MetaTrader 5 is the latest trading platform released by MetaQuotes Software but as of yet it’s not seen the same kind of uptake that its predecessor, MetaTrader 4, has experienced. Designed to offer a more sophisticated level of access to the foreign exchange market, MetaTrader 5 is based on MQL5 programming language and isn’t backwards compatible.
Essentially this means that many of the features present in MetaTrader 5 aren’t available and cannot be made available in MetaTrader 4. For this reason only around 10% of Forex brokers have adopted the new system with the majority of the market continuing to use MetaQuotes’ other trading platform.
Despite the relatively slow take-up of the new software, MetaTrader 5 is available in desktop and mobile versions and contains a range of profit-making features for traders, including: live financial news updates, market alerts, technical quoting and fundamental analysis tools. Moreover, MetaTrader 5 is fully equipped to accept Expert Advisors and trading robots. These automated scripts can be built into a user’s platform and used to execute trades whenever the market meets certain predefined conditions.
As MetaTrader 5 continues to develop it’s expected that more FX brokers will integrate it into their platforms. Indeed, it’s fair to say that MetaTrader 5 is more suited to experienced traders who want to gain a deeper level access to the Forex world. Because the software allows for a high level of customisation, it makes it perfect for professionals who want to implement their own executions strategies and stop/ loss limits.
Overall, MetaTrader 5 is a powerful electronic trading platform that, despite not being as popular as MetaTrader 4, is well equipped to help Forex traders make a healthy profit in the currency exchange market.