MetaTrader 5 is the newest version of MetaQuotes Software Corp’s forex trading platform. While Metatrader 5 offers trading on different financial markets such as the stock market most MT5 Australia brokers including Pepperstone only utilise the forex forex trading element of the software.
MetaTrader 5 Australia Forex Brokers
The comparison table below shows some of the best forex brokers in Australia (click on the image for the full details). It highlights how only IC Markets and Pepperstone offer MT5.
The key reason MT5 has been adopted is its flexible trading system which allows a variety of forex strategies to be implemented combined with complete information on the trading operations to keep them aligned to market events.
One Click Trading
An exciting feature of MT5 is the complete information about all orders and open positions. This is available within the Toolbox (trade window). Here Australian forex traders can track their orders, positions, volumes, open prices, stop orders and other key elements. Trading history can also be viewed in this section.
Operation executions offered to traders range from instant, market, request and exchange executions. These execution options combined with the platforms features allows forex traders to implement a range of forex trading strategies with support for all types of trade requests. The system allows up to 2 market orders, 6 pending orders and 2 stop orders.
When pending orders occur, the request is executed in the future once the desired currency conditions are set. Stop orders like for MT4 can be inserted to help forex traders lock in profits or reduce their loss levels. Trading reports can also analyse trade values including the expected payoff, profit factor, average profit/loss and draw-downs. This information makes it easy to evaluate different strategies and systems.
Reporting And Analytics
MetaTrader 5 offers 82 various tools ranging from technical indicators to graphic objects helping forex traders analyse currency prices and liquidity. Over 20 time-frames are offered for market security and traders can open a maximum of 100 charts simultaneously.
Traders can use complementary code base or create their own technical indicator within the new development environment. Another option is to develop trading robots (expert advisors) based on calculations to execute strategies in the market.
Trade and pending orders in MetaTrader
Building on the success of the Metatrader 4 Platform, Metaquotes have once again raised the bar and released Metatrader 5. MetaTrader 5 is not a replacement for the popular MetaTrader 4, but will be offered alongside it.
MT5 shows currency depth of the market;
Aggregation of open positions;
2 new pending order types: Buy Stop Limit and Sell Stop Limit;
38 inbuilt indicators;
39 graphical objects;
17 ways to display custom indicators.
MQL5 vs. MQL4
Syntax is similar to that of C++ programming language;
Improved debugging tools;
Advanced events management model.
Mobile Options Available
MT5 brokers Australia offers mobile trading options for iPhone, Android and iPad devices. This makes is possible to trade globally with these mobile platforms having the functionality and information required while coping with the limited bandwidth of mobile networks.
To use either the Apple or android devices, a small MT5 software download is required which is relatively light. This software then runs on the mobile device when activated to speed up the loading of key charts and so orders can be easily executed.
MetaTrader 5 vs cTrader
The MetaTrader platforms are a favourite among traders due to the professional look and feel of the platforms designed by Metaquotes. However, in recent years a rival company called Spotware have launched their own FX trading platform called cTrader. cTrader has grown enormously popular in a very short period of time due mainly to its clean interface, customisable graphs and plethora of trading indicators. MetaTrader 5 on the other hand is not too dissimilar from the earlier versions of the platform. MetaTrader 5 does have a few more features such as more time frames and the ability to look at custom time frames.
Overall MT5 Brokers Australia Outtakes
MetaTrader 5 offers improved speed and performance characteristics compared to MT4 and other forex trading plaform’s. With lighter hardware specs required it is not only fast but also an efficient platform. The best forex broker firms such as Pepperstone are the first to adopt MT5 understanding that Australian forex traders are looking for the edge when trading currency markets.
Background To Our Pepperstone Review
Pepperstone which is one of the first Australian forex brokers to offer MT5 was compared in 2016 to several other of Australia’s best forex brokers. Our Pepperstone review found the broker offers strong leverage (400:1) and low fees. While other firms may offer higher leverage, its is Pepperstone’s reputation for innovation combined with their cutting edge technology which has led to them being one of Australia’s fastest growing companies. Read more in on our Pepperstone review page.