A trading platform is an extremely important tool you rely on in your performance on the financial market. The platform might be either provided by your FX broker, or may be an independent software, like MetaTrader 5. This is the latest version of a known MT trading releases, where the design and the interface stay similar to the previous version. Despite the fact that the company did not go for a total innovation and have kept the simple form of MT4, since the diversion and user friendly interface made MT4 so popular. Though the changes were made, and going through this article will help you to find out advantages and disadvantages of MT5.
What is MT5
MetaTrader 5 is a perfectly equipped working instrument assisting you to trade on the financial markets. With its help you are able to make a thorough analysis over price dynamics and also implement experts’ advisory into automated trading programs. Basically, it represents the sophisticated concept comprising most necessary tools you need for trading in Forex, Options and Stock Markets.
MT5 Advantages and Disadvantages
It offers numerous analytical features together with other technical improvements which you will find below:
- 82 various technical tools
- possibility to open 100 charts at a time
- 21 time frames are available for each market safety
- possibility to develop and realize own technical indicators
- 4 types of order execution: instant, request, market & exchange performance (all types of orders are available)
- Market Liquidity pools give a glance on a market depth which helps to avoid low volume trading instruments that lack liquidity
- encryption, transparency and security have been enhanced
- gives opening to work on a more sophisticated and complex trading strategy
- convenient for multiple accounts’ holders (Navigator option allows to switch between accounts easily and quickly)
- gives opportunity to experience Mobile Trading
The list of advantages might be long, as the software is really good indeed, nevertheless, there are some drawbacks to mention as well. Probably, the worst disadvantage of MT5 is that hedging is disabled, and therefore spreads are expected to go up since most of the liquidity providers typically allow hedging. This might be quite a gap working on a great risk management approach. Within the new version all technical indicators and expert advisers should be re-coded with MQL5, as it does not support MQL 4 used for MT4 platform. Some traders claim, that it is not possible to allocate open positions and open several orders using one instrument. If new a new order is opened, the previous one gets modified. You should also know, that if you would like to use a mobile version of this software, it can only be possible on iOS and Android devices excluding Windows mobile. But remember, that MT5 was coded from the scratch (not based on MT4), and that means that there will be bugs but within some time the platforms is expected to blossom and execute all operations and strategies as efficiently as possible.
MetaTrader 5 Summary
In general, we can say that traders are satisfied with the latest MT platform, and there are no complaints about its functional lags. The software possess quite an impressive analytical arsenal enabling employment of different and more complex strategies. It will not let you down during market trading hours, so you will be able to close out positions at appropriate time. It is handy and clear as for the newcomers, as for expert traders. MT5 has a lot of advantages to its analogues, so check it out for yourself and take the most having all necessary trading tools to save your time and take the most from the financial market opportunities.