MultiTerminal is a MetaTrader application built for one job: placing and managing trades across many accounts at once. It's the tool a money manager uses to send the same order to dozens of client accounts in a single click, rather than logging into each one. It comes from the MT4 world; on MT5, the same work is done by MAM and PAMM plugins instead.
What it does
MultiTerminal runs up to 128 accounts in one window. It sends one order to all of them, or to a chosen group, at the same time. It allocates volume across those accounts — by lot, by equity or by percentage — so a £2,000 account and a £20,000 account each receive a proportionate slice of the same trade. And it manages the resulting open positions across the whole set together.
What it doesn't do
It's deliberately stripped down. No charts, no Expert Advisors, no indicators or scripts. MultiTerminal is for execution and allocation across accounts, not analysis — the assumption is that the manager makes decisions elsewhere and uses MultiTerminal only to fan the trade out. If you want charts and EAs, you use the ordinary terminal.
MT4 and MT5
Worth being straight about: MultiTerminal proper is an MT4 program. MT5 doesn't ship the same standalone application; multi-account money management on MT5 runs through the broker's MAM (Multi-Account Manager) or PAMM plugin. The idea is identical — one manager, many accounts, allocated automatically — but the tool is different, so "MT5 MultiTerminal" usually means one of those plugins.
A worked example
A manager runs 40 client accounts totalling £400,000. A single EUR/USD trade at 0.5% risk across the pool means allocating 40 different lot sizes — easy to get wrong by hand, instant in MultiTerminal, which sizes each account from its own equity. But note what makes it work: the manager needs the master (trading) credentials for all 40 accounts. MultiTerminal can trade every one of them.
MultiTerminal and a monitoring tool sit at opposite ends of a spectrum. MultiTerminal holds the trading passwords and exists to place orders across every account. A read-only monitor holds only investor passwords and cannot place a single one. Same "many accounts, one screen" idea; opposite power over your money.
Why it matters
If you're an investor in a managed account, whoever runs the MultiTerminal — or the MAM/PAMM on MT5 — can trade your account. That's the arrangement you've signed up to, and it's worth knowing that it is the arrangement. If instead you only want to watch several accounts, whether your own EAs or a manager you're vetting, you don't need MultiTerminal's power, and handing over trading passwords to get it is the wrong trade-off. Managing and monitoring are different jobs: MultiTerminal manages, and to simply monitor many accounts a read-only tool is the safer fit.
The Karnek note
Karnek does the "many accounts, one screen" part of MultiTerminal without the trading part: it monitors every account read-only and cannot place, size or close an order on any of them. Where MultiTerminal needs the master password to work, Karnek works with the investor password and could not trade if it tried.
Written and reviewed by the Karnek Research team. Last updated August 2026.
Educational content only - not financial advice. Past performance does not predict future results. Trading carries significant risk.