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Ultimate Guide to Trading Using Metatrader 5 (MT5) in Nigeria

Now that you have made up your mind to start trading forex, you need to be confident you’re trading in the best forex trading environment. All you need to trade CFD is a robust, reliable, and fast trading platform such as MetaTrader 5 (MT5).

With MT5, a trader will have access to many CFD instruments such as currency pairs, indices, stocks, crypto CFDs, metals, and commodities through any licensed broker. These brokers offer their clients a better method to trade the financial markets through MT5

What is MT5?

MT5 is one of the best multi-asset platforms for the modern CFD and forex traders that wish to improve their trading journey using a variety of powerful and effective new features as well as handy trading tools and resources. It is a next-generation of well-known and most successful forex trading platform. With FXC trading service, Nigerian customers can get complete access to the MT5 multi-asset trading platform with much more opportunities and functions.

A major benefit of the MetaTrader 5 platform is that it allows a trader to trade from anywhere and at any time from the comfort of their smartphone and tablet. As a result of the web platform, you can trade any assets of choice. The platform also offers trading robots, copy trading access, and trading signals. 

MT5 platform connects retail traders to multiple markets including:

1. Forex/ currency pairs – EUR/USD, GBP/USD, GBP/JPY, USD/CAD, USD/CHF, and many more

2. Metal CFDs – XAU/USD, XAG/USD, XPD/USD, XPT/USD, and many more

3. Indices –  S&P 500, NASDAQ 100, US30, UK100, and many more

4. Stocks and ETFs –  Amazon, Alibaba, Apple, Microsoft, and many more

5. Cryptocurrency CFDs – BTC/USD, ETH/USD, LTC/USD, DSH/USD, and many more

6. Commodity CFDs – UK Brent oil, US Natural oil, US crude oil, and many more

MetaTrader 5 brokers list

Access to MetaTrader 5 CFD trading instruments is available at some of the established and licensed stock and forex brokers, particularly in Nigeria. Examples include

  •           FXCentrum
  •           Exness
  •           IC Markets
  •           FXTM
  •           XM
  •           Hantec
  •           AvaTrade
  •           HotForex
  •           FP Markets
  •           Pepperstone

Getting Started with MT5 - Registration with a Broker

Once you download MT5 on your PC or android, you will navigate to the login page on your browser and then register with a broker for a new account. Many forex brokers will request basic information to verify your identity, your trading objectives, and the type of account you want.

You can make deposits and withdrawals from your broker’s account profile. Minimum deposits vary depending on the broker. Payment methods and charges also vary depending on the provider and method selected.

Commissions, leverage levels, and trading costs are flagged when you sign up with a broker for an account. CFD retail traders may see a swap charge against their accounts. A swap fee is an interest paid or earned on trades kept overnight.

There are two types of accounts that you can register on MT5.

  1. Demo account: this is a type of account offered by MT5, brokers, and other trading platforms that is funded with fake or virtual funds, enabling a prospective trader or customer to experiment with the platform and its various functionalities and features before deciding to set up a real account. It provides the opportunity to trade in a training mode without real funds, allowing a trader to test a trading strategy.  
  1. Live account: a live forex trading account is a type of account offered by online forex brokers that involve real money through which one can trade forex and earn in a live trading environment. A small amount of money is necessary to start trading before you can have access to a live trading account. Choosing an excellent broker to handle your online CFD and forex trading account can save you a substantial amount of money and frustration in the long run. You have to ensure that the broker you opt for can open for you the type of live account that best suits your needs and also accept your favored options for withdrawing and depositing money.

Trading with Metatrader 5 (MT5)

After you have opened a demo or live account, you can start trading on MT5. All commands required such as file, view, insert, charts, option, and help are accessible from the main menu bar. These functions help a trader to settle their charts with indicators, analytical tools, and other settings to enable a personalized trading environment.


Key elements of MT5 platform interface

After you have opened a demo or live account, you can start trading on MT5. All commands required such as file, view, insert, charts, option, and help are accessible from the main menu bar. These functions help a trader to settle their charts with indicators, analytical tools, and other settings to enable a personalized trading environment.

There are different built-in toolbars below the menu that are customizable and allows you to change chart timeframes and chart types including line chart, bar chart, and candle chart

The “Market Watch” section is located on the left of the chart. Here, you can see prices of selected financial instruments such as  EUR/USD, GBP/USD, GBP/JPY, gold, and crude oil. The section also provides other important information such as details and specifications of financial contracts and one-click trading options.

With the use of the toolbox section below your chart(s), you’ll see where you can follow the evolution of your opened positions and your pending trading orders; you can also modify the “stop-loss” or “take-profit” when needed. Other useful information such as account history, news,  alerts, internal mailbox, expert journals, and much more can also be accessed via this multifunctional window.

Do you want to place your first order on MT5? Follow these simple steps.

1) Select a financial instrument and click on “New Order”.

2) Decide on the type of order you want to execute: an instant market execution order (“Sell” or “Buy”) or a pending order (Buy Limit, Sell Limit, Buy Stop, Sell Stop)

Once you select the type of order, you need to determine and choose:


  • the size of your position (position size or volume),

  • the levels of your take-profit and stop-loss

Once the order type, position size, take profit, and stop loss have been set, your order will be processed at the next available price.


Technical analysis

MT5 offers 38 built-in technical indicators including:

  • Exponential moving averages (EMAs)
  • MACD-2 lines
  • Volume profile
  • B-clock
  • Pivot points
  • Zigzag
  • Renko

In addition to the aforementioned, custom indicators are also accessible from CodeBase and the Market while over 100 price charts are available with 21 timeframes that range from one minute to one month. Hence, Meta Trader 5 is suitable for analyzing both short-term and long-term price trends.

Support

Support can be accessible to MT5 users via several avenues including:

  • Getting started
  • Price analysis
  • Charts & graphs
  • Trading signals
  • Copy-trading
  • Mobile trading
  • Automated trading

Most brokers including FXC operate a live chat or telephone support service for solving common issues such as connection issues, frequent closure of the platform, or issues concerning forgotten passwords. Traders also have access to user manuals, online videos, and guides in PDFs that are self-explanatory and help in solving complex issues.

Errors

Common errors on the MT5 platform include:

  1. Market closed: this error appears when a trader tries to place a trade outside of trading hours.
  2. Can’t place an order: occurs if a trader attempts to place a trade without sufficient capital in their account 
  3. Off quotes:  If connectivity drops, the MT5 platform can’t display current prices
  4. Unsupported filling mode: CFD brokers use unique symbol filling modes, you have to check for the accepted filling mode