MetaTrader 5 mobile app: what it does and does not do

MetaTrader 5 Mobile is a free application from MetaQuotes Software for iPhone, iPad and Android. MetaQuotes describes it as a way to trade forex, stocks and futures from a phone or tablet, and its official page says the app can be installed on any iOS or Android device (MetaQuotes: MetaTrader 5 mobile trading).

What the app includes

• Orders: all order types, including pending and stop orders. Market and limit orders can be placed from Market Watch or Market Depth (iPhone page).
• Protective levels: Take Profit and Stop Loss orders can be attached to a position to close it at a set profit or limit a loss.
• Market Depth: the order book, shown as Level 2, where orders can also be placed.
• Position accounting: netting and hedging, the two systems the app supports.
• Charts: three chart types and nine timeframes, with zoom and scale controls. The iPhone page also lists 30 technical indicators and 24 analytical objects.
• One Click Trading: the iPhone page places it in the iPad version. Combined with Market Depth, it lets a user place, change and close orders with one tap.

What the app does not do

• It does not provide brokerage. MetaQuotes says it "is a software development company and does not provide investment or brokerage services" (MetaQuotes).
• It does not choose your broker. The official page says that if your broker is not in the app's list, you should ask the broker to contact MetaQuotes.
• It does not explain the connection steps. The pages describe connecting to a broker's server, but not how to do it. Use your broker's own setup guide.

Before you trade on a live account

Your broker's agreement governs a live account, not the app. Check the broker's regulator entry first, using how to check if a forex broker is regulated. Leverage multiplies both gains and losses, so read leverage and margin explained before you use it on a phone, where a quick tap can open a large position. For how MetaTrader 4, MetaTrader 5, cTrader and TradingView compare on the desktop, see the platform comparison.