MetaQuotes Software released the MetaTrader 5 (MT5) online trading platform in June 2010, following the wide acceptance of the company’s MetaTrader 4 forex trading platform by both the trader and broker community. The key aspect about MT5 is that it has been developed using a programming language known as MQL5. The new version of the MT5 released subsequently has further increased the range of products that you could trade using the platform. In addition to forex, you can trade stocks and commodities on the MT5 platform.
Though the acceptance of MT5 was sluggish in the beginning, more and more successful traders from the world over have started using the MT5 multi-asset platform because of the various benefits it offers. In addition to offering advanced trading functions, the platform also makes available superior tools for carrying out fundamental and technical analyses. Further, the MT5 enables automatic trading through trading robots and signals. Moreover, mobile and desktop versions of the MT5 platform are available. Therefore, if you want to trade forex and other financial assets from one platform, you should choose to work with MetaTrader 5 forex brokers.
Benefits of Trading Forex With MT5 Platform
#1: MT5 presents a powerful trading system, consisting of features such as Market Depth, separate accounts for trades and orders, and support for different types of orders and modes of execution. The mode of order accounting for forex trading is the hedging method and it allows you to open multiple positions in one financial instrument either in the same or opposite direction. Forex traders can make good use of this feature. The four types of order execution supported by the MetaTrader 5 terminal are Request, Market, Instant, and Exchange. The execution type Exchange is for processing trade operations using stock tools.
#2: The ability to correctly predict the direction of movement of the market in the future is the dream of all traders. MT5 provides traders with a lot of analytical tools for price analysis as well as forecasting. The key aspects in this regard are:
– Traders can open up to 100 charts
– Charting system includes 21 time-frames (1 minute to 1 month)
– 80 analytical objects and built-in technical indicators
– 39 graphical objects
– 38 technical indicators
– 4 scaling modes;
– 17 client indicators display styles
The exceptional tools available for technical analysis helps you to prepare for any changes in the markets.
#3: The tools for fundamental analysis such as the economic calendar and the financial news service from international news agencies are made available on the MT5 platform to help you forecast the price movements of financial instruments.
#4: Algorithmic trading or using robots to execute forex trades is by far one of the fascinating features offered by the MT5 platform. In short, robots analyze and trade the forex market on your behalf. You just have to feed in the strategy that the robot should follow when trading for you.
The algorithmic trading is made possible by the MQL5 development environment. In fact, it enables traders to develop, test, debug, and optimize trading robots for their needs. The MQL5 environment will also enable faster execution of orders as compared to the MetaTrader 4 platform. In addition to allowing you to use complex expert advisors, the MT5 platform enables processing of large amounts of information.
#5: The MetaTrader 5 platform enables you to enjoy a great deal of flexibility. You can trade currencies from your smartphones or tablets. The MT5 Web platform provides more possibilities and enables you to use any web browser as well as all devices. You can choose the platform that best suits your needs and trade currencies 24 hours every day.
#6: Another important aspect is that you can purchase additional services and enhance the MT5 platform’s functionality. This offers limitless capabilities for the platform. In fact, MT5 offers an inbuilt trading robots market, freelance strategy developers database, copy trading and virtual hosting services.
#7: In order to conveniently and quickly analyze trading activity MT5 makes available inbuilt advanced reports. They are helpful not only in tracking initial as well as final deposit values but also in understanding indicators such as Z-score, Profit Factor, and GHPR, among others.
In conclusion, you need an easy to use as well as a multi-functional trading platform in order to succeed in forex trading. MetaTrader 5 forex brokers are your best option for this purpose.