MetaTrader 5 (MT5) is a multifunctional trading platform. It hasn’t gained much popularity when compared to MetaTrader 4 (MT4). However, if you are interested in trading stocks and commodities, MT5 can be better than MT4, which is focused more on the forex market.
This review will highlight all that you need to know about MT5 and how useful it can be for your trading.
Who is MT5 best for?
As a trader, you should know that the key to success lies in identifying the right platform and tools. So, should you use MT5? Well, you can use it if you are:
- An advanced trader: It works well for advanced traders because of its multi-asset and multi-functional abilities. This platform allows you to work with different brokers and multiple accounts.
- Day traders: You can also use the speed, robustness, and reliability of MT5 for day trading.
But this information doesn’t mean that you cannot use MT5 as a beginner. It is still accessible and helpful to all traders. However, most seasoned traders recommend it for experienced investors.
Pros and Cons
Here is a quick review of its pros and cons to guide your understanding of this platform.
- It has an easy-to-navigate interface
- It has a wide range of analytical tools
- It has a wide breadth of asset classes
- It has an integrated economic calendar
- You might have to relearn techniques if you are used to MT4
- It has advanced features that may intimidate you if you are a beginner
- Hedging for exchange markets is disabled
These pros and cons only give an overview of the platform. You can gain further insights by looking at reviews written by experienced traders.
Important Review Factors that Define MT5 Platform
Platform and trading tools
You can access the MT5 platform on desktop, laptop, and mobile. Its desktop version is superior because of the comprehensive tools of analysis available. You should open an MT5 trading account using the desktop version to familiarize yourself with the platform before downloading the mobile version.
The platform has a variety of tools that can help you to copy deals, analyze news, send reports, and create a custom graphical interface.
You can read financial news from international agencies on the MT5 platform. It provides a daily broadcast of international news affecting the financial market to influence your trading decisions. It also has an economic calendar that has a list of upcoming events. This can help you to forecast the values of financial assets.
You can access the MT5 platform for free. You can either use your broker’s website or get it directly from MetaQuotes’ website. It has a demo account that allows you to practice using the platform.
You can access this platform if you are using Windows, Mac OS, Android, or iOS. It can run on Windows 2008, 7, 8, or 11. For iPhone users, you must have an iPhone 4S or a newer version to access the mobile app.
MT5 has a customer help page that can help you get quick information on topics like Getting Started, Price Charts, Trading Operations, Technical and fundamental analysis.