Best MT5 Brokers 2018
This article goes into detail of one of the most popular forex trading platforms- MetaTrader5. You will learn what the MetaTrader 5 trading platform is and everything it has to offer. Discussed here are the pros and cons of this system, as well as information related to the best MetaTrader brokers. Discover which are the best brokers offering this platform.
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASiC, FCA, MAS||United Kingdom||$100||Open Account|
Your capital is at risk
|BaFin, FCA||United Kingdom||$50||Open Account|
Your capital is at risk
|FSA||Saint Vincent and the Grenadines||$0||Open Account|
Your Capital is at Risk
|CySEC, MiFID||Cyprus||$250||Open Account|
Your capital is at risk
What is MetaTrader 5 (MT5)?
MetaTrader is an outstanding electronic trading platform with an array of impressive features. You may have heard of the MetaTrader 4 which is the globe’s most popular trading platform. However, recently its sister, the next generation MetaTrader 5 was launched to fanfare, with even more capabilities and functionalities.
The successful platform offers advanced technical and fundamental analysis tools, automated trading systems (trading bots), copy trading, lucrative trading functions, a pleasing and intuitive design, as well as additional services to improve your trading abilities. The platform is primarily used by forex traders, but also offers the trading of stocks, futures, and CFDs.
MetaTrader’s platform and trading software is very fast and powerful, yet light and easy on your server or computer. With this in mind, the platform is available on multiple devices; desktop and mobile versions, as well as on the web.
Pros and Cons of MetaTrader5
The articulate and powerful trading platform MT5, which is the next generation after the MT4, has an abundant list of advantages. After all, it is the most popular trading software used amongst forex traders. However, not all platforms are flawless. Below is a list of the pros and cons MetaTrader 5 has too offer.
- The platform has over 80 powerful technical tools used to trade successfully on any financial market.
- Extensive resources to help with price analysis and forecasting, ability to open 100 charts at a time.
- 21 time frames are available to analyse short and long term price fluctuations.
- Ability to develop your own technical indicators and trading robots
- Market liquidity pools are available which helps to avoid low volume trading instruments that lack liquidity.
- All the trader’s execution needs are met through the 4 different execution types (Market, Instant, Request, Exchange).
- Enhanced security and encryption, while maintaining transparency.
- Very accommodating to both advanced and beginner level traders with their vastly different trading styles.
- Intuitive and responsive interface design with the ability to conveniently switch between accounts.
- The worst disadvantage of them all, is the fact that hedging is disabled. This is such a huge disadvantage in not only one way, but two. First off, hedging serves as a great risk management method, take it away and you’re left with no insurance. Second, spreads are expected to go up…This is because most liquidity providers allow hedging.
- MetaTrader 5 was coded from scratch, therefore all custom indicators written for MT4 need to be recoded for MT5. Another problem this new coding causes, are the bugs and glitches that come with a new platform coded from scratch.
- Another con for some, but not many, is that MT5s mobile software is only compatible with iOS and Android devices, unfortunately not with Windows phones.
All in all, MT5 is a great trading platform. With the intuitive design and features offered it does well to attract advanced forex traders, as well as beginners to the market. Also, the software capabilities keep MT5 users quite satisfied. As for the disadvantages, they will be worked on and become advantages through time. Bugs take time to work them selves out, and as far as hedging is concerned- the technology is being developed to allow hedging on the platform. In fact, just recently, hedging has now been enabled on MetaTrader 5 beta build 1281. In other words, the largest disadvantages of this platform will soon be no longer.
Why is MT5 so popular?
First of all, MetaTrader 5 was derived from MetaTrader4- the ultra popular trading platform used among forex traders. MT5s popularity is solely because of this. In fact, MT4 is still more popular than MT5 currently. Why would the older version of a trading platform have more users and be more popular? Well, it has to do with MT4s functionality with hedging and MT5’s lack of this option. However, MT5 has recently updated their platform which allows hedging and is expected to see a major increase in popularity soon. Also because of MT4’s popularity there is so much written content supporting and promoting MetaTrader as the best and leading platform for forex trading.
In addition to this, more reasons why MetaTrader is so popular is because it’s one of the most advanced and complete trading platforms on the market. It is loaded with features, indicators, data, etc. Also, you get to use this amazing platform for free, there are no membership costs like some other advanced platforms like MT5.
Why should I choose a MetaTrader forex broker?
There are a lot of MetaTrader forex brokers out there. In fact, about 90% of all forex brokers choose MetaTrader as their trading platform. This is because of the mass popularity among users, and its superiority over many other platforms. Also, in order to trade on the MetaTrader platform you must use a MetaTrader Forex broker.
How to choose a MetaTrader broker?
With so many forex brokers to choose from, how do you go about choosing the right one? Listed below are some key things to look out for when choosing a MetaTrader forex broker.
- Regulation is always of the upmost importance. You need to understand what regulation the broker is under for the purposes of trading losses, keeping your funds secure, segregated accounts, and fair trading practices.
- Data security must be considered. You need to understand their security practices and reputation for protecting all the important information they require from you.
- Transaction costs/details are important. You want to know whether you need to maintain low spreads, or pay commissions.
- The broker should provide an easy, hassle free deposit and withdrawal process.
- Trade execution speed is of the upmost importance. You need to be able have your orders filled at the price you act upon, or within micro-pips of it.
- Customer service is of course very important. When problems arise, you want the situation to be handled with competence and speed.
The MetaTrader 5 platform is a true spectacle of the digital forex trading market. The sheer number of features, data, tools, customization, and users of this platform is quite special. When trading forex, MT5 is an option that can not be overlooked. It’s a leading platform in the modern forex industry, with an overwhelming amount of competent forex brokers supporting it. To find out who are the best ones that offer this platform, take a look at our list below.
- New Zealand
- South Africa
- Hong Kong
- United Arab Emirates