XM MetaTrader 5 Forex trading platform is the most popular among many professional traders today. So what is XM MT5? What are the outstanding features of XM MT5 compared to its brother MT4? How do you use the MT5 application? In this article, MForex will provide readers with complete information about Metatrader 5 XM software and how to use it in the most detail!
What is XM Metatrader 5?
XM Metatrader 5 is a specialized application for analyzing and conducting online transactions on forex and financial products. It allows investors on XM to perform analysis and place buy and sell orders. XM MT 5 is often used under the short-term XM MT5. XM offers two types of accounts: XM Demo MT5 and XM Live MT5.
Metatrader 5 is upgraded from MT4 by the famous and extremely reputable MetaQuotes company. The software was officially launched in 2010. Therefore, the XM MT5 software converges all the features from its older brother MT4, while also integrating a number of outstanding features to serve professional traders.
Advantages – Disadvantages of XM Metatrader 5 application
The XM MT5 platform provides clients with optimized experiences. MT5 has features and interfaces that are not much different from MT4 but are more upgraded in terms of analytical charts and modern technology. Every transaction takes place flexibly and significantly faster than the MT4 version.
Analyze the advantages of XM MT5
Tools equipped on XM MT5
- The platform offers a diverse range of financial analysis tools. Analytical charts and volatile trend lines are many times clearer than MT4.
- MT5 offers support for 6 different order types, MT4 only has 4.
- Unlimited chart usage possibilities, meeting all needs.
- More than 38 technical indicators are available, making it easy for you to choose the analysis indicator that suits your abilities and knowledge.
- The “Market Depth” and “Backtest” features have been optimized and improved.
Outstanding points compared to the old version MT4
Both XM MT4 and XM MT5 software are popular, but MT5 is more improved and optimized, with outstanding features:
- The interface is friendlier and easier to use than MT4.
- More than 80 technical charts + chart analysis tools while MT4 software only has about 50 tools.
- There are 21 time frames while MT4 only has 9.
- There is an additional economic calendar to help investors follow market news.
- Server connection speed is more stable and faster.
- The online trading platform is more stable.
- Transactions are performed faster and with higher accuracy.
Disadvantages commonly found on XM Metatrader 5
The most visible disadvantage is the limited number of indicators and lower investor support rate compared to other platforms. Additionally, this platform offers few options for Robot/EA development professionals.
Some system errors on XM MT 5
“Unable to login error” is the most common problem when using XM Metatrader 5. Specifically the errors:
- Invalid account error.
- Error, forgot password.
- The account is still in an inactive state.
- Account closed error.
- Error entering the wrong ID.
- Incorrect server error.
To fix this problem, users need to confirm account-related information. At the same time, make sure that the account has been activated and that the account is still valid.
>>>See more: The most detailed instructions for login XM for traders
What should you keep in mind when trading with XM MT5?
XM MT5 is a reputable and outstanding trading software. However, you need to keep in mind a few points when trading:
- Some trading signals or automated trading programs may be unreliable or cause losses. Before applying on a real account, check their reliability and results.
- Forex trading has potential risks leading to financial loss. To avoid big losses, make sure you have enough knowledge and skills before participating in this market. Master trading strategies, risk management, and market opportunities before starting.
- Confidence and caution are always important when choosing a trading platform and making transactions. If you have doubts about a certain exchange, seek information from a trustworthy source or consult a financial expert.
How do you place a trading order on Metatrader 5 XM?
Before placing a trading order on the XM Metatrader 5 software, investors need to finance and install the XM MT5 software on the device (phone/computer).
How to download XM MT5
With computer:
- Step 1: Visit XM’s homepage here: https://www.xm.com/
- Step 2: On the home page, click on “Platform”.
- Step 3: If your computer is a Windows system, click on “MT5 for PC”, and if it is a Mac, click on “MT5 for Mac”.
- Step 4: Scroll down, and click “Download”. At this time, the installation software will be automatically downloaded to your device.
- Step 5: Proceed with the installation by double-clicking the download file.
In addition to the above method, you can also directly access the XM Metatrader 5 homepage to download the MT5 application.
With phone:
- Step 1: Click on the app store on your phone (CH Play if Android or App Store if iPhone).
- Step 2: Type “Metatrader 5” in the Search box.
- Step 3: Tap “Install” (Android) or the cloud icon with an arrow on iPhone to download. At this time, the software will be installed automatically on the device.
- Log in to your XM MT5 account:
After downloading and installing the XM Metatrader 5 software to your computer or phone, log in to your XM account with these steps:
- Step 1: Select File, then click Login. A dialog box appears.
- Step 2: Enter your account number in the Login section, the password in the Password section, and the server name in the Server section. Finally, click OK and you’re done.
How do you do basic trading on XM Metatrader 5?
Open a new order
- Method 1: Click Tools => Select New Order.
- Method 2: Right-click on the price graph area => click Trading => Click New Order.
- Method 3: Click “New Order” on the toolbar.
When the Order box appears, you need to enter complete order information including:
- Symbol: trading product.
- Type: order type (Market Execution/ Pending).
- Volume: trading volume.
- Stop Loss: stop loss level.
- Take Profit: profit-taking level.
Finally, click the Sell/Buy button (if it is a Market Execution order). If it is a Pending order, click Place.
Adjust price levels to stop loss and make a profit
While the order is waiting to be matched, when you need to enter additional take profit and stop loss levels:
- Step 1: Select the command to edit in the Trade section in the Toolbox area. Then right-click and click Modify or Delete.
- Step 2: A dialog box appears, enter the take profit level in the Take profit box or stop loss in the Stop Loss box. Finally, click “Modify” to complete.
Close order
With a running order, you have 2 ways to close the order:
- Method 1: In the Trade tab in the Toolbox area, click on the “X” corresponding to the order to close.
- Method 2: Right-click on the running command and select Close Position.
>>>See more: XM MT5 – Discover the power of trading at your fingertips
Instructions for checking information on MT5 XM
In the process of using the MT5 XM software, investors will certainly need to check some information. Usually related to account and transaction history.
Check account
All account-related information can be found in the ‘Terminal’ section at the bottom of the MT5 interface. Here, you will see your account balance, capital, used margin, remaining margin, leverage level, and list of open and waiting orders.
Check transaction history
Trade history saves all closed trades on XM MT5. You can check your transaction history in this simple way:
- Click View on the menu bar, then click “Toolbox” to display it.
- Click the History tab to view all past transactions.
Above is all the information to help you understand the XM Metatrader 5 software as well as how to use the software very simply. Hopefully, through the MForex article, XM investors can easily access MT5 and be successful in trading.
FAQ
Is XM Metatrader 5 easy to use?
Have. XM MT 5 software has a simpler and more user-friendly interface than MT4. Therefore, for those who are familiar with MT4, MT5 is a trivial matter.
Who is Metatrader 5 XM software for?
XM Metatrader 5 with improved charts and analytical indicators, suitable for professional investors.
Should I download XM MT5 for a computer or phone?
Each investor will have the habit of trading on their phone or computer depending on their work and convenience. However, we still encourage you to download the XM MT5 application to your computer. The reason is that the MT5 interface on the computer is clearer and more comprehensive, helping you observe and place orders more accurately.
