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As one of the world’s leading designers of trading software, MetaQuotes Software Corp. offers several applications. Popular software designs include MetaTrader 4 (MT4) and the MetaTrader 5 (MT5) multi-asset trading platform. MetaQuotes makes its money by licensing MetaTrader packages to CFD/Forex brokers, which is then offered to retail traders.
With more brokerages listing MT5’s trading platform, MT5’s usage increased by 11.5 percent in the 1st quarter of 2020 (Finance Magnates Intelligence). Therefore, whether opening a live MT5 trading account or a simulated practice platform (demo account), it’s imperative you understand the opening procedure. A demo account is typically opened and ready to go within a couple of minutes. Although the initial opening process of a live account (real account) also takes only a few minutes, before you can start trading, additional checks are required.
Three primary stages are involved in opening and setting up a live MT5 trading account.
MetaTrader 5: Operating System
The initial stage requires choosing the correct operating system.
Traders are no longer confined to one operating system.
FP Markets facilitates access to MT5 through Microsoft Windows, Mac OS and WebTrader, in addition to mobile trading applications on iOS (system requirements: iPhone iOS 7.0 or later; compatible with iPhone, iPad and iPod touch; download from the App Store) and Android (system requirements: Android 4.0 or higher; download from Google Play).
The application process is swift and straightforward; the estimated completion time is three minutes.
- The initial two sections of the application form consist of personal information, such as full name, address, the account type you’re applying for: individual or corporate, and country of residence. Further information focuses on your full address and financial information, requesting annual income and a declaration of the source of funds for trading.
- Account configuration requires clients to select their desired trading platform, either MT4 or MT5. You must also choose the account type: Standard or Raw account, and select a base currency you wish the account to be denominated in (USD, EUR, GBP and AUD, for example). Finally, a password setup is necessary for the trading account and your FP Market’s Portal login.
- The declaration section requests you declare the number of years you’ve traded for (your experience in the financial markets). You must then read and accept the terms and conditions by checking the relevant boxes before moving on to the final section.
- The final segment provides an account number and allows you to activate the account by verifying your identity (photo ID may be a colour copy of a valid passport, government issued ID card or driver’s license) and residential address (if your ID shows your current residential address, a separate proof of address document is not required – proof of address must be less than 6 months old and can be a bank statement, utility, landline or internet Bill). FP Markets will then review your application and usually contact you within 24 hours. Once you receive confirmation, you can trade your live account.
MetaTrader 5 Download
The closing stage involves downloading the MT5 trading platform.
After completing the registration form, you’ll receive an email from FP Markets’ support team providing access to your FP Market’s client Portal. Here you’re able to view trading history, add additional live and demo accounts, request VPS, fund the account, change passwords and alter leverage settings. In addition, you can download the MT5 platform from your Portal.
Once MT5 is downloaded and you have logged in using your login details, you now have access to real-time market data (live trading access, however, is only granted once the support team confirms your application). To add funds to a MT5 live trading account, click the Fund now tab in your FP Market’s Portal and you will have the choice of a number of primary funding options, such as credit card and Skrill. Funding is instant with most options for MT5 (all options are dependent on registration country). Bank transfer and broker-to-broker transfer, nonetheless, takes 1-2 business days.
MT5: Key Trading Functions
Technical analysis is an integral part of many trading strategies (trading systems). Consequently, working with the right trading platform is vital when trading CFDs and Forex. With MT5, traders gain access to a wide variety of technical analysis tools, interactive charting, Forex signals and copy trading functionalities.
The following lists some of the key applications on MT5:
- Wide range of financial instruments.
- Advanced depth of market (DOM) features.
- Broad selection of trading orders, including 2 market orders, 6 pending orders (buy stop, buy limit, buy stop limit, sell stop, sell limit and sell stop limit), 2 stop orders and a trailing stop-loss.
- 21 timeframes. Access to 38 technical indicators, unlimited number of charts and 44 analysis tools (graphical objects), including functions such as lines, channels, Fibonacci tools, Elliot tools, shapes and arrows. Analysis tools can be applied on both price charts and indicator windows.
- The detachment of charts from the trading terminal window is a prominent feature on MT5.
- Like MQL4 for MT4, MQL5 is the built-in programming language for MT5. Understanding MetaQuotes language allows traders to create scripts, technical indicators (custom indicators) and Expert Advisors (EAs – trading robots).
- MT5 permits hedging and netting.
Disclaimer: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.