Because the foreign exchange market is highly decentralized, which means that the trading platform you choose makes all the difference in the world. There are plenty of options out there, but by far the most popular and the best forex trading platforms are the ones in the MetaTrader family. The first one in the family was launched by developer MetaQuotes software all the way back in 2002.
Over the years, many versions of the platform emerged. Despite the wide usage of MetaTrader 4, the most recently revised and improved one is actually MetaTrader 5. Therefore, opening an MT5 account is a good idea when you want to have a go on the forex floor and be able to use every single tool of the trade. Here is what you need to know on the topic.
About MetaTrader 5
As previously mentioned, the first ever version of MetaTrader was released 16 years ago, in 2002. After three years of intensive research and development, MetaTrader 4 came out in 2005. In the years to follow, it became a staple in the arsenal of many brokerage agencies, hitting peak popularity back in 2010 when most of them had included it in their offer.
During this time, MetaQuotes Software worked on enhancing a new version of the program, namely MetaTrader 5. Although it initially used the MQL4 programming language, between 2013 and 2014 developers completely revised it, creating MQL5. Afterward, the two codes became unified into a single programming language.
MetaTrader 5 allows forex traders to make use of charts and technical indicators to analyze the market, as well as receive updated information on exchange rates and stocks, view trade history and connect to the servers of online brokers. All the data that comes through the software is in real time, which allows for the highest level of accuracy to be pursued.
The Installation Process
MetaTrader 5 is available on a multitude of platforms. You can mount it on your computer whether you have Windows running on it or macOS. All you have to do is download the .exe file from the official website of the software and run the installer. The necessary settings will be performed automatically as you click ‘Next’.
The online trading platform can also be installed on mobile devices such as smartphones and tablets, as it is available both via Google Play for Android and the Apple Store for iOS. In this scenario, you will have to download the app and let your gadget do the rest of the work. Therefore, the entire process is a rather easy one, as it is almost automatic.
Creating an Account
After installing MetaTrader 5, you won’t be able to use it right away. You need to open an account with the platform in order to benefit from all the tools it has to offer. There are two options in this case. You can either register for a demo account or start with a live one right away. Depending on your experience with trading, you will go with one or the other.
Demo accounts are the perfect choice for beginners, as they allow you to engage in fictitious trades based on real-time market data. Through this, you will be able to learn the intricacies of this occupation, as well as test out different strategies and their outcomes. Learning from your mistakes in crucial in forex, and not having to lose money over it is a welcome bonus.
Live accounts are reserved to those who already know what they’re doing but wanted a change of platform or brokerage agency. To create your account, all you have to do is use the special signup page created by your online broker of choice. After completing all the required fields, you will be sent your credentials right away.
Final Thoughts
Trading currencies on the foreign exchange market is more than something you can do on the Internet when you’re bored. It is a complex activity that needs to be pursued with the utmost professionalism if profits are desired. For this reason, it’s essential to make use of the best software on the market. And nowadays, that is represented by MetaTrader 5.
This widely accessible online trading platform is available on both computers and mobile devices, which means that you will be able to manage your orders anywhere, anytime. Its wide array of robust tools will allow you to place the most profitable orders, make adequate predictions, and cut your losses when necessary. So, what are you waiting for? Try it today.
Image Credits: Negative Space
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