MetaTrader 5 Brokers Features Pros and Cons
Russian company MetaQuotes has brought the revolution in the forex trading industry through their MetaTrader platforms. Therefore, forex brokers came out of their comfort zone and started providing outstanding offerings. And with the release of the MetaTrader 5 in 2010, the traditional brokers got the opportunity to introduce themselves as MetaTrader 5 brokers. The MT5 platform gave unprecedented control to both traders and brokers.
MetaTrader forex trading platforms are the ultimate way for brokers to offer nonstop service to their clients. If you are new to the forex trading industry or have a little idea about MT5 brokers, you will understand everything after finishing this article.
What is MT5 Platform ?
MetaTrader 5 is a recent addition to the forex trading platform from MetaQuotes. MetaTrader 5 brokers usually use the MT5 platform to operate and provide service to their clients. It allows the brokers to offer commodities and equities to traders for their registered users. However, you might find similarities between the MT4 and MT5 brokers, but they are not identical. MT5 for the brokers is a writer in a different language than the MT4.
Who should use MetaTrader 5 Forex Brokers?
Despite the trading experience, anyone can use MT5 brokers as they are user-friendly. MT4, a multi-asset platform, is easily understandable by advanced traders. Besides, novice traders can also comprehend this platform with no complicated effort.
Furthermore, MetaTrader 5 forex brokers are a great help to the day traders who want a fast and secured server along with a customizable interface.
MT5 Forex Brokers
|Visit Broker||Rank||Broker Reviews||Location||Minimum Deposit Amount||Deposit Bonus||Payment System||Rating||Create an Account|
|3||Sydney, Australia.||$200||No Bonus||9.98||Real Account Demo Account|
|1||Sydney, Australia.||$100||No Bonus||10.00||Real Account Demo Account|
|2||New Providence, Bahamas.||$100||No Bonus||9.99||Real Account Demo Account|
|6||Sydney, Australia.||$10||No Bonus||9.95||Real Account Demo Account|
|4||Belize, C.A.||$50||15%||9.97||Real Account Demo Account|
|5||Beachmont, Kingstown.||$100||100%||9.96||Real Account Demo Account|
|7||London, UK.||$200||No Bonus||9.94||Real Account Demo Account|
|8||London, United Kingdom.||$1.00||No Bonus||9.93||Real Account Demo Account|
|10||Kolonakiou, Cyprus.||$100||100%||9.00||Real Account Demo Account|
|9||Limassol, Cyprus.||ECN - $300||No Bonus||9.92||Real Account Demo Account|
|Rank||Broker Reviews||Location||Minimum Deposit Amount||Deposit Bonus||Rating|
Features of MT5 forex Brokers
MT5 platform helps the brokers to add numerous features in the broker account, which eventually accelerate the trader's trading experience. However, the following are the top features you might want to look at prior to sorting the MetaTrader 5 brokers list.
Flexibility in the Trading System
MetaTrader 5 brokers offer a well-designed trading system which comprises a distinct accounting system for trading and ordering stocks. On top of that, the MT5 can help the brokers to offer to hedge too. The four order execution systems include instant, market, exchange, and request. Moreover, MT4 leads the traders to place different types of trading orders like market orders, stop orders, pending orders, and also trailing the stops. All together, these can help the traders to experiment with multiple trading strategies.
Technical Analysis via MT5 Brokers
MT5 offers a real-time technical analysis feature that lets you analyze through 100+ charts and quotes simultaneously. On top of that, it has more than 21-time frames, which ultimately indicates a tiny movement too. The 80 technical indicators offer different graphical presentations.
Besides the built-in tools, you will have access to thousands of paid and free indicators. In addition to that, you can also purchase numerous advanced indicators too. The MQL5 language will let you create your own customized indicators, which eventually ease your user experience.
MetaTrader 5 brokers offer its users to generate the fundamental analysis to forecast the price movements of different financial instruments. Nevertheless, it continuously observes the forex market to offer you a comprehensive fundamental analysis through retrieving data from MT5.
Additionally, MetaTrader 5 can take data from the trending news available from international news and media agencies and send them to the broker. The built-in economic calendar shows numerous macroeconomic indicators collected from different countries, and traders can use those data to create an effective strategy.
Social and Copy Trading
Social and copy trading features are intended to replicate other trader's tactics. So, you are getting a ready-made trading strategy that is a winner too. The MT5 forex brokers feature the successful traders in their platform who want to share their strategies for a fee. Further, you can get access to the list of forex signal services and copy them. The good thing about MT5 copy trading is that it doesn't require manual trading. Instead, you can do it automatically through the platform. Therefore, you don't need to know or make an analysis on a specific currency to initiate forex trading. You will just need to provide the retrieved instruction through the social trading feature, and you are good to go.
Multiple forex brokers reviews suggested that MetaTrader 5 brokers offer algorithmic trading, which eventually works to maximize profitability. It works finely through the specialized application named expert advisors or trading robots. The best feature of this algorithmic trading feature is that you don't need to sit and command the software all the time. You just put all the parameters on the MT5 platform, and it will work automatically without even your further intervention.
Besides, if you are good at making a trading strategy, you can test your strategies via the algorithm offered by the MT5 brokers.
Access to the Trading Application Market
MT5 offers its own marketplace for its users. You can buy or sell different tools and applications related to trading. However, you will get a trial option too before taking the decision to buy any applications or tools.
Furthermore, all the tools you buy from the MT5 marketplace can be used instantly. You can access the application market anytime from anywhere. With the convenient payment method, you can buy your desired trading application anytime.
MetaTrader 5 forex brokers always intend to make the trading effortless. In this context, they provide mobile trading for all the users. It gives the opportunity to trade from anywhere any time via a few taps on the phone screen.
They offer a mobile app for Android and iOS apps which also include iPad and Tablets. Further, you don't need any multiple MT5 accounts to access via mobile. A single account is good to go for all kinds of devices.
Web trading applications get you to access the forex trading market and initiate trading directly from the MT5 brokers website. Besides, you can download the same platform on your PC to complete trading.
However, web trading is different from other trading platforms. On the web, you don't need to download any software on your devices. On top of that, it works on mobile devices too. So, if you don't want to download apps on your phone, you can use web trading on the phone.
To use all the MT5 trading platforms, you just need to fulfill one requirement, which is having a stable internet connection.
Virtual Private Hosting (VPS)
VPS increases the trading capabilities and helps on uninterrupted trading operations via a speedy server. It is basically virtualizing the MT5 that can operate from a remote server smoothly. However, it comes with the platform and is completely free.
Pros of MT5 Brokers
MT5 has been actively working for the last 10 years, and within this time period, the platform has built an excellent reputation. So, our research team has hunted for the good things of MT5, which is presented below.
- The user-friendly interface offers an easy navigation system and makes the platform easy to use.
- Provides numerous assets and instruments.
- Multiple analytical tools help to trade effectively.
- Contain 21 different time frames along with 8 pending order types.
- Notification on recent news boosts the decision-making on upcoming trading.
Although MT5 brokers have some outstanding features, it also comprises few cons.
- Sometimes brokers don't offer any kind of hedging when it comes to the exchange market.
- Brokers might be beginners friendly always. Hence, you may need to search for the best forex broker that is beginner friendly and also use MT5.
Are MT5 Forex Brokers Safe?
We already have mentioned that MT5 uses a secured service for data transfer. So, it ensures that the MT5 brokers are highly secured and safe. It transfers data via encryption; therefore, there are no possibilities for any data breach.
According to our findings, MT5 forex brokers offer top-notch customer support via phones, email, or live chat. So, if you come across any trading-related issues, you can contact the support immediately and get the solution in no time. But it is mandatory to check the customer support of a particular broker from the MetaTrader 5 brokers list before signup with that.
MT4 vs MT5 Brokers
When you look for the top 10 forex brokers, you may come across the MT4 brokers as well as MetaTrader 5 brokers. Besides, you may find the brokers that offer both MT5 and MT4 in their platform list. Eventually, it arises the question, which one is good between the two.
Although both offer similar offers, while MT5 is slightly different than MT4, MetaTrader 5 is mainly beneficial for trading bonds, stocks, commodities, futures, along forex currency trading. On the other hand, MetaTrader 4 is significantly excellent for trading forex instruments.
When it comes to the desktop application, MT4 needs more memory in the hard drive than the MT5. However, the inventor MetaQuotes has been improving both platforms. And currently, both platforms are highly popular in their respective field. So, it is undeniable that both are good for the traders.
MetaTrader 5 Broekrs Countries
MetaTrader 5 doesn't offer services in the USA; hence if you are a US citizen, you will not be able to access the benefits of MetaTrader 5. But it is available in the other parts of the world such as Europe, Asia, the Middle East, Africa and more. If you are from these countries, you don't need to get worried about accessing the MT5 platform.
MetaTrader 5 Brokers are user-friendly, which easily attracts a lot of users worldwide. Besides, the availability of all the popular devices makes it a gem to the traders. The automated trading offers by the brokers also help the traders to earn a maximum profit from their trading. You also should keep in your mind that there are possibilities that you may face losses too. But, MT5 brokers always work with the traders to minimize the losses too. Therefore, MT5 forex brokers can be a good choice for all forex traders.
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