MetaTrader 5 is an iPhone app version of the popular MetaTrader software used for Forex trading. Users can choose to create a free demo using the iPhone app or they can just connect their live/practice account from several Forex brokers that support the MetaTrader 5 platform and they can do the trading on their iPhones. Since not all brokers support MetaTrader 5, they also offer a MetaTrader 4 version (http://itunes.apple.com/us/app/metatrader-5/id413251709?mt=8). Both versions are similar in looks and their features such as:
1. Real-time quotes
2. Several types of orders (Instant, Buy Limit, Sell Limit, Buy Stop, Sell Stop, Buy Stop Limit, and Sell Stop Limit) – plus you can easily modify or delete your orders.
3. Trading journal which is a must for every serious trader.
4. 3 Chart Types (Japanese Candlesticks, Line, and Bars)
5. 30 popular technical indicators which can be easily added and removed into the charts
6. 7 different time frames (M1, M5, M15, M30, H1, H4 and D1) to really get the whole picture when trading.
7. Crosshair on the chart to easily see the exact price
8. Online documentation on how to use the app – http://www.metatrader5.com/en/mobile-trading/iphone/help/beginning
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MetaTrader 5 is a popular and powerful app that is a must for Forex traders – both beginners and experts. Best feature of this is that it’s FREE! With all the features the app provides, you can just as easily use it to monitor your trades or execute trades with just this app. Although I would suggest to use it more for monitoring trades rather than executing trades (at least for beginners) as the iPhones screen is quite small and analyzing the candlesticks and indicators might be a bit difficult especially for beginners. But experts who have been trading for quite a while will be able to do it easily.
As with any technical app, a good documentation on how to use it is essential especially for beginnners. The developer has made a documentation of this here: http://www.metatrader5.com/en/mobile-trading/iphone/help/beginning but it wasn’t easily referenced inside the app. It would be great to see it there as well.
I think an iPad version of the app which will utilize the big real estate can be a real substitute to the desktop software provided that more indicators can be included. Adding the capability to create your own trend lines will also be a nice feature to have in the iPad version.
MetaTrader 5 is a FREE app but still a feature-rich and powerful Forex trading application for beginners and experts to help them monitor and execute trades on-the-go.
Visit their website at: MetaQuotes Software.
To learn more about this app, you can check the complete features of MetaTrader 5 or Download it below.
Developer provided promo codes to facilitate the review.