A few years ago, most Canadians considered MetaTrader 4 their favorite trading platform. And why wouldn’t they when MT4 offered unheard features like automated trading and advanced charting capabilities?
But today, MT4 has been replaced by its successor, MetaTrader 5, released in 2010. Although it’s yet to gain the same level of popularity as MetaTrader 4, MT5 is arguably the best trading platform today. Several key features make MetaTrader 5 Canada better than its predecessor as well as competitors, including:
1. Mobile Trading Compatibility
MetaTrader 5 has a downloadable app compatible with Android and IOS devices. So, if you can only use your phone to trade, MT5 won’t let you down. With this app, you can trade on the go and monitor your assets from any corner of the globe.
The best part is that the mobile app has most of the indispensable tools in the desktop version, including interactive graphs and third-party indicators.
2. Enhanced Security and Safety
MetaTrader 5 has a robust framework to ensure traders enjoy optimum security and safety. First, this platform protects its users using two-factor authentication. 2FA optimizes security by requiring traders to provide an additional form of authentication besides a password. It can be code sent via text or biometrics.
MT5 also employs advanced encryption algorithms to secure communication between traders and the server. That protects sensitive information and data like a trader's login credentials from malicious actors.
3. Wider Range of Financial Instruments
MetaTrader 5 supports various financial instruments, ranging from forex and precious metals to stock CFDs and indices. Commodities such as oil, gold, and silver are also available on this platform. Not to forget, this platform allows people to trade digital currencies like Bitcoin and Ethereum.
The expanded asset class on MT5 is indispensable because it allows you to choose what you want to trade without limitations. But be careful. Asset classes and markets like forex are very risky. Before indulging, learn the basics.
4. Support for Automated Trading
Automated trading has its fair share of benefits. First, since the process eliminates excessive human involvement, it minimizes losses by doing away with human-related mistakes like emotional trading. Plus, it allows traders to cover more trades even with limited time. So, it’s right for a trader to prioritize platforms that support automation.
Fortunately, MetaTrader 5 is automation-friendly. This platform uses expert advisors (EA) to grant its users unlimited access to automated trading opportunities and their perks.
Shift to MetaTrader 5 Today
Are you still using MT4 to trade? If yes, consider shifting to MetaTrader 5, a mobile-friendly platform that boasts enhanced security, countless finance instruments, and automated trading capabilities. It also has other exceptional features, including advanced technical analysis tools, hedging capability, improved backtesting, and support for multiple accounts.
But before you join MT5 to execute your first trade, note that MT5 has a demo account. If you are a newbie in the industry, start with it. It will allow you to test your skills in realistic market conditions before risking your finances.
Good luck.
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