MetaTrader5 is used as a platform for trading in the Forex Market. MT5 is the latest updated version of MetaTrader4. But it seems like MT5 is experiencing less attention from the brokers. Traders perform trading in the Forex market along with futures, stocks as well as options. MT5 includes 82 tools along with graphic objects and technical indicators. And there are 100 charts you can open by using MT5 at a time.
4 types of order executions are available in MT5 such as instant (sending re-quotes), market (best market price), request (accepting pending request) and exchange (order matching).
There are 3 different orders MT5 offers like market (these orders get executed immediately), pending (trade places immediately when market condition meets) and stop orders (this minimizes the losses and helps to get profit).
Traders can place orders with hot keys or from chart. Anyone who used MT4 will not face working on MT5.
Add on features of MT5 which makes it better than MT4:
There are several improvements made in the MT5 platform but most of the brokers are still stuck with MT4 maybe they don’t know the exact benefits of those features.
MT5 provides 6 types of pending & 2 types of stop orders, whereas MT4 includes only 4 pending orders.
MT5 provides more markets to traders but brokers choose which one to use.
There are more chart time frames available in the MT5 as compared to MT4.
MT5 offers in-built economic calendar which helps in scheduling, previous information, impact level and more.
MT5 provides integrated MQL for Expert Advisors.
MT5 has extra technical indicators, graphical objects as well as 22 analytical objects.
So which platform is better for Forex Trading?
It depends upon your choice as MT4 is a very straight forward platform but sometimes traders look for new features as well as menu options, so MT5 is the perfect. Most of the Forex brokers provide the traders a choice to select between MT4 and MT5 so in this case, traders have to decide depending upon his preferences. As both platforms have their own benefits as well as drawbacks. MT5 provides a more versatile solution because it offers great opportunities to earn more money & helps to execute more transactions.
This platform is very good for passionate traders and aggressive traders. If you are interested in using the MT5 platform or wants to provide this versatile MT5 solution to your traders but under your brokerage business brand name, then FxWhiteLabel offers whitelabel solution for MT5 platform at very affordable prices.
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