Let us start with understanding what MetaTrader 5 (MT5) is all about.
MT5 is a software that connects the trading of forex, stocks and futures all on one platform. This is a multi-asset platform and traders can trade it either through a computer or a smartphone.
MT5 is intended to accommodate more asset classes which include cryptocurrencies. So, MT5 is ideal for the unconventional and modern trader who seeks to enhance their trading experience using a choice of powerful and effective new features as well as highly practical trading tools and resources.
Overbit is now offering MT5 as a platform for traders to get connected with the financial markets. Traders will have access to excellent tools used for in-depth price analysis, a range of indicators, algorithmic trading applications (such as Expert Advisor (EA), bots trading) and copy trading. Automated trading through EAs and signals are a popular function used by many traders.
This EA software is mostly used by modern crypto and forex traders who have the opportunity to choose their own broker with which they wish to trade, as long as it is compatible with the trading platform. Overbit is now able to support traders with EA for a seamless trading experience.
History on MetaTrader5:
MetaTrader5 was first introduced by MetaQuotes in 2010, as a successor to the hugely popular MetaTrader 4 (MT4). MT5 software uses MQL5 language and its main objective is to offer new functions and an improved set of tools from its previous version (MT4). MT5 has two market orders, six pending orders, plus two stop orders. It also offers more advanced graphics and better analytical tools in comparison to MT4.
MT5 also incorporates a fundamental calendar, offers exclusive indicators and has a black box for programming, which makes the user experience simple and seamless.
MT5 connects traders to numerous markets:
- Stock indices, including the S&P 500, Dow Jones, NASDAQ, Dax 40
- Cryptocurrency, including Bitcoin (BTC)
- Commodities, including gold
- Forex, including XAU/USD
Lastly, MT5 allows traders to test strategies with crypto, while at the same time allowing higher speed optimisations to configure your Expert Advisors (EAs). This is something that MetaTrader 4 is unable to deliver.
MetaTrader 5’s community is extensive, ensuring help is always on hand. Indeed MT5 is more widely available and still offers ample customisation for traders.
Is MetaTrader 5 safe?
Overbit prides itself in military-grade security and MT5 is a relatively safe platform, using data encryption and extended authentication to protect client information from hackers. However, traders will still need to be extremely cautious when trading as the nature of trading itself is still risky. Hence, do not risk more than you can afford to lose.
So, where do we go from here?
The first step for traders is to decide what kind of tools they intend to use, as well as the EAs, indicators, scripts, libraries and the available markets in each one of them before starting your MetaTrader 5 journey.
How do I use MetaTrader 5?
To use MetaTrader 5 you need to download the platform to your Mac or Windows device or open the terminal in your web browser. You will need a new account to start. Upon the registration of a new account, you can deposit funds, conduct price analysis, and place trades in MT5.
The good news is, MetaTrader 5 is free
MetaTrader 5 is free to all to use as Overbit has already paid an upfront fee and owns a license to the platform.
Create a demo account here and start your MT5 experience here.