MetaTrader 5 or MT5 is a rising name in Australia’s crowd of next-generation trading platforms. Developed by MetaQuotes Software Corporation and the descendant of the MetaTrader 4 (MT4) platform, the MT5 also lets you trade on the Foreign Exchange Market (Forex).
While the MT4 platform continues dominating the trading platform market of today, MT5 Australia allows traders to go beyond the Forex market. Once you have mastered the MT4 platform, you can move on to the MT5. Some brokers in Australia will also allow you to switch between the trading platforms.
Even the Australian Securities Exchange (ASX) certified MetaTrader 5, making using MT5 Australia more secure. With the average number of daily trades in Australia growing significantly, you should take advantage of this platform.
Here’s what you need to know.
The Basic Requirements for Trading in Australia
To trade in online stocks in Australia, you would need to fulfil some basic requirements. The first thing you need is to open a brokerage account. Then you need to add funds to it. Afterwards, you can do your research about the companies whose shares you are planning to purchase.
Australian investors must also consider a few factors about choosing a website or trading platform. A low-cost or commission-free platform like MetaTrader 5 ensures that you get to maximise your investments.
You can even find stocks of the largest Australian corporations for trading on MT5 Australia.
Now, you need a few things sorted for opening an account on MT5 Australia.
You first have to download the MetaTrader 5 on your PC or Mac. You can even log in from the online browser if you do not yet wish to download the app. But installing the app will keep you updated with the latest notifications regarding the market.
You can easily open your account afterwards. The simplicity of the application is one of the reasons that many Australians prefer this platform.
You would need the Windows XP, 7, 8, or 10 Operating Software (OS) installed on your PC. Or, you can download it on your Mac devices as well. Keep in mind that the application is not compatible with macOS Catalina. Except this, other OS will work just fine, including Linux.
You would also need a processor of 32 or 64-bit.
The first thing Australian traders have to do after downloading the application is register and open an account on the MT5 platform.
At the moment, MetaTrader 5 offers two types of trading accounts on its platform:
While Demo accounts with their training mode are more suitable for beginners, Australian traders can test their trading strategy here.
The best part is that both the platform types have similar functionality. But the demo accounts do not require any actual investment, so beginner traders in Australia can practice their tactics first. You will also not gain any profit from the demo account.
Just click on the “Open an Account” option from the File menu and follow the steps instructed to you.
Choosing the Broker
You would also need to choose a server or broker. This is an important step. In Australia, the Australian Securities and Investments Commission (ASIC) is the primary regulator for online brokers.
So, you need to choose a broker on the MT5 platform authorised by the ASIC. For example, Pepperstone and Blueberry Markets are some of Australia’s renowned ASIC- regulated Forex brokers. You can choose other brokers too. Just make sure the ASIC authorises them.
A regulated Australian broker by your side protects against bankruptcy or fraud. If you want to invest in Forex trading, you can also tally the names from the ASIC’s list and find them on the MT5 platform.
If you cannot find the broker’s name on the “Find your broker” option on MT5, type the server address instead of the company’s name. After you find it, you can click “Next” and choose the type of account you want to open.
Fill in the personal details and click on “Finish” to complete the registration. You will receive a login number, a password for the account, and an investor password. Connect the account with the mobile application, and you are ready to trade on MT5.
When it comes to the average Australian trader, MetaTrader 5 has gained a lot of popularity in recent times. It is even more popular than its predecessor, the MT4 platform, with the number of MT5 users exceeding its numbers in Australia and all over the world.
With the rising economy of the Australian continent, it is therefore wise to guess that MT5 will be a leading name in the coming years. If you, too, wish to experience the advantages of this multi-asset platform, then follow the above requirements to open an account.
Keep the few things mentioned in mind, and you too can grow your finances using this highly beneficial tool.