MetaTrader 5 (MT5) is beneficial for traders who want to build their own technical indicators for advanced trading. The platform can be used to trade forex, stocks and CFDs. You need to open a MetaTrader5 account to access it.
In our article, we will understand how you can open a MetaTrader 5 account.
What is MT5?
MetaTrader 5 or MT5 is a web-based trading platform that helps in trading the forex, stock, CFDs and more. It offers advanced charting tools, multiple order types, and automated trading through expert advisors. While MetaTrader 4 is more suited for beginners and intermediate traders, MetaTrader 5 is better for advanced traders.
Key features of MT5
With MT5, you get varying timeframes that allow you to look at markets from different angles and make a trading decision accordingly. From a 1-minute to a 1-month chart – you get a total of 21 different timeframes on MT5.
Expert Advisors (EAs) on MetaTrader 5 (MT5) are automated trading systems based on algorithms that follow a specific set of rules to execute trades on behalf of the user. These algorithms will enable you to execute trading orders based on pre-determined rules and trading conditions. You can set these conditions as per your trading strategy and wait for the EAs to run these strategies at any time.
Fundamental and technical analysis
MT5 can conduct both technical and fundamental analysis. For technical analysis, you can open as many as 100 charts and use 80+ indicators to monitor price movements and predict future behaviour. Simultaneously, you can use fundamental analysis tools like the economic calendar and financial news to confirm these predicted price movements.
Real-time volume data
On the MT5 platform, you get the true volume-traded data to understand the actual momentum of the market. With real-time volume, you can analyse whether it is the right time to enter the market or not. This data is displayed on the MT5 charts/graphical tools in various forms like histograms and tick charts, and all data is updated in real-time. With this information, you can confirm trend direction, identify support/resistance levels and make informed decisions.
How to open an MT5 account: Step-wise guide
1. Select and sign up with an MT5 broker
Before opening an account, you need to choose a reputable and regulated forex broker online that offers the MT5 trading platform since you can only access MT5 through a broker. You can research the broker’s reputation by reading online reviews, checking regulatory bodies’ websites, and comparing features and fees with other brokers.
Blueberry Markets offers access to the MT5 platform through both live and demo accounts. Sign up to get started.
Once you have chosen a broker, visit their website and find the “Open an Account” or “Sign Up” button. Fill out the online registration form with your personal information, such as name, address, email, and contact details.
2. Download MetaTrader5
Next, download MetaTrader 5 after you have signed up. You can access MT5 on Windows, Mac and Linux. The software is either downloaded as a file or can be accessed through the web. The MT5 app is also supported on iOS and Android.
3. Create your MT5 account on the trading platform
After the MT5 software is downloaded, open a live MT5 account. To do this, log in to the trader’s room by entering your registered email address and password. Press on the ‘open live account’ button and verify your contact. You will also have to add your tax identification details, passport number, and other requested documents for ID verification.
After receiving the account details, log into your MT5 trading account by clicking on the ‘file’ and selecting the ‘login to trade account’ option. This will open a dialogue box for you where you will enter your account details. The server field in this step should match the server details that your broker provided you with.
4. Fund your account
To start trading, you can either use a demo forex trading account to place orders without involving real money or straightaway create a live account after funding it. Using a demo account will help you get a hang of the platform before placing real orders.
To open a live account, you will need to fund your account by logging in to the trader’s room dashboard. You can do this by using a credit card, bank transfer, or an e-wallet. The deposit methods available will vary depending on the broker you choose.
- Select the account where you want to deposit the funds by clicking on ‘deposit’.
- Choose the payment method and follow the next steps to deposit the funds.
It takes around three business days for the funds to reflect in your account. You can check your account balance in the trader’s room dashboard and withdraw from the same place.
5. Start trading
Once you have funded your account, it is time to utilise automated trading features like trading robots to analyse the market and identify successful market signals. Place your very first trade and start trading with the MT5 platform.
Download MT5 on our platform today
Creating an MT5 account is a straightforward process and only requires you to have a forex platform that supports the MT5 software. Familiarise yourself with the software before you start trading to understand the features it offers and how you can automate your trades with the same.