Now that you have decided to use the MetaTrader 5 (MT5) as your trading platform, it is time to get to know more about it, including the opening of a demo account and live account.
Steps To Follow When Trading with MetaTrader 5
- Pick a MetaTrader 5 broker
- Download it from the MetaQuotes website
- Create an Account
- Log In To Your Account
- Install Into Your Device
- Add Funds To Start Trading
Pick a MetaTrader 5 Broker
Picking an MT5 Broker will be your first step to your trading journey with this platform. It is important to note that not all brokers offer MT5 as a trading platform. Therefore, you need to ask them first before you hire their services. It is true that picking a broker can become a tiring task as some might appear reliable but ends up disappointing you over unmet expectations. Before you choose a broker, make sure that you conduct thorough research about the broker. Make sure that the broker is regulated and licensed by your country’s designated regulatory body.
Download it From The MetaQuotes Website
Whether it’s a live account or a demo account, the first thing that you have to do is to download the trading platform. For Windows, check the MT5 download page and write all the details being asked. Then the download will automatically start after that. You will be given an installation file after the download. Then, you can begin the installation after you open the file. You will have the choice to log in from a live account or a demo account. Choose the one you prefer.
Create an Account
After completing the download, it is time to create your trading account. Creating a trading account is as easy as downloading the platform. You just need to fill in the needed personal information and choose whether to go to a demo account or a live account. But for newbies, it is highly recommended to use the demo account offered by your broker so you can get the feel of how trading works.
Log In To Your Account
After setting up the trading account, you can now open the MT5. After that, tap ‘File’ located at the top of the screen and click ‘Login to Trade Account’. You will be prompted with a dialogue box asking you for your login details. Fill in the field by entering your account ID and your complete password.
Add Funds To Start Trading
Now that you have entered your account, it is time to start adding funds so you can start trading right away. Go to the Trader’s Room dashboard and input the same email address and the password that you used when signing up for an account.
After you deposit funds into your MetaTrader 5 trading account, you will wait for a maximum of three business days to clear your deposit and make it visible in your account. After the clearing process, you will see an increase in your account balance. As for the minimum deposit, it solely depends on your broker as different brokers require different minimums as well.