If you are looking into launching a brokerage or prop firm on MetaTrader 5, you will hear the term "MT5 Manager" a lot. It is the control center for your entire operation. Every broker running MT5 uses it daily. But most guides skip over what it actually does and why it matters.
This post covers what MT5 Manager is, what you can do with it, and how grey label setups give you full access without needing your own MetaQuotes license.
Quick Definition
MT5 Manager is the back-office application that brokers use to manage their MetaTrader 5 server. It handles account creation, trading group configuration, spread settings, risk management, reporting, and real-time monitoring of all trading activity. Think of it as the admin dashboard for your brokerage.
What You Can Do with MT5 Manager
MT5 Manager is not a simple dashboard. It is a full desktop application with deep control over every aspect of your trading operation. Here is what it covers:
Account Management
Create, modify, and disable trading accounts. Set account leverage, balance, credit, and group assignment. You can also reset passwords, view account history, and manage deposits and withdrawals directly.
Trading Groups
Groups define the trading conditions for a set of accounts. You configure spreads, commissions, swap rates, margin requirements, and available instruments per group. Most brokers create multiple groups for different account types (standard, ECN, VIP, etc.).
Spread and Commission Control
Set markups on top of raw spreads from your liquidity provider. You can configure fixed spreads, variable markups, or commission-based pricing. This is where your revenue model lives.
Risk Monitoring
Watch all open positions in real time. See your total exposure by symbol, by group, or by individual account. Set margin call and stop-out levels. If you run a B-book, this is where you manage your risk.
Reporting
Generate reports on trading volume, profit/loss, commissions earned, and account activity. Export data for accounting, compliance, or performance analysis. The reporting tools are detailed enough for most regulatory requirements.
MT5 Manager vs MT5 Admin
People sometimes confuse these two. MT5 Admin is the server configuration tool. It handles things like server settings, gateway connections, plugin management, and firewall rules. Only the server owner (the license holder) uses MT5 Admin.
MT5 Manager is the day-to-day operations tool. It is what you use to run your brokerage. In a grey label setup, you get full MT5 Manager access but not MT5 Admin access, because the server is managed by your host broker. This is fine for 99% of operations. You control everything that matters for your business.
How Grey Label Gives You MT5 Manager Access
When you sign up for a grey label, your host broker creates a Manager account for you on their MT5 server. This account has permissions scoped to your trading groups and accounts. You can see and manage everything that belongs to you, but not other brokers on the same server.
You download the MT5 Manager application, log in with your credentials, and you are in. From there, you create accounts, configure groups, set spreads, monitor trades, and run reports. The experience is identical to what a white label broker gets. The only difference is that you do not manage the server itself.
For most brokers and prop firms, this is all you need. Server management (updates, backups, gateway configuration) is handled by the host broker. You focus on running your business.
Pro tip: when evaluating grey label providers, always ask for "full MT5 Manager access." Some providers offer limited web-based admin panels instead. These are not the same thing. You want the real MT5 Manager application with full permissions over your groups and accounts.
Common MT5 Manager Tasks for Prop Firms
Prop firms use MT5 Manager differently from traditional brokers. Here are the most common tasks:
- ✓ Creating challenge accounts with specific balance and leverage settings
- ✓ Setting up separate groups for evaluation, verification, and funded phases
- ✓ Monitoring trader performance and drawdown in real time
- ✓ Moving traders between groups when they pass or fail challenges
- ✓ Generating payout reports based on profit splits
Key Takeaways
- 1.MT5 Manager is the back-office tool for running a brokerage on MetaTrader 5. It handles accounts, groups, spreads, risk, and reporting.
- 2.Grey label setups give you full MT5 Manager access without needing your own MetaQuotes license or server.
- 3.Always ask for real MT5 Manager access, not a limited web panel. The full application gives you much more control.