You may have arrived at this page because you wanted to know if IG, one of the largest CFD and Options brokers, supports MetaTrader5 (MT5) as a trading platform. MT5 is the most recent version of the industry-leading MetaTrader trading platform. Some brokers allow you to choose between MT4 and MT5, but many do not; thus, when you open an account, you will be limited to using MT4.
In this article, you will discover if you can trade on the MT5 trading platform using your IG account. If not, what are your alternatives? And what are the pros and cons of trading using MT5? So, let’s get right into it.
Does IG support MT5?
Unfortunately, IG does not support the MetaTrader5 (MT5) trading platform. However, we checked the IG community website, and the good news is that the company is currently in the process of integrating MT5. Still, there is no estimated delivery time for the development to be finalized.
Below, you can find the reply of the IG team on the issue:
“We are actively investigating MT5 and the value it can deliver to our clients. We are looking at this very closely however we do have to prioritize the client experience on MT4. This means it may take some time before MT5 is available. The working parts that would exist between IG and MT5 are quite a task to work to and so it is likely going to take some time before we will see MT5. We do appreciate that is some time away, however the expression ‘Measure twice, cut once’ is very pertinent to what we are looking to achieve.”
IG Alternatives that support MT5
If you are looking for an online broker that does support MT5, you might want to check the below list of alternatives.
Pepperstone
Pepperstone is a CFD broker that allows you to trade CFDs in several asset classes, such as forex, stocks, ETFs, cryptocurrencies, and more. Pepperstone allows you to choose between the MT4 or MT5 platforms plus cTrader and TradingView.
Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs.
FP Markets
Founded in 2005, FP Markets is a regulated CFD and forex broker. It offers forex trading with tight spreads and the platform supports MetaTrader4 and MetaTrader5 trading.
Disclaimer: 75.31% of retail accounts lose money.
Interactive Brokers
Interactive Brokers is one of the top global discount brokers. It offers you access to an extensive range of markets where you can trade currencies, stocks, options, and many more instruments. You can use MT5 but it requires some action from your side. Please read this for further details.
IC Markets
IC Markets is an Australian-based broker. Although it offers low spreads and a low minimum deposit of $200, you can only trade limited products on its platform as it only offers forex and CFD trading. IC Markets supports both the MT4 and MT5 trading platforms, giving you more flexibility in deciding the best option for you.
Disclaimer: 76.27% of retail accounts lose money.
MT5 Pros and Cons
Pros
- Economic calendar
- 80 built-in indicators used in technical analysis
- 21 different timeframes
- Can simultaneously display up to 100 currencies and stock quote charts
- Developed using MLQ5, you can add other trading algorithms to the platform
Cons
- Some features may appear too advanced for beginners
- The MT5 platform is more complex than the MT4 platform
- Programs developed for MT4 will not operate on MT5
What are the differences between MT4 and MT5?
MT5 offers various new features, such as more advanced charting tools than MT4, 12 additional timeframes, a built-in economic calendar, and many more new technical indicators that users can benefit from. Although both have similar interfaces, MT5 is not intended to replace MT4. The two platforms offer different functions and features and target different user segments. For instance, MT4 attracts more forex traders since it was created to fit their needs when it was developed. On the other hand, MT5 is more widely used in CFDs, stocks, and futures trading.
Below are the main differences between MT4 and MT5:
- MT4 software is written in MQL4, whereas MT5 is written in MQL5, which allows you to write your own trading robots, technical indicators, and scripts.
- MT4 users had access to complete libraries of expert advisors, which are no longer available on the MT5 platform;
- MT5 is more efficient and faster than MT4, it is a multi-threaded 64-bit platform, whereas MT4 is a single-threaded 32-bit platform;
- One of the most important distinctions is the netting option added to the MT5 platform. MT5 supports both hedging and netting strategies, while MT4 only supports hedging. For example, suppose you enter a long position (buy GBP/USD) and subsequently open another position in the same market. In that case, the initial order becomes one position rather than two independent positions.
- MT4 is built for decentralized markets only, while MT5 overcomes this limitation and allows you to trade stocks, futures, and commodities, which are asset classes traded on centralized trading exchanges.
There are several other differences between MT4 and MT5 that are more technical. Choosing whether to use MT4 versus MT5 can depend on your preferences in trading execution and analysis.
The Bottom Line
Although IG does not support MetaTrader5, it is currently working on integrating it into its trading platform. We listed some alternatives you might consider if you want a broker supporting MT5. Like MT4, MT5 allows you to access the Forex and CFD markets through a broker, but it also offers additional access to stocks, options, and futures.
In conclusion, the features and characteristics of MT5 might not be important to every trader. That’s why some brokers do not support MT5. Still, it might deliver more value if you focus on trading outside the forex market.
Did we answer all your questions? If not, or if you have any questions, please leave a comment below.
Other FAQs
What is IG?
Founded in the UK in 1974, IG is a well-known online broker listed on the London Stock Exchange (LSE) and offers a large set of financial instruments, including Forex, commodities, CFDs, cryptocurrencies, options, and more. IG is regulated by several top-tier regulators. The financial instruments you can trade through IG vary depending on your country of residency. For example, IG expanded into the United States, but US investors can only trade forex.
What is MT5?
MetaTrader is the most popular online trading platform developed by MetaQuotes Software and used globally by traders and investors. Released in 2010, MT5 is a multi-asset trading platform that allows you to trade currencies, CFDs, options, and futures contracts. It provides great capabilities for in-depth price analysis (21 timeframes), and you can use algorithmic trading applications to automate your trades and copy trading features. The platform lets you open up to 100 quote charts simultaneously with over 80 technical indicators.
Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.
