Forex trading online has become a trend that many Forex traders are turning towards. Metatrader 5 brings on a whole new set of possibilities that will help to make your trading effective and efficient. It has new features that are more improved than the MetaTrader 4 platform which aim is to make trading simpler and traders experience better as they invest their finances. The very first step that any trader needs to take for a chance to reap these benefits is to download MetaTrader 5 to their desktop. Features that make MetaTrader 5 one of the superior Forex trading accounts include:
- More than 20 new technical indicators;
- Interactive charts;
- Built-in strategy tester;
- 12 new time frames to trade.
There are many types of foreign exchange trading accounts each offering a range of options and benefits. All these types have either a demo account that traders can run to study how they work and earn without using real money and real-live accounts that traders use to do actual transactions in the Forex market.
Opening a MetaTrader 5 Demo Account
Opening a MetaTrader 5 platform account is not difficult. Most Forex brokers and top companies such as Alpari that trade on behalf of Forex traders will give a guideline on how to get a MetaTrader 5 live account after registration. Let us see the below steps of opening a demo MetaTrader 5 account after downloading it to a computer.
- Select ‘Open an account’ on the navigation pane;
- Select desired server; MetaTrader 5 will have a list of available online Forex brokers such as Alpari for traders to choose from when done click ‘next’;
- Select account type; the dialog box that pops next will have real or demo and log in to a trading account. If a trader had already opened an account with a company such as Alpari after registration, they log in and if not, a trader can create one;
- Filling in personal details;
- The system will then get to registration where trader details are added to their database and when complete traders can use the QR code provided to log in with your android or apple phone.
Opening a MetaTrader 5 Real Account
A real account allows you to get right into trades placing bids and asks on various currency pairs. Opening a real account is done directly from the trading platform such as Alpari. They will require a trader to fill out some simple forms and provide some documents to verify their identity. The first few steps are similar to those in a demo account until the point where traders choose account type where a trader should select a real account.
When the trader fills out all the required fields, they will have an account ready. It will be a preliminary one and the trader will not be required to deposit any money yet until the trading company or broker chosen contacts the trader to complete the process. When verification is complete, a trader can deposit their initial capital and start trading.