Be it an experienced trader or a beginner who is still looking to better understand the trading platform MetaTrader 5, you need a comprehensive guide that will help you become a more effective trader.
Downloading the MetaTrader 5
Your broker will give you a link to download the MT5 platform. You will then be redirected to the download page. After that, fill in the login form with your information. The download will then begin automatically.
Depending on your broker, you can download MT5 on a desktop or a mobile device. This trading platform is compatible with Apple iOS, Android devices, Mac, and Windows.
Installing the MetaTrader 5 on Windows
- After you download the platform, you will find a file situated at the download bar which is mostly located at the bottom of your browser or it can also be at your download file directory.
- Click the downloaded file extension.
- Follow the installation instruction for Windows.
- Choose the installation location for the file.
- Tap ‘Finish’ when you’re done.
After completing the installation, you can now create a desktop shortcut so you can easily find and launch the software.
Installing the MetaTrader 5 on Mac
The latest version of Mac OS, Catalina, removed the capability to utilize the 32-bit applications. Because of this, a lot of applications were affected and that includes the MetaTrader platforms. It does not work on Apple’s Catalina. But, Parallels Desktop still allows you to use the virtual machine on your Mac devices. This virtual machine imitates a computer, allowing users to run another operating system like Windows and it works like another computer at the host machine.
Adding Funds Into the Account
In your trading platform, you will see an option for transferring the fund into the trading account from your bank. After verifying your trading account, you can start transferring your funds and start trading as soon as possible.
Advantages of MetaTrader 5
- MT5 has its own set of unique benefits. Here are some of it:
- An interface that’s easier and simpler to use
- It has new customizable units of measurement and time
- It showcases an economic calendar found directly at the platform
- You can find a brief history of automated orders that can be viewed on the index chart
- It has the history of your activity in the market, just like an order book.
- You can access a wide variety of instruments.
MetaTrader 4 vs. MetaTrader 5
It is without a doubt that MetaTrader 4 and 5 are the world’s most renowned trading platforms. However, there are some unique benefits of MetaTrader 5 that you won’t on MetaTrader 4.
- MT5 is simple and easier for the user and its interface is much more improved.
- MT 5 is customizable with time and measurement.
- MT 5 offers an economic calendar that’s fully integrated into the trading platform.
- MT 5 has a more stable and quick connection to the server.
- MT 5 is more stable than MetaTrader 4.
- MT 5 offers accurate and so much faster execution of an order.
- MT 5 allows hedging.
- MT 5 is available on Mac OS and iOS devices, PC, and Android.