Hello, fellow investor! You’ve probably heard of XTB because of its positive client feedback and appealing tight spreads. And you’re probably wondering if it supports MetaTrader5 (MT5), the most recent version of the industry-leading MetaTrader trading platform, right?
In this article, you will discover if you can trade on the MT5 trading platform using your XTB 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 XTB support MT5?
Unfortunately, no, XTB does not support MT5. XTB has its own trading platform, xStation 5, which is also available on mobile. Below you can find the clarification of XTB on this question:
“We offer only one type of trading platforms to select from: xStation 5 – our multi-award winning platform. We do not offer ctrader, MT4/MT5, Ninja Trader.”
XTB 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 is a CFD broker that allows you to trade CFDs in several asset classes, such as forex, stocks, ETFs, cryptocurrencies, and more. Pepperstone gives you the option to choose between the MT4 or MT5 platforms plus cTrader and TradingView.
Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs.
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 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 is an Australian-based broker. Although it offers low spreads and a 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: 77.30% 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) unveiled several new trading features, including more advanced charting tools than MT4, 12 additional timeframes, an integrated economic calendar, and a slew of 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 serve different user segments. For example, forex traders are more attracted to MT4 because it was made to fulfill their needs at the time it was developed. 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, but the MT5 software is written in MQL5, which allows you to create your own trading robots, technical indicators, and scripts
- MT4 users had access to comprehensive expert advisor libraries, which are no longer available on the MT5 platform
- Because MT5 is a multi-threaded 64-bit platform, it is more efficient and faster than MT4, which is a single-threaded 32-bit platform
- MT4 is solely intended for use in decentralized markets, whereas MT5 overcomes this constraint by allowing you to trade stocks, futures, and commodities, all of which are traded on centralized trading exchanges
- 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.
There are more technical differences between MT4 and MT5, but we won’t get into them here.
What is XTB?
Founded in 2002, XTB is a well-known online broker, headquartered in Poland with offices in over 30 countries. It is regulated by many top-tier regulators (such as FCA, CySEC and others) and gives you access to trade several asset classes, such as Forex, ETFs, CFDs, commodities, and cryptocurrencies. To find out more about XTB, you can read our full 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.