Trading account with MT5 - 2020 What should traders pay attention to?

Open MT5 trading account 2020: What are the conditions? Automated trading and other advantages Open a demo account now & test MT5.

MetaTrader 5 is one of the world's most popular trading platforms. The successor to MetaTrader 4 offers a variety of different order and analysis functions and also enables users to automatically trade with Expert Advisors. Thanks to its user-friendly structure and intuitive usability, the trading platform is also suitable for beginners. Many professional traders also prefer trading accounts with MT5, because they find good conditions for the comfortable implementation of various strategies. In the following guide we show how you can open a trading account with MT5 and what you should pay attention to.

  • popular trading platform for beginners and experienced traders
  • various functions for professional trading
  • automated trading with Expert Advisors
  • not available with all brokers

Open your XTB and account now

One of the best trading platforms

MetaTrader 5 is the preferred trading platform for many experienced traders. There are several reasons for this:

  • In addition to the market order, numerous other order functions can be used.
  • Thanks to numerous indicators and drawing tools, a detailed technical analysis is possible.
  • Expert Advisors can be imported or created yourself.
  • Regular updates and good support ensure a smooth trading process.

With MetaTrader 5, different strategies can be implemented comfortably. Thanks to the numerous order functions, users can place their orders so that the trade is carried out automatically when a certain price level is reached. This means that it is not necessary to monitor the trading prices continuously. Instead, the time gained can be used for further analyzes or for obtaining other information.

Up to 4 chart windows can be opened at the same time, which enables the trader to observe, analyze and compare different underlying values ​​in parallel.

With the so-called Expert Advisors, the trading prices can be automatically scanned for predefined patterns. Depending on the setting, the user receives a trading recommendation if a characteristic price trend has been identified, or the trade is carried out automatically. This way, the chosen strategy can be implemented even when the trader is not currently on the PC.

Regardless of the broker chosen, traders can contact MetaTrader support with any questions or technical problems. This supports the users with commitment and also offers an uncomplicated entry into trading with the popular platform with extensive video tutorials.

The MetaTrader as an app: Trade professionally on the go

More and more traders are not only using the computer to trade forex pairs and other financial products. Even on the go, investors want to keep an eye on their trading account and take advantage of promising opportunities.

For this purpose, MetaTrader has developed a powerful app that also enables professional trading with a smartphone or tablet.

With the MT app, users can not only open and close positions, but also have many analysis options and, just like with the PC version, can use various order functions.

Because of the larger screen, professional traders prefer and The associated more diverse usage options include trading on the computer, but the app makes sense for quick access on the go and definitely represents an enrichment for the user. Less complex trading strategies can also be implemented completely via the app so that traders can act regardless of location.

When trading via computer and app, di e Data synchronized automatically. This means that their complete statistics are always available to users and can be used to analyze and improve their own trading strategy.

The MetaTrader app can be downloaded free of charge and is currently available for iOS and Android devices. The MetaTrader WebTrader can also be opened with other operating systems and does not require a download.

Trading account with MT5 - 2020 What should traders pay attention to?

MT5 can not be used by every broker without conditions

During MetaTrader 5, free of charge from all customers at some providers can be used, the use of other brokers is subject to conditions. Therefore, before opening a trading account, you should make sure that each customer has access to the popular trading platform for the selected broker, or that it is only reserved for selected traders, while other investors must use the broker's own platform.

Each the conditions that must be met for the use of MT5 may differ depending on the provider. The following requirements are relatively widespread:

  • Minimum deposit in a certain amount
  • Minimum monthly trading volume
  • Trading credits in a certain amount

If MetaTrader 5 cannot be used without conditions, potential customers should first take a look at whether they already meet the requirements. If, for example, the planned trading volume is automatically generated by the planned strategy, this condition does not represent a hurdle for the trader. On the other hand, the forced fulfillment of certain requirements should be avoided, as investors usually have to leave their comfort zone when trading, what mostly has a negative impact on risk management. In addition, it is questionable whether, under the pressure of certain requirements, rational decisions can still be made as would be the case with the free choice of deposit amount and trading volume. If the requirements for the use of MT5 are not automatically met, look for another broker with whom the use of the trading platform is not subject to conditions.

Open your XTB and account now

Other aspects when choosing a broker

Even if the trading platform plays an important role in the search for a suitable broker, it should by no means be the only decision criterion in the Forex broker comparison. Numerous other points should also be considered in order to find the broker that best suits your individual needs.

Trading costs:

Regardless of the success of the trader, trading costs have a significant impact on the overall balance, It should therefore be ensured that the selected strategy can be implemented as cost-effectively as possible.

Minimum deposit:

Not every trader wants to invest large amounts. Small investors should therefore ensure that trading with the selected broker is already possible with the capital they are planning to use. If more is deposited than is actually desired, it is often difficult to make rational decisions and not to let the natural variance upset you.

Support:

Even with the best broker Questions or problems arise in which customers need a competent contact person. Therefore, customer service should be easily accessible and, if possible, contact should also be made in German.

Available underlyings:

If you want to limit yourself to the major players anyway, you do not need to do this note, as the most frequently traded underlyings are available from almost all brokers anyway. On the other hand, if you also value trading with certain minor or exotic species, you should make sure that the selected broker offers a wide range in this area before registering.

How to trade on the MetaTrader 5 app

First steps: dealing learn with MetaTrader 5

Not only beginners have to deal intensively with the platform before they can act effectively. Even for advanced traders, a new trading platform is always a challenge. If a different platform was previously used, it is therefore best to use a demo account when switching to MT5. This is offered free of charge by many brokers and makes it possible to test all functions of the platform with a virtual credit, so that no financial risk has to be taken.

Many brokers also offer an education area, in which mostly the Basic functions of the trading platform are explained and illustrated using examples. With the help of video tutorials, customers can familiarize themselves with the MT5.

The MetaTrader itself also offers a series of helpful instructions and tutorials that make it easier to get started and explain how to use the various functions.

Despite the numerous features, using the MetaTrader 5 can be learned quickly, because the platform can be operated intuitively. The user interface can be designed according to the needs of the user. Various tutorials are also available for this.

To use Expert Advisors, it is also advisable to first use a demo account in order to be able to simulate trading under realistic conditions. Only when the individual functions are mastered should you switch to using your own capital.

Trading with several brokers: sensible or unnecessary?

Some traders have a trading account with more than one broker, This may be due to the fact that you want to trade different underlyings that are not available from every broker. For example, trading with the majors of the broker with the most favorable trading conditions is often chosen, while the exotics not available from this provider are traded with another broker.

Another reason for opening several trading accounts can be an attractive bonus his. So professional traders occasionally open another account if they can receive additional trading credit as part of a bonus campaign.

In principle, it should be carefully considered whether trading with different providers is really worthwhile or whether it is disproportionate high additional effort is connected. If, for example, different trading platforms have to be used, the trader with the new broker must first deal intensively with the other platform before he can implement his strategy well here. It is therefore an advantage if MetaTrader 5 or the previous version MetaTrader 4 can be used. So investors do not have to switch to a completely different platform, but can also trade with another broker as usual. Even your own statistics can be transferred if required.

If it is not necessary to change the trading platform when changing brokers, it can make sense to use several providers.

Trading account with MT5 - 2020 What should traders pay attention to?

Alternatives to MT5: What can broker-owned platforms do?

Not all brokers offer MetaTrader 5. Often, users can only trade via the predecessor MT4 or via the broker's own platform.

The MetaTrader 4 also offers a wide range of analysis and order functions and is suitable for automated trading with Expert Advisors. It is therefore an acceptable alternative to the MT5 for most traders.

Broker-owned platforms, on the other hand, often have to be viewed critically, because they differ very significantly in terms of quality and scope of services. Even if it is a high-quality platform with many functions, there are usually some disadvantages:

  • The popular Expert Advisors for automated trading were designed for MT4 and MT5 and cannot be used with other platforms.
  • Often trading statistics cannot be transferred if the customer wants to switch to another broker with a different platform.
  • If a user wants to trade with several providers, see above he has to switch to a different platform every time.
  • Not every broker has a powerful app for mobile trading.

Nevertheless, it may well be that another platform is well suited for the user. Various individual factors play a role here, so that no generally valid statements can be made. It is therefore helpful to try out the platform with a demo account. After a detailed test, potential customers can decide whether the platform offered meets their requirements.

Conclusion: Trading platform is an important factor in broker comparison

Only with a good trading platform traders can effectively implement different strategies. The MetaTrader 5 not only offers a variety of functions and can be individually expanded with various tools, but can also be adapted to the needs of the individual user, so that the most frequently required functions are always quickly available.

Die Trading platforms can be used by many brokers, but before registering you should always check whether the use is subject to conditions. While MT5 is available to all traders at some providers, the software can only be used by others from a certain minimum deposit or a minimum trading volume.

A free MetaTrader app can be used for mobile trading, which is available for iOS and Android can be downloaded from the respective store. Many order and analysis functions can also be used via app and enable well-founded trading decisions.

The MT5 is particularly popular with users because of the possibility of automated trading. With the so-called Expert Advisors, any trading strategy can be automated and can also be used when the user is not continuously watching the screen. As an alternative to creating your own strategies, pre-built trading systems can also be imported.

We recommend all traders to get an impression of MetaTrader 5 and its possibilities using a demo account. This way, each user can decide for himself whether he is looking for a broker that this trading platform can be used.

Open XTB and account now

Trading account with MT5 - 2020 What should traders pay attention to?

Share this article
Comments