If serious about pursuing Forex as a long-term career, learning about advanced trading software and charting platforms will significantly help in getting a good start. Traders Union experts have conducted a complete assessment of MetaTrader5 and TradingView for those interested to integrate these platforms into their Forex brokerage accounts.
Beginner’s guide to MetaTrader5
MetaTrader5, popularly known as “MT5” or “successor of the MetaTrader4,” is a free platform designed to help traders automate trading with the use of advanced charting features, real-time signals, and trading bots.
Unlike MetaTrader4 which is limited to Forex and Contract for Differences, MT5 is compatible with a wider-set of assets including stocks, bonds, cryptocurrencies, commodities, and options. In addition, it has a more intuitive interface which is optimized for mobile trading.
Traders Union’s MT5 review: pros and cons
Traders Union’s MetaTrader 5 review comes with complete information on both the advantages and disadvantages of using the platform. Traders Union announces the comprehensive analysis to empower traders with valuable insights into the features, functionalities, and potential considerations associated with MetaTrader 5.
Advantages:
- MetaTrader5 is free to download and use;
- comes with built-in trading bots which users can use to automate their positions;
- traders are allowed to open up to 100 charts tracking different assets at the same time;
- employs encryption technology for a more secure trading experience;
- can be easily integrated with a broker.
Disadvantages:
- hedging for traders wanting to lessen the risk of their positions has been disabled;
- employs the MetaQuotes Language (MQL) programming language which excels in high frequency trading but can be intimidating for beginners.
MT5 unique features
Here is a quick look at MT5’s standout features that are not easily available on other trading platforms.
- It supports 21 timeframes, 38 technical indicators, exchange trading, and partial order fill policy.
- Algorithmic trading using trading robots and expert advisors (EA). Comes with a built-in Virtual Private Service (VPS) hosting which ensures uninterrupted functioning of a user’s EA.
- A copy trading feature that allows traders to find strategies that speak best to their style, subscribe to other users, and replicate their moves automatically. Its trading signals service allows users to showcase their real-time moves.
- MQL5 programming language which allows an automated trading software to run on a device without any supervision.
- Fully customizable tools + users can subscribe to news sources for informed trading decisions.
How to trade Forex on MetaTrader5
According TU, it is important to remember MetaTrader5 cannot be used without linking it to the broker or opening a demo account. Below is a simplified guide on how to use this trading platform to trade Forex.
- Sign up with a broker. Choose a trusted and reliable broker and complete the registration process. Some Forex brokerage companies require new users to fund their account and meet their minimum deposit requirement before becoming fully accessible.
- Install MT5. After opening an account with a Forex broker, proceed with downloading the MetaTrader5 platform. It is compatible with a wide-range of operating systems including Windows, macOS, iOS, and Android.
- Connect the account. Select the broker on MT5 and enter login credentials. From here, starting the selection of an asset to trade involves opening its chart on the platform.
- Place order. MT5 uses simple “Buy” or “Sell” prompts to place orders in the live market. Note that functions will be limited during the weekends as the normal currency market is closed during these times.
Make sure to monitor positions, place a take profit and a stop loss signal, and stick to a strategy. Trading Forex is high risk – caution is encouraged at all times.
TradingView: the best platform for beginners
For those that are just getting started with Forex trading, Traders Union recommends TradingView for ease of access and free-to-use charting tools.
TradingView is a social network and charting platform with over 50 million users worldwide. It offers access to a wide-range of assets including Forex, stocks, exchange-traded funds (ETF), cryptocurrency, futures, and bonds.
Users can take advantage of its technical analysis tools and indicators in the free version, but those who want to take things a step further are offered three different subscription tiers which range between $12.95 to $49.95 in monthly fee.
Top TradingView brokers in 2024
TradingView has welcomed Forex brokers into its platform and the amount of support this feature has been getting is impressive.
An article based on insights from Traders Union has been published by TechBullion. As mentioned in this article, TradingView brokers are collaborative entities that have formed partnerships with TradingView to offer their services through the platform. By teaming up with TradingView, these companies can provide their trading services to users within the TradingView ecosystem.
Here are the Top 5 TradingView brokers according to TU’s latest assessment:
- TickMill – declared as the best platform for traders using TradingView to trade futures, with access to six international Futures exchanges including EUREX, NYMEX, CBOT, and CME.
- OKX – has been a TradingView partner since 2021. OKX has the easiest interface to navigate and abundant trading pairs, with a strong presence in 180 countries.
- Pepperstone – won the Best TradingView Broker of 2022 for providing access to 1,200 trading instruments while offering tight spreads.
- FXOpen – stands out in terms of regulation with its regulatory oversight from the UK Financial Conduct Authority – FCA.
- Binance – with its average trading volume of $40 billion everyday, the platform is lauded for its no-spread policy which offers innovative trading options that appeals to both beginner and expert traders.
Conclusion
In conclusion, mastering advanced trading platforms is important, especially for traders considering Forex as a long-term career. Traders Union analysts’ analysis of MetaTrader5 and TradingView has highlighted their respective strengths and weaknesses, and how they appeal to different types of traders.
MetaTrader5 (MT5) offers a suite of features including automation, diverse asset compatibility, and encryption for security. However, the absence of hedging and the learning curve associated with its programming language, MQL, makes it more appealing to advanced traders.
On the other hand, TradingView provides accessibility and a vibrant community for beginners. Its charting tools and technical analysis capabilities are invaluable, especially for Forex and crypto traders, although advanced features come with subscription fees. In the end, the choice between MT5 and TradingView depends on individual preferences and trading objectives.
About the author
The article was written by Chinmay Soni, a certified investment analyst at Traders Union.