Download MetaTrader 5 / MT5 – Step by Step Guide

 

The Basics concerning Forex Trading

Trading Forex can be a complex process, especially for beginners as a lot of beginner traders may have unrealistic expectations without understanding the fundamentals first and learning what trading with Forex as a financial instrument actually entails. Forex trading is not a way in which traders can ‘get rich quick’ and when traders enter the trading environment with this mindset, it may lead to great losses that may exceed their initial deposit. There is a vast amount of financial instruments that can be traded and with MetaTrader 5, as opposed to MetaTrader 4 (which caters mainly only for Forex trading) traders have the option of not only trading Forex, but other instruments as well. But the focus of this article is specifically on MetaTrader 5 as a Forex trading platform and a step by step guide to downloading the trading platform, but before MetaTrader can be downloaded, there are a few topics to cover beforehand. Forex trading entails the trading of currencies on the foreign exchange market, it is also known as the FX Market. Currencies are traded as pairs and the value of one currency against another is measured by the movement of these currency pairs.  

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Basic FX Terminology

There is a vast amount of terms that traders will come across when trading Forex, and it may entail having a glossary close by when starting to trade and often even more experienced traders will have to refer back to a glossary to look up a term.   Here are some of the most basic terms which are used in Forex trading:

• Currency pair – a set of currencies that are being traded, one is being bought while the other is being sold and together they make up the exchange rate.
• Exchange rate is the rate at which one country’s currency can be exchanged for another.
• Base currency – this is the currency presented on the left hand side of a currency pair, it comes first and is therefore known as the base.
• Quote currency is the currency to the right of the currency pair, this is the quoted currency.
• Long position (buy) – this refers to the purchase of a certain asset in expecting that the market value of the asset is set to increase.
• Short position (sell) – this refers to the selling of a certain asset in expecting that the market value of the asset is set to decrease.
• Bid/Ask price – The bid price is the market price pertaining to the sale of an asset while the ask price is the market price pertaining to the purchasing of an asset.
• Pip – stands for ‘Percentage in Point’ and this is the smallest price movement that any exchange rate can make.
• Lot – Forex is traded in lots and although there are different lot sizes, a standard lot is the equivalent to 100,000 units of the base currency
• Leverage refers to a nominal investment that the trader uses to increase their trading power along with managing a greater position on the market
• Margin refers to the minimum deposit which is required to maintain an open position

These are only but a few terms that traders will come across while trading and a full glossary of Forex terms and their meanings can be viewed.  

Tips on choosing the right broker

When having a look at different brokers along with the vast amount of brokers there are, it may seem a bit overwhelming to beginner traders. It may also be a mission should a trader want to switch between brokers, and they want to find a broker more suited to their needs. There are a few things to consider when trying to find the right broker, such as:

• The broker’s needs, objectives along with goals in trading
• The trader’s budget and what they are willing to spend on:
  • Minimum deposits on different type of accounts
  • Trading and non-trading fees
  • How they can compensate for possible losses
• The trader’s needs regarding educational and research resources, and more

  Once the trader knows this, they can look for a broker that will cater for their needs. There are, however, a few key factors that traders need to consider when looking at brokers, such as:

• Regulation and Safety of Funds
• The broker type
• Fees and Commissions
• Trading Terms or Trading Conditions
• Education and Research
• Customer service

 

Regulation and Safety of Funds

The most important factor when looking at a broker is that it is regulated. The reason for this is that regulated brokers have to comply with a set of specific rules which ensure that investors and their funds are safeguarded. Brokers who are regulated are expected to have a minimum amount of capital that has to be kept in liquid form, should the broker be forced to close for any particular reason. This is a ‘safety net’ for investors and it is known as a ‘Net Capital Rule’. Regulated brokers are also expected to keep client funds in segregated accounts so that it cannot be used by brokers for any other reason other than the execution of client trades. Traders also need to look at brokers who are a part of a compensation fund that will pay out a certain amount to eligible clients should the broker be declared bankrupt or insolvent and they are unable to make pay-outs to their clients.  

Broker Types

There are several types of brokers, but the three main types of Forex Brokers are:

• No Dealing Desk or NDD –brokers who link traders directly to multiple forex quote providers who in turn provide the broker with liquidity in the market.
• Electronic Communications Network or ECN – these brokers provide an electronic platform where either and all professional market-makers along with traders and other participants can bid/offer through the use of the broker’s system.
• Straight through processing or STP brokers send the orders of their traders directly to liquidity providers in the form of banks or larger brokers without having to make use of a dealing desk.

 

Fees and Commissions

Most brokers charge non-trading fees for services that they offer aimed at facilitating the transactions between both buyers and sellers of financial instruments. Different brokers will have different fees, and this can further be broken down into the types of services offered as well. Traders will have to compare fees between different brokers to be able to determine which fees suit them more. Apart from fees on services provided, different brokers (depending on their type) may charge commissions and spreads. These may either be fixed or non-fixed (variable, floating, etc.) and it will depend on the broker, the account, and the financial instruments. Traders will also need to consider fees pertaining to overnight charges or rollovers, inactivity fees, fees for premium services, and more.  

Trading terms or Trading Conditions

Different brokers offer traders with different terms or conditions associated with trading and traders will have to evaluate the different offerings to see what will meet their trading needs and demands more efficiently as well as sufficiently. Brokers offer different type of accounts which come with different factors such as margins and leverage, along with different initial deposits, promotions and more. Different brokers also provide access to different trading instruments, and depending on what the trader wishes to trade, traders will need to evaluate this by comparing different brokers, the trading instruments and the amount offered per instrument. Traders also need to look at the minimum balance that the trading account should have at all times, along with the ease with which deposits and withdrawals can be made in addition to the supported currencies and payment methods. In addition, different brokers also offer different trading platforms. Some brokers offer the use of third-party platforms, such as MetaTrader 5, while others prefer that traders only use their own in-house, proprietary trading platforms.   To use MetaTrader 5’s trading platform, traders will need to seek brokers that have it as part of their offering. Some brokers who include MetaTrader 5 in their offering include:

• Markets.com
• Admiral Markets
• Naga
• FpMarkets
• FBS
• OctaFX
• XM
• Exness
• Forex.com
• Pepperstone

 

Education and Research

It is important for traders to look at what brokers are offering when considering educational and research resources. Educational tools will aid beginner traders greatly in gaining the knowledge needed to become more advanced traders. Research tools aid traders in monitoring the markets along with developing and testing their strategies through analytical tools and resources. It is also imperative to look for brokers who offer demo accounts so that traders can test their offerings, platforms, and tools before signing up for a live account. Demo accounts also aid beginner traders by allowing them to practice trading in a risk free environment.  

Customer Service

Traders need to evaluate the level of support that brokers offer their clients by looking at the ease with which clients can get in contact with the broker. The more ways in which the broker caters for communication channels, the better. It may be difficult to get in contact with a broker via telephone, email, or online requests form. In most cases live chat options or being able to chat to the broker via WhatsApp or Telegram can provide almost immediate assistance.  

How and where to download MetaTrader 5

Once has selected a broker based on what their trading needs are, the trader can proceed to download MetaTrader 5 in either of the following ways:

• Directly from the broker’s website under the section where provision is made for trading platforms. The broker will normally provide a link for the download of MetaTrader 5
• By visiting the MetaTrader 5 website and downloading the trading platform directly from there
• MetaTrader 5 can also be downloaded from Google Play or the App Store to trader’s mobile devices running on either Android or iOS.

 

Downloading MetaTrader 5 on computers running Mac, Windows, or Linux

To download MetaTrader 5 from the website, the trader can enter the address ‘https://www.metatrader5.com/en/download’ in the search panel on the web browser that they are using. Alternatively, the trader can access the search engine that they are using (e.g. Google) and enter ‘MetaTrader 5 Download’ and one of the top results should be the MetaTrader 5 website, which the trader can enter and navigate to ‘Download’. On the download page, the trader’s operating system will automatically be recognised by the website (either Windows, Mac or Linux) and the trader can simply click on the button provided to download the trading platform. After downloading the trading platform, the trader can proceed with the installation instructions after which they can log into their trading account that they have with a selected broker, or they can opt for a demo account with MetaQuotes to test the platform.  

Downloading MetaTrader 5 on mobile devices running either Android or iOS

Downloading the MetaTrader 5 applications can be done in a variety of ways. It can either be done from the broker’s website by using the provided links to Google Play or the App Store, or by:

• Visiting the MetaTrader 5 website and scrolling down to where provision is made for the downloading onto the relevant device, either Android or iOS
• Visiting Google Play or the App store and searching for the MetaTrader 5 application and then downloading it from there

 

Downloading from the Website on mobile devices

Should the trader be unable to connect either to Google Play or the App Store, they can go to their web browser. This will redirect the trader to the MetaTrader 5 website and the download page from where the app can be downloaded by selecting the correct download button provided on the page.  

Downloading from either Google Play or App Store

On their mobile device, the trader can select the app for either Google Play or App Store, depending on whether they are using an Android smartphone or tablet, or an iPhone or iPad. In the search bar, enter ‘MetaTrader 5’ and however the chances are likely that it will appear on the top of the list of search results, the trader has to ensure that it is the MetaQuotes Software Corp. application before downloading it. As soon as the trader has verified that it is the correct application, it can be downloaded onto the mobile device. The app can be used on its own without the desktop version.  

Downloading the MetaTrader 5 APK

An APK, or an Android Application Package is a file which can be downloaded onto Android mobile devices. This is often used when an android user cannot or prefers not to sign into Google Play to access applications. For users who would rather download the MetaTrader 5 APK, it can be accessed directly from the MetaTrader 5 download page (underneath the option to download the Android app, there is a link to download the APK). Alternatively, traders can download the APK from the following trusted sites that make provision for APK Downloads:

1. APK Store
2. Aptoide

  Traders should take note that sites like these that offer free downloads often rely on paid advertisements as a source of income to continue providing their services free of charge and it may become annoying when pages are redirected to these advertisements. It is advised to use an ad-blocker in such cases to prevent constantly being redirected to advertisement pages when navigating such pages on a desktop web browser.  

Using the MetaTrader 5 Web Platform

For traders who are unable to download MetaTrader 5 on either their desktops, laptops, or mobile devices, MetaTrader 5 also offers the use of the Web Platform which can be used directly by any web browser. The MetaTrader 5 Web Platform can be accessed and it can be utilized in the same manner as the desktop and mobile device applications, and it has the very same functions and features.  

Conclusion

MetaTrader 5 is an advanced, comprehensive, and user-friendly trading platform that provides traders the option to trade in any way, on any device at any given time. It is not a platform that requires traders to go on a treasure hunt to find or a degree in rocket science to utilize to meet their trading needs. It is easy to access, download, install, and start using on any device. A lot more brokers are making MetaTrader 5 a part of their offerings as the trading of multiple instruments is made possible through this trading platform as opposed to MetaTrader 4 only being utilised for Forex. MetaTrader 5 also has a vast array of features and functions which are in line with a majority brokers’ offerings and it ensures a unique, versatile, and comprehensive trading environment and experience for traders with differing levels of trading experience.  

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