| Broker | Features |
|---|---|
  FeaturedGo to Pepperstone | Very low spreads on over 1,200 instruments. 24/7 support, fast execution and no requotes.(*) Warning: Between 74-89 % of retail investor accounts lose money when trading CFDs. Pepperstone offers the MetaTrader 5 platform for desktop (Mac and Windows), WebTrader and MT5 application for iOS and Android devices.Demo Account: Yes Minimum Deposit: 200 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView. Execution: STP / NDD Regulation:  FCA, ASIC, CySEC, BaFin, DFSA, CMA and SCBWeb Page: https://www.pepperstone.com |
 Go to XM Group | Bonus of $30 without deposit and bonuses of up to $5,000 per deposit. Trade Forex with ultra-low spreads.(*) Clients registered with XM Group's EU-regulated entity do not have access to the bonds. XM broker offers MetaTrader 5 for PC and Mac, WebTrader and MT5 app for Android smartphones and tablets, iPhone or iPad.Demo Account: Yes, unlimited Minimum Deposit: 5 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker Regulation: CySEC, FSC and ASICWeb Page: https://www.xm.com |
 Go to IC Markets | True ECN account with ultra-low spreads and ultra-fast execution designed for scalping and automated trading systems. IC Markets offers MetaTrader 5 for Windows or Mac, the MT5 app for Android, iPad, iPhone and the web version which requires no download or installation.Demo Account: Yes Minimum Deposit: 200 $ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: ECN Regulation: ASIC, CySEC and FSAWeb Page: https://www.icmarkets.com |
 Go to Exness | Low spreads as low as 0.0 pips. No swaps on most instruments. Instant withdrawals. With Exness you can use the MetaTrader 5 platform for PC, for mobile devices (smartphones and tablets) or the MT5 WebTrader.Demo Account: Yes Minimum Deposit: 10 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker / ECN Regulation: FCA, CySEC, FSCA, FSC, CBCS, FSA and SDLWeb Page: https://www.exness.com |
 Go to AvaTrade | One of the most regulated brokers worldwide (in 9 different jurisdictions). AvaTrade provides MetaTrader 5 in its downloadable version for Windows PCs and mobile app for iOS or Android and the MT5 platform in web format.Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: Market Maker Regulation: Central Bank of Ireland, ASIC, BVI, FSCA and FSAWeb Page: www.avatrade.com |
 Go to Eightcap | Eightcap gives you access to the MetaTrader 5 desktop platform, the WebTrader and the MT5 for Android and MT5 for iOS versions.Demo Account: Yes Minimum Deposit: 100 $ Trading Platforms: MetaTrader 4, MetaTrader 5, TradingView. Execution: STP / ECN Regulation: ASIC and SCBWeb Page: https://www.eightcap.com |
 Go to RoboForex | $30 welcome bonus with a minimum deposit of $10 and bonuses up to $50,000 per deposit. With RoboForex you have access to MetaTrader 5 for desktop (Windows and Mac), app for mobile phones and tablets and MT5 WebTrader.Demo Account: Yes, unlimited Minimum Deposit: 0 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: STP / ECN Regulation: FSCWeb Page: https://www.roboforex.com |
 Go to FP Markets | With FP Markets you have access to MetaTrader 5 for Windows, Mac, WebTrader and versions for mobile phones and tablets (iOS or Android).Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, IRESS. Execution: ECN Regulation: ASIC, CySEC and FSPWeb Page: https://www.fpmarkets.com |
 Go to OANDA | With OANDA you can use MetaTrader 5 on any desktop device (with the downloadable version or Webtrader) and on any mobile phone or tablet.Demo Account: Yes, unlimited Minimum Deposit: 0 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Non Dealing Desk Regulation: FCA, ASIC, NFA, IIROC, BVI FSCWeb Page: https://www.oanda.com |
What is a MetaTrader 5 Broker?
A broker with MetaTrader 5 is a financial intermediary that is in charge of executing buy and sell operations (on financial instruments such as shares, Forex market currencies, raw materials, indices, crypto-currencies, energies, precious metals,…) and that provides its clients with the MetaTrader 5 trading platform so that they can analyse the market and request the execution of those operations that they want to carry out as well as being able to follow their evolution.
Buying and selling financial instruments is one of the fastest growing activities in recent times; largely thanks to the enormous advance in information technology. This is why we currently speak of online trading, since trading operations are carried out via the Internet and by launching purchase and sale orders with computer terminals or even from mobile devices such as smartphones or tablets. Today there are many online brokers and many of them offer MetaTrader 5 as a free trading platform to their clients. MetaTrader is a very popular tool among traders all over the world, thanks to the success of Metatrader 4, being still today the most used trading platform worldwide. MetaTrader 5 later emerged as an independent version of MetaTrader 4, with its own programming language and a series of advanced features that we will see in detail below.
What is MetaTrader 5?
Metatrader 5 is a trading platform developed by the company MetaQuotes Software Corp. MetaTrader 5 (also known as MT5) is one of the most used and best rated online trading platforms on the market, this already tells us a lot about the convenience of its use. It is an improved version of its predecessor, MetaTrader 4.
Metatrader 5 is the new version of MetaTrader, the most popular trading platform worldwide. Its attractive interface, flexibility and ease of use are some of the main features responsible for its good rating by traders. Online brokers usually offer MetaTrader 5 to their clients free of charge.
MetaTrader 5 is useful whatever the trader’s level of knowledge. It is a tool with an attractive, intuitive and easy to use interface. From it it is possible to execute all types of trading orders and to carry out a deep analysis of the markets in order to make informed and coherent decisions.
The previous version of this trading platform (MetaTrader 4), is still widely used, even more than this new version MetaTrader 5 (MetaTrader 4 is still the leading trading platform) but more and more online brokers are starting to offer MetaTrader 5 as a trading platform, due to the advantages we will explain below:
MetaTrader 5 is more powerful and has more tools than its previous version (MetaTrader 4). However, one of the main drawbacks to the growth and popularity of MetaTrader 5 is that its programming language MQL5 (MetaQuotes Language 5) is not compatible with MQL4 (i.e. the programming language of MetaTrader 4). Therefore, many indicators, scripts, expert advisors and other trading tools are programmed in MQL4, which cannot be used in MQL5 language. This means that MetaTrader 4 files cannot be transferred to MetaTrader 5; and users who have experience with the previous version do not have the ability to easily transfer their trading customization and system configuration to this new version. More info: Brokers with MetaTrader 4 platform.
Consequently, and for practical purposes, we can consider that MetaTrader 5 is not a version following MetaTrader 4, but rather a new and independent trading platform, because they are not based on the same programming language nor are they compatible with each other.
One of the most important advances in MetaTrader 5 is in MetaEditor 5, which will allow you to generate your own Expert Advisors (EAs), through its programming in a simpler way. In this way, you will be able to have them ready to use in a short time. In addition, the tool for “backtesting” your trading systems has been significantly improved, i.e. testing historical data with your Expert Advisors, for the purpose of automatic trading and testing the behaviour of your trading systems.
Advantages of the MetaTrader 5 trading platform
MT5 offers significant improvements over the previous version and this fact causes it to increase its number of users on a daily basis:
More functional and configurable graphics to the needs of each trader.
Complete and professional technical analysis tools (also offers a large number of technical indicators).
A more user-friendly interface. It allows us to easily organize our entire workspace.
It is very flexible. Changes to our platform customization can be saved, making MetaTrader 5 fully adaptable to any trader.
New trading tools.
It has an integrated economic calendar.
Both the MetaTrader 5 interface and notifications are available in several languages: English, Arabic, German, Spanish, Portuguese, French, Russian, Malay, Japanese, Polish, Simplified Chinese or Traditional Chinese, Indonesian, Korean, Turkish, Italian, …
It is compatible with a large number of markets and financial instruments to find greater trading opportunities.
It offers a greater number of time periods for displaying graphics (time frames).
It is possible to execute and manage asset purchase and sale orders in a simple and intuitive way.
MetaTrader 5 is a trading platform suitable for all types of strategies (scalping, hedging, daytrading, swing trading,…) and trader profiles.
Metatrader 5 allows a fast execution of orders with a very low latency so that there are no price rectifications or rejections that can harm the trader. Some brokers with MetaTrader 5 offer as an alternative for traders who need it, the installation of the MT5 platform in a VPS (Virtual Private Server) server that is hosted in the same data centre as the online broker’s server, thus minimising latency as much as possible and guaranteeing maximum speed of execution.
Platform designed both for manual trading and for using automatic trading systems. Using a fairly simple programming language you can create your own systems or edit one already created to suit your needs.
Working with a broker with Metatrader 5 the trader has everything he needs to trade. He can analyse the charts, know the trading conditions, make decisions and execute his trades from a single point instead of having to use several applications.
Most brokers with Metatrader 5 allow you to open both a live and a demo account. The demo account is loaded with a virtual balance that will allow you to execute trades in an environment almost identical to a real account but without putting your money at risk. In this way you can comfortably test the MetaTrader 5 platform, its features and broker services without incurring losses or risking your money.
Behind MetaTrader 5 there is also a large community of users spread across countries all over the world such as in Europe (UK, Germany, Netherlands, Italy,…), in Asia (Malaysia, Thailand, Singapore, Vietnam, China, Japan, Taiwan, India, Indonesia, Philippines,…), in the Middle East (United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait,…) and in other countries such as South Africa, Australia, New Zealand, Brazil, Nigeria, Kenya, Senegal,… This community called “MQL5.community” allows for example to share screenshots of the platform, to subscribe to professional trading signals, to access a source code repository of automatic trading robots, market analysis tools,… developed by other traders. You can also ask freelance developers to create any application that you do not find in that repository,… This is an important advantage of working with brokers with MetaTrader 5 compared to other brokers who offer their own exclusive trading platform behind which there is not such a large community of users or an open programming language that allows you to develop your own automated trading systems or tools for market analysis.
What versions of MetaTrader 5 are available?
MetaTrader 5 can be used on all types of devices, both desktop and mobile. In total the options we have for using this platform are as follows:
MetaTrader 5 for PC: This is the downloadable version for computers with a Microsoft Windows operating system.
MetaTrader 5 for Mac: Computers using a Mac operating system also have the possibility of downloading and using MT5 thanks to this version.
MetaTrader 5 Webtrader version: This version is characterized by the fact that it is not necessary to download to your computer, you can access the platform through any web browser. It is useful for cases in which the trader works with more than one computer. Another web-based trading platform that offers powerful charting and technical analysis tools is TradingView. Here you can see a comparison of brokers that offer TradingView.
Metatrader 5 for Smartphones: The versions for mobile devices do need to download the corresponding app. There is a version for both Android and Apple iOS devices.
MetaTrader 5 for Tablets: It is necessary to download the app only in this case the version is more adapted to this type of device. There is a version for Tablets with Android operating system and for iPads.
How to download MetaTrader 5?
The first step in accessing the MetaTrader 5 platform is to open a trading account with a broker with MetaTrader 5, i.e. one that offers this platform to its clients. Once the account has been opened, we can start downloading MetaTrader 5 from the broker’s website or from our client area. In this way we will have a trading account ready from which we will connect to MetaTrader 5 and thus be able to execute our trading operations directly, along with a series of other advantages.
Among these advantages is the ability to also use a demo account. This is a kind of trading simulator, an account that comes preloaded with a virtual balance. It is a very useful tool for testing and practicing in the financial markets before trading on a real account with our money. It also allows you to learn how to use the MetaTrader 5 platform of our online broker and test its features.
Another alternative is to access the MetaTrader 5 download from the website of the company that developed this platform: MetaQuotes Software Corp. The main drawback is that to trade with MT5 you will also need an online broker that will give you access to the instruments it offers for trading (currencies, stocks, indices, cryptocurrencies, commodities,…) and their prices in real time. The advantage of downloading through a broker directly is that it already provides you with the access data and is linked to a demo account or a live account from which you can trade.
Therefore, the broker, besides giving us access to Metatrader 5, will provide us with a series of advantages:
– Access to a demo account:
Among the mentioned advantages we can highlight the possibility of using demo account brokers . This is an account with a certain fictitious capital to be used as a trading simulator. It is useful for gaining experience in the markets without putting your money at risk before moving on to trading on a real account. It is also a good tool to become fully familiar with MetaTrader 5 so that we can learn to operate this trading platform with absolute confidence.
– Switch to the live account in a simpler and more direct way when we feel ready:
This is because we already have an open account with the broker with Metatrader 5 (even if it is a demo). We will know your commissions and other operational factors. All we need to do is provide some additional data and make a first deposit of funds in order to start trading in real mode.
– Prices of assets and other services:
The prices offered by the financial intermediary are the ones that we will ultimately operate. In other words, the broker will provide us with real-time quotes, because this requirement is necessary for trading. In addition to this, it can offer us a series of additional services (for example, access to an economic calendar to follow the news affecting the financial markets, market analysis,…)
First steps with the MetaTrader 5 platform
Once we have opened an account in the broker with MetaTrader 5 that we have chosen, we must download and install Metatrader 5. Then we must log in with our username and password and we have everything ready to start trading.
The initial appearance of the platform we have just shown can be adapted according to the user’s preferences. Let’s say that this is the default appearance.
In the “Market Watch” window located by default on the left side of the MetaTrader 5 platform, you can find the various financial instruments and their quotes offered by our broker. From this window it is also possible to open a chart of the instrument we have selected (by right clicking on the mouse and selecting the corresponding option in the drop-down menu).
To be able to configure this window and select the instruments to be displayed we have two options:
You can go to the “View” menu and enter the “Symbols” sub-menu.
There is a more direct way and that is by right-clicking on this Market Watch window. From the drop-down menu that will appear, you will be able to add assets (symbols) as well as hide them.
The information shown in this Market Watch window, referring to the financial instruments present in it, is as follows
Symbol: Shows the name of the instrument.
Bid: This is the selling price of the asset. If we decide to sell at that time, we will receive that price.
Ask: This is the purchase price of the asset. If at that moment we decide to buy it, that is the price the broker will offer us.
About buying and selling prices: When trading Forex with a Forex Broker or CFDs with a CFD Broker we can make profits whether the price of the instrument goes up or down. If you think the price will go up, you can open a buy position and then close it with a sell and take profit (this is called going long). If you believe the price will go down, you can open a sell position and then close it with a buy (this is called going short). Therefore you can take advantage of both upward and downward movements while if you physically buy the instrument (e.g. cash company shares) you can only make a profit if you sell it after it has increased in value.
The difference in price between the Bid and the Ask is called the Spread. This is what the broker charges us as a commission for carrying out a transaction. Normally, this price differential or spread will be charged to us on the newly opened position. For this reason, all trades start with a small loss until the price moves in our favour and we regain the spread.
How do I open a position on the MetaTrader 5 platform?
To open a position we can use the “Tools” menu, in the “New Order” command. However, this same command is available in different parts of the platform (as is usually the case with all MetaTrader 5 functions):
On one of the function buttons on the top bar.
In the drop down menu of the Market Watch Window by right clicking on the instrument you want to trade.
In the drop-down menu of the chart of the financial instrument itself (sub-menu “Operations”)
From the “Operations” tab in the “Terminal” window.
The parameters to be configured to open a position in Metatrader 5, and which are shown in this dialog box, are the following
Symbol: Selection of the financial instrument on which the position is to be opened. The instrument from which you accessed to open a “New Order” is displayed by default.
Type: From this command we will select the type of order. There are basically two types of opening orders. The first one is “Market Execution” and it is only a question of buying or selling the financial instrument at the price it is at that very moment. The second type corresponds to “Pending Order”, in which a price will be selected and the order will be opened when the market reaches that price (if it does).
Volume: This is the size of our investment. Positions are established based on contracts or lots. In the Forex market one standard lot is equivalent to 100,000 units of the base currency. It is possible to establish mini lots (10,000 units) or micro lots (1,000 units). These amounts are not the ones we actually invest, as they are divided by the level of leverage offered by the broker we work with. The amount resulting from dividing the volume by the leverage will be the initial margin required to open a trading position.
Stop Loss: This is a fundamental risk control tool that allows us to specify a price so that the position is automatically closed when a certain value is reached. It serves to define a maximum level of loss that we are willing to bear for this operation and therefore that the position is closed if the price goes against us and this level is reached, thus cutting the losses.
Take Profit: An order similar to Stop Loss, but this time it allows us to specify a price so that the position is automatically closed when a certain value is reached. It serves to protect our profits. It is based on establishing a target price that we believe that the instrument can reach and therefore that the position is closed when it reaches it, avoiding subsequent fluctuations that reduce our profit.
Comment: This is simply an option to make a small notation regarding the position we are willing to open. For personal organisation purposes or to remember something that is useful when analysing the position, for example once it has been closed.
Following the descending order of the dialogue, we have two prices. The first one corresponds to the Bid and the second one (separated by a bar) represents the Ask. Both prices have been explained above.
Finally, we must state whether our intention is to buy or sell. To do this, press the button for buying or selling. With this we will execute the order and the operation will be open for all purposes in the MetaTrader 5 platform.
How to control open positions in the MetaTrader 5 platform?
Open trading positions can be viewed perfectly in the lower “Terminal” window, specifically in the “Trading” tab. From this window we can keep them under control.
The quote chart, corresponding to a financial instrument on which we have an open position, also shows the order parameters.
In the “Trading” menu of the “Terminal” window (bottom of the screen) you can view all the elements necessary to control open positions in MetaTrader 5:
Symbol: financial asset on which the position is open.
Ticket: This is a control number, with reasons for identifying each position. This number is assigned automatically and they do not coincide with each other.
Date/Time: The date and time at which the position opening order was executed.
Type: There are two types of open positions, “Buy” and “Sell”. Depending on the direction of the operation you will indicate if you are a buyer or a seller (long or short operation).
Volume: Position size expressed in lots or contracts.
Price: The price at which the position opening order was executed (not to be confused with the next field also called “Price”).
S/L: Price at which the Stop Loss order is set.
P/T: Price at which the Take Profit order is configured.
Price (2): This is the price at which the financial asset is quoted at this precise moment. It is the price in real time and therefore fluctuates.
Swap: This is a commission rate that the broker will apply to us for each day the position is kept open. The cost of this commission is defined by the daily interest of the money the broker has lent us when using the leverage. This field shows the sum of all Swap commissions for each trading day we keep the position open.
Benefit: It is the result of the open position. Depending on how the price advances, it can mean a profit or a loss for the trader. Losses are shown as negative.
How do I edit an open position in MetaTrader 5?
There are two quick and easy ways to edit, i.e. modify any of the parameters, of open positions.
The first is by right-clicking on the dashed line which, as we have seen, appeared on the chart indicating the price level of an open trade (select “Modify” from the menu).
The second is to click again with the right button of the mouse, but in the very position inside the “Operations” window, where, as we have just shown, all the details of the open positions can be viewed and controlled (select “Modify or Delete” from the menu).
The parameters we can modify are only Stop Loss and Take Profit orders.
It is possible to add more volume to the trade but in MetaTrader 5 this requires opening a new trade and not editing it. Similarly, we can also close part of it, reducing risk or taking partial profit as part of our trading strategy. However, as in the previous case, this involves a partial closure and we will see this in the next point of this manual on MetaTrader 5.
Thus, the only editing options left are to reset the Stop Loss and Take Profit auto-closing orders to a new price level. To perform this function, and starting from the corresponding dialog box, we must either manually enter the new price at which we want one or both types of orders to be set; or we have the option of entering the points or “pips” of distance from the opening price of the position.
We will finish the task by pressing the “Edit [order number and data]” button and the position will be edited.
It is also possible to perform this function, from the price chart of a financial instrument in which you have an open position, by clicking and dragging the dashed lines corresponding to Stop Loss and Take Profit.
How do I close an open position in MetaTrader 5?
There is a possibility to close the operation manually when the trader considers it appropriate, either with profits or because he has detected an anomaly in the strategy (or the operation itself has not gone as expected) and decides to abandon the position before the Stop Loss is reached.
The fastest and most direct way to close an open position is from the Trading window. Note that at the end of each position line, just to the right of the “Profit” field, there is an “X”. By pressing it, the trade will automatically close, materializing any profit or loss that may be present at that time.
If we right-click on the position line (in the same window) and select “Close Position” from the drop-down menu we will also close the position completely in a direct way.
The third option is from the price chart itself. In the dashed line of position opening we can click with the right button of the mouse. From the drop-down menu that appears, select “Close [Position Ticket]”.
As far as partial closures are concerned, we must manually select the amount of volume we intend to close. To access this function we must take as a basis what was explained in the previous point to access to edit a position. Once in the corresponding dialogue box, just under “Symbol”, we have the “Type” field (type of order). In this field you will select “Execution by market” (as if you were going to open a position).
It is only a matter of adjusting the volume in the corresponding field and we will adapt the position to the required volume, closing the remaining percentage.
We can also close the entire position from here, it’s all a matter of selecting the full volume.
Once a position is closed, all data regarding our account balance and available margin will be updated. This information appears in the “Trading” window at the end of every line of positions we may have open.
Automatic Trading with MetaTrader 5
Trading systems are nothing more than a set of rules created by each trader that define when to enter the market and when to exit. These rules, which make up the strategy of each trader, can be discretionary, it would be what we know as Manual Trading, that is, when the trader executes all the operations manually or can do it automatically by means of a script (computer program that contains a set of orders), in this case it would be what we know as Automatic Trading.
Recently automatic trading is becoming very popular and is being applied massively in the Forex market. Without going any further the majority of all Forex trading worldwide is done automatically by robots.
If you want to invest with automatic trading systems with a broker with MetaTrader 5 you have two options: Define the strategy yourself and program the script entirely or use an already created robot that fits your needs and even be able to modify it slightly.
Automatic trading in MetaTrader 5 has a number of unquestionable advantages: It eliminates the psychological pressure on the trader, it allows trading without any order or schedule limitations, it is possible to carry out a test (Backtest) to check if the robot is reliable,… As disadvantages of automatic trading systems we could say that on the one hand they never completely replace a strategy defined by a human. The difference is that the robot, once the logic of the script is programmed, acts faithfully to the strategy defined by the trader.
To use automatic trading systems in Metatrader 5, so-called Expert Advisors (EAS) are used, which are programmed by defining the set of trading rules. These files are developed in a programming language exclusive to Metatrader 5 which is MQL5. To perform the computer programming of an Expert Advisor we need to have some basic knowledge of programming and then adapt to the characteristics of MQL5.
To be able to execute an automatic trading system we need our Broker with Metatrader 5 not to expressly forbid the execution of Expert Advisors. The vast majority of brokers with MetaTrader 5 usually allow this, although you may find some that only accept them on trading accounts aimed at experienced or professional traders and do not allow them on basic accounts.
How to choose a broker with MetaTrader 5?
The factors that we consider to be the most decisive in choosing the best brokers with MetaTrader 5 as a trading platform are the following:
Reliability of the online broker: That it is a broker duly regulated by a rigorous body, that the company behind it is reliable and that our funds are safe, being able to deposit and withdraw them without problems.
Low entry requirements: We are looking for online brokers who ask for an affordable minimum initial deposit to get started with little money. Also that allow us to work with small trade sizes to keep risk under control especially at the beginning.
Wide range of instruments available: A good broker with MetaTrader 5 must offer its clients a wide range of financial instruments on which to trade, such as Forex market currencies, crypto-currencies, shares, stock indices, commodities, precious metals, energies,..
Professional customer support: It is advisable that the broker you choose offers a good level of support to quickly resolve any doubts or incidents that may arise. Many offer an online chat which is a useful and quick way of resolving doubts.
Free Demo Account: Any broker with MetaTrader 5 to be recommended should offer a free demo account that allows the MetaTrader trading platform and its conditions without putting your money at risk from the beginning.
Which are the best online brokers with MetaTrader 5?
After having tested and analysed in depth a good number of online brokers, the ones you can find in the comparison table of this page are the ones we consider most recommendable and that offer Metatrader 5 as a trading platform to their clients. You can easily see the most outstanding characteristics of each broker and you can access their web pages if you need more information to decide on the most suitable one for you.
What is the difference between MT4 and MT5?
The first thing we need to address is the difference between MT4 and MT5. Both are trading platforms designed by MetaQuotes Software, but they aim to serve different purposes.
MT4, short for MetaTrader 4, has been around since 2005 and has become a standard in the forex trading industry. It’s known for its user-friendly interface, advanced charting capabilities, and a wide array of trading tools. What we love about MT4 is its simplicity and efficiency, which makes it a go-to platform for both beginners and experienced traders alike.
On the other hand, MT5, or MetaTrader 5, was launched in 2010 with the promise of being an all-in-one platform for trading forex, stocks, futures, and CFDs. It’s more advanced than its predecessor, including improved charting tools, a more flexible programming language, and a better range of order types. However, despite these enhancements, MT5 has not replaced MT4. It’s not necessarily better, just different, and the choice between the two often comes down to personal preference.
Can I use MT5 without a broker?
The simple answer to “can I use MT5 without a broker?” is, unfortunately, no. Both MT4 and MT5 are merely platforms for trading, and you still need a broker to access the financial markets. However, the beauty of these platforms is that they are compatible with hundreds of brokers worldwide, offering you the freedom to choose the one that best fits your trading needs.
Remember, choosing the right broker is just as important as picking the right trading platform. It’s like choosing a car – the vehicle may be top-notch, but it’s the driver that determines the journey ahead.
Is it safe to use MetaTrader?
Let’s address the elephant in the room – is it safe to use MetaTrader? Security is a paramount concern in the world of online trading, and rightfully so.
We are pleased to report that MetaTrader, both MT4 and MT5, employs high-level security measures. All data exchanged between the client terminal and the platform’s servers is encrypted with 128-bit keys. This is the same level of encryption used by banks and other financial institutions, which means that your transactions and personal information are well-protected.
However, it’s crucial to remember that no system is 100% secure. Always use strong, unique passwords for your accounts, and be wary of phishing attempts or suspicious links.
What are “Expert Advisors” in MetaTrader?
Now, let’s dive into one of the most exciting features of MetaTrader – the “Expert Advisors” (EAs).
EAs are basically automated trading systems that can trade the market for you, based on the parameters and rules you set. Think of them as your personal trading robots who can monitor the markets 24/7, execute trades, and even manage risk, allowing you to step away from your computer without missing a potential trading opportunity.
The beauty of EAs is that they eliminate the emotional aspect of trading, which can often lead to rushed decisions or mistakes. However, they are not foolproof and should be used as a tool, not a guarantee of success. It’s essential to test your EAs thoroughly and regularly review their performance.
In conclusion, both MT4 and MT5 are robust, secure, and feature-rich trading platforms that can enhance your trading experience. Whether you prefer the simplicity of MT4 or the advanced features of MT5, the choice ultimately depends on your trading needs and style. Happy trading!
