Good day to all! In this video, I want to talk about the possibility of trading cryptocurrencies through the Metatrader 4 and Metatrader 5 trading terminals in the forex market. I will tell you the advantages and disadvantages of trading digital money through the Forex terminal in comparison with crypto exchanges. Let’s start!
Metatrader 4 in cryptocurrencies
Despite the fact that many crypto traders prefer to trade directly through exchanges such as Binance, Kucoin, Huobi, Bybit, Bitkub, there is still the possibility of trading cryptocurrencies in the forex market through MT4 and MT5 terminals. This option is more suitable for Forex traders who have not yet traded digital money before but want to get a new experience.
In this case, the forex trader does not have to open an account on crypto exchanges, but only needs to select a currency pair in Metatrader 4 and Metatrader 5, usually USD to BTC, ETH, BNB, XRP, and other altcoins. But these terminals will also be useful for traders because these terminals have additional capabilities – a large number of trading tools.
These terminals offer more tools for technical analysis, an economic calendar for fundamental analysis, and news updates for news analysis. Of course, there are some tools on the same trading platform Binance and TradingView, however, Metatrader has much more of these tools, given that MT is much older than Bitcoin.
Metatrader 5 in cryptocurrencies
Metatrader 4 is a terminal that was developed in 2005 by MetaQuotes Software. This platform has become a benchmark among other platforms for trading in the forex and stocks. And this terminal remains popular to this day, even after the release of Metatrader 5. It is compatible with Windows, macOS, and mobile operating systems.
Metatrader 4 uses the MQL4 programming language, which allows you to use other people’s robots for automatic trading or create your own bots personally. A person with MQL4 knowledge can create or modify other people’s indicators and technical analysis tools right in this terminal. There is support for cryptocurrency trading.
MT5 was developed by the same company MetaQuotes Software in 2010. The interface and capabilities of this program are largely similar to the fourth version, but there are some differences. First, the fifth version places more emphasis on futures and options trading. Second, the inability to lock (hedge) deals are when a trader has the ability to simultaneously open buy and sell orders.
Trading Bitcoin and another crypto in the Forex market
Third – MT5 automatically combines all trader’s transactions, while MT4 shows all positions separately. These differences affect the popularity of Metatrader 5, so most traders continue to use the fourth version of the terminal. Using the MT4 trading terminal in cryptocurrency trading, you will receive the following benefits.
1) Ability to lock positions and fine-tune Trailing Stop, Stop Loss, and Take Profit. 2) A huge number of tools for fundamental, graphical and technical analysis. 3) Push notifications about news and price changes. 4) Scripts and simple language to create your bots and automated trading crypto strategies.
5) Fine-tuning the graphics and terminal interface. 6) Extensive charting capabilities to simultaneously analyze different aspects of the cryptocurrency market. 7) Demo version for teaching and learning the intricacies of digital money trading in the forex market. 8) A large selection of brokers with different commissions and terms of trading through the forex market.
The video about trading cryptocurrencies through Metatrader 4 and Metatrader 5 in the forex market has been completed. I told you why it is worth using these terminals for trading, and how they can be useful in addition to trading on exchanges. If you want to learn how to trade and invest in cryptocurrencies, join the private group botcryptotrade.com