Do not invest more money than you can afford to lose.
In September 2022, both Metatrader 4 and Metatrader 5 were removed from the IOS AppStore. This was a shocking and unilateral move from Apple. The tech giant stated that the platforms had been used by scammers, to defraud FX traders, and so, they would be removed. This led to the competitors of the platforms, headed by cTrader seeing an increase in usage. The web based version of MT5 also gained newer users. MetaQuotes, the company behind the Metatrader software started working with Apple to resolve these issues, while it continued to improve and add new features to its flagship platform.
Six months later, on March 6, the two platforms are back on the AppStore. MetaQuotes has stated in a press release that the concerns raised about the security of its software were addressed. On the same day, a large update was introduced to help Metatrader 5 catch up with the other versions, available for PC, Android and any modern browser. It contains improvements regarding placing orders, security, performance and more. Let’s take a look at the changes that come from this update:
Improved order opening functionality
Firstly, MetaQuotes has added the ability to place stop and stop-limit orders in the platform. One of the main advantages of MT5 is the wide amount of order opening options that are available – and they are now expanded to match what the trader has access to on the other versions of the software. Previously, only limit orders were available.
Secondly, traders can now close active positions directly from the chart. This means they can have a faster response time if they are using a strategy that demands it, like scalping. They can also modify orders, setting Stop Loss or Take Profit limits on active and pending orders. Furthermore, pending orders can be deleted from the chart as well.
Improvements to charts and analytical tools
Next, several important improvements to the charts on the platform and TA tools have been launched. Firstly, the ability to use different timeframes for the chart itself has been improved. One of the disadvantages of trading with your phone is that the size of the screen makes it more difficult to view the charts for larger timeframes. MetaQuotes addresses this by allowing you to quickly scroll the chart and zoom in to explore the current movements of the markets up close, or out, to better assess long-term trends.
Speaking of timeframes, the MT5 developer has improved the usage of indicators with regards to them. You can now select on what timeframes you see a particular indicator on, allowing you an even higher level of customization of your platform. However, not all indicators can be displayed in every timeframe. Previously, this could lead to the interface being cluttered by useless TA tools. This has also been addressed in the update. Following it, you can now decide when to see each individual indicator.
Also, placing analytical tools on the chart is now easier. It now lets you to copy analytical objects. You don’t have to place every trend line one by one anymore! This will allow for faster charting markup.
New security features
In the six months the platform was off the AppStore, the other versions of it received important security updates. After its reinstatement, MetaQuotes has brought these features over to the IOS Metatrader 5 distribution. First, it allows you to recover your account’s password if you have forgotten it. The platform lists the relevant contact information of the firm you are dealing with, which is fast and convenient.
Secondly, the software now supports advanced authentication via SSL certificates. Some brokers make use of this advanced means of authenticating log-ins to provide even further safety to their clients. If you encounter such a server, the first time you log in you will generate an SSL certificate as a file on your device. That file will then be required for further log-ins. If you have the file, you can now transfer it to mobile devices and trade on them. The mobile versions of MT5 already support two-factor authentication as well. This additional layer of security means they are even safer now.
Thirdly, it is not uncommon that your account gets locked when trading. The reasons for that can vary – you might need to complete additional KYC procedures with your broker, you might need to review its updated legal documents and so on. The platform now shows you the specific reason why you have been restricted – making it easier to tackle the issue alongside your broker.
Improvements regarding requotes and commissions
A crucial part of the update is the improvements to requotes. A requote happens when you try and enter a position at a specific price, but the broker is not able to open it. Reasons for requotes can include a volatile moment on the markets, or the liquidity pool of the company you are trading with can delay the execution of the order. There are two ways in which brokers tackle this issue. Some firms just open the next best position without consulting their traders. This can lead the clients to experiencing losses, or paying more to enter a position. It can even be a sign of a fraudulent broker to constantly have to suffer requotes.
The other way in which companies proceed when this happens is that they alert the trader of the new price their trade can be executed at and ask them whether they consent to opening the position on it. After the update to Metatrader 5, this is the only way requotes will be able to be handled! Now, the platform will show you an automatic notification that allows you to accept or reject the new price. If you don’t do anything, the position will automatically be rejected.
Another important aspect of the improvements to the transparency of the platform is the fact it now displays the commissions for each instrument on it. You can access this information from the screen which shows you the specifications of assets. It shows you exactly how much you would be charged per lot, or to enter and exit the trade. Some shady brokers set low spreads but are not actually clear with their traders about the commissions they would owe for placing orders. This feature provides a much needed way for this to be verified from the platform.
US traders who are bound to use the FIFO rule, will find it easier to open trades after the MT5 update. The rule means that you need to exit previous positions when opening ones using the same currency pairs and position size. After the update, if you use stop orders, their size will automatically be adjusted to be compliant with the policy.
Other improvements cited in the release notes on the MetaQuotes website include an update to the rendering speed of various charting tools, as well as fixes for the Dark mode you can view the platform in. Also, if you use MQL Channels, the new messaging app by the Metatrader developer, you can now share links to Channels via the platform itself.