MetaTrader 5: Trading Platform For FX, Stocks and Crypto

With the increased demand for trading platforms, MetaTrader5 (MT5) was created. Unlike MT4, MT5 comes with advanced features to cater to all.

And in this article, you will see why you need to use MetaTrader 5, what makes it unique, and other valuable insights that you would love.

A Brief About Metatrader 5

MetaTrader 5 is a platform that allows you to trade stocks, indices, commodities, stocks, cryptocurrencies, equities, and foreign exchange. 

It provides cutting-edge tools for algorithmic trading (using trading robots and expert advisors) and copies trading.

MetaTrader 5 (MT5), which debuted in 2010—five years after MetaTrader 4—is regarded as being more advanced and diverse due to its improved charting, exclusive indicators, and ability to trade over 500+ markets.

How does the MetaTrader work?

Metatrader 5 works in two ways: Market order and pending order. 

Pending order:

This type of order is only executed when the price reaches a predefined level.

Market order:

This type of order is only executed in four modes: instant execution, request execution, market execution, and exchange execution.

Is MetaTrader good for beginners?

Yes, Metatrader 5 is very good for beginners. You can use it to trade futures, forex stocks, and CFDs.

Although it may not be easy to use in the beginning, you can start with Metatrader 4 to get a good understanding of how Metatrader 5 works. 

The features that make it beginner-friendly is:

It is flexible:

Because the platform works with a variety of devices and facilitates mobile trading, users may access it from their homes or from anywhere at any time. 

Given the development of technology and how frequently most people now use their smartphones or tablets, this is a desirable feature.

It is easy to use :

The platform is appropriate for beginning traders because it has an intuitive interface, simple functions, and fundamental features. 

Furthermore, there are no complicated components; rather, information is accessible with just a few easy clicks and is simply understood.

It is reliable:

Many traders from all around the world have experienced MetaTrader 5, making it a safe and dependable option for traders who wish to improve their trading with cutting-edge features and tools.

It is stable:

Metatrader 5 guarantees a reliable environment and performance so that trading may be conducted without disruption.

What are the benefits of trading with MT5

The benefits of MetaTrader 5 are:

1. MT5 allows for good Indicators and add-ons or plugins
2. MT5 allows automated trading and VPN
3. MT5 provides good backtesting
4. MT5 also allows the switching of brokers.
5. You can take a look at how these can benefit you as a trader.

MT5 allows for good Indicators and add-ons or plugins:

Another well-known aspect of the MT5 platform and its predecessor is the wide selection of indicators and add-ons with different plugins that are made to improve your trading abilities. 

There are no restrictions on indicators because the integrated MetaTrader MQL Market offers the most comprehensive marketplace for buying or renting technical indicators.

MT5 allows automated trading and VPN:

Well-known and well-liked trading robots or Expert Advisors are improved in MT5, and copy trading functionality is created especially for MT5 for its sophisticated systems. 

The platform’s algorithmic trading is based on next-generation MQL5, which is incompatible with MQL4, and this feature distinguishes MT5 from MT4.

Also read: Rockwell Trading: What You Need to know

EAs indicate automatic trading through specialized software and match established environments through a MetaEditor. 

This MetaEditor then allows for the selection of pre-existing parameters or the creation of custom ones from a copied trade.

MT5 provides good backtesting:

Another wonderful aspect of MT5 is that it makes backtesting and running strategies easier than they were in MT4 (which required running backtests locally or over a VPS).

MT5 also allows the switching of brokers:

Similar to MT4, you can change brokers using the MT5 platform, which allows you to use the execution venue or broker while still using the previous layouts or parameters.

Can MetaTrader be trusted?

Yes, MetaTrader 5 can be trusted. It has been used by traders of various levels, and it works fine for them.

How do you make money on MetaTrader?

To make money on Metatrader 5, you will need to make successful trades. And after making the trades, you can then withdraw the profit.

To make the withdrawal, you will need a Paypal,  Neteller, WebMoney, Skrill, wire transfers, credit and debit cards, etc.

What is the minimum deposit for MetaTrader 4?

The minimum deposit you can make on Metatrader 4 is 10 units of the specified currency. If you are trading with dollars, then 10 dollars would be your minimum. This also applies to Metatrader 5. 

Can you trade on MetaTrader 4 and MetaTrader 5 without a broker?

Without first opening a live account with a broker who supports the MetaTrader platforms, you cannot place any real trades on either MetaTrader 4 (MT4) or MetaTrader 5 (MT5). 

You can open an account with the broker of your choice and access live rates on the MT4 or MT5 versions of Metatrader by choosing their server name from the dropdown menu when you log in. But this applies to the version of the program obtained directly from the developer.

But for practice’s sake, you can undertake technical analysis on historical rates using the free demo account offered by MetaTrader without registering with a forex broker. But this won’t provide you access to live trading options or the most recent market rates.

Which MT4 broker is the best?

The broker that is best in Metatrader 5 and 4 is BDSwiss, FP Markets, Blackbull Markets, HFM, etc. 

These brokers help link buyers to sellers, and sellers to buyers, in order to get a commission. And the commission charged by each broker varies.

And this is why these brokers are usually classified as best because they do not charge large commissions as others do. 

A brief about these Metatrader 5 brokers:

BDSwiss:

This MetaTrader 5 broker allows for a minimum deposit of 100 dollars, and a maximum leverage of 1:500.

In addition, it is regulated by the financial services commission (FSC) and the financial services authority (FSA).

BlackBull:

This MetaTrader 5 broker allows for a minimum deposit of 0 dollars, and maximum leverage of 1:500.

In addition, it is regulated by the financial management authority (FMA) and the financial services authority (FSA).

FP Markets:

This is another good MetaTrader 5 broker that allows for a minimum deposit of 100 dollars and maximum leverage of 1:30.

In addition, it is regulated by the Australian Securities & Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).

Pepperstone:

This MetaTrader 5 broker allows for a minimum deposit of 200 dollars and maximum leverage of 1:30 to 1:400

In addition, it is regulated by the ASIC, CySEC, BaFIN, FCA, DFSA, SCB, and CMA.

HFM:

This is another MetaTrader 5 broker that allows for a minimum deposit of 5 dollars and maximum leverage of 1:30| 1:1000

In addition, it is regulated by the CySEC, FCA, DFSA, FSCA, and FSA.

How do I set up a broker on MetaTrader 5?

You must take the following actions in order to properly log in to your MT5 broker:

• Download the software from the developer’s website or your preferred broker.

• Note the login information and broker server name after opening a live or demo MetaTrader 5 account with your broker.

• When logging into the MetaTrader 5 (MT5) software, enter or choose the broker’s server name (desktop, web, or mobile).

• Utilize the login information that was emailed to you or displayed to you in step two.

With this simple step, you have successfully set up your account. Also, ensure to keep your login details safe from where they can be accessed too.

Is MetaTrader 5 better than MetaTrader 4?

In terms of functionality, yes MetaTrader 5 serves more purpose than MetaTrader 4. Since MetaTrader 5 is the most recent version of the MetaTrader platform, you might assume that it is superior to MetaTrader 4. 

However, more traders are still using MetaTrader 4 today. This is so since the two are genuinely designed for various types of trading. 

The forex market is where MetaTrader 4 was designed to excel. But when trading in assets other than currencies, MetaTrader 5 often performs better because it was designed as a multi-asset trading platform. 

And this is because it enables the in-depth examination of any kind of asset and includes additional order types, indicators, and indicators.

What is the difference between MT4 and MT5?

Listed below is the difference between MetaTrader 5 and 4:

• MetaTrader 5 is the most recent version of the program, although MetaTrader 4 is based on an earlier generation (version). MT5 may offer stock and futures trading in addition to CFDs and FX trading, making it more of a multi-asset platform.

• Advanced features of MT5 include the ability to run strategies and perform backtesting on cloud storage. While backtesting with MT4 can only be done locally or via a virtual private server, or VPS.

• Although it has a similar look and feels to MT4, MT5 is a quicker, more advanced trading platform. 

• Additionally, despite the fact that MT4 is still more popular, MT5 servers recently outnumbered MT4 servers globally (it took only a decade). This is primarily due to the fact that more MT4-only firms keep launching MT5, which includes the whole MetaTrader suite in addition to expanding the selection of trading products offered on MT5.

How to get into Forex with low capital?

To get into forex with low capital, you should practice demo trading, and when you develop your strategy, you seek prop firm funding.

What does this mean for you? Take a look:

1. Demo Trading:

Demo accounts are cost-free trading platforms that operate on the actual market with virtual money. 

It allows you to monitor your trading performance while practicing trading and risk management in real time. 

In essence, a demo account helps you develop your trading strategies, and allows you to make losses without losing a dime of your money.

Using a free demo account to practice and build a track record for at least six months is highly advised. 

It can seem like this will make you move more slowly, but in the long run, it will help you keep your emotions and strategies in check so that you don’t lose real money when you start to trade.

Furthermore, the long-term value will be significantly greater for you if you put some time into saving for a higher down payment of about $1000.

2. Prop firm funding:

Realistically, a $10 forex trading account won’t be successful for you. It will take a while until you’re trading with a six-figure account, even if you had the perseverance and expertise enough to create a $10 trading account. 

In order to make it with forex trading, you need to have at least $100,000 in trading capital before you ever consider turning pro. And this is where prop firms come in.

All you need to do is to pass a trading test, which the prop firm will give you. But this is not free, you will first pay some money to the prop firm in exchange for a profit split. 

And this is also why you are advised to demo trade on MetaTrader 5 first, so as to gain mastery of trading. 

After passing the test, an instant amount of money will be paid into your trading account. On this account, you keep 65% of your earnings, which is a fantastic method to increase your trading money.

To make it better, you should also note that a long range of leading prop firms also provides funding to traders. 

But it is advisable to learn the skill first, then spend a few hundred dollars to secure funding from a prop firm, rather than trying to trade forex with just $10. 

Conclusion

Forex and crypto trading with MetaTrader 5 has made people millionaires. But what they won’t tell you is that they are trading with a prop account. And this is why you need this article.

If you don’t have at least $1,000 to trade with, then you may not be so profitable. Even though it’s frustrating, most of the top 1% of FX traders would lose money if given less than $1000 to play with.

Furthermore, now that you have benefitted from the value shared in this article, ensure to share with your friends and family in the space too.

Frequently asked questions about MetaTrader 5