Guide to downloading and Installing MT5 Trading Platform

Trading in a financial market like forex can be profitable and fun at the same time. Notwithstanding, if you are a trader, you need certain tools in your armory to make this a reality. One of such tool is trading platforms that give traders the opportunity to perform various trades.

There are many trading platforms for traders to use in trading financial instrument. These platforms come in different formats with each having their unique features and benefits. Some of these platforms include cTrader, Metatrader 4, and Metatrader 5. In this article, our focus is on Metatrader 5 (MT5), which is the successor to Metatrader 4 (MT4). You will learn how to download the trading platform in various format and finally learn the key difference between MT5 and cTrader.

MetaTrader 5

If you have been a trader, you might have used MT4 for your trading activities. MT4 is suitable for traders that want to focus on forex trading. However, MT5 platform offers trader with trading signals that enable them to have the best trading results. Importantly, the platform is reliable and robust, thereby giving traders a pleasant and smooth trading experience. The platform offers great possibility for people who want to trade in other financial assets such as CFDs (Contracts for Difference) or stocks. Importantly, traders can open several different positions on particular asses, irrespective of the direction. With this, they can maximize their profit through the trading platform.

Features of MetaTrader 5

The following are some of the features of MT5:

·       Six types of pending orders (buy stop, buy limit, buy-stop limit, sell stop, sell limit, and sell-stop limit)

·       Allows hedging and netting

·       Compatible to various device format

·       21 timeframes

Comparison between MetaTrader 5 and other Platforms

MetaTrader 5 vs. cTrader

·       Depth of Market: This offers relevant information on the number of pending orders under a predetermined price. It gives trader additional advantage over their counterparts who aren’t aware of the orders placed on the market. MT5 has this feature and allows traders to open a number of trades for a given price. However, in terms of depth of market, undoubtedly, cTrader has the upper hand because it comes with the feature.

·       Availability: Generally, MetaTrader platforms are available. Interestingly, most brokers offer traders the opportunity to download the platform from their website. Additionally, it is also available in various format to enable traders manage their position wherever they are. However, the cTrader platform isn’t available generally because only a few brokers have adopted it. ECN/STP brokers mostly adopt it on their platforms.

How to download MT5

In this section, you will learn how to download and setup MetaTrader 5 successfully. Before you can trade effectively, you need to download MT5 either from your preferred broker or directly from the MetaQuotes website. MT5 is available in various platforms such as Mac, Windows, Android, iOS, and web platform. Let us begin with how to download MT5 on the PC platform.

·       First, you have to visit the MetaQuotes download page (https://www.metatrader5.com/en/download). From the image below, you can see that you can download the smartphone, tablets or launch the web platform. However, click on the green tab showing “Download MetaTrader 5 for PC and open a demo account.”

·       If you are using a download manager, it will pop up a window instructing you to download the “MT5 software.

·       Once the download is completed, you have to install it by clicking on the setup file from your download folder. Once you click it, the following window below will pop up. Then click on next to continue the installation.

·       Another window will pop up indicating the software is installing. Then you have to click on finish to complete the installation process as shown below.

·       After the completion, the MT5 platform will open up as shown below. Then you have to open a demo account to start trading.

·       To create an account, right-click on “Accounts” on the left-hand side and select “Open an Account.” A new window will pop up for you select your broker. For this example, we are using the “MetaQuotes Software Corps”

·       When you click next, the window below will pop up instructing you to open a demo account, a real account, or connect to an existing account. For this post, our focus is on opening a demo account. Select the demo account and click next.

·       The next step is to fill the information on the image displayed below and tick the agreement to the terms and condition of the software. Then click on next to complete the installation process.

·       If everything goes well, the next window will display information about your accounts including your login details and password.

·       Once you click finish, a new window will appear. From here you can start trading forex and learning how to perfect your strategy. It is important for beginners to begin with a demo account before using their real money.

Conclusion

MT5 is a wonderful trading platform that gives traders a whole lot of opportunity to trade forex and CFDs. With 38 inbuilt indicators, depth of market access, and six types of pending orders, you cannot go wrong using MT5.

Furthermore, it gives traders the opportunity to keep track of economic activities including news event, schedule, and impacts. 

If you are looking for a good starting point for using the MT5 platform. then open an account with Legacyfx forex broker. 

Also - if you want to make sure the account manager calls you in your prefered time, please send us an email. you can find the details here