As per MetaQuotes, a software company that has given us two of the most widely used trading platforms — MT4 and MT5, “MetaTrader 5 has become more popular than MetaTrader 4 among brokers .” This trading platform is not only getting adopted by some of the top global brokers in the market, but also by traders who are benefiting from the advanced features it comes with. So, what is MT5 trading and its features? What makes it a better trading platform than the existing ones? How can you become an MT5 trader? Can beginners trade with MetaTrader5? Which is the best MT5 Broker? Here, we will address all these questions.
What is MetaTrader 5?
MetaTrader 5 is a trading platform that was created by the MetaQuotes Software Corporation. It’s been around since the early 2000’s and has been used by many traders, including billionaires like Richard Branson and Warren Buffet.
What is MT5 Used for?
This platform allows you to trade forex, stocks, commodities, CFDs, and futures. With MT5, Traders can view charts, track prices of financial instruments, and execute orders via brokers. MT5 supports a variety of tools, and some of its top specifications include fundamental and technical tools, automated trading, and copy trading.
Another top feature is ExpertAdviosrs — also known as EAs. These robots function with the help of underlying algorithms and execute orders with minimum to no intervention from traders’ end.
Features of MT5 Trading Platform
The MetaTrader 5 platform is a versatile and powerful trading tool that offers a wide range of features and functions. Here are some of the top features of MetaTrader 5:
- Advanced Charting and Technical Analysis Tools
MetaTrader 5 offers advanced charting and technical analysis tools that can help you make better trading decisions. It comes with a range of built-in technical indicators (38 technical and 39 graphical indicators) that can be used to help make trading decisions.
- Advanced Order Types
MetaTrader 5 offers a variety of advanced order types that can help you manage your trades more effectively. Types of orders are buy stop, sell stop, buy limit, sell limit, buy stop limit, sell stop limit etc.
When you open a position on MT5, you can start trading immediately without waiting for other orders to fill. This means you can get in and out of trades quickly and get the best price possible for your investment strategy.
- Netting and Hedging
MetaTrader 5 offers netting and hedging capabilities that can help you offset your risks.
- Vps Hosting
MetaTrader 5 can be hosted on a VPS (virtual private server), which can provide you with a more stable and secure trading environment.
- MQL5 Programming Language
MetaTrader 5 features the MQL5 programming language, which can be used to develop custom trading robots and indicators.
- Expert Advisors
MetaTrader 5 allows traders to use expert advisors to automate their trading strategies. Traders can also execute multiple orders at the same time with automated trading.
- Customizable Interface
MetaTrader 5 has a highly customizable interface that can be tailored to the individual needs of each trader.
- Market Depth
MT5 lets you access real-time market data from various exchanges around the world. This means you can see how prices will move even before they’re released to other platforms. You’ll also be able to monitor how your strategy is performing in real time so you know exactly how much money you’re making or losing each day!
- Historical Data
MetaTrader 5 comes with a built-in history database that can be used to back-test trading strategies.
- Mobile Trading
MetaTrader 5 offers mobile trading applications for Android and iOS devices, allowing traders to stay connected to the markets on the go.
How to Trade with MT5?
Here are steps that you need to take if you want to trade with MT5
1.Choose a Broker
In order to trade with Metatrader 5, you’ll need to choose a broker that offers this platform. There are a lot of brokers out there, so do your research to find one that’s right for you.
Once you’ve chosen a broker, you can download MT5 from their website. This platform is available for both desktop and mobile devices.
3.Create an Account
Once you have downloaded MT5, you’ll need to create an account with your broker. This will give you access to the trading platform.
To create an account, you need to fill out your personal details like name, address and email address before proceeding further in the process of opening an account on the MT5 platform which will allow you to start trading right away without any hassle or delay!
You’ll need to deposit funds into your account before you can start trading. This can be done via bank transfer, credit/debit card, or e-wallet, depending on the broker you use.
Once your account is funded, you can start placing trades. To do this, simply log in to your account, select the asset you want to trade, and place your order. Make sure to place your stop loss and take profit order. After your trade is executed, you can monitor your position and make changes as needed.
Is MetaTrader 5 Good for Beginners?
Yes, MetaTrader 5 is a great platform for beginners because of its easy-to-use interface. The user interface is simple and intuitive, which makes it easy to learn the basics of trading.
MT5 offers a number of features that make it an excellent platform for beginners. First and foremost, it’s accessible—you don’t have to be a financial or technical wizard in order to use the software. In fact, even if you aren’t an expert, you can still get started with MetaTrader by using the free demo version! You’ll be able to see how easy it is to enter trades and manage your account.
MT4 Vs MT5: What is the Difference ?
When it comes to choosing a trading platform, one of the key decisions is whether to go for MT4 or MT5. Both platforms have their own advantages and disadvantages, so it’s important to weigh up the pros and cons before making a decision.
One of the key differences between MT4 and MT5 is that MT5 is designed for CFD and futures trading, while MT4 is more suited to Forex trading. MT5 also offers more advanced charting and analysis tools, as well as a greater range of indicators.Lastly, it offers better backtesting capabilities than MT4. This means that you can test your trading strategies on historical data more accurately on MT5.
Moreover, MT5 offers more technical indicators and analysis tools than MT4. MT5 also offers more time frames, which can be useful for day traders and swing traders. Relatively, MT5 is faster than MT4. This is due to the fact that MT5 is designed for 64-bit operating systems, while MT4 is designed for 32-bit operating systems.
Which Platform Should You Choose?
So, which platform is better? It really depends on your trading style and preferences. If you’re a forex trader, then MT4 is probably the better option. If you trade both forex and stocks, then MT5 is the better option.
And if you’re interested in backtesting, then MT5 is the better option. Another key difference is that MT5 has a greater focus on automated trading, with more built-in support for Expert Advisors and other trading robots. MT4, on the other hand, is more geared towards manual trading.
MetaTrader5 trading platform is becoming a popular trading platform among traders because of its extensive features. You can use this platform to trade a variety of instruments, including stocks, forex, commodities, indices, futures, etc. Some of the advanced features that make it a better choice over other platforms in the market are automated trading, market types, and exhaustive technical tools, MQL5 programming language, etc.