February 11, 2021 |
James Messi
Launched in 2009, several years went by before Metatrader 5 (MT5) was able to surpass its predecessor MT4 in popularity amongst the institutional trading community. The developer, MetaQuotes Ltd, has been building trading software since early 2000 so it comes as no surprise that their flagship platform is consistently at the top of the list of those trusted by professionals worldwide. In fact, Finance Magnates in London just awarded MT5 Best Multi-Asset Platform and Best FX Trading Platform at its virtual conference this year. Up to this point, MT5 users have been able to trade stocks, commodities, futures, CFDs, and Forex – already an impressive list for a single program. With the integration of Beaxy Exchange, the MT5 community will gain the ability to trade 31 spot cryptocurrencies and leverage MT5’s impressive automated trading libraries against powerhouse digital assets like Ethereum, Dragonchain, and Bitcoin.
At the heart of MT5’s success is the online community at MQL5.com. This online portal was built in 2010 and has become a creative hub where bot developers and social traders make the markets move. It also gives users access to a massive free codebase for development, hiring of freelance programmers, and a voluminous knowledgebase on trading. More recent developments with the MT5 community include the ability to utilize cloud services, both to rent a virtual server to host trading bots and to leverage computing resources for testing.
Automated Trading with “Expert Advisors”
Automated trading programs, a.k.a “bots”, are known as “Expert Advisors” on MT5. The platform has its own programming language (MQL5) which allows for the development, backtesting, and optimisation of Expert Advisors. That may sound intimidating if you are not a developer. The good news is there are myriad ways to acquire Expert Advisors on MT5. A user can download certain programs free of charge, hire a freelancer to write a custom program, rent a trading program, buy a trading program, or build and tёest their own with the help of other users, all using their MT5 client or the online portal. The MQL5 Wizard can help beginners get started with trading robots while advanced traders can take advantage of additional tools like MetaEditor and Strategy Tester.
^ The view above shows minute to minute pricing within the MT5 mobile application for a variety of Forex and Crypto assets.
What do you Get with MT5
Metatrader 5 is the product of an iterative design leveraging more than 20 years of trading software experience. Some of the more impressive features for comparison with other products include:
- 38 built-in technical indicators
- Exponential moving averages (EMAs)
- Volume profile
- MACD-2 lines
- Pivot points
- B-clock
- Zig zag
- Renko
- 100+ price charts with 21 timeframes from one minute to one month intervals
- Real-time international news streams and an economic calendar
- Separate accounting of orders and trades
- Six pending order types
- Real-time PnL display
- Free past and live trading data for optimizing your bots
- Ability to copy trade other users
For MT5 Users, Here’s how to Get Started with Beaxy Exchange
If you are an existing MT5 user and want to start trading spot cryptocurrencies, all you need to do is register for a Beaxy Exchange account, pass KYC identity verification, and make a deposit. Once you have made a deposit, follow these three simple steps:
- Go to Beaxy Exchange > My Account > Balances and create three new wallets, one for each base pair enabled through MT5 (BTC, USDC, USD), then transfer the desired amount of trading funds to each wallet for use with MT5.
- On your MT5 client, login to the Windy Inc server using each of your new wallet IDs as the username and your beaxy exchange password to set up a trading profile for each base pair in MT5.
- That’s it! You are now ready to trade. In your left hand sidebar, you will now see an account for each base pair in your MT5 client.
On average, Beaxy Exchange registrants pass KYC in five minutes or less. Crypto assets stored on Beaxy Exchange are secured by Curv Digital Asset Custody while fiat currency holdings are backed by FDIC insurance up to $250,000. If you are a high frequency trader, be sure to opt-in for an upfront trading fee rebate in the form of a deposit match up to $500.
Here’s how to get MT5 up and running for Beaxy Members
If you are already a member on Beaxy Exchange but would like to start trading using MT5 follow these instructions:
- Download the MT5 client software in My Account section of Beaxy.
- Go to Beaxy Exchange > My Account > Balances and create three new wallets, one for each base pair enabled through MT5 (BTC, USDC, USD), then transfer the desired amount of trading funds to each wallet for use with MT5.
- On your MT5 client, login to the Windy Inc server using each of your new wallet IDs as the username and your beaxy exchange password to set up a trading profile for each base pair in MT5.
Now you are ready to start trading. Be sure to check back for tutorials on using more advanced functionalities in MT5.
