The professional team of traders and financial advisors at ForexSQ.com want to help potential investors understand and evaluate various software trading platforms available for buying and selling foreign currencies (forex). In that regard, our experts offer the following review of the MetaTrader 5 or MT5 forex platform. In this Metatrader 5 review ForexSQ team provide list of the best MT5 brokers to open demo account and test the trading platform by a Metatrader 5 demo account.
MetaTrader 5 Review
Before reviewing MT5, it should be mentioned that it is very important for first time forex investors to open a demo trading account with a broker that simulates forex and other market activity so the newbie can experience the markets, the pace and strategies used in forex trading in a virtual scenario before actually risking real money.
This is where a trading platform becomes important to investors because it is the tool brokerages give traders to access their online trading accounts from which they can research, analyze, conduct and track trades and market trends. The MT4 and MT5 platforms are the most popularly used around the world because of their simplicity and user-friendly interfaces. Simple and easy are important software features for new investors when learning about online currency trading.
Different brokers use different trading platforms and we have compiled extensive research to determine which trading platforms are the best and which brokers use the best platform to operate their businesses.
MetaQuotes Software Corp is a Russian company headquartered in Cyprus to serve the needs of the world’s leading forex brokers. MetaQuotes was established in 2000 when it launched FX Charts, which is a charting package used for online forex margin trading. The success of FX Charts was attributed to the fact that it could be run on a windows based personal computer and didn’t require expensive additional dedicated equipment.
In 2005 MetaQuotes introduced MetaTrader 4 (MT4) software specifically designed for use by brokers and investors in forex trading around the world.
The simplicity and user friendly interface of the MT4 trading platform enabled it to quickly become the industry standard for forex trading platforms among brokers and investors around the world. MT4 remains the most popularly used forex trading platform, even after the introduction of the updated version MT5, major changes in which are discussed below.
Differences Between MT4 and MT5
The MT5 trading platform is still simple to install and easy to use and now includes more timeframes (monthly and yearly) and allows users to open up to 100 charts at a time.
The updated software includes a “calendar” tab with options like news, schedule, impact, forecasts and more.
The “market” tab allows users to directly rent or purchase forex products, as well as enabling users to read magazines about forex investing.
MT5 also includes more analytical tools, built-in indicators and graphic objects, as well as the ability to maintain more orders, pending orders and stop orders.
MT5 includes MT5 Editor, an improved strategy tester and an Agent Manager for remote optimization of expert advisors.
The updated software made additions to the design interface, which now includes a “search” box and “details” tab in the Market Watch window. Users can also use “drag and drop” techniques and conduct one-click trading.
MT5 does not support hedge betting and automatically implements (by default) the first in first out (FIFO) method of ending trades.
Also included in the updated MT5 are video guides in the “help” menu, improved “tester” components and new features added to “navigator” which enables users to display hedging or netting modes, as well as a new “chat” feature right from the trading platform.
Even despite the addition of new features and services in the updated MT5 trading software, it doesn’t excel much beyond MT4 for delivering broker services to investors/clients and MT4 remains the most popularly used forex trading platform.
MT5 Mobile Trading
Mobile apps have become very important features for traders in the forex marketplace for viewing and monitoring trading accounts and histories, as well as researching financial marketplaces and placing trades in a variety of markets around the world. MT5 provides a mobile app that allows MT5 traders to remotely access their trading accounts using smartphones and tablets powered by Android.
MT5 Account Download or Metatrader 5 Demo Account
Investors are able to download the MT5 software directly from ForexSQ online brokers category, but the professional advisors at ForexSQ.com recommend opening a trading account with the broker of your choice and downloading the software through the broker’s trading account. This will enable traders to rely on the advice of the broker’s experts in the field of financial investments when they encounter questions or other issues that need clarification while using the MT5 trading platform to open demo account.
Top MT5 Brokers
There are countless numbers of forex brokers who utilize the MT5 trading platform and researching their trading histories and professional backgrounds can be very difficult for the novice trader. This is especially true when researching brokers in foreign countries, many of which have no regulatory agencies overseeing brokers or financial markets for the purpose of protecting investors from shady dealings and maintain no record of any particular agent’s successes and/or failures. ForexSQ expert provide list of the best brokers provide MT5 trading platform at brokers category.
Metatrader 5 Brokers or MT5 Brokers
The professional brokers and advisors at ForexSQ.com have made selecting an MT5 broker easier for investors who know little about financial markets and trading platforms, including forex and MetaTrader5.
Our experts have conducted tireless research and analyses into the brokers who utilize the MT5 trading platform and used the conclusions of that research to compile our list of the top ten MT5 brokers in the world.
Please feel free to contact ForexSQ.com if you have any questions or concerns about MetaTrader5 or other forex trading platforms.
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