MetaTrader is phasing out MT4 and moving everyone to MT5.
If you are just getting started with MetaTrader on mobile, then this beginner's tutorial will show you how to use the basic functions of MetaTrader 5.
I'll show you how to install MT5, use the charts, place trades and more.
Prefer the video version? It's at the bottom of this page.
Install the MT5 Mobile App
The first thing you need to do is download the mobile app from the app store on your device. Here are links to the app stores where MT5 is available.
Connect to Your Broker
Once MT5 is installed, login to your brokerage account. If you don't have a brokerage account, then sign up with a broker that works for you. Make sure that they support the MT5 platform.
To login to your account, tap on: Settings > New Account
Then search for your broker in the search bar and login.
You can also use MT5 with the demo account that was automatically setup when the app was installed. If you just want to use MT5 for charting or alerts, then the demo account is perfect.
Setting Up Currency Pairs Watchlist
Next, it's time to setup the currency pairs that you will watch. Tap the Quote icon at the bottom of the screen and you will see your currency pair watchlist.
You can add currency pairs by tapping the plus symbol in the upper right corner.
To edit your list, tap the pencil icon in the upper left corner.
Reorder the pairs by tapping and holding the handle (3 lines) to the left of the currency pair you want to move. Once the pair is selected, drag the pair into spot that you want it to be in.
Tap on the circles on the left side to select a pair for deletion. After you have selected the pairs that you want to delete, then tap on the trash icon in the upper right corner.
Using the Charts
To see a chart, tap on a currency pair in the watchlist and select the Chart option.
Once you have the chart open, you can change the timeframe in the upper left corner of the screen.
Continuing across the top of the screen, you can use the crosshair, add indicators, add drawing objects and show the buy/sell buttons.
To change the currency pair, tap on the currency pair description and you will get a dropdown of the available currency pairs.
Custom MT5 Mobile Indicators
A question I frequently get is:
Can you add custom indicators to the MT5 mobile app?SEE ALSO: The Trading Books That Changed My Life
The answer is no.
However, there are two workarounds…
MT5 Custom Alert Indicators
You can create custom MT5 indicators that send alerts to your MT5 mobile app or your email. If you don't know how to code, you can find a programmer on this list.
We also have a list of MT4 alert indicators here. They don't work with MT5, but they will give you and idea of what's possible.
Another way to get custom indicators on your tablet is to use an app that allows you to remote desktop into your computer at home. I guess you could use your smartphone…if you are desperate.
You can also use a VPS to run the desktop version of MT5, so you don't have to worry keeping your computer at home on all the time.
Here are a few apps that I've tried, along with my quick review of each:
- PocketCloud (iOS // Android): The free version works well for desktop MT5 control. I would recommend trying this app first.
- Microsoft Remote Desktop (iOS // Android): This app wasn't reliable for me. But if PocketCloud doesn't work for you, then I would try this app next.
- JumpDesktop (iOS // Android): This option is excellent if you want to use a mouse with your tablet. It's also one of the highest rated Remote Desktop apps and it was the most reliable app for me. Another benefit is that you can connect to your Windows PC via RDP, VNC and Fluid. The only downside is that there's no free version, it costs $14.99 on iOS and $9.99 on Android.
Placing Trades on MT5 Mobile
Now this is the part that you are probably most interested in. There are several different ways that you can place a trade.
- On the Chart: Tap the icon in the upper right corner to activate the one-tap trading buttons. Select your lot size in the middle, then tap buy or sell. You will be asked to agree to the terms before you can place your first trade. Be careful because it can be easy to execute duplicate trades.
- On the Quote screen: Tap on the currency pair you want to trade, then select Trade.
- On the Trade screen: Tap on the plus symbol in the upper right corner to add a trade.
With the Quote and Trade screen entries, you will be taken to this screen to enter your order. It's not too intuitive, so I'll explain it element by element, starting at the top.
At the top of the screen, you can change the currency pair you are trading.
Next, you can change the order from Instant Execution to a stop or limit order.
Under the order type, you can specify the lot size. The number in the middle is the lot size you will trade. Tap on +0.01 to add a micro lot and +0.1 to add a mini lot. If you want to reduce your lot size, tap on the minus lots to subtract the appropriate units.
This is a little clunky to me, but I respect their willingness to try something different.
After the lot size, you can set your stop loss, take profit and deviation. You can enter these numbers by either tapping on the plus and minus symbols or by tapping the center and entering the value with the keyboard.
The deviation was a little confusing to me at first, but it's basically a buffer. So if you set your deviation at 2 pips, then your stop loss and take profit will be executed when price is 2 pips away from those price levels. I'm not sure why you wouldn't just set those values accordingly, but it's probably to take advantage of fast moving markets, where you might not otherwise get executed.
Once your parameters are set, then tap the buy or sell button.
You can see your account balance, as well as your trade history, by tapping the history icon on the bottom of the screen. This screen will allow you to see Positions, Orders and Deals.
So that's how you use the MetaTrader 5 mobile app. If you already know how to use the MT4 mobile app, then MT5 isn't much different. But there are a few nuances, so it does take some getting used to.
It's a solid mobile charting and trading platform and one of the top options for Forex traders.
Not all brokers support MT5 yet, so if you want to trade on MT5, double check with your broker before downloading the app.
If you have any questions, leave them in the comments below.
If you prefer to see the mobile app in action, watch this video and I'll show you how to get started with MT5 mobile.