MetaTrader 5 is an advanced platform that allows traders to access liquidity from the best place. Traders have been using this software as a core part of their journey. Moreover, financial brokers offer two or more platforms to their clients for flexibility, where MT5 remains the top priority.
It is often problematic for traders to choose the right platform to start trading for the new participants of the financial market. It requires a minimum level of basic knowledge about the platforms to choose the suitable platform for trading.
This article includes the basics of available trading platforms, so you can choose which one will be best for you to trade. We also list and brief some features of the MT5 platform that will help you grow your trading account by making more precise trading decisions.
Forex trading platforms
In this part, we will discuss traditional platforms that retail investors use for financial trading.
MetaTrader 4 is probably the most common platform that individual traders use. The developer of this platform is MetaQuotes.Traders using this electronic trading platform since 2005. It commonly connects forex trading, but it is also effective for trading other markets like commodities or crypto CFDs.
MT4 has beneficial features such as instant execution, monitoring, pending orders, drawing on the chart, changing time frames, adding indicators, etc. It is a very user-friendly terminal that can have desktop and mobile versions.
MetaTrader 5 is another online trading software made for retail traders. It is a next-level platform that involves FX and other CFDs trading. There are a vast number of indicators and richer tools than the MT4 platform. Therefore, trading based on EAs, indicators, volumes, and signals is more effective.
MT5 is a fantastic platform for traders with experience, in other words, who already know how to use MetaTrader 4.
It is another trading platform that uses CFDs. If you compare trading platforms with an opportunity of having deep research, cTrader is always the best option. It has advanced order types, numerous trading tools, and fast executions of orders. It is also available on desktop, mobile, and web browsers to provide more flexibility in trading.
Although it provides good services, it has drawbacks. Not too many brokers offer this platform to their clients.
You can count ProRealTime as a technical analysis platform. It involves advanced backtesting tools and advanced market screening tools. It is a trading software and trading platform that allows premium quality trading tools and market information.
Only 825k users use this platform. You have to pay a certain amount of fees if you want to use this platform. So it’s evident that this platform is not for nonprofessionals. Only professionals can use this platform.
It is famous for its unique features and components. It offers access to the forex market and futures market. Moreover, it allows real-time analysis, modifying technical indicators, better charting, etc., features to users.
Using this platform is free, and you can start the trade by using this platform with a minimum deposit of $400 for futures and $50 for forex assets.
Six unique features of MT5 that can beat others
In this part, we list the six unique features that make MT5 a better trading platform.
Variations in the time frame
MetaTrader 5 platform allows variations in time frames in comparison to other trading platforms. It will enable different time frames besides standard time frames that other platforms offer, such as 6 min, 10 min, 12 min, 2 hours, 8 hours, 10 hours, etc.
It allows traders to see the more accurate price movement.
The platform has more built-in indicators compared to other platforms such as MT4. Traders can analyze the price movement more precisely by using these indicators. It is a next-level platform for traders who already know MetaTrader 4.
This platform allows traders to use graphical objects such as trendlines, horizontal lines, various shapes, arrows, angles, Fibonacci retracement tool, etc. Traders can find this object at the insert option. They can use these objects often to get the technical view for the trading asset.
MetaTrader 5 has its expert advisors using the MQL5 languages, which is more accessible than traditional MQL4. Therefore, programmers and EA traders prefer this software to its previous version.
When you use EA, you don’t need to analyze, make entries, or exit from any trade. Moreover, you can select the signal provider’s services and copy their trades by this feature. It will automatically occur as a replica of the service provider; you can only change the attributes such as lot, spreads, etc.
This platform allows traders to see the real-time volume of the trading asset. Trading volume is an essential factor for any trading asset that shows the participant’s activity at a specific time. It helps traders to make trading decisions in the right direction of the price movement.
You can backtest strategies at MetaTrader 5 platform. It is a fantastic feature where traders can access a pool of customized indicators, scripts, etc. It is a pro feature that traders use for more accurate forecasts for the trading assets.
Finally, you have basic knowledge about the sophisticated platform for forex and CFDs. Now you can choose the best one for you that will suit your trading style. We suggest using demo trading at the platform before starting to use it.
Now you can check and compare the platforms mentioned above to know the best one. It is user-friendly as the MT4 contains more fine features than MetaTrader 4. Moreover, the features and attributes of the MetaTrader 5 make it a better platform for every kind of trader. More than a hundred brokers offer this platform to their clients.