MetaTrader 5 Review: Better Than the Best?

One thing you can be sure of is that a company will always try to improve on a good thing. So it is with MetaTrader creator MetaQuotes. While version four of the software (MT4) is the most used online Forex trading platform in history, you knew they wouldn’t be satisfied with the status quo. With the recently released follow up – MetaTrader 5 (MT5) – MetaQuotes tries to up the ante on what is already an industry leader. Is this newest version an improvement and will it receive the widespread adoption that the company hopes it will? Read on!

Features Of The Platform

For those who are in love with the comfortable features in previous versions of MetaTrader, fret not. MT5 keeps everything in place but offers improvements in the interface and even more indicators than before.

Make it Your Own: The hallmark of MetaTrader has always been the incredible number of tweaks a trader can make in building his or her own personal trading space. Make the charts look just the way you want when it comes to colors, font size, and included indicators. Active traders will appreciate how the latest iteration makes it easier (and quicker) than ever to switch between accounts. This is especially helpful when getting into and out of your scalping account in response to a quick moving market.

The Forex Standard: While MT4 remains the most used version of the software, MetaQuotes has engineered MT5 to assume the mantle of popularity, though there has been some push back from the trading community for reasons we’ll discuss later.

Everything You Need: Perhaps the best feature MetaTrader 5 offers is that it is an all-in-one solution for the Forex trader. Charts, technical indicators, streaming quotes, online news and analysis. When you use MT5, you don’t need any other third-party add-ons. It has everything a new or veteran currency trader needs.

MetaTrade 5 Review

Trading with MT5: Benefits

Trading for the Rest of Us: The simplicity of design and ease of use inherent in MetaTrader 5 brings the sometimes hyper-complex world of Forex trading down to a level understandable even if you don’t have a finance degree from Yale. This trading platform had a lot to do with providing access to the small trader to a market that used to be the privileged playground of governments, large banks, and global corporations. You should thank the folks at MetaQuotes for even having the opportunity to trade Forex online.

More Markets: MT5’s older brother, MT4, already offered dozens of pairs of currency to trade. With MT5, traders can now access stocks, commodities, and futures through the same interface. Is this a grand scheme concocted by the MetaQuotes braintrust? We’ll have a short discussion on the topic below but, for now, let’s stay on the surface and say that more is better.

Safe and Secure: Without a secure platform, what’s the point of trading at all? No trader wants to gamble that his or her money will be in their account in the morning. MT5 extends the previous versions’ reputation as a highly secure platform that hides the trader’s IP address and encrypts data passing between the trader’s computer and server with a 129-bit key. In case you didn’t know, that’s pretty tight. You probably won’t find an online platform safer from hacks.

Differences between MetaTrader 4 and 5

One major difference between MT4 and MT5, related to hedging, will ultimately result in the latter having a hard time penetrating the retail Forex market, at least in the near term. Hedging is a popular Forex strategy where a trader takes offsetting positions in order to guard against major price moves in one direction or the other. In order to make MetaTrader 5 more amenable to the American stock markets, MetaQuotes hard-coded a “no hedging” rule into the software. The result is that we will likely not see traders switch to the newer version unless something changes that allows hedging.

metatrader 5 overview

The Bottom Line

For most practical purposes, the newest version of MetaTrader has advanced the ball down the field. An already clean interface is now easier to use (though charting area was somewhat reduced to allow for larger icons), and seven new indicators have been added. Keep in mind that if you make the switch to MT5, there’s no going back, since it is not backwards compatible with previous versions. And then there’s that hedging thing…

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