MetaTrader 5 Review

MetaTrader 5 is an advanced trading platform that gives traders access to trade different asset classes, including Forex, indices, stocks, futures, and more. The trading platform offers vital trading tools and features to facilitate comprehensive price analysis, theses include: advanced technical analysis tools, fundamental analysis tools, trading signals, copy trading, algorithmic trading, and much more.

MetaTrader 5: Pros and Cons

Pros

  • The platform is free to download and use
  • Over 80+ advanced technical analysis tools
  • An insightful and comprehensive FAQ section for retail traders.
  • Compatible with PCs, tablets, and mobile devices.
  • Suitable for any type of trading style, including manual trading, signal trading, copy trading, and algorithmic trading.
  • Provides users with a professional MQL5 development environment.
  • Offers VPS hosting which can be set up easily.
  • Offers web trading to traders who prefer trading from the web or find the installation of a desktop or mobile version hectic or impossible.

Cons

  • The user interface can be a little advanced for new users and beginner traders.
  • Requires additional installations to function properly on other operating systems such as the Mac OS and Ubuntu
  • Some improvements can be made to the platform’s user interface.

MetaTrader 5: Platform Tools and Key Features

MetaTrader 5 provides users with one of the most sophisticated trading platforms in the industry as it comes fully packed with multiple vital trading tools and features, seamlessly built to function alike, across all devices (PC, Tablets, Mobile Phones). Some of the key tools and features offered by the MT5 includes;

  • A powerful trading system
  • Advanced Technical analysis tools
  • Fundamental analysis tools
  • Trading signals and copy trading
  • Mobile trading
  • Web trading
  • Algorithmic trading
  • Virtual hosting

Trading System

MetaTrader 5 Powerful Trading System.

MetaTrader 5 offers a very flexible and powerful trading system making it a suitable platform for any style of trading or type of trader. With MetaTrader 5, traders can get access to over four order execution modes that are available to meet various trading objectives. They include instant execution, request execution, market execution, and Exchange execution. Also, the platform supports all types of trade orders, including market, pending, stop orders, and trailing stops.

Technical Analysis

MetaTrader 5 Technical Analysis
Technical Analysis on MetaTrader 5

MetaTrader 5 provides one the best trading environment along with an incredible catalog of tools available for technical analysis, these includes over 38 technical indicators, 44 analytical objects, 21 timeframes and an unlimited number of charts.

Fundamental Analysis

Fundamental Analysis in MetaTrader 5
Fundamental Analysis on MetaTrader 5

MetaTrader 5 provides its users with the vital fundamental trading tools and resources to enhance fundamental analysis on the platform, these include news reports from international news agencies and an economic calendar which are all available within the platform.

Trading Signals and Copy Trading

Trading Signals & Copy Trading on MetaTrader 5
Trading Signals & Copy Trading on MetaTrader 5

For traders interested in copying signals of other successful traders, MetaTrader 5 creates room for traders to subscribe to signals (free and paid) or to be a signal provider on the platform. Subscribing to a selected signal provider can be done in a few clicks, and all your trades are thereby automated by the platform.

Mobile Trading

Mobile Trading in MetaTrader 5
Mobile Trading in MetaTrader 5

MetaTrader 5 provides users with a mobile version of the trading platform which is the MetaTrader 5 mobile app. The mobile app is seamlessly built to function like the PC version with functions such as the ability to; monitor account status, view trading history, perform trading analysis with the use of technical indicators, graphical objects, and more.

The MetaTrader 5 mobile app is available in Android and iOS versions and can be downloaded for free on smartphones and tablets.

Web Trading

Web Trading in MetaTrader 5
Web Trading in MetaTrader 5

For traders who prefer trading from the web or find the installation of a desktop or mobile version impossible, MetaTrader 5 provides a perfect solution, which is the MetaTrader 5 web trading platform. The MetaTrader 5 web trading platform allows trading activities to be performed, using any browser and operating system including Windows, Mac, and Linux.

Algorithmic Trading

Algorithmic Trading on MetaTrader5
Algorithmic Trading on MetaTrader5

MetaTrader 5 offers algorithmic trading which is a feature that facilitates automated trading using specialized automated trading applications such as trading robots and Expert Advisors. This helps algorithmic traders carry out automated trading activities without the participation of the trader.

Virtual Hosting (VPS)

VPS on MetaTrader5
VPS on MetaTrader5

MetaTrader 5 provides traders with virtual hosting which helps bypass internet connection issues, thereby reducing trade execution delays by transmitting data and trades to your broker’s MetaTrader 5 server. With Metatrader 5, this can be easily done in a few clicks.

MetaTrader 5: User Experience

The MetaTrader 5 provides users with a user-friendly interface and trading environment with every tool and feature being a click away. Although due to its advanced features and trading environment beginner traders and new users might take a while to get used to the trading platform.

MetaTrader 5: Compatibility

The MetaTrader 5 trading platform runs perfectly fine on the Windows operating system but would require additional installations to function properly on other operating systems such as the Mac OS and Ubuntu.

To install the trading platform on PCs with other operating systems such as Mac OS and Ubuntu, users would have to use a free and open-source software application called Wine, which allows applications designed for Windows to run on Unix-like operating systems.

On the other hand, MetaTrader 5 can be downloaded on both Android and iOS mobile devices which are available for free on the Playstore and Appstore respectively.

MetaTrader 5: Pricing

MetaTrader does not charge any fee to retail traders using the trading platform as it is free of charge, and the platform can be downloaded through the MetaQuotes’ website or through a broker that offers the MetaTrader 5 platform as a third-party trading platform.

MetaTrader 5: Account Types

Using MetaTrader 5, traders can work specifically with two different account types, which are the:

  • Demonstration (Demo) Account
  • Live Account.

Demonstration (Demo) Account

The demo account has the same functionality as a live account and can be opened directly from the platform. It is available for users to familiarise themselves with the platform, test a trading strategy and practice trading without having to risk real capital.

Opening a demo account can be easily done by selecting a demo trading server and specifying the registration data.

Live Account.

The live account, unlike the demo account, is used to trade live funds and cannot be opened straight from the MetaTrader 5 platform. They can only be opened by obtaining an account from a brokerage company under certain terms and conditions.

MetaTrader 5: Customer Support

MetaTrader 5 provides retail clients with a very insightful and comprehensive FAQ section that covers multiple topics relating to the use of the platform, these include topics on getting started with the platform, price charts, technical and fundamental analysis, trading operations, algorithmic trading, trading signals, copy trading, trading robots, market app store, MQL5 cloud network, Mobile trading MQL5 community, virtual hosting and more.

On the other hand, financial companies looking to provide brokerage services via the MetaTrader 5 platform can reach the platform’s representatives via telephone. The details are available on the MetaQuotes website.

Conclusion

The MetaTrader 5 platform is a great platform overall, and it provides a one-stop shop to traders looking for a fully-fledged and flexible trading platform.

The platform provides users with a powerful and advanced range of tools and features that are easily accessible with a click of the mouse, these include; an advanced trading system, technical analysis, fundamental analysis, a professional MQL5 development environment, multi-currency tester, alerts, trading signals, copy trading, algorithmic trading, virtual hosting and lots more.