Metatrader 5 Review: Is It A Scam Or Not?
Are you a newbie wondering whether Metatrader 5 is the right platform to get started with? Or do you have questions like, will it work on your iOS and Android smartphones? And if yes, how good is it
Well, you are in the right place.
From fees, features, to the drawbacks, in this detailed review, we are going to cover every nook and cranny about Metatrader 4.
Let’s jump straight to it.
Metatrader 4 Review: An In-Depth Analysis
What is Metatrader 5? And is it Safe?
Launched in 2010 as a successor to Metatrader 4 (which was launched in 2005), Metatrader 5 is one of the advanced and fastest Forex trading platforms, which makes it perfect for both newbies and expert traders.
Yes, with features like Signals, and Automated trading, it makes trading a breeze for anyone and everyone.
It is owned by MetaQuotes, a company that has its presence in various countries like Thailand, Cyprus, China, Australia, Singapore, and Turkey, making it easier for you to get in touch with them if needed.
Plus, both Metatrader and MetaQuotes have been around for 15+ years now. Oh, and don’t forget.
They have 5 million+ users from across the globe and recently even won the Best Multi-Asset Trading Platform award at the Global Forex Awards 2021.
Now, can an unsafe platform last that long and win awards?
Furthermore, it is equipped with data encryption and extended authentication to protect user information from hackers, making it as safe as any trading platform out there.
But is Metatrader regulated?
Well, Metatrader is licensed to brokers, and thus it is important to check the organization that regulates the broker.
For example, Olymp Trade, one such broker which is regulated by Finacom. Read more about them in this detailed Olymp Trade review.
Metatrader 5 Compatibility: PCs, Web Platform, and Smartphones
There are 2 ways you can use Metatrader 5. Either download and install it on your PC or laptop, or you can access it via your laptop or smartphone using the web platform (perfect for those that do not want to or have the space for another app).
Both the web and installable versions are available for Windows, Android, and iOS platforms (iPhone, iPad, or Laptop, it works with them all).
The desktop/PC version is just 1.3MB whereas the app is just about 20MB. This means it neither takes a long time to download nor does it need a lot of space or memory.
The app is rated an excellent 4.4 rating on the PlayStore and has been downloaded over 10 million times.
Irrespective of where you choose to run it on, the Metatrader 5 has an intuitive layout that even complete beginners can understand within hours. And if you have any trouble, there are detailed guides to help you out at every step.
Just make sure you have the latest OS before installing it.
How to Register on Metatrader 5
To register on Metatrader 5, follow these steps:
Click on the Create an Account option on the top right-hand corner of the screen.
You can choose to register via an email of your choice or using Facebook or Gmail.
To create an account via email, fill in a Login ID of your choice and then your email address and hit the Register button. You’ll then be asked to confirm your email address.
You’ll receive an email from Metatrader with a password in it.
Enter this password and click on the green Activate Account button.
And voila, you are good to go. You can start trading from the Market section.
Similarly, you can use your Gmail and Facebook accounts to register as well. Just select log in with Facebook or Login with Gmail options.
If you are already logged in, you just need to verify the account, and the registration would be done in less than a minute.
If not, you should be good to go after logging in. The quickness of using Facebook and Gmail makes them my go-to methods for creating an account
Metatrader Account Types
There are 2 main types of accounts, Demo account and Real Account.
If you have just started trading and want to put your skills and knowledge to the test without losing actual money, the demo account is exactly what you need. Here you can learn the platform and trading better with virtual funds that can be renewed anytime you want.
Once you have a better idea about trading or are already a pro and want to jump into making profits, you’ll need a real account. Since MetaTrader is licensed to brokers, you’ll need to apply to a broker by submitting an application.
If your application is accepted, the broker emails you the password and ID. You can then use the platform to deposit, trade, make profits, and withdraw them based on your convenience.
Metatrader 5 Fees
Creating a demo account is 100% free, whereas, for real accounts, the fees vary from broker to broker.
While some might offer it for free, few charge a nominal fee. Features provided can change with each broker, so make sure you do your due diligence before signing up with a broker.
If you are looking to buy a license, you’ll have to pay $100,000 or more upfront. But that’s not. There’s a monthly fee of up to $15000 as well, which includes hosting, bridging, hiring 24/5 support, and other services.
Metatrader 5 Features: Trading Platform Overview
Want to know what makes Metatrader 5 so good? Here’s a lowdown of its best features.
Not sure what’s the best deal for you? What if you could just copy what an expert account is doing, would have been so easy peasy, right? Well, Trading allows you just that by accessing or subscribing to the information (trading signal) made public by the traders.
Oh, and it is completely automatic, so there isn’t any need for complicated codes or algorithms. Some signals are free, while some are paid.
Not just that, these signals allow you to earn extra, as well as you get subscription fees from users subscribing to the signal you make public.
Detailed Technical Analysis
When it comes to trading, you wish you were a fortune teller, isn’t it? Well, with full weaponry of analytical tools, it is the closest you will come to that.
This includes a whopping 100 charts that can be adjusted from minutes to months allowing you to track both short and long-term changes for more accurate guesses. Apart from that, they are also an amazing 80 in-built indicators and tools for the most accurate price analysis.
Indicators can be ordered, purchased, or downloaded. To order custom indicators, visit the Market or Freelance section on MetaQuotes.
One of the most exciting features of Metatrader 5 is algorithmic trading, where you can trade with the help of robots. Yes, sit back, enjoy your coffee or watch your favorite TV series while the robots analyze track and trade based on specific strategies.
And if you have experience with coding, you can create, test, debug, and optimize complex robots using MQL5 IDE.
Once you develop the robot, don’t forget to make most of the Trading Strategy Testing that allows you to test the efficiency of the robot without risking real money. Learn more about the tester here.
If you are a newbie or have zero programming experience, you can order robots based on your strategies or simply buy some from the Market.
Get Access to Real Volume Data
One of the major drawbacks of Metatrader 4 was that it did not give traders real volume data. With Metatrader 5, MetaQuotes have fixed that while maintaining the tick volume data (price changes on each candlestick bar). You can now access it by right-clicking on the chart.
Metatrader 5 Customer Support
You can use Metatrader 5 in 30+ languages, making it easier for people from across the globe to understand and navigate around faster. If you have questions related to the platform, there are tons of detailed articles you will come across on their site.
You can get additional help from the dedicated MQL5 language website.
Though keep in mind, there is no chat or phone call assistance. Providing that is up to the broker, so if you are using a real account, get in touch with them.
However, MetaQuotes has a presence in multiple countries (mentioned above). Contact them if you need more help.
Metatrader 5 Pros and Cons
- Chat or phone assistance isn’t available
- Understanding the multiple charts can take time for newbies
- Trade execution speed could be better
Metatrader 5 Review: My Verdict
That’s all from my side about Metatrader 5. Whether you are a newbie or pro, Metatrader is perfect for you. It is also the perfect platform for anyone that wants to be a broker.
Yes, it costs a bit, but with features like robots for automatic trades, trading signals, hundreds of charts, and indicators, it gives users the ultimate convenience allowing them to trade and earn profits from anywhere, anytime.
Furthermore, it is available on pretty much all platforms, and even when you can’t install it, there’s a web version you can use.
So if you haven’t already signed up for Metatrader 5, sign up today and improve your trading skills with the Demo account that you renew anytime.
For more questions on Metatrader 5, leave them in the comments below or get in touch with me via the contact form.
Till then, happy trading.