MQL5 trading signals platform

Launched in 2013, MQL5 is an online trading signal service that allows you to automatically copy the transactions of experienced traders. This service is available in all MetaTrader 4 and 5 trading terminals. Subscription to a signal is either free or fee-based. Most signal providers charge about $30 a month for a subscription, so traders are paid based on the total number of followers they have and not on their overall performance.

All traders can become signal providers, but they must first be accepted as sellers (a form of ID must be provided, and the first and last names of the trader are made public) and are subject to a trial period of one month during which no subscriptions can be sold.

There are several criteria that can be used in the advanced search mode to choose a trading signal provider. You can look for traders that work with a specific level of leverage, drawdown, monthly profit and many more criteria. The "Reliability" parameter is an aggregated value that measures several parameters to simplify the comparison of signals in terms of their investment reliability.

As with other well-known social trading platforms, there is no direct filter for a risk/return ratio search, the monthly profit and maximum drawdown filters must be used in combination for this purpose. The broker filter allows you to easily find signal providers that use the same broker as yours to avoid slippage.

Unlike other trading platforms, you cannot subscribe to multiple signals at the same time on the same account to reduce risk through diversification.

Benefits:

• Free demo account that allows you to test the free signals
• Over 7,000 strategies to follow and copy
• Large choice of brokers
• Direct integration into the MetaTrader platform
• The identity of traders is verified and made public
• Trading histories are completely transparent and exhaustive
• Customer feedback directly posted on the signal providers' profile pages
• Cheap ($30/month on average) or free
• You retain control of the trades, they can be closed via MetaTrader

Drawbacks:

• Some trading signal providers are using a demo account
• The actual performances of your account will not be the same as those posted by traders because of the slippage that varies depending on the brokers
• It is not possible to subscribe to several signals at the same time on the same account
• Signal providers are not paid according to their performance
• You must remain connected to MetaTrader permanently or use a VPS to execute the strategy 24 hours/day
• Past performance is not indicative of future performance

How do I subscribe to a signal?

In order to subscribe to a signal, you need:

• A trading account that uses the MetaTrader 4 or 5 platform (click here to compare brokers)
• An MQL5.com account. (click here to open an account)

You can then choose a signal directly from the MetaTrader platform via the "Signals" tab

Select the payment method. (Visa, MasterCard, UnionPay, PayPal, WebMoney, Neteller, ePayments)

And lastly, you need to configure the copy settings on your account such as the percentage of the deposit that will be used for signals and the maximum level of slippage. The trading signals will be automatically replicated in your trading account, but unlike other mirror trading platforms, you must be permanently connected to MetaTrader or use a VPS (Virtual Private Server) to execute the strategy 24 hours a day.

Tutorial videos