Are you wondering whether FXCM supports MetaTrader 5 (MT5)? Many traders are asking the same question. FXCM is known for its commission-free trading model, making it a popular choice among forex and CFD traders. But when it comes to MT5, the answer is not as clear-cut.
In this article, we look at whether you can use MT5 with your FXCM account. If it is not possible, we cover the best alternatives that do support it. We also compare MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to help you identify which platform best suits your trading needs.
Let us 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.
FXCM is not alone in this approach. Several established brokers have chosen to build and maintain their own proprietary platforms rather than integrate MetaTrader, on the basis that in-house software gives them more control over execution, pricing data, and the feature roadmap. XTB is another example, offering its award-winning xStation 5 platform instead of MetaTrader 5.
Best alternatives to FXCM that support MT5
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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 and CFDs (decentralised markets) | Multi-asset: forex, stocks, futures, and commodities (including centralised exchanges) |
| Programming language | MQL4 | MQL5 (more powerful, but not backwards compatible) |
| User experience | Simple and user-friendly | Similar layout to MT4, but more customisable and feature-rich |
| System efficiency and speed | 32-bit, single-threaded | 64-bit, multi-threaded (faster processing and backtesting) |
| Trade execution methods | Hedging only | Hedging and netting |
| Order types | 4 pending order types (buy/sell limit, buy/sell stop) | 6 pending order types (adds buy stop limit and sell stop limit) |
| Expert Advisors (EA) support | Yes, with an extensive library of legacy MQL4 EAs | Yes, via MQL5 – note that MT4 EAs must be re-coded to run on MT5 |
| Strategy backtesting | Single-threaded, single-currency | Multi-threaded, multi-currency, with distributed cloud testing |
| Technical analysis tools | Comprehensive, but focused on the essentials | Extended set of tools for more advanced analysis |
| Available timeframes | 9 | 21 |
| Technical indicators (built-in) | 30 | 38 |
| Graphical objects | 31 | 44 |
| Depth of Market (DOM) | No | Yes |
| Economic calendar | No | Yes (built in) |
| Mobile trading | Available (iOS and Android) | Available (iOS and Android), with a broader feature set |
| Best suited to | Forex-focused traders relying on established MQL4 EAs | Multi-asset traders and those needing DOM, netting, or advanced backtesting |
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 traders specifically looking for MT5, brokers such as Pepperstone, Fusion Markets, and FP Markets are strong alternatives. If your platform preference is less rigid and you are open to comparing on cost, regulation, and product range instead, it is worth reviewing our wider guides to the best forex brokers and the best CFD brokers, which cover proprietary platforms alongside MetaTrader-compatible ones.
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.
