Deriv is a popular and reputable broker and platform that offers clients access to MetaTrader 5.
This guide delves into utilizing MetaTrader 5 effectively on Deriv’s outstanding platform while leveraging its advanced technical analysis tools, versatile trading methods, and effortless integration of algorithmic capabilities.
What is the MT5 (DT5) Trading Platform?
MetaTrader 5, or MT5, is a comprehensive trading platform that enables users to engage in Forex, stocks, and futures trading.
Renowned for its user-friendly interface, advanced charting features, technical analysis tools and the capacity to create and implement automated trading strategies.
Advantages of MT5 (DT5) vs Other Accounts
Superior Features of MT5
Because of its comprehensive features, MT5 distinguishes itself from other trading platforms. It provides more technical indications, graphical elements, and periods than its predecessors and competitors.
MT5 also supports algorithmic trading, automating your trading strategy and having the platform execute transactions.
One of the most popular MT5 assets on Deriv is the Vix75 volatility index.
Differences in the Assets That Can Be Traded Between MT5 and Other Platforms on Deriv
Regarding online trading, your platform can considerably impact the assets you can trade. Different platforms, such as MetaTrader 5 (MT5) and others supplied by Deriv, specialize in specific asset classes.
Asset Variety on MT5
MT5 is a multi-asset platform that provides a diverse range of tradable assets. These are some examples:
- Forex: MT5 provides diverse currency pairs, including majors, minors, and exotics. This enables traders to take advantage of the Forex market’s 24-hour availability.
- Cryptocurrencies: Cryptocurrency trading is also supported by MT5 on Deriv, letting traders speculate on the price swings of popular digital currencies such as Bitcoin and Ethereum.
- Stocks: Traders can use the MT5 platform to access global stock markets and trade shares of top firms.
- Indices: MT5 allows traders to trade important worldwide indices, allowing them to speculate on the general direction of a country’s stock market.
- Commodities: MT5 customers can trade precious metals like gold and silver, energy assets like oil and gas, and agricultural commodities.
Asset Variety on Other Deriv Platforms
While MT5 provides many assets, other Deriv platforms provide various trading opportunities, albeit the specific offerings may vary. As an example:
- DBot: DBot is a Deriv platform allowing users to build automated trading bots. DBot’s asset offerings are comparable to DTrader’s, including Forex, commodities, and synthetic indices.
- SmartTrader: Another Deriv proprietary platform built for binary options trading is SmartTrader. It provides a variety of assets such as Forex, indices, commodities, and synthetic indices.
- DTrader: DTrader is a Deriv proprietary platform that specializes in derivative trading. It provides over 50 trading assets, including currency, commodities, and synthetic indexes. Synthetic indices are unique to Deriv and imitate real-world market activity while remaining unaffected by real-world events, enabling trading possibilities 24 hours a day, seven days a week.
Steps to Set Up MT5 So One Can Start Trading
Setting Up Your MT5 Account on Deriv
- Set up a Deriv account: Go to the Deriv website and select the ‘Create free account’ option.
- Download MT5: Once your account is activated, go to the Deriv website and download the MT5 platform.
- Connect to MT5: Log in to the MT5 platform using your Deriv account information.
- Configure your trading preferences: Change your trading choices, such as language, trading assets, and chart kinds.
If you want to trade signals, find all about Deriv MT5 Signals.
How to Place a Trade on MT5
Executing a Trade on MT5
Trading on MetaTrader 5 (MT5) entails multiple phases, from picking an asset to placing an order. This section will expand on these stages to provide a complete tutorial on executing a transaction on MT5.
How to Use MT5 to Execute a Trade
1. Choose an Asset
The ‘Market Watch’ pane on the MT5 platform’s left side displays a list of all accessible trading instruments. Currency pairs, commodities, indexes, and stocks are among the items on this list.
You can use the search box at the bottom of the ‘Market Watch’ window to find a certain asset. When you have discovered the asset you wish to trade, highlight it by clicking on it. The chart for the selected asset will also be displayed in the main window.
2. Place a New Order
After you’ve decided on your asset, you must create a new order. Right-click on the selected asset in the ‘Market Watch’ window. There will be a drop-down menu. Choose ‘New Order’ from the drop-down option. This brings up the ‘Order’ window.
3. Determine Your Trading Parameters
You must enter your trade specifications in the ‘Order’ window. These are some examples:
- Volume: The trade size, usually measured in lots. A standard lot equals 100,000 units of the base currency. MT5 also allows trading in mini lots (10,000 units) and micro lots (1,000 units).
- Stop Loss and Take Profit Levels: Automatic orders close your trade at specified levels. A stop loss limits losses if the market goes against you, while a take profit locks in profits if the market moves in your favour.
- Order Type: MT5 supports various order types, including ‘Market Execution’ (buy or sell at the current market price).and ‘Pending Order’ (buy or sell when the price reaches a particular level).
4. Purchase your Asset
You are ready to make your order once you have defined your trading parameters. If you choose ‘Market Execution,’ you can immediately place your deal by clicking ‘Sell by Market’ or ‘Buy by Market’.
If you selected ‘Pending Order,’ you must specify the price at which your order will be filled.
Your deal will be executed once you click ‘Sell by Market’ or ‘Buy by Market.’ Then, it will show in the ‘Deal’ tab of the ‘Toolbox’ window at the bottom of the MT5 platform. You can monitor your open trades from here, change your stop loss and take profit settings, or manually close your transaction.
Frequently Asked Questions
Is MT5 better than other trading platforms on Deriv?
MT5 has sophisticated functionality that other platforms do not have. However, your unique trading requirements and preferences determine the’ best’ platform for you.
Can I trade cryptocurrencies on MT5 on Deriv?
Yes, you can trade a variety of cryptocurrencies on Deriv using MT5.
Is it complicated to set up MT5 on Deriv?
No, it is easy to get started with MT5 on Deriv if you use our comprehensive guide.