MetaTrader 5 or MT5 Manager API helps MT5 brokers with the development of different custom forex software, web & mobile applications, and tools that help them operate their brokerage business efficiently and offer value-added solutions to their trader clients & partners.
MT5 Admin & White Label comes with MetaTrader 5 Manager & Trading Terminals that have several state-of-the-art features that help both brokers and traders to work smoothly.
Yet there are requirements at both forex brokers and traders levels that can’t be met with standard MT5 Manager & Trading Terminals.
This gives the rise to the demand for third-party forex trading software and applications that can integrate with MT5 Trading Platforms and do some additional functions.
Here comes the need for the MT5 Manager API.
What is an MT5 Manager API?
MT5 Manager API is the bridge that establishes a two-way connection between an MT5 Manager & a third-party application.
This helps these third-party apps to fetch any data from the MT5 platform and send different commands to the terminal to perform different functions.
Primary Functions of MetaTrader 5 (MT5) Manager API
As mentioned above, MetaTrader 5 (MT5) Manager API has the following two Primary Functions:
I. It transmits any data from the MT5 platform
LIVE MT5 Manager & Server have different types of data like users, their credentials, groups, and leverage assigned to them, their balances, margin, live and closed trades, etc.
MT5 Manager API can transmit all this data to an authorized third party.
II. It passes control commands from a third-party application to MT5.
When a third party receives the data, they can process it in different ways. This helps you to add, edit, delete and modify the data and records directly from a third-party application to MT5.
Let’s understand with an example of Trading Account creation on MT5 Trading Platform. A broker needs to create it using MT5 Manager by filling the form and generate the login and password details which are sent manually to clients. Group and leverage assigning are all manual too.
Now with the help of an MT5 Manager API, an MT5 CRM can be developed that will automate this entire process. Users can fill the sign-up form from the traders’ room, which goes to CRM admin. The broker’s team may want to check and approve. As soon as it’s cleared, the account gets created and login credentials are sent over the mail and/or SMS.
Functions that can be performed with an MT5 Manager API
- Enable User
- Disable User
- Create User
- Update User
- Balance Credit and Debit
- Credit Management
- Get User Data
- Get User Trades both open and closed
- Password Update
Forex software and applications that can be developed using MT5 Manager API
Necessity is the mother of invention. This perfectly fits here in the case of custom MT5 tools development with the help of MT5 Manager API. A determined forex broker and its creative development team can create numerous applications and tools.
Sharing some ideas here with you;
- MT5 CRM
- MT5 Traders room aka Trader Cabinet
- Risk & Exposure Management Tools
- MT5 Forex Signal Software
- Mobile Apps like MT5 Manager App
- Contest & Rewards Application
- Managed Fund Software like Multi Account Manager (MAM MT5)
- Performance & Statistics Dashboard
- Custom Plug-ins
- IB & Affiliate Module
MT5 Manager API Cost
If you are an MT5 Broker you must be either having MT5 Admin License or a White Label license. If you own an MT5 Admin license and want to develop custom tools for MT5, speak with your MetaQuotes support team.
They would be able to tell you how to get a genuine MT5 Manager API for your development project.
What we have found by reading their forum is that MetaQuotes doesn’t provide MT5 Manager API to the public. They only give it to their broker customers. These statements are made by the users and not MetaQuotes representatives so we are not sure about the accuracy of this information.
However, there are several forex brokerage solution providers that are selling MT5 Manager API one-time and monthly subscription packages depending on the access they give.
The lowest MT5 Manager API Cost is USD 150 per month and USD 1500 in one-time price. This is offered by a forex brokerage solution provider LaunchFXM.
Please contact them directly for more details.
A word of caution here is that there are several cracked versions of MT5 API and software. Please take due caution and deal with only genuine suppliers.
MT5 Manager API Documentation
MT5 Manager API Documentation is the guidebook for developers to work with the API. It contains the details of different functions the MetaTrader5 API can do and how to post and call them.
There are several online forums where other developers have shared them as well. But always ask for demo code and MT5 Manager API Documentation from your vendor before making the payment.
Check them thoroughly and get hang of how the MT5 Manager API works and whether the documentation provided really has significant details about it.
The MT5 Manager API opens great possibilities for custom development of software and tools for forex brokers and traders.
If you are an MT5 broker and looking to develop the tool in-house, you must first create a detailed requirement doc and discuss it with your team. Let them have a feel of it and share with you whether they can develop it or not.
Trust us, we have seen different incidents where a forex broker thought their software team can develop a tool, and even after spending months they get nowhere.
Be honest with yourself.
If you are not confident, hire a development team of professionals. Discuss the requirement with them and get them the MT5 Manager API yourself.
Buy the MetaTrader 5 Manager API either directly from MetaQuotes or a genuine vendor only. You are going to make a significant investment in terms of money, man-hours, and time. An in-genuine API can seriously impact your brokerage business negatively.
Keep the API key and other access details safe with yourself.
Hope you got what you wanted from this blog.
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