Metatrader 5 Trading Platform

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So, what is MetaTrader 5? In layman’s language, MetaTrader 5, popularly known as MT5, is an online trading platform that facilitates the trading of stocks, helps understand what is Forex and futures online. It is highly regarded by expert traders thanks to its excellent indicators and analysis tools. After you start trading on MetaTrader 5, you can apply automated trading via proven advisors and signals. This MT5 tutorial is going to give you an in-depth review, guide potential Forex traders on how to download and install MetaTrader 5 on Mac and Windows, list some of the best MetaTrader 5 brokers, and finally compare MetaTrader 4 vs 5. Let’s plunge in.

A Brief History of MetaTrader 5

To understand MetaTrader 5 better, it is essential to know more about the roots. Perhaps you have heard about MetaTrader 4. Well, MT 5 is a successor of the behemoth MetaTrader 4. While MT4 was released in 2005, the MT5 trading platform was released five years later. However, MT5 retained the same logo.

MetaTrader 5 is generally meant for advanced traders, and that is why most of its marketing strategies are geared towards pro traders. The platform offers a broad range of trading tools to provide a state-of-the-art trading platform to seasoned traders.

The MT5 trading platform connects traders to the following markets:

• CFDs;
• Stock indices, including Dax 30, S&P 500, Dow Jones, etc.;
• Commodities such as gold;
• Forex;
• Cryptocurrency, e.g., Bitcoin, Ethereum, etc.

Getting Started: How to Use MetaTrader 5

To use MetaTrader 5, you can access it directly online on your website browser, or you can download the application to your computer. The software can run on Mac and Windows devices. It works on Windows XP, 7, 8, and 10. However, it is not compatible with macOS Catalina. The software runs properly on 32-bit-and 64-bit processors. It also works on Linux. One of the brokers supporting the MT5 is the Alpari platform, but it is also offered by thousands of companies around the world.

The Main Elements of the MetaTrader 5 Interface

Though we are not going to cover all the elements of how to use MetaTrader 5 here, understanding the primary features of the MT5 trading platform is a big kick-start for Forex for beginners. MetaTrader 5 trading platform offers a straightforward and friendly UI. On the Main menu, you can access all the commands. See the image below that shows the location of each element.

Toolbar

This section contains the most frequently accessed commands. You can add or remove them easily by dragging and dropping. They can also be divided into groups based on your liking.

Market Watch 

The section displays quotes, which are provided in real-time for your financial instruments. You can also see the latest price stats (spread, volume, etc.), a tick online chart, contract specs, and opportunities for one-click trading.

Navigator

This section summarizes all technical MT5 Forex analysis and algorithms and allows you to manage them flexibly. You can also switch between accounts, run EAs and indicators.

Charts

MT5 features charts with 21 timeframes to support any strategy. You can visualize changes in Forex pairs, stocks, and other financial assets at a glance and respond immediately.

How to Open a MetaTrader 5 Demo Account

So, how to place a trade on MT5? For starters in Forex trading, a free MetaTrader 5 download demo account provides the right preliminary grounds to experiment and learn before trading in the real live environment. With a free demo account, newbies can learn how to analyze trends and execute orders without staking real money. They can also experiment with varying lot sizes in a stock or Forex strategy.

It is always recommended to open a real live trading account when you are comfortable with it. For starters, it is essential to keep a trading journal, listing what works and what doesn’t work. Stick to a MetaTrader 5 demo account while you are still learning the ropes. 

As the platform is used by thousands of brokers globally, it is vital to choose a company with 24/7 support and licenses from credible organizations. You can choose brokers from our list or use your own brokers. Pay attention to experience, regulatory status, choice of assets (the instruments you can access through MT5 depend on the broker), and educational resources.

Now, let’s dive into the MetaTrader 5 tutorial for beginners.  To get started with an MT5 demo account, you should choose a trading server and select registration data.

After opening the account, the MT5 platform will automatically connect to the server. You are now set to start trading on the platform.

How to Start Trading on Metatrader 5

As noted earlier, you can execute trades on your MetaTrader demo account without risking real bucks. Now, it’s time to make the first move.

Open your MetaTrader 5 trading platform for Forex. Go to the Market Watch window and choose a financial instrument. Open its menu and select New Order.To buy, click Buy and to sell, click Sell as shown above.

Technical Analysis

MT5 is packed with technical tools — indicators and graphic objects. They allow you to spot profitable opportunities for entry and exit based on price patterns and dozens of indicators. These support all popular trading strategies, from scalping to position trading.

Technical indicators can trace the dynamics of currencies, stocks, and other assets. For example, the platform will let you use volume indicators, Bill William’s tools, and trend indicators. You can overlay them on each other.

It is crucial to consider two or more indicators for a decision. Never rely on a single tool — look for confluence. For example, if the price for your instrument breaks out of its range, make sure its rise is supported by increasing volume.

Additional Features 

More sophisticated tools are suitable for experienced users. They allow detailed customization of the user interface. For example, you can choose what colors stand for what parameters. The key elements include:

• Chart settings: colors, data, and the way they are displayed — e.g., bars, candlesticks, line graphs.
• Printing charts: settings for printing your chart image.
• Chart management: the full list of commands and different ways to manage the visual information (with a mouse cursor, a keyboard, or menus).
• List of objects applied: view all objects you added, as well as EAs and indicators. Configure them if necessary.
• Delete the charts: restore accidentally deleted charts.
• Templates and profiles: save your settings (for example, colors and applied indicators) in the form of templates.

Customization

The designing of the MetaTrader 5 website terminal is done with customization (personalization) in mind. For instance, Python APIs and Gateway Java enable web integration, and therefore traders can execute:

• Custom indicators – Essential in analyzing price data based on predetermined rules.
• Libraries – This is a profile of tasks that use the same customized applications on the trading platform.
• Scripts – Scripts execute a variety of functions on the MT5 platform. For instance, they add indicators to the charts or close all pending orders.

Note you can make your MT5 platform truly yours in terms of its appearance and feel by choosing either dark or light mode.

Expert Advisors

EAs are also known as Forex trading robots. They allow you to automate trading by specifying parameters of desirable opportunities, and opening and closing levels for positions. The MQL community offers a plethora of trading robots. There are both free and paid instruments.You can run an EA directly on an indicator. Double-click on it in the navigator window or just drag and drop it to your chart. Confirm your choice to launch the automated trading tool.

More Trading Opportunities

At the MQL5.community, you can access a myriad of useful services such as ready-made trading bots to automated copy trading. Additional services accessible on MQL5.community include:

• Signals – Here, you will find multiple professional traders offering copy trades. To get these copy trades to your account, select your preferred trader and keep the trading rolling.
• Market – This is typically a store of applications on the MetaTrader 5 platform. Here you can get both paid and free trading bots, technical indicators, and other essential tools that will facilitate your work on the money markets.
• Virtual Hosting – TheMQL5.community enables you to rent a virtual hosting directly from MT5 platform to copy signals or run your trading bot. Virtual trading platforms are situated on special hosting servers to make sure unhindered operations around the clock.
• Freelance – In the MQL5.community, there is a dedicated section called Freelance section where you can order your desired applications if you cannot find them in the Market or Code Base.

To get started with MQL5.community, sign up for an account now. Click on the registration page, choose your preferred username and your email. You will receive a confirmation email to your specified address. Click on the link to access all the MQL5.community services.

MetaTrader 5 Support

MetaTrader 5 customers can access support through different avenues. If you need assistance, go to the Help page and choose the relevant topic. The topics are categorized as follows:

• Copy-trading.
• Getting started.
• Trading signals.
• Charts and graphs.
• Automated trading.
• Price analysis.
• Mobile trading.

However, if you are facing common problems with your account, such as a constant breakdown of your account, forgotten password, connection issues, etc., you can get that solved by your brokers through a phone call or live chat services.

If you need standard templates or guidance on complex subjects, you would want to opt for MetaTrader 5 tutorials in PDFs or online videos.

Inarguably, the best place you can get support is in the online MT5 community. If your platform has update issues, not working or connecting, or if you need to learn more about hotkeys and keyboard shortcuts, there are lots of forums with people willing to help you out. Ardent traders are also a great source of the latest updates of Meta trader 5.

Mobile App

You don’t always have to carry your Chromebook or MacBook to trade with the MetaTrader platform. A mobile application has everything you need to execute your trades on the go. The app allows you to access various key elements of the trades, including quotes, level two prices, and your pending orders. 

Alternatively, you can access MetaTrader 5 online on your mobile web browser through a Web Trader login page. However, we recommend using an app for better performance and convenience. 

The software will let you monitor your instruments at a glance, and make profitable decisions based on reliable data. Access is provided 24/7. The features include:

• Quick switching between money instruments on the chart;
• Push notifications;
• Netting and hedging accounting systems;
• All types of orders, including pending;
• 24 analytical trading tools;
• Free and up-to-date financial news;
• 30 technical indicators;
• Price quote history via  History Centre.

MetaTrader 5 for Android 

The MetaTrader 5 for Android is compatible with tablets and smartphones that run on Android 5.0 or higher. It is accessible from the Google Play store and the MetaTrader website. 

The UI of the MetaTrader 5 for the Android platform is similar to MetaTrader 5 demo download for PC. It consists of the main working platform, the side panel, and the bottom panel. A user can switch between the key functions of the program.

• Quotes – an area showing prices of financial instruments.
• History – shows the history of the executed trades.
• Settings – here, you can access all the settings of your mobile platform.
• News – news pop up here.
• Charts – price charts are displayed here.
• Mailbox – messages sent through the internal mail system can be accessed here.
• Messages – push notifications and messages are displayed here.
• Trade – manage trade positions, pending trade orders, and your account.
• Journal – MT5 for Android logs are displayed here.

MetaTrader 5 for iOS

The iOS application will let you access the same features and benefits as the Android app. It is compatible with both iPad and iPhone.  

The version for iPads is adapted to their larger screens for enhanced convenience of analysis and trading. It looks essentially the same as the desktop platform. All elements work similarly to those in the app. Subtle differences concern operations with current positions and account history.

More MT5 Trading Opportunities

At the MQL5.community, you can access a myriad of useful services such as ready-made trading bots to automated copy trading. Additional services accessible on MQL5.community include:

• Signals – Here, you will find multiple professional traders offering copy trades. To get these copy trades to your account, select your preferred trader and keep the trading rolling.
• Market – This is typically a store of applications on the MetaTrader 5 platform. Here you can get both paid and free trading bots, technical indicators, and other essential tools that will facilitate your work on the money markets.
• Virtual Hosting – TheMQL5.community enables you to rent a virtual hosting directly from MT5 platform to copy signals or run your trading bot. Virtual trading platforms are situated on special hosting servers to make sure unhindered operations around the clock.
• Freelance – In the MQL5.community, there is a dedicated section called Freelance section where you can order your desired applications if you cannot find them in the Market or Code Base.

To get started with MQL5.community, sign up for an account now. Click on the registration page, choose your preferred username and your email. You will receive a confirmation email to your specified address. Click on the link to access all the MQL5.community services.

MetaTrader 5 Brokers

This MetaTrader 5 review would be incomplete without a list of MetaTrader 5 brokers. These are reputable and licensed companies with a proven track record of success:

• FP Markets – It was started in 2005 and regulated by ASIC. FP Market is a conglomeration of companies, including First Prudential Markets Ltd, which is regulated by the Cyprus Securities and Exchange Commission. They provide different trading resources (education, analysis) through MetaTrader 5 tutorial videos, e-books, and articles.
• FXTM – If you want to trade with a leading CDF and Forex broker, then FXTM is the best option. Apart from Forex and CDFs, they also trade in the markets such as spot metals such as gold and silver, Cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc.)
• Avatrade – A leading CDF and Forex broker regulated in Canada, Ireland, South Africa, and Australia. They are regarded for their strong MT5 integration.

Other MetaTrader 5 brokers include:

• Pepperstone,
• Binary.com,
• Admiral Markets,
• Exness,
• OctaFX,
• Interactive Brokers,
• Just2Trade,
• Trading 212,
• 24option,
• Oanda,
• FXOpen,
• Deriv.com,
• ZuluTrade,
• XM,
• IG,
• XPI.

MetaTrader 4 Vs MetaTrader 5

So, what is the difference between MetaTrader 4 and 5? Well, there are distinct differences between MT4 and MT5. Though Meta trader 5 has fewer users compared to Meta trader 4, it still has much to offer. The main difference is that MT4 is explicitly meant for the advanced trader. See the table below:

However, though the additional tools in MetaTrader 5 may work well for the advanced traders, they could be a turnoff for newbies and those who want a simple platform.

So, when it comes to deciding between MetaTrader 4 vs MetaTrader 5, it all melts down to your needs. MT5 would be an ideal option for pro traders looking for a high-tech platform, while MetaTrader 4 cuts across the entire divide.

Comparison table

Conclusion

Unlike its predecessor MetaTrader 4, MetaTrader 5 is best-suited for seasoned traders looking for a state-of-the-art platform packed with powerful trading tools. With MT5, you can use multiple accounts with different brokers. It also offers you amazing automated trading features as well as copy trading. Generally, for sophisticated trading approaches, MT5 leads the pack.

FAQs

Is MT5 A Broker or a trading platform?

It is a trading platform provided by brokers to clients to manage their trading, carry out trades, and conduct analyses. It is used by many successful traders around the world.

Is MT5 A Genuine Trading Platform?

Yes. It is one of the well-regarded trading platforms. It is developed by MetaQuotes, which is one of the industry’s leading providers.

Is MT5 Free?

Yes. This popular trading platform is free to use for all traders. However, there is an upfront fee and monthly charge that a broker should pay to license the trading platform to its clients.

Is MT5 Safe?

Yes, your relative safety is taken seriously while using MetaTrader 5. The platform uses extended authentication and data encryption to safeguard customer data against online hacking. However, it is worth noting that guaranteeing safety for any platform is impossible. Besides, online trading is naturally a risky gamble. So, always put at stake what you can afford to lose.

This post is also available in: Indonesia Português العربية