Starting a forex brokerage used to mean six figures in licensing fees, months of paperwork, and a direct relationship with MetaQuotes. That was the only path. You either paid up or you stayed out.
That is not the case anymore. The grey label model has changed the math completely. You can launch a fully branded forex brokerage on MetaTrader 5 in about two weeks, at just $5 per account created. No MetaQuotes application. No license fees. No waiting.
This guide walks through the entire process, from choosing your setup to onboarding your first traders.
The Old Way vs. The Grey Label Way
Traditionally, launching a brokerage on MT5 meant applying for a white label license from MetaQuotes. The application process alone could take months. You needed company registration documents, proof of regulatory status, a business plan, and a significant deposit. Many applications got rejected without explanation.
If you got approved, you were looking at $5,000 or more in setup fees, plus ongoing monthly costs for the license and server infrastructure. A full standalone license could run over $100,000. For a startup, those numbers are a non-starter.
The grey label model skips all of that. You partner with a broker that already holds an MT5 server license. They give you your own MT5 Manager access on their server. You set up your trading groups, configure your spreads, apply your branding, and go live. Your traders see your company name, your logo, your domain. They have no idea you are running on someone else's server.
Step 1: Choose Your Grey Label Provider
Not all providers are equal. Here is what to look for:
- ✓ Active MT5 server license (verify this, do not just take their word)
- ✓ Full MT5 Manager access (not just a limited admin panel)
- ✓ Liquidity access included (you need price feeds and execution)
- ✓ Custom branding support (your name on the platform, not theirs)
- ✓ Transparent pricing (watch out for hidden per-lot fees that eat your margins)
Step 2: Set Up Your Trading Environment
Once you have a provider, the setup process is quick. You will configure:
- ✓ Trading groups (different account types with different conditions)
- ✓ Spreads and commissions (your revenue model)
- ✓ Instrument list (forex pairs, metals, indices, crypto)
- ✓ Leverage settings (per group or per symbol)
- ✓ Risk management rules (margin calls, stop-out levels)
All of this happens through MT5 Manager. If you have used it before, you will feel right at home. If not, most providers offer onboarding support to get you configured.
Step 3: Brand It as Your Own
Your traders should never know you are on a grey label. The platform shows your company name. Your website links to your branded MT5 download. Your server name appears in the login screen. From the trader's perspective, this is your brokerage.
You will also want a client area (CRM), payment processing, and KYC verification. Some grey label providers bundle these. Others leave it to you. Either way, the trading platform itself is fully branded from day one.
Step 4: Connect Liquidity
You need price feeds and trade execution. Most grey label providers include liquidity access as part of the package. This means you get competitive spreads on major forex pairs, metals, indices, and often crypto without having to negotiate your own LP agreements.
If you want to run a B-book model (taking the other side of client trades), your provider can set that up too. The MT5 Manager gives you full visibility into positions and exposure.
Step 5: Start Onboarding Traders
Two weeks in, you are live. Traders can download MT5, connect to your server, and start trading. They get the full MT5 experience: charts, indicators, Expert Advisors, mobile apps, the works.
The advantage of offering MT5 is that most forex traders already know how to use it. No training needed. No support tickets about how to place a trade. They log in and they are ready to go.
The biggest mistake new brokers make is overcomplicating the launch. Start simple. One or two account types, competitive spreads on major pairs, and a clean onboarding flow. You can add complexity later once you have volume.
What It Costs
| Setup Type | Setup Cost | Monthly | Time to Launch |
|---|---|---|---|
| Grey Label | $0 | $5/account | ~2 weeks |
| White Label | $5,000+ | $2,000+ | 1-3 months |
| Full License | $100,000+ | $5,000+ | 3-6 months |
Key Takeaways
- 1.You do not need a MetaQuotes license to launch a forex brokerage on MT5. Grey label gives you full access through a licensed partner.
- 2.Total setup time is about 2 weeks, at $5 per account created with no upfront fees.
- 3.Your traders get the full MT5 experience with your branding. They will not know the difference.