What is MetaTrader 5?
MT5, or MetaTrader 5, is a third-party electronic trading platform designed by MetaQuotes Software. Released in 2010, it is the latest iteration of the popular MetaTrader trading software and successor to the highly successful MT4. For traders, MT5 is a turnkey solution for trading Forex, Stocks and Futures. It is equipped with an impressive array of features, including advanced technical analysis tools, trading bots, copy trading and more.
How much does MT5 cost?
MT5 is free to use for traders. The cost of the platform is covered by brokers, who pay an upfront and monthly fee to license the software for their users.
Is MT5 better than MT4?
Whereas MetaTrader 4 is built specifically for Forex traders, MetaTrader 5 allows you to trade other markets such as CFDs, stocks and futures. MT5 also provides a better user experience by offering more technical analysis tools, an economic calendar and access to more advanced commands and calculations for algorithmic trading.
How to Choose an MT5 Broker?
There are several key criteria to bear in mind when comparing the best MT5 brokers:
Security and Regulation
The most important aspect when choosing any broker is ensuring that they are fully regulated and offer a high level of security. Before making a deposit with a broker, check that they are a member of a regulatory body such as NFA/CFTC (United States), FCA (United Kingdom) or ASIC (Australia).
Trading Costs
Brokers primarily make their money through either a spread or commission charge, which you’ll have to pay on every trade that you make. Take the time to research brokers and look for one that offers tight spreads or low commission fees. Also, don’t neglect other trading-related costs such as overnight funding (or ‘swaps’) and currency conversion fees. It’s important to weigh up trading costs as a whole and not get too caught up in spread and commission charges.
Deposit and Withdrawal
Any good MT5 broker will make the deposit and withdrawal process as simple and hassle-free as possible. There should be no reason for you to have any trouble withdrawing the profits you have earned, so check that they accept a wide range of payment methods. Always check for deposit and withdrawal fees as well as minimum deposit and withdrawal amounts.
