There are many online trading platforms available for new traders who are looking to trade on forex markets. Choosing the appropriate trading platform is an essential factor. Nowadays, experienced traders prefer MetaTrader 5 compared to other online trading platforms due to its advanced technical tools.
In this article, we will take a look at the MetaTrader 5 which is the newest iteration of the popular MetaTrader platform. MetaTrader 5 is an online trading platform developed by MetaQuotes that offers a comprehensive trading environment for forex, stocks, and futures markets.
MT5 offers superior tools for comprehensive price analysis, the use of algorithmic trading applications, and copy trading. It is important to know that the MT5 is a newer version of MT4. Both MT4 and MT5 are trading platforms with back-testing capabilities and similar-looking graphical interfaces. Because the two systems are so similar, mastering MT5 is easier for MT4 users. MT5 offers a web-based version and a generic mobile application that can be downloaded from the Android and Google Play Stores, just as MT4. MT5 was designed to satisfy the needs of non-forex and US markets as well as forex users. MT5 is not necessarily superior to MT4, but it is a distinct and upgraded version.
Features of MetaTrader 5
- The most notable change in MT5 is alongside with forex now, traders can also trade indices, futures, cryptocurrencies, and bonds.
- In comparison to MT4, MT5 features a more extensive instrument list with over 1,000 assets, compared to an average of 250 on MT4.
- In MT5, there are new order types. These additional order types are not present in MetaTrader 4.
- MT5 has new 13 graphical objects and 8 built-in indicators. This allows more comprehensive analysis. You can also create your own indicators.
- The Economic Calendar page in MT5 is integrated and comprehensive, and it displays news release schedules, impact levels, prior data, and market consensus.
- There is a multi-threaded strategy tester in MT5, which has faster execution speeds when testing programmed trading strategies. The MT5 strategy tester also allows for simultaneous multi-currency pair back-testing, thanks to an Agent Manager that allows for remote optimization.
- MT5 has 12 new timeframe charts. This can provide greater space for traders to conduct an in-depth study of their favorite assets.
- Also, in MT5 if the accounts are on the same server, traders can quickly move funds between them. This helps to streamline procedures while also providing convenience and flexibility to clients.
- While using MT5, traders can view the depth of the market. Depth of market is a graphical representation of bids and offers of an underlying financial asset, depending on trading volume. This is a feature that allows traders to execute trade orders at the best price possible.
- MetaTrader 5 includes the netting accounting system, which allows traders to hold only one position for each financial instrument. Also, you can send emails using MT5 with attachments.
The MetaTrader 5 platform is the next step up in the MetaTrader platform series. Several upgrades and direct changes have been implemented, despite the fact that many MT4 elements have been retained. The MetaTrader 5 platform includes everything you’ll need to run a fully functional and versatile trading operation. The platform comes with a broad set of tools. Furthermore, MT5 translated into 31 of the most widely spoken languages to provide the best user experience and eliminate language barriers for millions of traders around the world. The built-in capability, on the other hand, is only the tip of the iceberg.
MetaTrader 5 has all the tools you need to become a great trader!