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Capitalizing on the success of the MetaTrader 4 (MT4) trading platform, MetaQuotes Software sought to duplicate that success with the introduction of the MetaTrader 5 (MT5) trading platform in 2010. While many in the online trading industry had assumed that the MT5 trading platform would be an upgrade of the MT4, it was not actually the case. The MT5 trading platform was essentially developed to cater for the non-Forex markets such as the commodities market, the equity market and the futures market. In short, it was created to address a different category of end users.
While there are similarities between the MT4 and MT5 trading platforms, there are notable differences between the two platforms as well. For example, the MT5 trading platform comes with more technical indicators, more than 80 in fact. The charts also support 21 different time frames. You can open up to 100 different charts simultaneously, although you will be hard pressed to find a screen that can accommodate that many charts at one time.
In addition, the platform uses a different scripting language, the MQL5. It should be noted that the MQL5 is not backward compatible with MQL4. Nevertheless, there also major similarities between the MT4 and MT5 trading platforms. Like the MT4, the MT5 also supports algorithmic trading with the use of expert advisors (EAs). Another interesting feature of the MT5 trading platform is the Depth of Market (DOM) feature. DOM is essentially a window that shows the number of Buy and Sell orders. With this feature, you can actually tell supply and demand of a particular instrument. If you are looking for a broker that features the MT5 platform as one of its main trading platforms then see our list of recommended brokers that support the MT5 platform below.
The brokers below represent the best MT5 platforms features
Bank, Dealing Desk, Market Maker, No dealing desk, STP
Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Heres a list of The Best MT5 Platforms
Headquarters:Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia
GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.
The MT5 was designed to trade forex and CFDs and was built to offer a wider range of assets. It has similar functions to the MT4 although is more evolved and has more features. It improves on the existing features of the MT4. GO Markets provides the MT5 platform as a WebTrader and as a downloadable windows application. Only the MT5 platform can be used to trade the ASX shares offered by GO Markets.
GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions.
Ultra fast trade executions courtesy of innovative technology and powerful servers located in London.
Availability of trading and analysis tools like Autochartist and Trading central.
Demo accounts expire after 30 days, However, non-expiry demo account is available.
Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot.
Only two account types available for all traders.
Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia
Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia
FP Markets is the brokerage arm of First Prudential Markets Pty Ltd, an Australian firm which was established in 2005. In over 14 years of brokerage operations, FP Markets has grown to become a foremost online forex and CFD broker.
The MT5 trading platform which is a newer and improved version of the popular MT4 is provided by FP Markets. It is available as a standalone desktop application for windows PC and MAC. It is also available as Webtrader and as mobile app.
Headquarters:Chemin de la Crteaux 33, 1196 Gland, Switzerland
Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.
The Swissquote website is a multi-lingual portal which offers 10 languages, giving it a wide linguistic spread that can accommodate traders from various countries. Swissquote is a sponsoring partner of Manchester United Football Club, the most successful domestic club in the UK.
There is a comprehensive trader education suite.
Customer support is very responsive and provides timely service.
Highly diversified asset base, which caters to all kinds of traders.
Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
Headquarters:First Floor, First St. Vincent Bank Ltd Building, P.O. Box 1574, James Street, Kingstown, St. Vincent & the Grenadines
BHM has solid roots in gold trading and investment and is the only brokerage firm with gold-backed stability offered by the National Bullion House.
The broker offers leverage up to 1:500 across a range of different asset classes including Forex, CFDs, Cash Indices, Precious Metals and Commodities. Clients can choose from three account types called Standard, Pro and Elite which can be funded with USD currency.
The account types offer a range of commission-free and fee-based trading using the MetaTrader 4 and the MetaTrader5 trading platforms.
Can trade on MetaTrader 4 or MetaTrader 5 trading platforms.
Forex, Indices, Precious Metals and Energies available to trade on.
The minimum bank wire transfer amount is $25,000
Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.
Users can trade on the globally recognised trading platforms of MetaTrader 4, MetaTrader 5 and cTrader across Windows Desktop, Web and their Mobile Trading App, as well as enjoy different bonuses and promotional offers
Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile
Access copy trading, bonus promotions and a wide range of research tools
Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered
Limited commodity markets, no individual Stock CFDs
Limited deposit and withdrawal options only through Neteller, Skrill or Bitcoin
Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus
FXTM is also known as ForexTime, and commenced operations in 2011 from its de facto headquarters in Limassol, Cyprus. Since then, FXTM has achieved rapid global expansion, driven primarily by its desire to serve specific local markets with strong FX demand.
The MT4 and MT5 are the platforms provided by FXTM. These platforms, however, come in various versions built for the web, for desktops and for mobile devices. The FXTM MT5 is an improvement on the MT4 and can be downloaded from the MyFXTM members area.
MetaTrader is an outstanding electronic trading platform with an array of impressive features. You may have heard of the MetaTrader 4 which is the globes most popular trading platform. However, recently its sister, the next generation MetaTrader 5 was launched to fanfare, with even more capabilities and functionalities.
The successful platform offers advanced technical and fundamental analysis tools, automated trading systems (trading bots), copy trading, lucrative trading functions, a pleasing and intuitive design, as well as additional services to improve your trading abilities. The platform is primarily used by forex traders, but also offers the trading of stocks, futures, and CFDs.
MetaTraders platform and trading software is very fast and powerful, yet light and easy on your server or computer. With this in mind, the platform is available on multiple devices; desktop and mobile versions, as well as on the web.
The articulate and powerful trading platform MT5, which is the next generation after the MT4, has an abundant list of advantages. After all, it is the most popular trading software used amongst forex traders. However, not all platforms are flawless. Below is a list of the pros and cons MetaTrader 5 has too offer.
The platform has over 80 powerful technical tools used to trade successfully on any financial market.
Extensive resources to help with price analysis and forecasting, ability to open 100 charts at a time.
21 time frames are available to analyse short and long term price fluctuations.
Ability to develop your own technical indicators and trading robots
Market liquidity pools are available which helps to avoid low volume trading instruments that lack liquidity.
All the traders execution needs are met through the 4 different execution types (Market, Instant, Request, Exchange).
Enhanced security and encryption, while maintaining transparency.
Very accommodating to both advanced and beginner level traders with their vastly different trading styles.
Intuitive and responsive interface design with the ability to conveniently switch between accounts.
The worst disadvantage of them all, is the fact that hedging is disabled. This is such a huge disadvantage in not only one way, but two. First off, hedging serves as a great risk management method, take it away and youre left with no insurance. Second, spreads are expected to go upThis is because most liquidity providers allow hedging.
MetaTrader 5 was coded from scratch, therefore all custom indicators written for MT4 need to be recoded for MT5. Another problem this new coding causes, are the bugs and glitches that come with a new platform coded from scratch.
Another con for some, but not many, is that MT5s mobile software is only compatible with iOS and Android devices, unfortunately not with Windows phones.
All in all, MT5 is a great trading platform. With the intuitive design and features offered it does well to attract advanced forex traders, as well as beginners to the market. Also, the software capabilities keep MT5 users quite satisfied. As for the disadvantages, they will be worked on and become advantages through time. Bugs take time to work them selves out, and as far as hedging is concerned- the technology is being developed to allow hedging on the platform. In fact, just recently, hedging has now been enabled on MetaTrader 5 beta build 1281. In other words, the largest disadvantages of this platform will soon be no longer.
First of all, MetaTrader 5 was derived from MetaTrader4- the ultra popular trading platform used among forex traders. MT5s popularity is solely because of this. In fact, MT4 is still more popular than MT5 currently. Why would the older version of a trading platform have more users and be more popular? Well, it has to do with MT4s functionality with hedging and MT5s lack of this option. However, MT5 has recently updated their platform which allows hedging and is expected to see a major increase in popularity soon. Also because of MT4s popularity there is so much written content supporting and promoting MetaTrader as the best and leading platform for forex trading.
In addition to this, more reasons why MetaTrader is so popular is because its one of the most advanced and complete trading platforms on the market. It is loaded with features, indicators, data, etc. Also, you get to use this amazing platform for free, there are no membership costs like some other advanced platforms like MT5.
There are a lot of MetaTrader forex brokers out there. In fact, about 90% of all forex brokers choose MetaTrader as their trading platform. This is because of the mass popularity among users, and its superiority over many other platforms. Also, in order to trade on the MetaTrader platform you must use a MetaTrader Forex broker.
With so many forex brokers to choose from, how do you go about choosing the right one? Listed below are some key things to look out for when choosing a MetaTrader forex broker.
Regulation is always of the upmost importance. You need to understand what regulation the broker is under for the purposes of trading losses, keeping your funds secure, segregated accounts, and fair trading practices.
Data security must be considered. You need to understand their security practices and reputation for protecting all the important information they require from you.
Transaction costs/details are important. You want to know whether you need to maintain low spreads, or pay commissions.
The broker should provide an easy, hassle free deposit and withdrawal process.
Trade execution speed is of the upmost importance. You need to be able have your orders filled at the price you act upon, or within micro-pips of it.
Customer service is of course very important. When problems arise, you want the situation to be handled with competence and speed.
The MetaTrader 5 platform is a true spectacle of the digital forex trading market. The sheer number of features, data, tools, customization, and users of this platform is quite special. When trading forex, MT5 is an option that can not be overlooked. Its a leading platform in the modern forex industry, with an overwhelming amount of competent forex brokers supporting it. To find out who are the best ones that offer this platform, take a look at our list below.
The Full Guide to Day Trading Using MetaTrader 5 (MT5)
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