How to Set Up MetaTrader 5 - Demo and Live Accounts

June 10, 2021 05:30 UTC
Reading time: 17 minutes

Interested in learning how to set up a MetaTrader 5 free demo account? How about a MetaTrader 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 MetaTrader 5 platform, such as adding and withdrawing funds.

Open a MetaTrader 5 account

In this article, I'm going to present to you all the information you need on how to open an MT5 live account and how to open a demo account on MT5. Because both account types 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 how to create MetaTrader 5 account and demo account in detail.

 

Before we begin outlining how to download and set up a MetaTrader 5 account, we're going to answer some quick questions that come to traders minds when they first discover MetaTrader 4 or 5.

What's MetaTrader 5?

MetaTrader 5 is the #1 multi-asset platform chosen by traders and investors from around the globe for trading Forex, CFDs, exchange-traded instruments and futures. The platform offers advanced charting and trading tools, as well as options for automated trading.

Is MetaTrader Free?

We are happy to inform you that both of these platforms are free to download.

Is MetaTrader 5 Safe?

MetaTrader 5 is a popular trading platform created by MetaQuotes Software. MetaQuotes was established in 2000 and is considered one of the leading developers of software applications for banks, exchanges and brokerages. MetaTrader 5 is a reliable Forex and stock trading platform.

Trading With MetaTrader 5 - How to set up 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:

  1. Choose a MetaTrader 5 broker
  2. Download the trading platform
  3. Creating a trading account
  4. Log in to MetaTrader 5
  5. Installing MetaTrader 5 Supreme Edition.
  6. 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.

Which brokers use MetaTrader 5?

Which Brokers Use MetaTrader 5?

At Admirals, we offer the ability to trade using both the MetaTrader 4 and 5 trading platforms. With Admirals, you can trade via MT5 in your browser or download the entire platform for free. What's more, traders who open an account with Admirals gain access to real-time market data, technical analysis, insight from professional trading experts, and thousands of trading instruments to trade and invest with, amplifying their MetaTrader 5 trading experience.

2) Download the Trading Platform - Where to download MetaTrader 5

The second step is to download MetaTrader 5. Whether you are considering opening a live account for MetaTrader 5 or you are looking for a MetaTrader 5 demo account download, you will need to download the same software for both.

So, where to download MetaTrader 5?

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' 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. At this step, we will create a MetaTrader 5 account. Which brokers use MetaTrader 5?

For new traders, it is recommended 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 Admirals. Below we will walk you through both processes.

Opening a MetaTrader 5 Demo Account - How to open a demo account on MT5

How do I use a MetaTrader 5 demo account? Before we detail how to use a demo account, let's consider why a trader may use one.

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 for PC or Mac. The MetaTrader 5 platform is also available as a 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.

Some traders forget their password and need help recovering it. Additionally, even more detailed questions often arise 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.

We'll answer all of these questions now.

Before we continue, you can get started with your FREE demo trading account today by clicking the banner below.

demo trading account admirals

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:

  1. Choose a financial instrument from the Market Watch window
  2. Open the context menu
  3. Click on "New Order"
  4. To make a Sell trade, simply click "Sell"
  5. 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 Admirals, 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?

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 other account.

Opening a Live Account - How to open a live account on MT5

If you are ready to trade on the live markets, you can open a live MetaTrader 5 account with Admirals. To do this, you must first 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 signup 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:

  1. Click the 'Open Live Account' button.
  2. Add and verify your phone number.
  3. Add your details over the following pages. These details will include contact information, tax identification details and your passport number.
  4. Read and accept the confirmation notice.
  5. 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
  • 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 - How to login to an MT5 real account

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.

MetaTrader 5 Admiral Markets

Source: Admiral Markets MetaTrader 5 - File - Login to Trade Account

A dialogue box will then appear on your screen prompting you 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.

MetaTrader 5 Login

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 several cutting-edge indicators and other trading tools free of charge, by downloading the Admirals 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.

You can download the MetaTrader Supreme Edition plugin by clicking the banner below:

metatrader supreme edition admirals

7) Add Funds to Your Account - How to add money to MetaTrader 5

Let's look at how to add money to MetaTrader 5. 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:

  1. Scroll down to the account where you would like to deposit funds, then click 'deposit'.
  2. 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. Different brokers use the MetaTrader platform to allow traders to conveniently trade with their firm. The broker with whom you have an account sets the minimum deposit.

Many brokers allow their traders to open accounts with $200. Some brokers allow even lower minimums. This allows traders to trade real money without having to risk large amounts of it.

Note that you can also withdraw funds from the Trader's Room. Both the deposits and withdrawals processes are outlined in the video below.

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 the 'Most Important Forex Indicators'.

Trade on MetaTrader 5 With Admirals

Admirals offers the ability to trade with MetaTrader 5 in your browser, or to download the entire platform for FREE! Gain access to real-time market data, technical analysis, insight from professional trading experts, and thousands of trading instruments to trade and invest with. Start your trading journey the right way, click the banner below to get started!

metatrader 5 admirals

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About Admirals

Admirals 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.

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