Basically, what is an MT5? Is it the same with the MT4 platform? These are just two of the questions a trader would normally ask. Even though the MT4 platform has been widely used by most brokers worldwide because of its high end brokerage services, a promising and improved platform is now on the rise. MetaTrader 5 or simply known as MT5, is the newly innovated trading platform for all brokers. The MT5 is almost the same with the MT4 in the sense that it provides different services for the brokers. The only difference is that there are many improvements that are being integrated into the new platform, MT5. As of present time however, the MT5 is still on its trial stages. It has been made available for demonstration purposes to try out the program, and this it to make sure that the menus or tools being included in the new platform are all functional. Since the forex market is a very serious financial market, it has to employ platforms that are free from errors and all sorts of bugs.
New improvements in MT5
There are a number of improvements that are new in the MT5 platform. The improvements are divided into three general parts as follows:
- A. Modern MT5 interface. With the new MT5 platform, forex brokers have ease in controlling all their accounts because of the incorporation of a new window in the Navigator menu. In line with this, MT5 brokers can immediately switch between different accounts as frequently as possible, without even worrying about delays (most especially that different marketing strategies are being used in different accounts). For those brokers who have multiple accounts, they can really say that this innovative MT5 interface can be very advantageous. With that being said, the use of the MT5 platform can indeed save time and reduce the risks of having multiple accounts. Whenever the MT5 becomes available for all, brokers will have the convenience to switch between accounts and immediately check on the price actions and movements of each account without any difficulty.
- B. Additional indicators of forex. Even before the MT5 was starting to develop, the different metatrader platforms have already boasted its additional number of indicators especially for technical analysis. However, with the new MT5 platform, new and innovative indicators have been added. Not just that because for brokers who keep on using a certain indicator most of the time, a button is made available in order to sort of ‘bookmark’ such indicator. In this way, you don’t have to keep on clicking that indicator everytime you login. With the new indicators being added in the MT5 platform, brokers will have an easy access over those indicators without having a hard time searching for such.
- C. Improved options for expert traders. Not only is the MT5 beginner-friendly. Improvised options are also being incorporated in its interface in order to cater the needs of expert brokers doing advanced trading. With the MT5, a more efficient auto trading is made available. Unlike the previous metatrader versions wherein a lot of bugs and errors have to be fixed, the MT5 is able to serve the brokers’ needs without errors. This makes the new platform very user-friendly. Aside from that, there is also an improvement made with the Expert Advisor tool. This time, the MT5 enables a deep analysis of the different strategies being used by the broker.
Transfer to MT5
Although the MT5 platform is not in its full version yet, it is still safe to assume that the MT5 is going to be the best metatrader for forex brokers. Even if all other previous metatrader versions provide different brokerage services, the MT5 offers the best services not just to the brokers, but to its clients as well. With the trial version being released, other brokers claim that the MT5 is indeed going to be the best trading software in the forex market. The question then does not revolve around whether brokers should transfer to MT5 or not, for the answer is obvious. The question now is when the transfer will be. However, the only thing that brokers worry is the availability of tools that would convert the indicators from MT4 to MT5 in order for the transfer process to be smoother.