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Does Interactive Brokers support MetaTrader5 (MT5)?

Toni Nasr, CFA, FRM| Updated January 9th, 2024

Hello! You’ve certainly heard of Interactive Brokers, a leading multinational online brokerage firm. And you’re probably wondering if it supports MetaTrader5 (MT5), the most recent version of the industry-leading MetaTrader trading platform.

In this article, you will discover if you can trade on the MT5 trading platform using your Interactive Brokers account. If not, what are your alternatives? And what are the pros and cons of trading using MT5? So, let’s get straight into it.

Does Interactive Brokers support MT5?

Interactive Brokers does not support direct trading on MT5 as it has its own trading platform, the TraderWorkstation (TWS). However, you can still use MT5, but it requires some extra steps to be followed from your side.

IBKR offers an “Investors Marketplace” program where third-party vendors can offer their services. Various vendors offer software that acts as a bridge between MetaTrader5 and IBKR’s TWS. Please read this for further details.

“Besides oneZero Hub Gateway, different vendors such as Trade-Commander, jTWSdata and PrimeXM also offer a software which they represent, acts as a bridge between MetaTrader 4/5 and the TWS. As is the case with other third-party software applications, IBKR is not in a position to provide information or recommendations as to the compatibility or operation of such software.”

Interactive Brokers Alternatives that support MT5


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.

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

  • 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
  • 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?

MetaTrader5 (MT5) introduced many new features, including more advanced charting tools than MT4, 12 additional timeframes, an integrated economic calendar, and several new technical indicators. Although the interfaces are similar, MT5 is not intended to be a replacement for MT4. The two platforms provide different functions and have different user segments. For example, forex traders are attracted to the MT4 platform, which was initially built to meet their needs. MT5, on the other hand, is more often used in CFDs, stocks, and futures trading.

The following points represent the main differences between MT4 and MT5:

  • The MT4 software is written in MQL4, whereas MT5 is written in MQL5, allowing you to create your own trading robots, technical indicators, and scripts
  • MT4 users had access to full libraries of expert advisors, which are no longer available on the MT5 platform
  • MT5 is more efficient and faster than MT4 since it is a multi-threaded 64-bit platform, whereas MT4 is a single-threaded 32-bit platform
  • MT4 is designed only for decentralized markets, whereas MT5 solves this limitation by allowing you to trade stocks, futures, and commodities, which are asset types traded on centralized trading exchanges.
  • One of the most significant differences is the addition of netting to the MT5 platform. MT5 supports both hedging and netting methods, whereas MT4 just permits hedging. For instance, let’s assume you initiate a long position (buy GBP/USD) and then open another trade in the same market. In the netting situation, the original order is adjusted to include both positions rather than show you two distinct positions.

There are also further technical differences between MT4 and MT5, but we won’t dive into them here.

The Bottom Line

Interactive Brokers is compatible with the MetaTrader5 trading platform, but some additional steps must be taken from your side. Alternatively, we have provided some possibilities if you want an MT5 broker. Similar to MT4, MT5 allows you to access the Forex and CFD markets through a broker, as well as trade stocks, options, and futures. Whether you use MT4 or MT5 depends on your trading execution and analysis preferences.

In conclusion, the features and characteristics of MT5 might not be necessary for 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.

Other FAQs

What is Interactive Brokers?

Established in 1978, Interactive Brokers successfully managed to be among the top global brokers. It offers several trading solutions for traders, investors, and advisors, giving access to nearly all asset classes, such as stocks, options, futures, currencies, bonds, ETFs, commodities, and many more. To know more about Interactive Brokers, you can read our full Interactive Brokers review.

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 Nasr, CFA, FRM
Fintech Analyst

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.