The MetaTrader5 trading platform was released in 2010, a number of years after the release of the MetaTrader4 platform in July 2005. While the MT4 Platform had been originally established with the Forex markets in mind, both MT4 and MT5 can cater to the Forex markets but also alternative asset classes, including equities, commodities and now cryptocurrencies. Both platforms were created by MetaQuotes Software Corporation.
MT5’s adoption was slow but has certainly become more popular with the increase in trading of non-Forex asset classes.
The Benefits of MT5
The benefits of the MT5 platform include:
- Possibility to reflect all the positions, while the MT4 platform is only able to reflect trades individually.
- Desktop, mobile and web versions available, enabling the trading of global financial market products anywhere, anytime.
- In addition to Forex, the MT5 platform offers to trade across most asset classes, not to mention the futures markets.
- The use of MQL5 programming language facilitates the use of algorithms and the use of robots for trading, as well as copy trading.
- MT5’s backtesting offering allows traders to test trading strategies, including the backtesting of Multi-pairings, at far greater speeds, saving traders significant amounts of time in the backtesting process.
- MT5 has 4-order execution modes to support various trading options, including Instant, Request, Market, and Exchange execution.
- MT5 supports the full suite of trade order types including market, pending and stop orders, as well as trailing stop.
- The platform allows up to 100 charts of asset class quotes to be open at any one time, with 21 timeframes available to facilitate detailed analysis of minor price movements, the availability of over 80 technical indicators and analytical tools supporting a dynamic analytical environment.
- In addition to the platform’s available built-in tools, the MQL5 programming language allows traders to create their own indicators with individual characteristics.
- Traders are also able to select from a vast number of free of charge indicators from the Codebase, purchase or rent applications from the Market of more than 2,500 ready-made algorithm applications.
- MT5 provides a fundamental analysis tool that can be used to forecast the price dynamics of financial instruments.
How to Trade Cryptocurrencies on MT5
The MT5 trading platform on a reputable broker Bitfreezy was made available to support the trading of cryptocurrencies and can be downloaded by going to the MetaTrader5 Platform Download Page.
Please make sure that you select the correct version, with versions available for Windows, Mac, iPhone/iPad, and Androids.
Besides, you will need to open a trading account which is called Crypto.
When opening the trading account, enter your details as prompted and select the source of funds, this can be USD, Bitcoin, and Ethereum etc.
(Remember: If you have prompted for passwords to be automatically generated, you will need to keep them in a safe place)
After downloading the MT5 platform, run the executable from your desktop, if the Windows version was chosen and once completed, select ‘connect with an existing trade account’ and enter your Bitfreezy account details.
Now that your trading platform is up and ready, the last step is to fund the account with your chosen source of funds.
On the Bitfreezy account page the Trader’s Cabinet, select Funds Deposit and enter the prompted information, making sure that you have selected the correct destination, in this case, your MetaTrader5 account, and top up your account with the amount you think appropriate.