MetaTrader 5 by MetaQuotes
MetaTrader is a mobile application that delivers real-time Forex trading data to your Android phone or tablet running Android 2.1 or higher. The MetaTrader platform allows you to see market conditions in real time, and if you have an account with one of the supported brokerages you can place orders and sell right from your mobile device.
How it works
When you run the MetaTrader app for the first time, you’re given the option to log in to your brokerage account, or to set up a demo account on the MetaQuotes server. From there, you’re taken into the main screens of the application where all of the action occurs.
TIP: If you are setting up a demo account in the application, the phone number has to be formatted properly or you’ll get a phone number too short error. If you are in the USA set your phone number up like this: +15135551212
After your account is entered or your demo account set up, you enter the quote screen. In this view you’ll see the latest information for the symbols that you’ve added to the app. You’ll get the real time information on the latest bid price, asking price and spread as well as the low bid price of the day and the highest asking price.
You can add symbols to your quote screen in the menu options. Your options for additional symbols include some additional Forex symbols as well as spot gold and silver as well as a few select stock symbols.
The next screen in the app is the charts screen, and this is where a chart watcher can lose a lot of time. There are seven different chart options available, and all are based on time. The M1 chart is the 1 minute chart, while the M5 chart is 5 minute chart. Likewise M15 and M30 represent 15 and 30 minute charts. H1 and H4 represent hours and D1 represents 1 day. Each chart tracks the value of the symbol that you are following charted by the time frame of the chart that you are viewing. For example. the one minute chart tracks movement of your symbol by the minute, and a new line is started every minute. The H1 chart tracks movement of your symbol by the hour and a new line on the chart is created each hour.
You track the movement of your symbol over the selected time period based on the lines on the chart. The narrow line represents 1 minute on the M1 chart, and the thicker box represents how your symbol fared over that time period. For example, if you’re tracking the US dollar vs the Canadian dollar, if the thick box is toward the upper end of the minute line, the US dollar trended higher over that minute. If it’s toward the lower end of the 1 minute line the dollar is trending lower.
The trade screen serves two purposes. First, it allows you to track any positions that you have placed within the app. If you buy a mess of Canadian dollars with US dollars, you can see exactly how much money you’ve made or lost in the trade screen, and you see it in real time.
The second purpose of the trade screen is to allow you to place an order directly with your brokerage. You pick the amount that you want to buy and optionally you can set a stop loss amount to limit your losses or a take profit amount to cash in your winnings.
There are a two options available in the history screen, orders and deals. In the orders tab you’ll see a history of the orders that you’ve placed within the MetaTrader app, and the tab shows you a running history of your deposits, profits (or losses) and your current balance.
I do own stocks and mutual funds, but I’ve never even considered Forex trading. Prior to this app review my only currency exchange experience was figuring out how many US dollars I needed to pay for a 75 peso steak dinner in Tijuana. This review made me study Forex trading like I never have before.
Setting up the demo account was a little troublesome until I figured out the phone number formatting issue, and once that was worked out the app has been flawless. I’ve set up a number of trades with my house money and tracked my progress in the history tab over the last week. I’ve got to say, had I been playing with my own funds, I’d be up a few hundred US dollars right now.
The app and its assorted screens and charts was very easy for me to figure out. Even though I have some experience with my personal investments, I was a total Forex newbie installed this app. The app alone won’t help you to understand Forex, but if you spend a little bit of time learning about the markets the app provides all of the information that you need to understand what is happening with your investments.
Speed 5/5 – Real time is real time. It doesn’t get any better than that.
Features 4/5- Would have liked more stock symbol options.
Theme 5/5 – This might be the nicest looking financial app that I’ve seen.
Overall 4/5 – I’m only using the demo account, but it did what I expected it to do.
- Extensive charting information
- Real, real-time updates.
- Tracking one symbol against another, but also comparing other symbols against one another.
- Precious metals spot prices were a nice bonus.
- Limited stock symbols. No ability to search for additional symbols.
- No commodities information like oil.
I don’t trade in commodities or Forex, but I certainly like to know what is happening in the world around me. The exchange rate of your country’s currency affects your daily life as much as the price of oil affects how much you pay at the pump. If you live in a country that is a net importer, the less value that your home currency has against other currencies, the more you pay for goods in your local stores.
I’ve always paid attention to commodities and the value of the US dollar against key world currencies, but thanks to this assignment I have a much better understanding of what these value differences mean.
I’ll continue to play the Forex market with my house money that is included with my demo MetaTrader account, and I’ll continue to learn more about what all of the data that is presented means. I’d actually like to learn enough about Forex to trade with my own money. Until then, I’ll continue to use MetaTrader as I learn what I’m doing.
Oh, that 75 peso steak dinner? That cost me $4 US.
Google Play Store Link: MetaTrader 5