How to Open a Metatrader 5 Account
Curious about how to set up a
MetaTrader 5 account? This article will explore everything you need to know about how to get started with the MetaTrader 5 live account. Moreover, this article will also discuss how to create a demo account for MetaTrader 5 (MT5), and other useful tips you'll need to get started, such as adding and withdrawing funds.
How to Create an Account in MetaTrader
To answer the question of how to open a trading account on MetaTrader 5, we need to look at five core stages that are involved in the process.
These five stages are:
- Setting up the MT5 platform on your device
- Creating a trading account
- Authorising the trading account on your MT5 platform.
- Installing MetaTrader 5 Supreme Edition.
- Funding your live MetaTrader 5 account.
Let's look at these five stages individually, to provide us with a more detailed understanding of how to open a trading account on MetaTrader 5.
1. Setting up MetaTrader 5 on Your Device
How to Download MT5
Go to the MetaTrader 5 download page and click the relevant link for your preferred operating system or device.
If you are using a PC or
Mac, download the relevant software to your computer, and then run the file to complete the installation. If you are using a mobile device, simply download and run the relevant app. For Apple Devices, get the iOS MetaTrader App from the Apple App Store. For Android Devices, get the Android MetaTrader App from the Google Play Store.
How to Install MetaTrader 5 on Your Device
Whether you are considering opening a live account for MetaTrader 5, or a demo trading account, the first thing you need to do is install the software. Whether you are using a PC or Mac, or trading on a mobile device with Android or iOS, if you are trading with Admiral Markets, there is an optimised version available for you.
If you are using a PC, launch the '.exe file' and follow the instructions in the installer wizard. When you first run MetaTrader 5, it will prompt you to select a server, as shown in the screenshot below:
Source: MetaTrader 5 platform
If you click on the suggested 'Admiral UK-MT5' server and click 'Next', the dialogue will prompt you to log in, as you can see from the image below:
Source: MetaTrader 5 platform
To log in, you will need to have either a live trading account or a demo account, which we outline below.
How to install MetaTrader 5 on Mac
With the latest version of Mac OS, Catalina, Apple have removed the ability to use 32-bit applications. This has affected many applications, including the MetaTrader trading platforms, which do not currently work on the Catalina OS. Parallels Desktop is an application which allows you to run a virtual machine on your Mac. A virtual machine emulates a computer and allows you to run another operating system, such as Windows, which essentially acts as another computer on the host machine. As a customer of Admiral Markets, you will receive three months of Parallels Pro absolutely free, provided you meet the eligibility requirements which we will detail later.With Parallels, you can use MetaTrader 5 by installing:
- Windows 10; or
- Mac OS Mojave
Using Windows means that you can use, not just MetaTrader 5, but any other Windows applications and programs right on your Mac! However, as a Mac user, you will need to purchase a license in order to comply with the Windows License Terms. As a Mac owner, it is possible to run a separate Mac OS through a virtual machine on your Mac. Please note that this is subject to the relevant OS terms and conditions, which you must read to ensure your full compliance.Here, we will guide you through the process for both methods, which begin the same.
Open an Account With Admiral Markets
Firstly, you need to open an account with Admiral Markets. To be eligible to use Parallels Pro free for three months, you must have an account balance of at least €3,000.
- Request Your License
Head to this page and fill out your details in order to register for Parallels.Once you have made the request and our team has checked your eligibility, you will be emailed your license key to start using Parallels Pro.
- Download Parallels for Mac
Next, you will need to download Parallels for Mac from their website.
Once the file has finished downloading, open it and follow the on screen instructions for installation.
Once you have downloaded Parallels for Mac and entered your license key, you need to install a virtual machine. Here is where the installation will differ depending on whether you wish to use Windows 10 or Mac OS Mojave.Install Windows 10 Using ParallelsIf you prefer to use Windows 10, the installation process is incredibly straightforward! To install a virtual machine, you will see the screen below. Simply click the icon labelled "Get Windows 10 from Microsoft" on the left hand side.
On the following screen, you will be prompted to buy Windows 10 from the Microsoft Store. If you already have a license key, you will be able to download Windows 10 and can activate Windows with your license key after it has downloaded. Whilst the installation is taking place, you may be asked some set up questions, much like you would when turning on a new computer for the first time. The process can take quite a long time, depending on your Mac's capabilities. And that is it! Once the virtual machine has been created, open the internet browser within the virtual machine, head for this page and follow the instructions for downloading MetaTrader 5 for Windows! Install Mac OS Mojave Using Parallels. Unfortunately, installing Mojave using Parallels is slightly more complicated. It is not possible to download it directly from Parallels as with Windows 10. But do not worry, we will walk you through every step! Head to this page, which will ask your permission to open your Apple App store at the page for downloading Mojave. Please note that you will not be able to find Mojave in the App store without this link.
Click the "GET" button to begin your download. You will be asked if you are sure that you want to download Mac OS Mojave, click "Download". Do not worry, it will not reinstall Mojave on your computer automatically, but instead download the Installer program.
The download may take a while due to the large file size. Once Mojave finishes downloading, it should not be able to run automatically. However, if it does, all you need to do is quit the installer. Now, head to Parallels and create a new virtual machine. You will be presented with this screen:
Click on the middle icon "Install Windows or another OS from a DVD or image file". Parallels should be able to find the Mojave installer automatically, as shown below.
If Parallels does not find it automatically, select "Choose Manually" and on the following screen "Select a file". The Mojave installer will be in your Applications folder. Make sure that you have "All files" selected from the drop down, as shown below, otherwise you will not be able to select the installer.
Once selected, press continue. Parallels will need to convert the file to a Disk Image in order to use it to create a virtual machine. Once converted, Parallels will ask you to name the virtual machine and then the installation will begin. You will be run through various set-up options as you would when starting a brand new computer. This process can take quite a long time, depending on your Mac's capabilities. Once everything is finished, open an internet browser via your virtual machine, head to this page and follow the instructions for downloading MetaTrader 5 for non-Catalina Macs!
2. Creating a MetaTrader Trading Account
How to Open a Live Account in MetaTrader 5
Once you have the MetaTrader platform on your device, you will need to open an account with a broker. How to make a MetaTrader broker account: go to the signup page for your chosen broker to open a live account. Fill out the necessary details, and a real trading account will be created for you to use with MetaTrader 5.
Some people prefer to practise on a demo account (or test account) beore they transition to a live MetaTrader account. Opening a demo account does not differ greatly from the method for to how to open a real account for MetaTrader, though you will have to provide fewer details by comparison.
How to Make a Demo Account for MetaTrader 5
A great way to learn how to trade with MetaTrader 5 is with a demo account.
A Forex demo account enables you to trade Forex in MetaTrader 5 with virtual funds. This allows you to place experimental trades with freedom, knowing that your capital is not at risk while you are learning the ropes and testing your strategies. You can trade on a wide range of products, using real market prices, all through one demo account. So whether you are considering whether or not to trade European indices, oil, gold or currencies, you can do all of this with a single MetaTrader demo account.
There is an occasional misconception that you can download a MetaTrader 5 demo account, but as we detailed above, the MT5 software is the only download you need to make. The creation of a demo account is a separate process, which requires no additional download.
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.
How to Open a Live Account for MetaTrader 5
If you'd like to start trading the live markets, you can also open a live trading account for MetaTrader 5. To do this, first navigate to Trader's Room and log in 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 don't have a Trader's Room account, you will need to create one.
From here, 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.
You can see the full process for opening a live account in the video below.
3. Authorising a Forex-Supported MetaTrader 5 Account
Once you have opened your account, you will receive your account details in an email. These include:
- An account ID
- A main password
- An investor password
- Account server
- Account type
- Account balance
- Leverage available
The first two items are your unique login details for trading on your account. To log into your account, select 'File' from the tabs at the top of your MT5 terminal, and then 'Log in to Trade Account'.
Source: MetaTrader 5 platform - Accessed: January 2018
You need to ensure that the 'Server' field matches the server details provided by your 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, and then click 'OK' to finish the authorisation process. Once you have successfully logged in, you should see your account details in the 'Navigator' window to the left of your screen.
4. Installing the MetaTrader 5 Supreme Edition Plugin
Once you have opened your MetaTrader 5 live 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 Supreme Edition plugin (MTSE) for MetaTrader 4 and MetaTrader 5. MTSE is a custom plugin developed by market professionals that expands the choice of indicators and expert advisors available on the MT5 platform.
5. How to Fund a MetaTrader 5 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 Trader's Room. Both the deposits and withdrawals processes are outlined in the video below.
Open an Account for MetaTrader – A Final Word
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 MetaTrader 5, you might want to read our list of the Most Important Forex Indicators.
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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.