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MQL5 Social Trading Platform Review 2021

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MQL5 is the largest community of traders that works with the MetaTrader 4 and MetaTrader 5 trading terminals. There is also a specialized service for copying trades, as well as a social network of traders. The peculiarity of social trading in MQL5 is that the service can be connected to the servers of brokers, and you can use it even if the broker doesn't offer social trading. Thus, today MQL5 is one of the largest social trader service providers in the world.

We offer you an overview of MQL5! Let's consider its main functions and find out how to enable copying trades to the trading terminal.

What is a copy trading platform?

Social trading is a thread of trading that has been developing for over 10 years. In 2021, many major brokers and trading communities have already launched their proprietary platforms, including MQL5.

Copying trades is a very simple process. To use this option, go to the service website and select the trader (strategy provider) that you are interested in. After that, subscribe to the user, and all the transactions he opens will be automatically opened for you. On some platforms, you can set the copy trading parameters, and then only the trades that meet the requirements will be copied to you.

Thus, copy trading helps novice traders to enter the market and earn at the appropriate level. Successful managers, in turn, gain credence among the community and, in some cases, extra profit in the form of subscription fees.

MQL5 copy trading network review in 2021

A platform for copy trading

MQL5

Regulation

Depends on broker

Terminals

MT4, MT5

The number of brokers offered

Most brokers that work with MT4 and MT5

Top brokers

AvaTrade, XM, IC Markets, Pepperstone

The minimum investment for copying

From $1. Set by the broker and trader-signal provider

Commission for using the service

No

Traders' commission

From 1 to $1.000 per month. Average – $50

Types of accounts

Set by the broker

Network size

1050 signal providers

Markets

Forex, CFD, Cryptocurrencies, Stocks, Commodities. The market list depends on the broker chosen.

MQL5 copy trading platform review

The copy trading service is located in the Signals section of MQL5. You will find here a list of managers. Only verified users can become signal providers on this platform. On MQL5, the names of signal providers are open, so you can see not only the names of their pages but also the real and full names.

Information and statistics

Information and statistics

Information on MQL5 signal providers is provided in considerable detail. You can find basic information about the trader on the main screen.

The platform provides the following data:

  • Reliability – the percentage of risk of trading signals provided by the manager;

  • Account activity time (in weeks);

  • Number of subscribers;

  • Current balance;

  • Profit;

  • Initial deposit;

  • Replenishment;

  • Withdrawal.

Also, on the main page, there is an infographic showing the profitable and unprofitable trades ratio, the size of the maximum drawdown, the maximum deposit load, as well as the trading activity of the trader.

MQL5 Review - Information and statistics

Trader's financial charts

Trader's financial charts

You will also find an overview of the trader's financial performance on MQL5. In particular, find here the growth of funds chart. The platform compares the increment with the average data and you can view the curve by comparing it with the averages of other traders who provide trades for MQL5 copy trading.

MQL5 Review - Trader's financial charts

The platform also provides a profitability chart. It is calculated as the balance to the number of transactions made ratio. The indicators can also be compared with the average data.

MQL5 Review - Balance

Another important financial chart is the ratio of the trader's capital to the balance sheet. On the chart, all this data is plotted by week, but if you hover the cursor over the chart, you will see the daily statistics also.

MQL5 Review - Equity

Also, users who choose a trader to copy MQL5 trades should get acquainted with the drawdown chart. The drawdown can also be viewed for each day.

MQL5 Review - Drawdown

The inability to select a period can be considered as a disadvantage of financial statistics for MQL5 copy trading. At the time of review, statistics on the charts were available until November 5, 2020. Unfortunately, it is not possible to view data for an earlier period.

Detailed statistics and history

Detailed statistics and history

On the MQL5 platform, you can also view detailed statistics on a trader. To view the data, go to the Statistics section in the strategy provider account.

The MQL5 social trading platform provides the following information:

  • total number of transactions

    1
  • number of profitable and unprofitable trades

    2
  • best and worst trades

    3
  • total profit and total loss

    4
  • maximum series of profitable and unprofitable rates

    5
  • sharpe coefficient

    6
  • trading activity

    7
  • recovery factor

    8
  • number and percentage of long and short trades

    9
  • profit factor

    10
  • expected profit

    11
  • average profit and average loss

    12
  • monthly growth rate

    13
  • annual forecast

    14
  • the percentage of transactions made using algorithmic trading

    15
MQL5 Review - Detailed statistics and history

It will also be useful for traders to get acquainted with the statistics on trading instruments. Here it is also presented in the form of infographics. In particular, MQL5 provides statistics on the number of the purchase and sell transactions for various trading instruments, profit and loss in currency, as well as profit and loss in pips.

MQL5 Review - Distribution

You can also view an overview of your trading history on MQL5. To do this, select a special tab in the strategy provider profile. You can view the following data in the history:

  • 1

    date and time of the transaction

  • 2

    type (long or short)

  • 3

    transaction volume

  • 4

    type of trading instrument

  • 5

    price

  • 6

    time

  • 7

    commissions

  • 8

    swap

  • 9

    profit

The same overview is available for the trader's current trades, but only subscribers can view open orders.

MQL5 Review - Trading history

Risks and slippage

Risks and slippage

An important advantage of the MQL5 copy trading service is the availability of risk analytics for each strategy provider. This section contains charts on deposit loading and drawdown.

But of particular interest are the maximum profit (MFE) and maximum loss (MAE) charts. This is a dot plot that shows data on each trade’s potential. The horizontal value indicates the actual profit or loss, and the vertical value indicates the maximum profit or loss.

MQL5 Review - Risks

The platform also provides statistics on slippage by brokers that support MQL5. The service gets statistics from brokers and calculates the slippage. It depends on the difference between the quotes of the broker and the subscriber, as well as on the delays in the execution of the order. The lower the value, the better the quality of copy trading.

MQL5 Review - Slippage

The social network among traders

The social network among traders

MQL5 is not only a service for copying trades but also a full-fledged social network for traders. You will find a lot of useful information in the traders' profile.

Read the description before you subscribe. In the profile, trade providers provide information about themselves, trading features, and recommendations for copy trading.

MQL5 Review - Description

There is also a blog in the profile. Strategy providers can use it to publish trading updates or to publish various useful information on trading instruments, strategies, etc.

MQL5 Review - What’s new

Reviews on traders are very important on MQL5. Each subscriber can leave a review. In reviews, you can put a rating from 1 to 5 stars, as well as write a text review. There is also an Average Rating function, where the rating is automatically calculated based on the results of ratings in reviews.

Additional features

Additional features

The account options are also well developed in MQL5. In particular, there is a My Signals section where you can view the status of current signals from the traders you are subscribed to or add your trading signals. To do this, click on the Create Signal button and make the configuration.

MQL5 Review - Additional features

The My Subscriptions section provides an overview of the strategies of providers to whom you are subscribed. Here you can find statistics on subscriptions such as profitability, number of transactions, type of transactions, etc.

There is also a Favorites section on the platform where you can add traders to which you have not subscribed. This feature is useful if you want to subscribe to a strategy provider, but first want to check his results for some time. The Rules section contains the rules of the social trading service.

MQL5 Review - My subscriptions

Please pay attention to the Add Widget function. It is intended for webmasters who have their own website. Here you can choose a trader to receive signals or set up your own. After you complete the setup, the platform generates the code to be inserted on your site.

MQL5 Review - Add widget function

The pros and cons of copy trading on MQL5

? Pros

Universal platform for copy trading on MT4 and MT5

Attractive design, good usability

A large number of materials for analysis

Convenient filters

? Cons

Traders' commission is charged as a subscription fee, not as a percentage of profits

Weak control of providers according to the platform

No regulation

How to find the right trader to copy on MQL5

Choose a suitable strategy provider before beginning to copy trade on MQL5. The platform offers several ways to do this. First, you can use the search function. MQL5 searches processes using the following queries:

MQL5 searches processes using the following queries:

  • trader's name

  • account name

  • broker

The server search option is also implemented in the search. The list contains the MT4 and MT5 servers of all brokers that cooperate with MQL5.

MQL5 Review - Copying traders on MQL5

Signal providers by category on MQL5. There are 8 categories on the platform, including:

  • 1

    by maximum profit;

  • 2

    by signal reliability;

  • 3

    by profitability for the month;

  • 4

    intraday trading;

  • 5

    signals for traders with a deposit bot that has more than $50;

  • 6

    has reviews;

  • 7

    the leverage is up to 1:100;

  • 8

    uses automated trading.

After you click on a category, the platform will automatically select traders meeting these requirements.

MQL5 Review - Signal providers by category on MQL5

Filters

Filters

You can also find traders by using filters. In total, there are 10 indicators for search, including:

  • 1

    leverage;

  • 2

    monthly profit (in percentage);

  • 3

    maximum drawdown;

  • 4

    trader activity;

  • 5

    percentage of profitable trade;

  • 6

    initial deposit;

  • 7

    number of weeks your account has been active;

  • 8

    number of transactions per week;

  • 9

    number of your subscribers;

  • 10

    subscription cost.

MQL5 filters have many features. For example, here you can select traders who work on netting and hedging separately. There is also a “Closing by FIFO” option. It is intended for traders who work according to the FIFO (First In, First Out) rule.

MQL5 Review - Filters

How to get started copying traders on MQL5

Copying trades to MQL5 is quite simple. After you have registered, log in to the platform. Next, click on the Signals button and the page of the transaction copying service will open.

MQL5 Review - How to get started

Next, choose a trader. You will find a brief overview of the signal providers on the main screen.

It contains the following information:

  • percentage return;

  • profitability curve;

  • signal security;

  • percentage of algorithmic trading usage;

  • the number of subscribers.

You can add categories or filters to your search inquiry.

MQL5 Review - Categories

Once you find the best trader, open his profile. At the tip find the Copy button and the subscription price. For example, in this example, the button is called Copy for $30 per month.

MQL5 Review - Trader’s Profile

Next, the platform will ask you to confirm your choice and provide a brief overview of the statistics of the signal provider. That's it. If you don't have an MT4 or MT5 terminal installed for copying, the service will offer to download it for you.

MQL5 Review - Start copying in MetaTrader

Top 6 brokers that cooperate with MQL5

Broker Minimum Investment Amount Assets for copy trading Regulator

1

AvaTrade

Minimum Investment Amount

$100

Assets for copy trading

Over 250 assets: Forex, Stocks, Cryptocurrencies, Commodities, CFDs, Bonds, ETF.

Regulator

Central Bank of Ireland, ASIC, FSCA, Japanese FSA, ADGM, FRSA

2

XM

Minimum Investment Amount

$100

Assets for copy trading

Over 1200 trading instruments: Forex, CFDs, Stocks, Commodities

Regulator

ASIC, CySEC, IFCS

3

Admiral markets

Minimum Investment Amount

$100

Assets for copy trading

Forex, Commodities, CFDs, Stocks

Regulator

FCA

4

IC Markets

Minimum Investment Amount

$200

Assets for copy trading

Markets: Forex, CFDs, commodities, Crypto, Stocks, Bonds

Regulator

AFSL, CySEC

5

Pepperstone

Minimum Investment Amount

$200

Assets for copy trading

Forex, CFDs

Regulator

ASIC, FCA

6

HotForex

Minimum Investment Amount

$100

Assets for copy trading

Forex, Commodities, CFDs, Stocks

Regulator

FSC, FSCA, FCA

Can I make money by copying traders on MQL5?

The MQL5 trade copy service can help novice traders and investors to get steady passive income. The profitability of copying trades may differ, depending on the specifics of the traders' trading skills and acumen, and the amount that the client provides for copying trades.

However, copy trading is not a guaranteed way to generate passive income. Be that as it may, risks are still possible. If the trader opens a losing trade, you will also incur a loss. Therefore, the rules of risk management in copy trading should be strictly adhered to.

What are MQL5 fees

MQL5 doesn't charge any commission for using the service. The platform is not a broker and doesn't provide for any funds withdrawal. However, traders can charge a commission for transactions. It is always fixed and charged per month of use, regardless of the transaction's profitability.

The average commission of strategy providers on MQL5 is $50 per month. The funds are debited directly from the client's brokerage account.

You will also pay the cost of opening and closing trades following the rates of your broker.

Can I make money by copying traders on MQL5?

MQL5 is not a broker. This is a community of traders who use the MetaTrader 4 and MetaTrader 5 trading terminals. Therefore, there are no licenses for financial activities here.

The platform doesn't store customer funds, it doesn't have its own accounts and wallets for individuals. Therefore, security is primarily the responsibility of the broker that the subscriber works with.

Summary

MQL5 is one of the oldest trading communities. Its primary task is to provide traders with new technical capabilities for working with the MetaTrader 4 and MetaTrader 5 platforms. The copy trading service is one of these technical features.

It is worth noting that the service is well developed, it has all the main functions. A lot of analytics on traders, convenient search, quick registration. You can copy trades in any MetaTrader 4 and MetaTrader 5 trading account. The interface is quite user-friendly and intuitive.

We can only distinguish the features of the commission among the disadvantages. Since the commission is charged for a month of subscription on MQL5, it is necessary to choose the strategy provider very carefully. Well, the community of copy trading is here. Unfortunately, it is a very small industry, but it is growing by leaps and bounds.

MQL copy trading platform reviews

  • 1

    Angel Fane, 33, New York

    I've been working with the copy trades service for six months. I signed up after I saw a review on MQL5 on a popular site. And I'm totally happy with what I get. A more convenient copy trading service is difficult to find, everything is in sight and at hand. No need to keep a separate account with the amount of money. I am completely satisfied with this service.

  • 2

    Matthew Carrington,45, Boston

    I work with several copy trading services, including MQL5. In general, it is very good. The platform is quite convenient and has no-frills. It is convenient to analyze potential bids, you can find a trader quickly, and the subscription is also quite fast. However, the price of signals from strategy providers is too high sometimes.

  • 3

    Kiel Clark, 41, Washington, D.C.

    The MQL5 copy trading service did not please me. I was confused by the fact that there are few traders here and most have a negative rating. Users who have a positive rating require a very large subscription fee. I tried to work with a person who offered a price that suits me, but I lost my deposit. Unfortunately, MQ5 is not my copy trading platform.

FAQ

Can I choose to copy trade based on the account’s currency?

Yes. MQL5 allows you to select traders who work with USD or EUR.

Is there a minimum deposit?

The minimum deposit for copy trading on MQL5 is not applied. However, traders can set recommended values.

Is it possible to work only with traders who use automated trading?

Yes. There are strategy providers on the platform that only trade with trading bots.