What is the MetaTrader 5 (MT5) platform?
MetaTrader 5 or MT5 is a multi-asset trading platform that allows forex, stocks, and futures trading. It provides exemplary tools for comprehensive technical analysis of price movements, the use of automated trading using software algorithms (trading bots, expert advisors), and copy trading services.
Why should I use MT5? Is it different from the MetaTrader 4 platform (MT4)?
The MetaTrader 5 platform was released in 2010, five years after releasing MetaTrader 4, which was, at that time, the most widely used platform among novice traders and brokerage firms for trading in the Forex market via CFDs. MetaTrader 5 platform has managed to maintain the most important feature, which is the ease of use, in addition to setting up a set of additional leading features, especially charting. Some of the features of MT5 include: – 21 timeframes located on the charts compared to 9 timeframes for MT4.
– 8 additional technical indicators.
– Use of MQL5 for automated trading programming (algorithmic trading), that provides more tools and 20 times faster execution than MQL4 for the MetaTrader 4 platform.
– More trading orders.
– Trade an infinitely larger number of financial assets, while the MT4 platform is specifically designed for trading CFDs for a limited number of forex pairs.
– The possibility of trading real shares on various stock exchanges
– Opening hedging deals
– Economic calendar
Read more: Why the MetaTrader 5 trading platform is the best.
How can I download and install MT5 platform?
You can download and install the MetaTrader 5 platform from the Sikapa Trade website from here. After installing the platform, you can open a demo trading account, or use the data of a real account to enter the platform and start trading.
Is MT5 suitable for beginners
Yes, one of the most important features of the MetaTrader 5 platform is the extreme simplicity of the user interface. It allows any trader, regardless of his experience in the market, to use it almost directly without any need to specify time and effort to learn and get accustomed to it. It also has a copy trades service, which enables novice traders to follow and copy successful professionals traders. The well-known MetaTrader platform has a large active user base and forms a strong community that provides plenty of answers and solutions for all kinds of problems that a novice trader might encounter.
What financial assets are available for trading on MT5 platform?
It depends on the brokerage firm that you are dealing with, the type of assets, and the financial markets on which you provide trading services. You can trade all CFDs for currency pairs (Forex), global and Arabic stocks, indices, commodities, cryptocurrencies and ETFs on Sikapa’s MetaTrader 5 platform.
Is it possible to access MT5 trading account from different computers devices?
Yes, you can login to your MT5 trading account from different computers at the same time. This also includes using the MT4 platform application on both Android and iOS.
Can I trade on MT4 with an MT5 account?
Unfortunately, you can’t. You need to download and log in to the same platform that you initially opened a trading account on.
Are the MT4 EAs compatible with MT5 platform?
No, the automated trading programs on the MetaTrader 4 platform, known as the Trading Expert, are coded using the MQL4 language. It is a completely different language and not compatible with the MQL5 programming language used on the MetaTrader 5 platform despite of the great similarity in the name. In order to automate the same trading strategy on the MetaTrader 5 platform, it must be reprogrammed from scratch by a professional MQL5 programmer.
How can I create an account statement on my MT5 platform?
To get the full report of your MT5 trading history, click on the History window in the list of windows displayed at the bottom of the platform. Inside the History window, right-click on the report and then click on Report from the menu. Finally, you can save the account statement report as an XML file, which can be opened in Excel. Alternatively, you can save it as an HTML file, which you can open on a web browser.
Can I manage multiple accounts on MT5 platform?
Sure, you can open and manage several accounts on the MetaTrader 5 platform, but you have access to one trading account at the same time on the same trading platform. The accounts used are stored and displayed in the Navigator window (CTL+N) where you can switch between them, where they are categorized based on their type (real or demo accounts) and the name of the server they are opened on. If you want to log into more than one account at the same time, you will need to install more than one platform in different files on your computer.