Best MT5 Plugins Every Forex Broker Should Know About

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February 19, 2024Upd on February 23, 2024

Electronic trading systems made it easier for brokers to launch their financial services, including investing solutions, asset management and access to trading markets.

Today, Forex investors can execute any order and communicate directly with their brokers thanks to innovative trading software, such as MetaTrader or cTrader. Moreover, analytical toolkits, such as MT5 plugins, technical indicators, trading signals, and more, have expanded the service bandwidth.

Forex brokers offer these tools to attract more users to their platform and help them make informed decisions before and efficiently manage their funds. Let’s find out what tools brokers that use MT5 should offer.

Forex Trading in MetaTrader 5

Trading platforms act like a bridge between the investor and the market, facilitated by the broker who gives the investor access to the software. Forex investors spend the majority of their time in front of the electronic trading room, analysing different charts, signals, price actions and news.

Online trading software made the largest and the busiest financial market, like Forex, more readable and understandable, thanks to trade copier plugins and trade plugins that aid the decision-making process.

MetaTrader is one of the most commonly used software to execute trading orders in financial markets and benefit from multiple brokerage services to accumulate wealth by investing. MT5 was released in 2010 as a successor to MT4, which powers multiple tools for brokers to improve their offerings to the end user.

After creating a trading account at an MT5 Forex broker, traders can either install a separate application on a PC or mobile phone, as well as use the MT WebTrader and access using their login credentials.

Once in the trader’s room, investors can apply different charting options, follow automated trading systems, subscribe to a signal system, add a trade system plugin and much more. These tools are usually offered and controlled by the broker, who can add or restrict some of these features.

Why Use MT5 Plugins?

Plugins are additional tools brokers offer traders, allowing them to control their assets and funds better. They can explained similarly to signals. 

However, the difference is that signals provide alerts and updates about prices or market movements, while plugins vary from improving money management to copying other traders, identifying swap rates, generating reports and more.

Trading plugins customise the users’ experience, including trading and non-trading activities. These trading tools are downloaded separately from the source and then added from the MetaTrader terminal to adjust the way investors view their charts and manage their trading accounts.

Top Plugins Every MT5 Forex Broker Should Use

Forex brokerage companies offer a wide selection of plugins and tools to remain competitive in the highly challenging and dynamic industry, where hundreds of brokers and financial institutions offer similar services.

Therefore, if you are operating an FX business and want to improve your platform’s solution, here are the top 15 MT5 plugins you must consider. 

1. MT5 Dynamic Margin and Leverage

The dynamic margin and leverage tool is a way for brokers to mitigate the trading risks associated with using leverage and opening margin accounts by introducing a flexible leverage level based on the trader’s capacity.

Leverage is a common way for brokers to lure traders by offering boosted earnings. However, this strategy usually comes with some risks, primarily that it exposes the trader’s account to bankruptcy if the market moves unfavourably. 

The dynamic margin & leverage plugin offers a changing leverage ratio based on the trader’s balance. This plugin can be adjusted with balance levels and the corresponding leverage and margin requirements.

2. Margin-Credit Tracker

The margin-credit tracking plugin is another way to manage the trader’s risks by eliminating or minimising the credit amount. For example, when trading with leverage, the investor can lose more money than deposited because they use the broker’s borrowed money. 

However, once the losses exceed the trader’s balance, they can still be in the market trading with credit, which they can still lose excessively. Therefore, the margin-credit tracker helps withdraw the money before credit trading happens or select the credit level at which withdrawals or position closure must happen.

3. MT5 Dealing Desk

The dealing desk plugin is beneficial for brokers to ensure a high-performing platform during peak times. When a certain instrument or an asset class becomes highly volatile, scalpers seize this opportunity by executing short-term trades, profiting from small earnings over time.

However, despite the profits this may bring to the broker, it will cram the platform and can potentially influence the network performance, affecting the overall trading experience. Therefore, this MT5 trading plugin can restrict scalping and trade against short-term investors or orders that were opened very recently. 

4. MT5 Trade Copier

This plugin helps the broker better manage multiple traders’ accounts at the same time and with high accuracy. Each account has specific risk characteristics, balance, automated trading strategies and market position. Thus, each one must be treated independently, according to their particular needs and objectives.

However, the MT5 trade copier plugin allows brokers to aggregate multiple accounts with similar features and characteristics and asses their risk exposure and margin requirements collectively.

This process saves time and effort and increases accuracy. The broker can change the parameters of grouping accounts to a coverage account based on trading volume, instruments, and balance and assign a unique symbol for each group.

5. MT5 Synthetic Symbols

Synthetic symbols are one of the most common tools for brokers that use MT5, offering their investors a personalised experience. The MT5 synthetic instruments tool allows users to create their own trading assets or assign unique symbols to less common Forex pairs.

Traders can create new currency pairs and assemble a combination of various assets, resulting in totally new spreads and risk levels. Each newly created financial instrument can be assigned a unique symbol and added to the trader’s investments to diversify their portfolios.

Investors can use this tool to create unique combinations across different markets, such as mixing cryptocurrencies with Forex currencies and exploring new ways to make money in the financial markets.

6. Future Rollover

Future rollover is a useful plugin for futures trading, where rollovers are allowed. Position rollover is a critical consideration for Forex traders, which includes some calculations and an understanding of different interest rates.

However, the future rollovers plugin helps brokers identify expired futures contracts and calculate their rates before and after the contract expiration date and according to the associated currencies’ interest rates.

Thus, it powers Forex brokers with tools to identify and assess potential risks and issues.

7. Swap Manager

Swap calculation is a challenging aspect for Forex traders and brokers, and the swap manager plugin helps the broker organise the swap fee structure, whether it is a fixed fee based on position or lot or a percentage of the amount traded.

Most brokers use symbols to express a market position or a traded lot, which is part of the swap manager plugin that helps brokers assign the right rate level and liquidity stream to a specific or group of symbols.

This also becomes helpful for traders to find out about the swap fee and the costs associated with each traded currency pair.

8. Stop Out Plugin

The Stop Out plugin is a useful tool that FX brokers offer to manage risks, especially during high fluctuations and market uncertainty. This MT5 plugin allows traders to set a certain price level, and once the market price reaches this level, the order will automatically close.

Brokers can set these levels instead of traders to avoid exposing their accounts to amplified market risks.

9. Advanced Stopouts

Advanced Stop Out is similar to the previously mentioned plugin, but it includes more parameters while choosing the course of action. For example, a trader can use this tool to decide which positions to close automatically and which to keep running.

Also, this tool allows brokers to hedge losing positions by opening another market order and compensating the losses. This plays a major role while trading with margin, giving the trader some returns to fund the margin requirement and more time to make the right decision for their leverage trades.

10. Cashback Plugin

The cashback MT5 plugin is useful for brokerage companies that run loyalty, introducing broker or referral programs and allowing them to set and moderate bonus programs efficiently.

A broker can automatically allocate bonuses and awards for their loyalty programs, change the parameters, review performance and do more using one plugin rather than individually operating them. MT5 FX brokers can also use this tool to automate report generation for participants without manually creating and updating them.

11. Negative Balance Protection

This MT5 tool aids brokers in managing the risk factor in their traders’ accounts, minimising the chance of going under the zero mark. 

This plugin helps traders avoid having their accounts go into negative by closing them and funding them from other trades or taking credit amounts to keep their balance away from additional risks. 

12. Limited Risk Account

This is another tool for Forex brokers with MT5 who want to minimise the risk associated with every trade. This plugin scans and ensures users’ full compliance with legal requirements by validating their portfolios, account details and source of funding.

FX brokers can use this plugin to disallow opening any trade without a stop-loss limit. They can automatically implement a stop-loss level with every open position, where traders can adjust their limits to accommodate more or less risks.

13. EOD (End-of-Day) Report

This tool is useful for brokers who like collecting reports and analysing their platform’s overall performance and status. The EOD report can be generated by the end of every working day to have a quick snapshot of active traders, including deposits, withdrawals, traded assets, and brokers’ earnings.

This process helps brokers have updated information about their business without manually creating and upgrading reports. Additionally, some regulatory requirements may entail daily reports from the broker, which can be automated using this plugin.

14. Execution Report

This plugin in MT5 gives brokers a more detailed view of the order execution process and how fast each transaction is. This plugin asses the performance of liquidity providers, checking the execution speed, slippage rate, spread range changes, liquidity flow stability and more.

The execution report plugin helps brokers compare different liquidity providers and find out performance differences in their liquidity bridge. This information can then be used for business analysis and making informed decisions.

How to Add a Plugin for MT5

Adding a plugin to the trader feed is a straightforward process, which shall be carefully done to ensure the plugin works properly. Brokers can add these plugins by finding them, installing them locally and then adding them to the MT5 terminal this way.

• Find the plugin source and download it as a .exe file.
• Launch MetaTrader 5 from the app or the web-based version.
• Open the “File” tab and select “Open Data Folder”.

• While having the window open, locate the previously downloaded plugin file and place it in the data folder.
• Open the downloaded file and let it extract its files and data in the same window, and restart MetaTrader once it is done.
• Find the newly added plugin in the navigator panel under Expert Advisors.
• In order to make the plugin work and make decisions, you need to enable Web Requests.
• Click on “Tools” from the top bar and click on “Options”.
• Select “Expert Advisors” and tick the box “Allow WebRequests for listed URL:”, which is usually supplied by the plugin provider.

Conclusion

Plugins are critical tools that the best broker for MT5 software uses to automate and streamline their platform performance and risk management. These tools ensure the smooth operation of order execution and the best user experience in interacting with markets and brokers.

These plugins utilise the MetaTrader API integration tool and give brokers an additional arm to asses open accounts and locate issues before happening or before it is too late.

by

Hazem Alhalabi

A versatile writer in a wide range of concepts, specifically in Web3, FinTech, crypto and more contemporary topics. I am dedicated to creating engaging content for various audiences, coming from my passion to learn and share my knowledge. I strive to learn every day and aim to demystify complex concepts into understandable content that everyone can benefit from.

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Tamta Suladze

Tamta is a content writer based in Georgia with five years of experience covering global financial and crypto markets for news outlets, blockchain companies, and crypto businesses. With a background in higher education and a personal interest in crypto investing, she specializes in breaking down complex concepts into easy-to-understand information for new crypto investors. Tamta's writing is both professional and relatable, ensuring her readers gain valuable insight and knowledge.

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