Exploring the world of prop trading is thrilling, but how do you begin with all the technical details? Not at all. If you recently passed a challenge or recently joined a prop firm, you’re probably eager to start making some real moves and getting on the charts. But first, you must obtain MT5, which has emerged as the preferred platform for all funded traders.
The good news? The process of downloading MT5 is simple. You may be wondering, however, where to begin if you have never done it before or if you are moving from MT4. Which version am I using? What happens if I make a mistake?
Don’t worry about it. Without resorting to tedious technical jargon, this article will take you through every step of downloading MT5 specifically for prop firm trading. Let’s get started.
Why MT5 Is a Big Deal for Prop Firm Traders
Before we even click the download button, let’s discuss why most prop firms are currently gravitating toward MT5.
MetaTrader 5 is a complete upgrade, not just an external makeover of MT4. It is more stable, quicker, and packed with tools that are important to serious traders. Consider the depth of the market, economic calendars, and multi-asset support. You can trade commodities, stocks, forex, and more in one location.
Most prop firms are switching to MT5 for their funded accounts due to its enhanced functionality, better execution, and current coding language. I assure you that it is a good thing if your prop company offers MT5.
Step 1: Find Out Which Version You Need
This part is super important. You don’t want to download the wrong version of MT5 and end up scratching your head wondering why your login doesn’t work.
Here’s what you need to do:
- Ask your prop firm which broker they’re using.
- Check if they have a custom MetaTrader 5 download link.
The majority of prop firms collaborate with particular brokers, such as Purple Trading, ThinkMarkets, or Eightcap. Additionally, they will frequently provide you with a special MT5 installer associated with that broker. Because it is customized, it will automatically connect you to the appropriate servers. If you download the generic version of MetaQuotes, you may not be able to log in.
If you haven’t received a download link from your company, check your trader portal, welcome email, or simply send a brief message to support.
Step 2: Downloading the Platform
Once you’ve got the correct link, it’s time to download MT5.
If your firm gave you a direct link:
- Click on it.
- Download the .exe file for Windows or .dmg for Mac.
- Run the installer.
If they didn’t give you one, and you must use the official MetaQuotes version, here’s how to do that:
For Windows:
Go to the official MetaTrader 5 site: https://www.metatrader5.com/en/download
Click the big Download for Windows button.
Run the downloaded file (mt5setup.exe).
Follow the installation prompts.
For Mac:
Now, here’s where it gets a little tricky. MetaQuotes doesn’t offer a direct Mac version anymore. But you still have options:
- Option 1: Use PlayOnMac or Wine.
- Option 2: Use a VPS or remote desktop.
- Option 3: Use the broker’s web-based MT5 platform.
If you use a Mac and are serious about trading, you would be better off bootcamping Windows on your Mac or using a Windows VPS. It will save you a great deal of headaches.
Step 3: Installation and Setup
Once the installation starts, it’s just a matter of clicking through the prompts.
But here’s a pro tip: choose the server that your prop firm uses when it asks you to. It should be mentioned in their instructions, or when you log in, you can look it up on the platform.
After it’s installed:
- Launch MT5.
- Click File > Login to Trade Account.
- Enter your account number, password, and server name, these will be in your prop firm’s email.
Step 4: Platform Customization for Prop Trading
This is where you can configure the system to suit your prop trading process. Believe me, you don’t want to begin your funded journey by gazing at a disorganized chart or awkward layout.
Customize Your Charts
Right-click the chart > Properties.
Set your background to black or white whichever you prefer.
Adjust colors for candles, grids, etc.
Save the template: Right-click > Template > Save Template. So, you don’t have to do this every time.
Create a Workspace
- Add the pairs you trade most often.
- Arrange charts side by side.
- Save the layout via Profiles.
Set Hotkeys
- Speed matters, especially in prop firm challenges where execution time can make or break you.
- Go to Tools > Options > Hotkeys.
- Assign shortcuts to your favorite commands like New Order or switching timeframes.
Step 5: Connect to the Right Broker Server
This part is easy to miss but crucial.
If you downloaded MT5 from MetaQuotes, your prop firm’s server might not show up in the list by default. No worries, you can manually add it.
Here’s how:
- Click File > Open an Account.
- In the search bar, type the name of your broker e.g., Eightcap-Live.
- Once it pops up, select it and hit Next.
- Choose Existing Trade Account and log in with your prop credentials.
Done. Now MT5 will remember this server for next time.
Step 6: Logging In and Staying Logged In
When you’re ready to trade, log in through:
File > Login to Trade Account
Use your prop firm’s login credentials rather than your MT5 community account. These are two different things.
Do you want to remain signed in? Simply check the Save account information box. MT5 will automatically log in the next time you use it.