MetaTrader 5 (MT5) offers wide opportunities for traders, being a deeply developed free trading platform preferred by millions of users because of its rich functionality and simple navigation. All over the world, leading brokers and financial marketplaces provide unlimited access to this next-generation terminal to trade any asset like stocks or cryptocurrencies.

What is MT5 trading platform?

MT5 follows MT4 coming with an improved interface and a greater number of options. Here a trader can count to trade with more asset classes to diversify his trading experience. Also, this platform comes with numerous trading tools, features, and conditions and can be downloaded on a desktop, laptop, and any mobile device. You can trade on the go and enjoy almost the same indicators, and tools needed to do comprehensive market research and interpret the results. The versions are easily synchronized. We can talk about the following principal advantages of MT5:

1. There are a lot of built-in tools for technical and fundamental market analysis, which enable users to make the right decision on a profitable trade.

2. It enables profiting from the dynamics of cryptocurrency price by going short when the price is about to fall and long when the price is about to rise.

3. Here you can get into the market with highly volatile assets, and find the most favorable trades.

4. Traders can be involved in scalping, hedging, intraday, swing, and position trading. 

5. The platform delivers analytical capabilities and international news. 

6. There are options that allow traders to monitor their trading history, account status, and other details stored on their personal accounts.

7. Customization is very strong here, and that provides much more control.

What is MT5 account

This improved MetaTrader 5 with enhanced tools and features to manage trades, and a wider choice of timeframes, comes with an improved personal account. It allows automated trading, using a demo account and mobile version. There are so many opportunities that it is definitely worth trying.

When this trading platform is downloaded to a PC or smartphone (as well as it can be accessed online with the use of any browser), a user will be asked to sign in. The new account is registered on the broker's site easily after the required information needed for identification is entered. When the data is confirmed a user gets authorization and access to the functionality of his account including depositing and withdrawing options. After this, it is possible to log in to the Personal area following the instruction displayed on the screen and fund the account or withdraw the earnings.

There are a lot of variables like minimum deposits, payment fees, trading commissions, and other expenses that vary between service providers. The MT5 live account is free of charge as well as its demo version which is opened directly from the platform. Anyone is able to get started without being skilled due to a comprehensive guide explaining everything that should be known. Being involved in a demo trading, a beginner can practice and an experienced user can test his new strategy without risking his money. There are a lot of things to do on this account including trying various lot sizes when you trade on Forex or try trailing stops. Also, it is possible to benefit from a trading journal option which allows a trader to document his decisions and their results.

What is the difference between MetaTrader 4 and MetaTrader 5

As we have mentioned, MetaTrader 5 follows the 4th release. MT4 is much simpler, and if a trader is involved in Forex only and has no need for advanced features, he can be satisfied with its options. For instance, MT5 is more complicated being focused on an advanced user. It comes with more technical indicators (38 vs 30), graphical objects (44 vs 31), and timeframes (21 vs 0). Here you can find plenty of asset classes instead of the Forex provided by MT4. It is clear that if a trader is not engaged in trading in all its diversity, it does make sense to be restricted to the old version. 

Considering the above-mentioned difference between MT4 and MT5, we’d say that it is for advanced traders or those, who want to take the path of professionals.

How to Trade Cryptocurrencies on MetaTrader 5

It is clear that you are expected to download MT5 and get logged into the platform by providing your credentials before you start speculating on the prices of cryptocurrencies. Then you should:

1. Create your personal account within the platform through a broker you are dealing with.

2. Now, when you have access to the functionality of the platform, you should go to the Market Watch window, make a right-click on it, and find the 'Symbols' tab with 'Crypto' in it. 

3. Choose crypto you are interested in and click against each symbol.

4. Click the 'Show' button to see the selected pairings in your Market Watch window and have them available for trading.

Opening a trade, you should select order type, volume, stop loss and take profit. You should understand that there are contract specifications of a crypto broker which will define the trading terms. Anyway, trades with any cryptocurrency on MT5 are beneficial due to a range of options. It is much better than exchanging cryptocurrencies for fiat money at a favorable rate of exchange. For instance, you can purchase a cryptocurrency at a lower price and spend it to buy fiat currencies at a higher price. But this deal brings a higher risk compared with trading on MT5 because cryptocurrencies are highly volatile assets. Only MT5 trading is possible with the use of numerous tools to research the market and make reliable forecasts of the price. 

What is technical analysis available on MT5?

Technical Analysis with MetaTrader 5 is easy and efficient. As far as a trader is expected to understand a potential price pattern, they are suggested to use a range of tools provided on the platform. In addition to the tools of fundamental analysis like financial news and economic calendars, there are trend indicators, oscillators, volume, custom indicators, and many more technical indicators – there are 38 items. They can be used to comprehend various market trends and assume the coming price of the asset to build or change the strategy accordingly. They are rather flexible and can be adjusted to a particular task. It is required to set the parameters of every indicator. Then they will be applied automatically. The trader can launch, modify, and remove them from the list.

Also, graphical analytical objects can be of help – there are 44 items. They are applied manually. They come with such tools as channels, geometric shapes, and some others. It is required to define a couple of control points in order to view the analytics on the screen. The platform allows customizing of the tools. The offer from developers covers a multitude of needs for users.

Final Word

MetaTrader 5 is really good for everybody, but in particular, it satisfies the needs of experienced traders by providing a wide choice of top-quality tools and diverse options. Here it is easy to trade with various assets, open and operate multiple accounts with several brokers, be involved in copy trading, and enjoy algorithmic trading.

MetaTrader 5 clearly organizes a trading space in the best way possible and is designed to use complex trading strategies while remaining safe and comprehensive. This multi-asset trading platform is really good if you prefer trading with any assets, including bitcoins.