Nowadays, traders are given access to a wide range of financial instruments such as futures, equities, cryptocurrencies, CFDs, Forex trading and so much more. MetaQuotes want to develop something that will become a huge part of every trader’s life. Soon, they developed MetaTrader 4 and its immense popularity is very welcoming. Five years later, the company once again developed a trading platform that is not merely focused on trading but on other markets as well. MetaTrader 5 (MT5) was released with all the latest innovations and upgrades than its predecessor.
Brokerages started to adapt to the new trading platform. Traders started to accept changes and how superior it is compared to the MT4. But no matter how great the features of MT5, it shouldn’t help you a lot if you do not know how to manipulate it. So, before anything else, let us tackle the first few stages involved in MT5.
The Operating System
The first thing you need to consider is the picking of the right operating system suited for you. Good thing traders are not merely confined to a single operating system. MT5 can be accessed from WebTrader, Mac OS, Microsoft Windows, iOS, and Android devices.
As for the application process, it is fast and easy, perfect for new traders who are not very techy. The first two sections of the process are all about completing your personal information like your name, address, and account type (corporate or individual). Other than that, your financial information, full address, data about your annual income, and also the declaration of your source of funds will be tackled.
The next thing is the account configuration which prompts the client to pick their desired platform, be it MT4 or MT5. You will also have an option regarding the account type (Standard or Raw account) and also pick the base currency that you preferred. Lastly, you have to input a strong password that you will use when logging in to your MT5 account.
Downloading the MT5 Into Your Devices and Computer
Now that you’ve completed the registration, it’s time to download the platform into your device. After you complete your registration, you will receive a message sent to your email. Then, you can start viewing your trading history, request VPS, add funds to your account, change the password, change the setting, or add a demo or live accounts.
After that, you need to log in to the software using the login details that you created during the registration. If you want to add money to your MT5 account, find the ‘Fund Now’ tab and enter the amount that you want to add. You will then be required to input your funding option which can either be a credit card or through Skrill. Most of the time, the funds are reflected instantly into your account.
Both MetaTrader 5 and MetaTrader 4 are excellent trading platforms. They have great features that are not available on other trading platforms. But when it comes to picking which one of them to use, you must consider the market that you will be trading.