The multi-asset platform for trading MT5 was developed in 2010 by Metaquotes, the firm responsible for the prevalent MetaTrader 4 platform for currency trading. The MQL5 programming language was used to build the MetaTrader 5 platform and add a wide range of features. As a result of user feedback, a new and improved version of this platform has been created, which includes more features and makes it easier to trade a broader selection of items. Besides currencies, the MT5 platform may be used to trade stocks, commodities, and other tradable assets. Brokers providing access to the MT5 trading platform met with initial resistance from the trading community.
However, because of the advantages presented by this cutting-edge platform, trustworthy MT5 forex brokers are enjoying a surge in popularity. In addition to providing more sophisticated trading features, this platform provides access to various high-quality instruments that facilitate fundamental and technical analysis and improved trading. Using trade robots for automated trading is another significant benefit of the MT5 platform. A smartphone app for MT5 is also readily accessible. If you want to trade currencies and other assets from a single platform, using an MT5 broker is a fantastic choice.
The MT5 Platform’s Advantages
The advantages of the MT5 trading platform:
- It provides a very effective trading platform with many useful features, including individual accounts for trading and order, a wide range of order types, several execution methods, and access to Market Depth. In foreign exchange trading, the order accounting approach is a kind of risk management known as hedging. With this, you may play many positions in the same or opposite direction with the same instrument. Further, MetaTrader 5 allows for four distinct order execution strategies. The terms for these are RFQ, IM, IE, and XCH. The fourth kind of exchange is for stock-related trades and deals.
- Second, as a trader, you should be able to foresee the future direction of the market with high accuracy. This is because it improves your chances of being a successful trader. To analyse and predict prices with pinpoint accuracy, the MT5 platform includes several useful analytical tools. Essential features of this facet include:
- The charting system has 21 time-frames and simultaneously supports opening up to 100 charts. It includes 80 different types of analysis with built-in technical indicators. There are 39 graphical items, 38 technical indicators, four scale options, and 17 presentation formats for client indicators.
- You can be well-prepared for any shifts in the market with the aid of excellent technical analysis tools made accessible to you.
- The MT5 platform gives you access to various resources for doing fundamental research, including an economic calendar and a financial news service from foreign news agencies, among other things. In doing so, you may better anticipate how the values of different financial products will change.
- In particular, the MT5 platform’s ability to engage in automated or algorithmic trading is a compelling and unique feature. Automated trading systems do all the research and analysis for you. All that’s on your shoulders is to plan and lay out detailed guidelines. For you, the robot would carry out transactions based on your instructions. The MQL5 platform enables the development of trading algorithms. You may create, evaluate, and fine-tune trading robots to meet your requirements. Orders may be executed much more quickly in the MQL5 environment compared to the MetaTrader 4 (MT4) platform. The MT5 environment is not only conducive to the use of sophisticated expert advisers but also the management of massive data sets.
To conclude, if you want to be successful in the foreign exchange market, you need access to a user-friendly trading platform with a wide range of features. You should look for a forex broker that supports the MT5 platform.