MetaTrader 5 Review: The Better Bet

History of MetaTrader 5

MetaQuotes was launched in 2000 as FX charts and became the parent software company for the family of MetaTrader online trading platforms.  This platform is based and was developed out of Russia with the specially being foreign exchange trading software. 

MetaTrader 5 was born on June 1, 2010, as what was supposed to be an improvement to its predecessors, the most popular of which was MetaTrader 4.  It was very slow in coming when it first launched due to the incapability for hedging, it’s different language, and the fact that it was not backwards compatible.  Many traders did not want to stray from their MetaTrader 4.  Around April of 2011, there were only a very minimal number of companies that were representing the new version with a majority still on MetaTrader 4 which was mostly due to the backwards compatibility. 

As with any new product being placed on the market, once it’s tested out, it needs to have a few changes to make it what the audience requires.  With a few recent changes to correct the hedging issue and the ability to backtest, MT5 is gaining in popularity, still slowly, but it may well be the way for the future of trading.  Perhaps, maybe not for the novice.

With the magnitude of tools and advanced nature, this is more of a platform for the advanced or the day traders.  With this program, the advanced trader can work multiple accounts with many different brokers.  For the day traders, the platform provides the type of speedy, dependable, robust and very powerful trading that they require.  A newcomer may easily and quickly become overwhelmed. 

MetaTrader 5 enables much more trading instruments as compared to the MetaTrader 4 which is mostly set up for the forex market.  Metatrader 5 allows for forex, futures, CFDs, and is also capable of trading cryptocurrency and binary options. 

VERSIONS OF METATRADER 5

Desktop

The desktop offers ultra tools for comprehensive pricing analysis along with algorithmic trading apps via trading robots or expert advisors (EAs) as well as copy trading using MQL5 language.  This is an automated type of software that will run on the computer and trade for you performing things such as tracking of financial symbols over the course of a twenty-four hour per day time period, will maintain a customized graphic interface, or create/send reports, analyze the news, and much more.

Metatrader 5 provides the environment for you to create and optimize your own expert advisor (EA) in order to robotize a successful trading strategy.  Otherwise, you can get several EAs that can be downloaded for free off of Code Base or you can buy/rent them from ‘MetaTrader Market’ which is the very largest store of already-to-operate trading apps.  It is also possible to order more customizable apps from some professional programmers via the freelance service. So many opportunities at your fingertips.

The copy trading feature gives the trader the ability to subscribe to several trader signals which will facilitate reproduction automatically of all of the trades into your account.  This will give you hundreds of free and paid signals that are available for you to demo or for live accounts.  This gives you priceless tips and tricks that you couldn’t get anywhere else from those in the know.  This is actually the perfect place for the novice trader to go as a type of training opportunity for this platform.  These demos will give them everything they need to familiarize themselves with the operation of the system’s tools and maybe help them to understand a little bit more about the language as well.

MetaTrader 5 supports the Netting traditional system of the exchange markets, as far as the stock market and the options market along with the hedging system of the forex market.  It will allow four execution modes which includes instant, request mode, market execution and exchange execution as well as supports six pending orders in addition to two stop orders. 

The MetaTrader 5 Platform will allow you to open one hundred currencies or else stock chartings at a time.  The twenty-one timeframes will enable the trader to perform comprehensive and close attention-to-detail analysis of the smallest movements in price.  Even still, there are upwards of 80 technical indicators with options to buy more through services, e.g. Code Base, and over 40 analytical objects.

Web

The web allows for trading with the forex or any of the other financial instruments with any browser or operating system.

Mobile

For MetaTrader 5, the platform is available on iOS and Android.  The mobile app is fully functioning allowing the whole set of trading options.  It is capable of monitoring your account status, view the trading history, basically all of the functions available you can do with the mobile app.

RESEARCH

MetaTrader 5 will offer fundamental analysis to you which will monitor a variety of economic as well as industrial indicators.  The platform holds news reports from various international news agencies  and also carries an economic calendar.

You have access to financial news.  You will receive breaking news from a variety of international agencies, news outlets that will give a daily broadcast of many newsletters from world events.  The economic calendar will not only list the timing for upcoming events but it will give you the forecast of the values as well as the period values from the previous time.

PRICING

MetaTrader 5 is free to traders through their brokerage office or you can download it right from MetaQuotes.  Take advantage of the demo account to see how you feel about the platform and learn all of the ins and outs of the vast number of tools available for you.  It is the perfect platform for the professional.  A novice can take advantage of the platform just as easily if you really take time to practice with the demo account.

MetaTrader 5 is available for the brokers in three different options:

  • Entry License:  This option provides the capacity to the broker of 1,000 live accounts.
  • Standard License:  Allows 25,000 default live accounts.
  • Enterprise License:  This one will give the broker 200,000 default live accounts.

CUSTOMER SUPPORT

There is a Help and Support page where there is FAQ, commonly asked questions and answers that will help with basic questions that you may have.  There are manuals and ebooks that are offered with the platform.  If you have a brokerage, technical support is generally offered through their office by way of live chat or telephone.  There are also communities through blogs or forums that you can access of folks utilizing the system who can help out with various question or inquiries that you may have.

SAFETY

MetaTrader 5 provides extensive safety to its users as it comes based on a structure that is resistant to hacker attacks.  The exchange of data through system components is routed within encrypted connections.  There is a two-factor authentication; protection is provided to accounts by way of an advanced built in authentication and authoritative system.  Every system database is given backup and recovery option as well as being security encrypted. 

PROS AND CONS

One of the biggest pluses for traders was the fact that MetaTrader 5 was strictly limited to forex.  You can now also trade stocks and futures with it.

Allows Hedging which it originally did not.  This has made it grow in popularity.

MetaTrader 5 allows two more pending orders than its predecessor MetaTrader 4 with a total of six.

Free data is available from the MetaQuotes system along with the broker.  There is trading software that requires purchase with their platforms.

MetaTrader 5 comes to you free by way of your broker or you can download it for yourself for free.

Cons

The language is difficult (MQL5).  MQL4 was much easier to grasp.  This may be tough for novice traders to get a handle on.  The thing to do is practice with the demo account, utilize the forums until you can master it.  Once you do any other type of language that you try to take on should be simple compared to this.

Also, the advanced tools might be a bit intimidating for the new user.  Again, this platform is more suited for the advanced trader, but a beginning client should not at all be discouraged.  There is ample opportunity to learn by doing and by talking to those who have experience with it.  This would actually be the perfect platform for a novice trader to learn on.  A more complicated platform will teach you everything you could possibly need to learn about trading, so anything that comes after that, you’ll be more than prepared for.

CONCLUSION

MetaTrader 4 has loyal users who are not giving it a chance or even a peek.  They’re in their comfort zone and don’t want to break from it.  MetaTrader 5 is very slow in coming up in the ranks.  It has a very user-friendly interface, if folks would just look beyond what they may perceive to be some difficulty, they would see that MetaTrader 5 might actually be the better bet. 

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