Everything You Need to Know About How to Open Live and Demo MetaTrader 5 Accounts

Curious about how to set up a MetaTrader 5 account? Read on, because this article will explore everything you need to know about how to get started with a MetaTrader 5 live account. More than that, we'll also discuss how to make a test account for MetaTrader 5 and other useful tips you'll need to get started, such as adding and withdrawing funds.

How to Create an Account in MetaTrader

To answer the question of how to open a trading account on MetaTrader 5, we need to look at three core stages in the process.

These three stages are:

Setting up the MT5 platform on your device Creating a trading account Authorising the trading account on your MT5 platform.

Let's look at these three stages individually to give us a detailed understanding of how to open a trading account on MetaTrader 5.

Setting up MetaTrader 5 on Your Device

Whether you are looking to open a live account for MetaTrader 5 or a demo account, the first thing you need to do is install the software.

Whether you are using a PC or Mac, or looking to trade on a mobile device with Android or iOS, we have an optimised version for you. Visit our MetaTrader 5 page to download the right version of MT5 to your device.

If you are using a PC, launch the .exe file and follow the instructions of the installer wizard.

When you first run MetaTrader 5, it will prompt you select a server, as shown in the screenshot below:

Source: MetaTrader 5 platform, January 2018

If you click on the suggested AdmiralUK-MT5 server and click Next, the dialogue will prompt you to log in, as you can see from the image below:

Source: MetaTrader 5 platform, January 2018

To log in, you will need to have either a live trading account or a demo one. This brings us on to our next segment, which is all about how to open a real account in MetaTrader 5.

How to Open a Live Account in MetaTrader 5

You have the MetaTrader platform on your device, but you now need to open an account with a broker.

How to make a MetaTrader broker account: go to our Signup Page to open a live account with Admiral Markets. Just fill out the necessary details, and we will quickly create a real account for you to use with MetaTrader 5.

Some people prefer to practise on a test account before they step up to a live MetaTrader account. Opening a demo account is not very different to how to open a real account for MetaTrader, though you will have to provide fewer details.

Our next section discusses how to create a demo account for MetaTrader in more detail.

How to Make a Test Account for MetaTrader 5

A great way to learn how to trade with MetaTrader 5 is with a demo account. A Forex demo account allows you to trade Forex in MetaTrader 5 with virtual funds. This allows you to place experimental trades with freedom, knowing that you cannot lose money while you are learning the ropes. You can trade a wide range of products, using real market prices, all through one demo account. So whether you are looking to trade European indices through your MetaTrader demo account or Forex or the price of oil, you just need the one test account.

There is an occasional misconception that you can download a MetaTrader 5 demo account, but as we detailed above, the MT5 software is the only download you need to make. The creation of a demo account is a separate process, which requires no additional download.

Above we showed you the login window that you see when first launching the platform. In this image, you can see one of the ways of how to get a new demo account for MetaTrader 5. That is, the window gives you the option of logging in to an existing trading account or of creating a new demo account. You can always access this screen from within MetaTrader 5 by clicking on File at the top of the terminal and selecting Log in to Trade Account.

Clicking on this option does not directly create a demo account, however. Instead, it links you through to our Trader's Room, which is where you need to go in order to open a Forex demo account for MetaTrader 5.

You will need to first register and then log in to the Trader's Room. Once you have logged in, select the Accounts tab and choose Open Demo Account. Choose Admiral MT5 from the Type dropdown menu as shown in the image below:

Source: Admiral Markets website, January 2018

Click on the blue Open a Demo Account button once you have filled out the form, and we'll instantly open your test account. Now that we've covered how to open a demo account in MetaTrader 5, let's move on to the next step so that you can start using the platform.

Once you've opened your trading or demo account with a broker, it is simply a question of how to add the broker trade account to MetaTrader 5. The answer is by going through the authorisation process. Read on to learn how.

Authorising a Forex-Supported MetaTrader 5 Account

Once you have opened your account, whether that is a live account or a demo, we will send you authorisation details. You will receive four pieces of information for this purpose.

These are:

An account ID A main password An investor password Details of which server you should connect to.

The first two items are your unique login details for trading on your account. The investor password allows read-only access to your account. The fourth item directs MetaTrader 5 to the broker's server that will recognise your account.

Select File from the tabs at the top of your MT5 terminal and then Log in to Trade Account.

Source: MetaTrader 5 platform, January 2018

You need to ensure that the Server field matches the server details provided by your broker. You can overtype in this field if needs be. Enter your account ID in the Login field and complete the Password field with your main password and then click OK to finish the authorisation process.

Once you have successfully logged in, you should see your account details in the Navigator window on the left of your screen.

MetaTrader 5 Supreme Edition

Once you have opened your MetaTrader 5 live account, you will have access to a core bundle of indicators. If you would like to expand that selection, there are a vast number of custom indicators that you can buy from the MT5 Marketplace. Alternatively, you can add a number of cutting-edge indicators and other trading tools free of charge by downloading MetaTrader 4 & 5 Supreme Edition. MTSE is a custom plug-in developed by market professionals that expands the choice of indicators and expert advisors available on the MT5 platform.

Ways of Funding my MetaTrader 5 Account

To trade, you need to fund your account, of course. Doing so is easy, as is withdrawing money from your account. To do so, simply log in to our special Trader's Room facility and select the Money Operations tab, as shown in the image below:

Source: Admiral Markets website, January 2018

Open an Account for MetaTrader – A Final Word

We hope you have found this feature on how to create a new account in MetaTrader of use. Of course, opening an account for MetaTrader 5 really is just the first step on your journey as a trader. If you want to learn about the technical tools you'll find in MetaTrader 5, you might find helpful our list of the Most Important Forex Indicators.