MetaTrader 5 or MT5, as it is popularly known is a trading platform that allows the trader to handle multiple assets such as futures and CFD, stocks and forex. The versatile platform allows a variety of functions that makes the trader’s job much easier: fundamental and technical analysis, copy trading and algorithmic trading, and develop customized technical indicators and charts among others.
The forex market as we know is a round-the-clock currency exchange market and the trading volume of this market is the highest when compared to all the other financial markets. The option to buy and sell currency is available to large financial institutions such as banks as well as to individual traders. The principle aim of forex traders is to buy at a lower price and sell at a higher price.
The Benefits of Trading Forex Online on a Metatrader 5 Platform The traders can access the currency markets by registering with online forex brokers. The basic requirements would be a PC and a reliable Internet connection. Many forex brokers now offer the MT5 trading platform, the more recent version of MT4, which was the most popular version in the recent past.
The MetaTrader 5 is the latest forex trading platform from MetaQuotes Software Corporation that has been primarily developing software to manage stocks, foreign currencies, and futures and CFDs. They first released the MetaTrader 3 version followed by MetaTrader 4 and now the latest MetaTrader 5. The most unioque characteristic of MetaTrader 5 is basically the fact that it is a multi-asset online trading platform that includes forex. It possesses up to 82 handy tools that allows the trader to use during trading. The MetaTrader 5 platform can be downloaded free of cost. The MT5 forex brokers offer the trading platform because of the following benefits:
Benefit #1: Increased charting options
The MT5 platform offers an unlimited number of charting options for the forex trader. Moreover, the version offers up to 21 timeframes as compared to 9 in MT4.
Benefit #2: Fundamental analysis
The MT5 comes with an inbuilt calendar that has recorded news events, their impacts, streaming quotes, schedules, and forecasts. This greatly aids traders in their fundamental analysis if that is the tool that they use for forex trading. It also helps in that the traders do not require to use any add-ons like earlier on.
Benefit #3: Commercial integration
The commercial integration option is present in MT5 in that it allows the trader to either purchase or even rent any forex product directly by making use of the Market tab that is present.
Benefit #4: Additional indicators
Compared to the 30 indicators that MT4 offers, MT5 has 38 indicators that are inbuilt with an additional 22 analytical objects and 46 graphical objects. It therefore offers advanced capabilities for the trader.
Benefit #5: More orders
Whereas the MT4 version offered the trader only 2 market orders and up to 4 pending orders, MT5 allows 2 market orders and 6 pending orders. MT5 also has the additional capability of placing up to 2 stop loss orders.
Benefit #6: Larger Analytics
With 21 timeframes, 4 scaling modes, 38 indicators (technical) and 17 different styles of client indicators that are displayed, it offers scope for large analytics. The large number of analytical tools helps to provide historical data as well the latest news events. The result is trend analysis that is very advanced and this helps the trader to tweak the strategy and refine it while the trading is on.
Benefit #7: Usage of MQL5
The MQL language used in MT5 is the latest version and accounts for the faster speed of the new platform. This also allows for larger amounts of information to be processed at a time. All this accounts for faster execution speed of trades as far as the forex trader is concerned.
Benefit #8: Easy Navigation
The MT5 presents a very user-friendly interface. This helps the trader to execute the trades in a timely manner in particularly volatile environments. Icons on the screen are larger and buttons have sufficient space between them.
Closing Thoughts
The most unique point about MT5 is that is offers many possibilities for traders to build their own trading space by customizing the environment according to their trading needs and styles and in a manner that is suited to attain their financial goals. Even minute details such as font size, color and charting options can be adjusted according to personal needs. This is most helpful for the traders in a volatile market.