Best MetaTrader 5 Forex Brokers

Background of MetaTrader 5

The MetaTrader 5 platform (MT5) was created in 2010 by Metaquotes Inc as a successor to the wildly popular MT4 platform. However, it has found it very hard to displace the MT4 from the market, to the extent that the MT5 is now being offered in conjunction with the MT4 by almost all retail brokers that offer this platform. In other words, it is a bad marketing strategy for a retail broker to offer just the MT5 platform, without offering the MT4. Perhaps the reason for the slow uptake of the MT5 by retail traders and their brokers alike is because not much effort has been put into highlighting the advancements that the MT5 will bring to retail forex trading. The truth is, the MT5 is a vast improvement on the MT4. What this article will do is not just to show you the forex brokers for the MT5 platform, but also show you why you should seriously consider jettisoning your MT4 package for the MT5 platform offered by the forex brokers on our list.

MT5: Superior in Many Ways to the MT4

The MetaTrader 5 platform is an advancement of the MT4 in many ways, and when properly utilized, it has the potential in changing the game for retail traders looking for advanced performance in their trading. So in what ways is the MT5 a superior trading software to the MT4?

A) Speed

Due to the fact that it is built on the more advanced 64-bit multi-threaded technology, the MT5 platform is faster and more stable than the 32-bit, mono-threaded MT4 platform.

B) Chart Tools

The forex brokers for MetaTrader 5 present an important feature when it comes to charting: the ability to open multiple charts. Traders who monitor correlated assets will attest to the fact that switching form one chart to another can be very dreary business. But with the MT5, you can open as many charts as you want, and monitor several asset charts at the same time.

C) Backtesting

Enhanced backtesting and optimization are strategy testing advancements that you will find on forex brokers offering the Metatrader 5. In the MT4, it is only possible to test and optimize one asset at a time. This has been improved in the MT5, as it is possible to carry out backtesting and optimization of multiple assets at the same time. Furthermore, the process has been given a speed boost, enabling faster strategy testing and optimization. So if for instance, you want to test a strategy for Yen crosses, it is possible to select several pairs featuring the JPY and perform the strategy tests on these pairs at the same time, and at faster speeds than before.

D) Hedging

The MT5 allows you to hedge positions in the forex market. You can hold as many positions on a currency pair as possible, and each order is displayed in the order ticket as a new trade.

E) Multilingual Learning Program

There is now a built-in learning program which is multilingual. Traders who speak 30 languages that include English, Mandarin, German, Portuguese and Spanish, can now visit the MT5 learning section and get interactive learning by switch to their preferred language interface using the View tab. Over 100 interactive tips are provided, enabling traders to seamlessly learn about the MT5 and how to use it.

F) Enhanced Order Management

MetaTrader 5 now has an enhanced order management system which not only provides up to 6 order types (unlike 4 types in the MT4), but provides the ability to manage these orders easily.

Unique Trading Features of MT5 Forex Brokers

The MT5 platform has some interesting features that you will not find in the MT4. This is part of what makes this platform truly unique.

A) Depth of Market

The Order Book, otherwise known as the Depth of Market tool, is a feature of the MT5 that shows the level of commitment of buyers and sellers of an asset. The Depth of Market tool shows the prices at which the asset is being offered. It also shows how much buying and selling volume is at play for each price level. This therefore works as a great tool to know where the orders and prices will flow.

B) Increased Number of Charting Tools

The MT5 boasts of an increased number of charting tools which are also more advanced than those of the MT4 platform. For instance, there are 38 native technical indicators, 44 analytical tools and 21 timeframes. For instance, Elliot wave tools and graphical objects have been added to the analytical tools available for traders. This provides a total of 80 indicators for technical analysis.

C) Better Listing and Categorization of Market Products

The Market tab in the MT5 has been redesigned to classify products available on the MQL Marketplace as they are. Rather than have a blanket listing as was the case with the MT4, traders can now click the Market tab, and click on the sub-divisions as follows: Experts, indicators, Libraries, Favourites and Downloads.

D) Increased Number of Timeframes

The number of timeframes has been increased in the MT5 platform. This means that other time frame charts not previously available on the MT4 are now found on the MT5. So instead of 9 time frames on the MT4, the forex brokers for Metatrader 5 can offer you 21 time frames.

Other Features Found Exclusively on MT5 Forex Platforms

Here are some of the other features that the forex brokers for MT5 will offer you exclusively on their platforms.

— Embedded Chat

It is now possible to use the embedded chat function within the MT5 platform to communicate with other members of the MT5 community website. This is a seamless function that operates in just the same way the trader can pay for items on the MQL Community website from the account balance in the platform.

— An Economic Calendar

The forex brokers for MT5 have solved a major problem confronting traders: that of shuffling between platform and webpages that carry the Economic Calendar. Now you can view the forex news calendar in one location; your MT5 platform. The economic calendar has been revised and now features the ability to select the current day, current week, previous or month, or any time schedule you want to view. You can also view data by country or currency.

— Partial order filling

Now you can have part of your trade order filled at a certain price and the other components filled at other prices. This is unlike the MT4 where the entire order must be filled at the listed market or limit/stop price.

There is so much that you can do with the forex brokers for Metatrader 5. All you need to do is to select one of the MT5 forex brokers listed above in order to get the best from this advanced trading platform.