How to set up MetaTrader 5
MetaQuotes’ MetaTrader 5 (MT5) supports trading in a wide variety of assets and facilitates access to foreign exchange, stock, and futures markets.
MT5 lets users check market data, see live prices, and make orders with their broker. Functions as varied as fundamental and technical analysis, copy trading, and automated trading are all part of its feature set.
In this article we take a closer look at the comprehensive functionality of the MetaTrader 5 platform, and provide a useful guide on setting up the MT5 platform when signing up with brokers like Khwezi Trade.
What is the MetaTrader 5 trading platform?
Forex, indices and commodities can all be traded on MetaTrader 5, as it is a multi-asset platform. Copy trading through the usage of trading robots and Expert Advisors, and in-depth price analysis are all facilitated by the use of cutting-edge technological resources.
MetaTrader 5’s Market Depth and order/trade segregation features make it a potent trading platform.
It works with both the standard netting system and the hedging option system for order accounting. Instant, Request, Market, and Exchange execution are the four order modes available to traders. Market, pending, and stop orders, as well as trailing stop, are all available on the site.
What are the differences between MetaTrader 4 and MetaTrader 5?
MT4, which debuted on July 1, 2005, is an electronic trading platform that is straightforward and uncomplicated to operate. It is designed specifically for the online retail FX market.
MT5, on the other hand, was released five years later on June 1, 2010, and it is a multi-asset trading platform that includes everything in one convenient package.
Traders are able to access their trading platforms around the clock and from anywhere in the globe by using the mobile versions provided by MT4 and MT5 on iOS and Android-powered smartphones and tablets. Traders can also use MT4 and MT5 on desktop computers.
Interactive quotation charts, a full range of trading orders, popular analytical tools, the opportunity to check account status, and the ability to buy and sell financial instruments are some of the functionalities that are given through both platforms.
A significant distinction between the two platforms that is worth pointing out is that MT5 provides market depth (DOM, which stands for depth of market), which enables customers to see the prices at which bids and offers are being made in various marketplaces.
The configuration of the trading system is yet another important distinction that should be pointed out. MQL4 is utilized for the development of trading programs that are based on the order system, whereas MQL5 is used for the implementation of a positioning system.
It is believed that MQL5, which is the successor to MQL4, is more user-friendly and has a higher level of efficiency. MQL4 demands the completion of multiple functions for each individual trading operation.
It is also important to keep in mind that the enhanced Strategy Tester for Expert Advisors will be available on MT5, along with Agent Manager for remote optimization.
Both MT4 and MT5 have execution modes that are comparable to one another. On MT4, traders have access to the following execution modes: instant execution, execution on request, and execution by market.
However, MT5 traders have access to an added mode of execution known as exchange execution. Orders are transmitted to an external trading system when using this option.
MT4 has four different order types for pending orders, which are execution modes used to buy or sell a market at a pre-set price at a later time. These order types include buy stop, buy limit, sell limit, and sell stop.
MT5 offers six different order types for pending orders. The buy and sell stop limit orders are the additional two that are made available by using this application.
What are the benefits of using MetaTrader 5?
MT5 is a powerful trading system that provides features such as distinct trading and ordering accounts, support for not only a variety of order types but also modalities of execution, and Market Depth.
Hedging can be accomplished through the use of the order accounting method in foreign exchange trading. This gives you the ability to open many spots in one instrument, either in the same direction or in the opposite direction.
In addition, the MT5 platform provides a total of four different techniques for order execution. These are referred to as Request, Market, Instant, and Exchange respectively. The fourth form of exchange is utilized for commercial transactions that involve the utilization of stock tools.
As a trader, one of your goals should be to have the ability to accurately forecast the direction the market will go in the future. This is due to the fact that it increases your chances of having success as a trader.
The MT5 platform gives you access to a variety of analytical tools, which enables you to do accurate price research and projections. The amazing tools for technical analysis that are made available to you can assist you in being better prepared for any changes that may occur in the market.
Some examples of these tools are the economic calendar and the financial news service that is offered by international news organizations. Because of this, you are better able to predict the fluctuations of prices across a variety of financial instruments.
The MT5 platform’s ability to conduct automated or algorithmic trading is, hands down, the best and most exciting function it offers. Automated systems perform market analysis and trade on your behalf.
Your only responsibilities are to choose a tactic and lay out detailed instructions for others to follow. The robot would act in accordance with the instructions and carry out deals on your behalf.
How to set up MetaTrader 5
1. Sign up with a MetaTrader 5 Forex broker
The first thing you’ll need to do to open a MetaTrader 5 trading account is to find a Forex broker that supports the platform. There is a plethora of options when it comes to brokers, which can make making a choice seem like an insurmountable challenge.
For traders in South Africa, the best place to start is to find an FSCA-regulated Forex broker, like Khwezi Trade, which will provide you with secure access to the markets and all the features of the MT5 platform.
2. Download MT5
MetaTrader 5 can be downloaded for PC, web or mobile use. Here, we show you how to approach all three options.
Downloading MT5 for Windows
- Click or tap on the option to download MT5
- To begin the installation, open the file that you downloaded and double-click it.
- Please read the terms of the License Agreement. Please indicate your agreement by clicking the box to the right of Yes, I consent to all of the conditions that are outlined in the license agreement.
- Select the folder in which you want the program to be installed. Click the Next button if the folder that was suggested is the correct option. If not, choose a folder by clicking the Browse button, and then click the Next button.
- Choose the file from the Programs menu
- You can install the MetaTrader trading platform by clicking the Next button, or you can click the Back button if you need to make any adjustments.
- At this point, there is nothing more for you to do but wait until the program has been completely installed on your computer.
- After the installation of the MetaTrader platform has been finished, you will be able to launch it by clicking the Launch MetaTrader button, followed by the Finish button.
Downloading MT5 for MAC
- Select the option to download MT5 for MAC on your broker’s website
- Open the MetaTrader5 application by going to the Applications folder.
- When you right-click “Accounts,” you can choose “Open an Account.”
- After you have typed in your broker name, for example “Khwezi Trade”, click the “Find your broker” button.
- After clicking “Next,” choose “Connect with an existing trade account” from the drop-down menu.
- Put in your user name and password here.
- From the dropdown menu, choose the server on which your account is registered.
- Done! You can close this window now.
Downloading MT5 for Android
- Open an account with your selected broker, such as Khwezi Trade
- Select the MT5 platform
- Select the option to download the platform on your Android device
- Follow the prompts to complete the installation process
- You can now start trading on MT5 from your Android device
Downloading MT5 for iOS
- You can either download MT5 from the App Store, or select the option to download it via the broker website
- After installation, you can choose the option to access the platform from a live trading account or from a demo account (this option is also available for other interfaces above)
- Provide your log in details and password to start trading
Khwezi Trade regulated by the FSCA
It can be difficult to find a reputable and reliable Forex broker that offers MetaTrader 5.
Khwezi Trade is an authorised financial services provider FSP 44816 and licenced ODP, meaning you can trade with confidence knowing your funds are safe.
With Khwezi Trade, you can be sure that your MetaTrader 5 experience will be positive. Download MetaTrader 5 for PC, web or mobile and start trading today!