interested in demo Forex trading, demo stock trading, or another instrument. You can get a MetaTrader 5 demo account download for pc or Mac. The MetaTrader 5 platform is also available as demo trading app for mobile devices.
To create a new MetaTrader 5 free 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 trading account details, which you can then use to log in to MT5.
The MetaTrader 5 demo account' seemingly unlimited amount of features has the same functionality as a real account, making it feel
Some traders forget their password and need help recovering it. However, more detailed questions often come up when traders begin using a MetaTrader 5 demo account, such as "How to adjust demo account money in MetaTrader 5?", "How do you trade on MT5 demo account?", "What are the available MetaTrader 5 demo account stocks?" and more.
I'll answer these questions now.
MT5 demo account forgot password
The MetaTrader 5 demo account forgot password feature works like most forgot password features on the internet these days. Simply click on 'Forgot Password" on the login page and follow the instructions to reset your password.
Adjust balance in MT5 demo account
How do you adjust the balance on your MT 5 demo account? It depends on your broker.
Some users have reported that in their demo account, a demo signal automatically put funds into their account after a certain amount of losses. Other users have reported that their broker allows them to add funds manually. Contact your broker to find out your options.
How to trade on an MT5 demo account
On the MetaTrader demo account, you can experience trading and developing your skills without risking your real funds. Try making your first trade:
- Choose a financial instrument from the Market Watch window
- Open the context menu
- Click on "New Order"
- To make a Sell trade, simply click "Sell"
- To make a Buy trade, simply click "Buy"
Available stocks on the MT5 demo account
Since the MetaTrader 5 demo account offers mostly the same features as the real account, you can trade most of the same stocks. For example, on a MetaTrader 5 demo account with Admiral Markets you can access over 4,000 of stock and 100 ETFs.
Which server does the MT5 demo account use?
The server your demo account is connected to depends on which broker you open an account with. Once you pick a broker and sign up for a demo or real account with them, your accounts will be opened on their server.
Delete your MT5 demo account
How do I delete a demo account on MetaTrader 5? You aren't able to delete your only logged-in demo account in MetaTrader 5. If you have only one logged-in demo account and you want to delete it, then you must create a new one, or log in to a different account and delete the first one from the the other account.
4) 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.
5) 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
6) 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.
7) 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.
Some traders ask, "What is the minimum deposit for MetaTrader 5?" Metatrader is solely a trading platform. It is not connected to the minimum required deposits. Different brokers use the MetaTrader platform to allow traders to conveniently trade with their firm. The broker who you have an account with is who sets the minimum deposit.
You don’t need to invest much of money to make money in trading Forex. Many brokers allow their traders to open accounts with $200 dollars. Some brokers allow even lower minimums. This gives traders the opportunity to trade real money without having to risk large amounts of money.
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.