Are you wondering whether FXCM supports MetaTrader 5 (MT5)? Many traders are asking the same. FXCM is known for its commission-free trading, making it a go-to choice for many. But when it comes to MT5, things aren’t as clear-cut.
In this article, we’ll look at whether you can use MT5 with your FXCM account. If it’s not possible, don’t worry – we’ll give you the best alternatives. Plus, we’ll compare MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to help you find the platform that suits your trading needs best.
Let’s dive in!
Does FXCM support MetaTrader 5 (MT5)?
Unfortunately, FXCM doesn’t integrate with MetaTrader 5 (MT5). Instead, they’ve developed their Trading Station platform, designed for traders seeking a customizable and reliable experience. With features like advanced charting, automated strategies, and tools like real market volume data and sentiment indicators, it’s ideal for those trading Forex and CFDs on stocks, indices, and commodities.
Below is FXCM’s official clarification on this question:
If you prefer a MetaTrader platform, you can still connect your FXCM account to MetaTrader 4 (MT4). Additionally, FXCM offers several other platforms that may suit your trading needs. You can visit their platform comparison to see which option aligns best with your strategy.
Best alternatives to FXCM that support MT5
74-89% of retail CFD accounts lose money.
74-89% of retail CFD accounts lose money.
72.50% of retail CFD accounts lose money.
74-89% of retail CFD accounts lose money.
What is MetaTrader 5?
MT5 offers advanced trading tools such as customizable charts, multiple order types, and in-depth market analysis, making it suitable for both manual and automated trading strategies.
Additionally, MT5 includes features like real-time market news, an economic calendar, and built-in algorithmic trading support through its programming language, MQL5, allowing users to automate their strategies and make informed trading decisions.
MT5 Pros and Cons
Pros
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Economic calendar
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80 built-in indicators used in technical analysis
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21 different timeframes
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Can simultaneously display up to 100 currencies and stock quote charts
- Developed using MLQ5, you can add other trading algorithms to the platform
Cons
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Some features may appear too advanced for beginners
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The MT5 platform is more complex than the MT4 platform
- Programs developed for MT4 will not operate on MT5
MT4 vs MT5: what are the key differences?
Comparing the two platforms, here are the main differences between MT4 and MT5:
| Feature | MT4 | MT5 |
| Launch year | 2005 | 2010 |
| Market types | Primarily Forex trading | Multi-asset trading (Forex, Stocks, Futures) |
| User experience | Simple and user-friendly | Similar to MT4 but more customizable |
| System efficiency and speed | 32-bit | 64-bit (faster) |
| Trade execution methods | Hedging | Hedging and netting |
| Order execution | Limited types (Market & Pending orders) | More advanced types |
| Expert Advisors (EA) support | Yes, with extensive EA libraries | Not supported |
| Technical analysis tools | Comprehensive but limited to basics | Extended set of tools for advanced users |
| Available timeframes | 9 | 21 |
| Mobile trading | Available | Available with more features |
| Technical indicators | 30 | 38 |
| Economic calendar | No | Yes |
Bottom line
To wrap things up, while FXCM doesn’t support MetaTrader 5 (MT5), it offers its own trading platform tailored to those who prefer a more streamlined experience with advanced tools for trading Forex and CFDs. If you’re committed to using a MetaTrader platform, MT4 is an option, but keep in mind that some of MT5’s features won’t be available.
For those specifically looking for MT5, brokers like Pepperstone, Fusion Markets and FP Markets are excellent alternatives. Remember, always choose the platform that best fits your trading strategy!
If you need any further guidance or have questions, feel free to reach out to us. We wish you the best of luck on your investment journey!
FAQs
Does Interactive Brokers support MT5?
Yes, Interactive Brokers supports MetaTrader 5 (MT5). You can explore more information here.
Does eToro support MT5?
No, eToro doesn’t support MetaTrader 5 (MT5). For more details, explore more information here.
Does XTB support MT5?
No, XTB doesn’t support MetaTrader 5 (MT5). You can explore more information here.
Does IG support MT5?
No, IG doesn’t support MetaTrader 5 (MT5). You can find out more here.
