MetaTrader 5 (MT5) is a popular online trader that investors and traders alike can use to access a wide range of investment markets, including crypto, forex, stocks, pure metals, oil, and commodities. In this article, we will walk you through what a MetaTrader 5 is, how to register on the trading terminal, and much more information about the top 5 list MT5 brokers.
MT5 was launched for use in 2010 after the developers tested the veracity of MetaTrader 4. MT5 comes with highly intuitive trading tools and indicators that you can rely on to take profits even when the market goes south. Aside from cryptocurrencies, MT5 can connect you to other markets like CFDs, Forex, Commodities, and Stock indices.
How to Register on MT5
MetaTrader 5 is easy to use. Simply download the app on your trading device, whether Windows device or an Android platform. After downloading the app on your trading device, launch the terminal in your web browser.
Create a new account (if you haven’t done that already), sign in into your account and make your first deposit. Then research the cryptocurrency pairs that you are interested in trading and place your trades.
There is a free demo account embedded in the metatrader 5 trading terminal. You can take advantage of this demo account to improve your trading skills and also learn new skills that you can rely on to stay on top of your trading game.
The essence of the demo account is to enable you to test any trading strategy without the risk of losing your hard-earned money. A demo account gives you the opportunity to play around with trend analysis, order execution, different lot sizes, and trade analysis.
Our Top 5 List MT5 Brokers To Crypto Investors Right Now
The MT5 trading terminal is available on the following broker or exchange: IC Markets, IG, XM, XPI, Oanda. Opening an account with any of these brokers will give you access to MT5 with its trading tools.
MetaTrader 5 has a support page with trained and experienced customer support agents that works 24/7 to resolve users’ complaints. Some of the areas that users usually complained of are copy trading, price analysis, charts and graphs, getting started, mobile trading, trading signals, as well as automated trading.
For common problems like forgotten passwords or constant closure of the platform, you can engage the customer support team through the live chat window to resolve the problem.
Common MT5 Errors
There are some errors you may likely encounter while using MetaTrader 5, so it’s important we highlight them here. Some of these errors include: Off quotes: This is an error you may likely encounter whenever there’s a drop in connectivity. When this happens, the system cannot display any current prices.
Market closed: This error will appear when you place a trade outside trading hours. Unsupported filling mode: This error will appear when you use a filing mode that’s not recognized by your broker or exchange.
Can’t place order: Oftentimes, this error appears whenever a trader places a trade without sufficient trading capital. Whenever you experience any of the errors above, head straight to the support page to speak to one of the customer support agents for immediate and prompt resolution.
The MetaTrader 5 trading terminal is a popular trader that’s available to both institutional and retail cryptocurrency traders. It is equipped with a wide range of trading tools and indicators that you can leverage to take profits and stay on top of your game.
It has a comprehensive server that allows you to create different accounts with different exchanges or brokers. Whether you are a new or experienced cryptocurrency trader, you can leverage the MetaTrader 5 trading terminal to improve your trading skills and become a better cryptocurrency trader.
This training terminal comes with excellent automated copy trading capabilities; meaning, you do not need to formulate or strategize on how to make profit on the crypto market, you can copy the trading strategy of a professional trader and then implement the same in your trading account.
If the professional trader makes any profit, you will also directly make profit since the trading strategy is the same. However, if the market goes south, then both you and the professional trader will lose money.
And that is why it is important to leverage the demo account that is embedded into the metatrader 5 trading terminal. The essence of the demo account is to walk you through how the trading terminal works and the right trading strategies you can imbibe to take profits and also stay on top of your trading game.
Is MetaTrader 5 a broker? Of course not, MT5 is not a broker. It’s a service that is offered by a crypto exchange or broker to help you manage your trade and stay on top of your game.
Is MetaTrader 5 free? MetaTrader 5 is absolutely free of charge. Any exchange or broker that you have an account with will be responsible for paying the upfront fee and a monthly charge, so that MetaTrader 5 can be available for your use.
How do I use a MetaTrader 5 demo account? The MetaTrader 5 demo account is easy to use. All you need to do is to register for a new account if you do not have an existing account on the platform.
Once your account is up and running, you can then navigate to your dashboard and select “demo” to start using the trading terminal to practice your trading strategies. Follow the instructions to the latter in order to be able to use the metatrader 5 demo account.
Is MetaTrader 5 safe?
Top 5 List MT5 Brokers trading terminal is a safe and secured platform for both institutional and retail cryptocurrency traders. The developers used advanced data encryption and authentication technology to protect investors’ deposits and their personal details from the prying eyes of internet hackers or fraudsters.
That said, online trading, whether cryptocurrency or any other financial assets, comes with a lot of possible risks, including losing your hard-earned money. So, we advise that you do not risk an amount that you cannot afford to lose.