If you are looking to upgrade your trading platform, then MT5 trading platform is currently one of the best in the market to consider. With its advanced charting tools and technical indicators, MT5 will help you analyze market trends and make informed trading decisions. Moreover, you can even develop and use your own automated trading strategies with the built-in programming language, MQL5.
When it comes to choosing between MT4 and MT5 traders choose the latter because it comes with a myriad of features that makes it a powerful tool than its predecessor, the MT4 trading platform. In this article, we will look at features of this popular, robust trading platform and also understand why the MT5 trade platform is offered by most popular forex brokers.
What is the MT5 Trading Platform?
MetaTrader 5 (MT5) is an online trading platform that you can use to trade a wide range of financial instruments. It is developed by MetaQuotes Software Corp – which also developed the MetaTrader 4.
Here are some features that make MT5 trading platform a versatile trading tool –
- Multiple Instruments: MT5 allows traders to trade a wide range of financial instruments, including forex, cryptos, commodities, indices, stocks, and more.
- Advanced Charting: The platform includes advanced charting tools and technical indicators to help traders analyze market trends and make informed trading decisions.
- Expert Advisors: MT5 includes a built-in programming language called MQL5, which allows traders to develop and use automated trading strategies, called Expert Advisors (EAs).
- Trading Signals: The platform allows traders to subscribe to trading signals from other traders or signal providers, and to copy their trades automatically.
- Mobile Trading: MT5 is available on mobile devices, allowing traders to access and trade the market from anywhere.
- Market Depth: MT5 provides market depth data, which shows the number of orders at different prices and helps traders gauge supply and demand in the market.
- Economic Calendar: This platform comes with an integrated economic calendar that will help you keep track of the latest news and events. Users will also be able to check the impact a particular news or event has on the market.
- More Timeframes: With MT5 trading platform, you will get 21 timeframes. This will help traders to study the assets they are interested in more deeply.
MT4 vs MT5
Two of the most popular trading platforms are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). And there is a lot of debate on this topic: which one is better? Let’s try to get to the depth of this topic by outlining how both of these platforms are different from each other.
If we see the main purpose of the two platforms, then MT4 is primarily designed for forex trading, while MT5 offers a wider range of instruments, including forex, cryptos, commodities, indices, stocks, and more. So, if you want to trade multiple instruments, you should register with a reputable MT5 broker.
In terms of charting and analysis, both platforms offer a range of technical indicators and advanced charting tools, but MT5 has more in-built indicators and a larger number of timeframes. Both platforms also allow traders to develop and use automated trading strategies, called Expert Advisors (EAs), but MT5 has a more advanced programming language, MQL5.
Another difference is the availability of mobile trading. Both platforms offer mobile versions, but MT5 is generally considered to be more user-friendly and stable on mobile devices. However, if you want a simple platform and want to only trade forex, then MT4 is a great option.
Is MT5 Good for Beginners?
Where MT4 trading platform is a preferred choice among new traders, especially those who want to trade the forex market, MT5 trading platform is ideal for those who want to trade different instruments to diversify their portfolio. There are plenty of other advantages of MT5 over MT5.
The first advantage is the flexibility. The platform is available on a range of devices, including desktop computers, laptops, tablets, and smartphones – making it easy for beginners to access and trade from anywhere.
In addition to that, MT5 offers many trading instruments: forex, commodities, indices, stocks, futures, options, etc. This allows traders to diversify their portfolio and try different types of trading. There are a myriad of tools available in MT5 that could help new traders make more calculated trading decisions.
Is MT5 Free to Use?
Yes, MT5 itself is free to download and use. You can either download it from the official MetaTrader website or from the app store of your choice – such as Google Play or the Apple Store. Once you have downloaded and installed the platform, you can use it to place trades and access a range of trading tools and resources.
However, it is important to note that you will still need to open an account with a broker and pay associated fees in order to place trades and access the market. Hence, check the fees charged by your broker before making a decision to trade.
If you’re looking for a powerful, yet user-friendly trading platform, then you should definitely check out MT5. It offers all the features and tools that you need to trade effectively, and its advanced charting capabilities make it easy to keep track of your progress. Plus, with its mobile app, you can trade on the go. MT5 is surely worth giving a try!