Does Oanda Work With MT5 as of 2024

Forex traders always look for trading with suitable trading platforms. There are many trading platforms in forex markets. Some of the most popular platforms are MT4, MT5, cTrader, Tradingview, and so on. MT5 is one of the most popular trading platforms; it is an updated version of MT4 and is used by millions of traders worldwide. However, not all brokers offer MT5. If you consider using Oanda, you may be wondering if Oanda has an MT5 trading platform.

The answer is “Yes,” Oanda uses MT5 as its trading platform. In this article, we will discuss forex trading with MT5 on Oanda. We will also discuss the pros and cons of using MT5, and its features, and answer some of the most common questions that traders have about this platform

Does Oanda Support MT5?

Yes, Oanda supports MT5. MT5 is a multi-asset trading platform developed by MetaQuotes. It is the updated version of MT4. The platform is known for its user-friendly interface, easy-to-use charting tools, and EA compatibility.  MT5  offers more timeframes, more technical indicators, DOB, and so on. 

Benefits of Using Metatrader 5 on Oanda?

Here are some reasons why traders might choose this Metatrader 5 on Oanda 

Advanced Trading Features:

MetaTrader 5 (MT5) offers a plethora of advanced trading features designed for the needs of both novice and experienced traders. These features include various order types such as market orders, limit orders, and stop orders, allowing traders to execute their strategies with precision. 

Additionally, MT5 provides a comprehensive set of technical indicators and charting tools, empowering traders to conduct thorough technical analysis and identify potential trading opportunities more effectively than ever before.

Enhanced Analysis:

MT5 goes beyond basic charting capabilities by providing traders with access to an extensive array of analytical tools. With over 38  built-in indicators and a wide range of analytical objects, traders can explore deep into market dynamics and price movements. 

Market Depth:

MT5 allows market depth functionality, which provides traders with insights into the liquidity and depth of the market. By accessing the depth of market (DOM) data, traders can gauge the supply and demand dynamics for a particular instrument. DOB helps them make better trading decisions. This feature is particularly valuable in fast-moving markets where liquidity can fluctuate rapidly. 

Algorithmic Trading:

MT5 offers robust support for algorithmic trading through its built-in Expert Advisor (EA) functionality. EAs are automated trading systems that execute trades on behalf of traders based on pre-defined rules and parameters. With MT5’s powerful algorithmic trading capabilities, traders can develop, backtest, and optimize their trading strategies, and then deploy them in real-time markets without the need for manual intervention.

Multi-Asset Platform:

Oanda’s MT5 platform offers diverse asset classes, including forex, stocks, commodities, and cryptocurrencies. By offering access to multiple markets within a single platform, MT5 enables traders to diversify their investment portfolios and capitalize on opportunities across different asset classes. 

Mobile Trading:

In today’s fast-paced markets, the ability to trade on the go is essential for many traders. MT5 addresses this need by providing mobile trading apps compatible with both iOS and Android devices. These mobile apps allow traders to access their accounts, monitor the markets in real time, execute trades, and manage their positions from anywhere with an internet connection. Whether they’re commuting, travelling, or simply away from their desktop computers, traders can stay connected to the markets and seize trading opportunities whenever they arise.

How to Use MT5 on Oanda Broker

Like MT4, MT5  is an easy-to-use trading platform. Using mt5 on Oanda is straightforward. Here are the steps.  

Step 1: Account Setup:

• Create an Account: If you haven’t already, sign up for an account on Oanda. Follow the registration process and provide the necessary information.
• Account Verification: Complete the account verification process by submitting the required documents, ensuring compliance with regulatory standards.

Step: 2 Download and Install MT5:

• Access Oanda Website: Login to your Oanda account through the official website.
• Visit to MT5 Section: Locate the section related to MetaTrader 5 on the Oanda website.
• Download MT5 Platform: Download the MT5 platform from the provided link.
• Install MT5: Follow the installation instructions to install the platform on your computer.

Step 3: Login to Your MT5 Account:

• Launch MT5: Open the installed MT5 platform on your computer.
• Login Credentials: Enter your Oanda account credentials (username and password) provided during the account registration process.
• Server Selection: Choose the appropriate Oanda server from the list.

Step 4: Explore the MT5 Interface:

• Market Watch: View available instruments and their real-time prices in the Market Watch window.
• Charts: Open charts for different financial instruments. Customize chart settings, and timeframes, and add technical indicators.
• Order Execution: Execute trades using the ‘New Order’ window. Specify trade parameters, such as volume, stop-loss, and take-profit levels.

Step 5: Use of Trading Tools:

• Technical Analysis: Leverage the advanced charting tools for technical analysis. Add indicators, trendlines, and other analysis tools to enhance your decision-making.
• Expert Advisors (EAs): Explore and use Expert Advisors for automated trading. Install EAs or create your own to automate trading strategies.

Step 6: Monitor and Manage Trades:

• Trade Management: Monitor open positions, view account history, and manage trades using the ‘Trade’ and ‘Account History’ tabs.
• Modify Orders: Adjust stop-loss and take-profit levels or modify existing orders directly from the platform.

Step 7. Mobile Trading (Optional):

• Download Mobile App: If desired, download the MT5 mobile app on your smartphone or tablet.
• Login to Your Account: Use your Oanda account credentials to log in to the mobile app.
• Trade on the Go: Manage your trades, monitor the market, and execute orders from your mobile device.

Step 8: Customer Support and Resources:

• Oanda Support: Reach out to Oanda customer support for any platform-related queries or assistance.
• Educational Resources: Explore educational materials and resources provided by Oanda to enhance your trading knowledge.

Frequently Asked Questions

What is Oanda

Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3000 forex, CFDs, and even real stocks.

What is MT5 Platform

Released in 2010, MT5 is a multi-asset trading platform developed by Metaquotes, the same company that developed MT4 in 2005. MT5 is the upgraded version of MT4. It offers more time frames on charts, with 21 compared to MT4’s 9. MT5 also offers a built-in economic calendar and partial order-fill policy. Additionally, MT5 allows depth of the market (DOB). The programmatic language of MT5 is MQL5. However, it is not as popular as MT4 yet

What is the Maximum Leverage of Oanda MT5?

The Maximum leverage of Oanda is 500:1. Leverage allows investors to control larger positions with a smaller amount of capital which may potentially increase both gains and losses.  Oanda offers leverage based on the jurisdiction you trade-in. Besides, leverage may also vary based on the product you trade. 

Does Oanda Offer MT5 Demo Accounts?

Yes, Oanda offers a demo account for MT5. This is an excellent feature for beginners. A demo account allows you to practice trading with virtual money, which is a risk-free way to get familiar with the platform, test strategies, and gain confidence.

Does Oanda Offer the Same MT5 on a Live Account?

Yes,  Oanda offers the same MT5 platform for both demo and live accounts. This is vital because you want to practice on a platform that mirrors the real trading environment. When you’re ready to trade with real money, the transition will be seamless.

What is the timezone of Oanda MT5?

Oanda’s MT5 server time and charts typically operate in the GMT + 2 or GMT + 3-time zone, depending on daylight savings. This information is important for timing your trades and understanding when the market opens and closes.

Can I Use Expert Advisors (EA) with Oanda MT5?

Yes, you can use Expert Advisors with Oanda’s MT5 platform. Expert Advisors are automated trading programs that can execute trades on your behalf. They can be particularly useful for beginners as they follow predefined strategies and can help mitigate human errors.

What is the minimum deposit on Oanda?

Oanda does not impose a minimum deposit requirement. However, to meet margin requirements, Oanda recommends having at least $200 in your trading account.

Where is the headquarters of Oanda located?

The headquarters of Oanda is in New York, New York, United States.

Is Oanda MT5 Available for MAC USERS?

Yes, Oanda offers a version of MT5 that is compatible with Mac operating systems. They typically provide a downloadable version for Mac users.

Is Oanda MT5 Available on Android Devices?

Yes, Oanda offers a mobile app for Android devices that allows you to trade using the MT5 platform on your Android smartphone or tablet.

Does Oanda Offer Mobile Trading on MT5 Platforms?

Yes, Oanda provides mobile trading options for the MT5 platform, enabling you to trade on the go using your mobile devices.

Is Oanda MT5 Available for Demo and Live Accounts?

Yes, Oanda typically offers both demo and live trading accounts for MT5. You can use a demo account to practice trading without risking real money and then switch to a live account when you are ready.

What Instruments can I trade on Oanda MT5?

On Oanda’s MT5 platform, you can trade a variety of instruments, including Forex, Indices, Metals, Shares, Commodities, Cryptocurrencies

Final Verdict:

Oanda works perfectly with MT5 trading platform. Besides MT5, it also offers MT4, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView and more. 

MetaTrader 5 (MT5) is a popular electronic trading platform widely used by traders in the financial markets. Developed by MetaQuotes Software Corp., MT5 is the successor to MetaTrader 4 (MT4) and offers several advanced features and enhancements. 
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital.