Benefits of MT5 as a Trading Tool
Modern technology gives instant access to the biggest markets. MetaTrader 5 has been the top choice for years. Today, it is recommended by many brokers in South Africa. Here is your ultimate guide to its best features.
MT5 has everything you need, from charts and news to execution tools. The system has 5+ million downloads in Google Play and App Store. What makes it so popular today, a decade after release?
MetaTrader 5 is the successor to MetaTrader 4, a Forex trading terminal from MetaQuotes Software. It is the most elaborate brainchild of the company to date. MT5 appeared in 2010.
In South Africa, the terminal can be downloaded for free from licensed brokerage sites and app markets for iOS and Android. MT5 has three forms that may be used interchangeably: desktop software (for Windows and Mac), web-based platform and mobile app.
A well-designed interface is easy to navigate. Manifold features facilitate every stage of trading, from preliminary market analysis to execution and performance review. Compatibility with all popular OS means you can work on a laptop, tablet, or smartphone. Switching between these environments is easy. The web-based version works directly inside browsers, so no downloads are required.
Both live and demo mode are available. As a simulator, MetaTrader 5 may be used for free as long as necessary. With over 30 languages supported, MT5 is a truly global system. Users may work with dozens of currency pairs and more complex financial instruments:
- stocks, and
Traders may test any strategies, including back-testing. The platform allows integration of Expert Advisors (Forex robots). Some users delegate trading action to experts through copy trading.
While MT5 is used by so many brokers, the choice of a provider is crucial. Brokerage companies register accounts and process all financial transactions. Using MT5 through a scammer will leave you with an empty balance.
South Africa has the largest Forex community on the continent, and its daily trading volume is also the highest. Brokerage services are advertised by local and international providers. Ideally, you should opt for brands licensed by the local regulator — the FSCA. Global intermediaries like Forextime offer significant advantages like better trading conditions, cheaper entry, and free education.
The platform is built using an advanced programming language called MQL5. It is highly intuitive and efficient, as the fulfilment of a request requires just one function. In total, users have access to 100 charts and 80 tools and indicators. It is a flexible multi-language and multi-currency ecosystem with a special toolkit for technical analysts.
All profit-making features are accessed from any iPhone or Android device. Traders can monitor the market at a glance and work on the go. The global market is just a tap away, whenever it is open. Today, users do not want to be dependent on their PCs and laptops. The mobile app provides flexible access and such benefits as:
- market depth (indicator or overall supply and demand),
- financial news for fundamental analysis,
- unlimited charts,
- 21 timeframes,
- technical analysis tools,
- chat with registered peers,
- alerts and push notifications.
This version is opened inside browsers, but it offers the same intuitive features. To start working, users sign in to their account and select a browser. There are 21 timeframes, which is a wide choice of scope for detailed analysis. Unlimited charts and customizable interface make the system just as useful as its counterparts.
What About MetaTrader 4?
Obviously, MT4 is an older system. Yet, it is still popular with Forex traders. Unlike MT5, it has a simpler interface and fewer features. For instance, there are fewer graphic objects and types of pending orders. Depth of the market and economic calendar are also absent.
Still, this relative simplicity is a major advantage for beginners. Those who only start exploring Forex want a more basic interface. After all, they focus on currency pairs, which makes complex features redundant.
Generally, the systems have many similarities, though. It is common for users to upgrade to MT5 when they start adding more assets to portfolios. As both platforms were devised by the same company, the transition is smooth.
As an advanced terminal, MT5 is ideal for diversified trading. It facilitates the ultimate goal of any weathered investor: the creation of cross-market portfolios. The more instruments — the lower the risks and the higher the profits.
With a reliable brokerage, MetaTrader 5 ensures a secure and fair experience. Support, technical tools and fundamentals are helpful for both groups of analysts. The system will keep you abreast of trends, connect to fellow traders and help maximize profits across markets and assets.