South Africa is the largest regional player in the online trading market. More than 1,000 financial companies operate in the country and about 190,000 currency traders make transactions daily (as of June 2022).
Such a wildly growing market attracts not only investments and new customers, but also those who want to cash in on it all, often not legally. That is why everyone who wants to engage in online trading should be careful and choose a trusted and most importantly licensed trading service provider.
The most attractive for most traders is MetaTrader5. All exchanges already provide access to trading through MT5, so this is not a surprise or an advantage.
But the comfort and, most importantly, the security of your transactions and trading depends on your choice of a trading service provider. The choice should be made focusing on “local companies”. As they most often take into account the peculiarities of the local market and provide more guarantees for local traders.
What is MetaTrader5 and why you should use it
MetaTrader5 is an upgraded version of MT4 and the most modern trading platform at the moment. Its key differences from previous versions:
- MT5 is a multi-asset platform – with it, both currency and stock markets with securities transactions are available. You can work on several different exchanges at the same time.
- Both MT4 and MT5 offer you a variety of technical analysis tools, but MT5 simply offers more. For example, 38 built-in indicators instead of 30. There is the possibility of wave analysis using Elliott waves (if you think that this is about something from physics, it’s too early for you to trade!).
- MT5 has four dedicated servers – access, trade, history, and backup. This speeds up the work process. There is only one server in MT4.
- To analyze the results, it is possible to display reports on the operations performed. In the fourth version, these are only tables, in the fifth, there are also graphs.
These are not all the advantages of MT5 over MT4. If you have already traded on MT4 and you have experience using it, then switching from MT4 to MT5 will not cause you any problems. You will be able to get comfortable within a few days. If you are interested in MetaTrader 5 and how to start trading through this platform, you can read about MetaTrader 5. Then everything will become clearer.
Lastly
You should not think about which platform to trade on, because if you cannot tell what a bull and bear market is, it is too early for you to do it. Get theoretical training before getting to the actual trading. Otherwise, you risk losing everything from the very beginning.
Some traders also provide a unique educational trading opportunity. After registration, you are given access to the platform, but you are able to trade with “imaginary” money using a “practice account”. After creating such an account, when trading you will use real data and real numbers, but fake money. This will give you the opportunity to experiment and apply your theoretical data in practice without risking anything.
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