MetaTrader 5, popularly known as MT5, is an advanced and more powerful version of meta trading platforms.
It provides a simple and user-friendly interface that helps traders automatically manage trading activities using advanced tools such as technical analysis, signals, and trading robots.
This multi-functional trading platform was released in 2010, and since then, it has been the first choice of advanced and seasoned traders.
However, the biggest drawback of this trading platform is that it is not recommended for beginners. Instead, it is specially designed for advanced traders.
Continue reading this MetaTrader 5 Review till the end to learn all the functionalities, pros, and cons of this most used trading platform.
What Is MetaTrader 5?
MetaTrader 5 is a multi-functional and institutional trading platform worldwide for Forex and stock traders who want to automate their trading using advanced tools.
These advanced tools include trading robots, signals, fundamental research, real-time quotes, trading history, and expert technical analysis.
Through price analysis and forecasting, MetaTrader 5 users can predict where the market will move in the future.
Traders can monitor all needed tradable instruments, as well as evaluate short-term price variations and long-term trends using the platform.
Additionally, traders can stay updated with market conditions by reading news reports from international news agencies, examining various economic data, and estimating their impact on stock prices and currency exchange rates.
Traders may also use it to place pending orders and conduct full market analysis using a variety of graphical elements and technical indicators.
Unlike other complex trading platforms, MetaTrader 5 also allows users to use their iPads, iPhones, or Android-powered smartphones to set protective Take Profit and Stop Loss levels, submit pending orders, and trade.
MetaTrader 5 Review: Pros and Cons
Pros:
- Powerful and Advanced Trading Platform
- Free to Download for Android and iOS
- Great Platform for Algorithm Trading
- Offers Advanced Tools such as Trading Robots and Technical Analysis
- Uses MQL5 Language
- User-friendly Interface
- Advanced Market Analysis and Single-click Trading
- Good Platform for Trading Derivatives
- Traders can Easily Switch between multiple accounts
- Great Platform for Automated Trading
- Netting and Hedging Position
- Real-time quotes in Market Watch
Cons:
- Not Recommended for Beginners
- Steep Learning Curve
Available Trading Tools:
MetaTrader 5 is quite popular for offering advanced technical and fundamental analysis tools.
These tools help traders in identifying various symbol trends, defining support/resistance levels, and predicting price dynamics in the financial markets.
So, here’s a list of available advanced tools on the platform.
Technical Analysis Tools:
MT5 offers an extensive set of advanced technical analysis tools to predict future prices in money and capital markets.
- Technical Indicators:
Indicators are considered the most important part of technical analysis. This is because these technical indicators can help traders identify different patterns in the price dynamics of the financial markets.
On the other hand, MetaTrader 5 offers a range of 38 popular technical indicators, including Trend indicators, Oscillators, Volume Indicators, Moving averages, pivot points, B-clock, Zig Zag, Exponential moving averages, Renko, etc.
- Analytical Objects:
The best part of using MetaTrader 5 is that the platform offers 44 analytical objects, such as Gann, Fibonacci, and Elliot Tools.
These objects are to be applied manually. The extensive range of these analytical tools offered by MT5 covers all the needs of advanced traders.
- Expert Advisors:
The Expert Advisor tool enables the pre-made chart-in-chart style, which allows a more detailed analysis of the tested technical strategies.
- Trading Signals:
Trading signals, also known as copy trading, allow traders to copy the trade of top traders. Traders can choose to auto-trade the signals through the MT5 platform.
On the other hand, it is advisable to conduct research before opting for trading signals.
Fundamental Analysis Tools:
Apart from technical analysis, the trading platform also offers a set of fundamental analysis tools. As a result, it allows traders to develop good trading strategies.
The most efficient and common tools for fundamental analysis are Financial news and the Economic calendar.
- Financial News:
The platform gives its users access to financial news from top international new agencies for complete knowledge about market conditions.
MT5 also offers a daily broadcast of several newsletters from international or national events, influencing quotes of stocks and currencies.
- Economic Calendar:
Another efficient tool offered by MetaTrader 5 is the economic calendar. The tool help traders in knowing the time of the upcoming event, making it possible to predict the future price data.
With the help of this fundamental tool, traders can predict various events in stock, foreign exchange markets, etc.
Additional Tools:
Apart from technical and fundamental tools, the MT5 platform offers some additional tools for trading, such as one-click trading and access to vast market data.
On the other hand, the platform allows separate accounting for orders and trades. the two common accounting modes are:
- Netting – For exchange markets
- Hedging – For trading
MetaTrader 5 Pricing:
In this part of the MetaTrader 5 review, let’s discuss the pricing of using this platform.
If you’re a retail trader, you don’t have to pay any extra amount to access the MetaTrader 5 platform.
You can use it through a brokerage platform or directly from Metaquotes’ website. Additionally, if you’re a beginner, you can practice using an MT5 demo account.
For brokers, the platform is available in 3 different options: Entry License, Standard License and Enterprise License.
While an entry license offer capacity of 1,000 real accounts, a standard and enterprise license offer a total of 25,000 and 2,00,000 default capital account, respectively.
User Interface:
MetaTrader 5 is an easy and user-friendly trading platform that allows users to access all commands from the main menu.
At the same time, you can access the financial instruments’ quotes on market watch and can manage technical analysis from the navigator.
Mobile Platform:
From Android to iOS and Windows to MAC OS, MT5 can be easily downloaded on any device. In addition, traders can access a set of pending orders and level 2 prices with up to 32 quotes.
Top Features:
- Fast switching between financial instruments on charts
- Free Financial News
- 30+ Technical Indicators
- Push Notification
- 24+ Analytical Tools
System Compatibility:
The MetaTrader 5 is compatible with all devices, including desktops, mobiles, etc. The minimum system requirements to run MT5 platforms are Windows 7, 8, 10, or 11 and a processor with SSE2 support.
Here are some tips for installing MT5 on your device:
- For UNIX OS, you can install MT5 on a computer with Ubuntu using Wine.
- To use it on mobile, you can download the MT5 from Google’s Play Store and Apple’s App Store.
- For MAC OS, you may have to use open-source wine-based free software PlayOnMac.
Help & Support:
In this part of the MetaTrader 5 review, let’s discuss what this platform offers to traders in the help and support section.
MT5 offers a dedicated help page to aid traders in understanding the following topics:
- Getting started
- Charts & graphs
- Price analysis
- Copy-trading
- Mobile trading
- Trading signals
- Trading operations
- Price charts
- Technical and fundamental analysis
- Advanced Trading robots
- MQL5 cloud network
- Virtual hosting for 24/7 operation
- MQL5 community
How to Trade with MT5?
Anyone can start trading on the MT5 platform by following these simple steps:
Understand the Platform:
MetaTrader 5 comes with a plethora of advanced tools, all of which are geared to help you improve your trading.
Before starting, it’s critical to understand all of the features. You will be able to take full advantage of the MT5 platform if you take the time to educate yourself on all of the available features of this intuitive platform.
Download and Install MT5:
The next step is to download and install the MT5 platform. After that, you can download it from Play Store or App Store.
The system requirements are mentioned above; please refer to them before downloading this platform.
Place Your Order:
After logging in to your trading account, you can place an order for trade. Then, you can follow the on-screen instructions of the platform to place your trade.
Who Should Use MetaTrader 5?
MT5 is an advanced and sophisticated trading platform that is best suited to high-volume and professional traders.
Experienced traders can get the most out of this trading platform’s advanced features, such as algorithmic trading and robots.
For traders who want a fast, robust, reliable, and powerful trading platform, MT5 is a perfect choice.
On the other hand, beginner traders may find it difficult to use this advanced trading platform as it has a bit steep learning curve.
The platform’s user interface may not suit novices as it looks like an excel spreadsheet.
The Bottom Line:
After going through this detailed MetaTrader 5 Review, we would only say that this platform is a good choice for experienced traders who want a multi-asset platform and access to advanced trading tools.
However, if you’re a beginner or searching for a less complex trading platform, you can move to the MT4 platform. The platform is less sophisticated than MT5.
So, now if you’re looking for a broker that offers the MT4 platform, you can trust InvestBy.
FAQs:
Is MetaTrader 5 Trusted?
MetaTrader 5 is a reliable and most trusted trading platform. MetaQuotes, the company that created it, is one of the most well-known names in the sector.
How Can I Get Started with MetaTrader 5?
To use MetaTrader 5, you must first download the platform to your Mac or Windows computer. Alternatively, you can access the platform in your web browser.
You’ll need to create a new account after that. Then, sign in to deposit funds, do price analysis, and place trades after you have your login information.
Is MetaTrader 5 Available for Free?
Yes, MetaTrader 5 is completely free for traders. However, it is not free for brokers; they must pay upfront as well as a monthly fee. For more information, read our detailed MetaTrader 5 Review from above.
Can I Trade CFD on MT5?
Yes, you can trade CFDs on this platform. However, CFDs are a complex instrument and pose a high risk of losing money rapidly. Most new retail investor accounts lose money when trading CFDs.
Is MetaTrader 5 Good for Forex?
Yes, MT5 is a great and simple platform for forex traders. For more information, read our detailed MetaTrader 5 Review from above.
