With the development of the MT5 platform, ever since its release, back in 2010, more and more traders chose it for their Forex trading, some of them taking advantage of the wide community within the MQL. And thus, they got access to a wide variety of products, included in the MT5 platform, such as trading signals.
Therefore, we decided to take a look at this product and have a MetaTrader 5 social platform review, in order to assess the capabilities of this product and what they can do for the average trader who chooses to trade automatically and rely on signals. First of all, MT5 relies on a big community of traders and some of them decided to sell or give away for free their trading operations so that other traders copy them and make similar trading.
MetaTrader 5 MQL Signals Community
While MT4 has a much bigger community of traders who offer their services in this field, MT5 is more limited in this respect. However, what you need is quality of trading, not necessarily a huge number of traders who are willing to “take you onboard” for a fee.
For the purpose of this MetaTrader 5 social terminal review we will first go through the technical details of the tool. If you use MT5, you have access to a service that allows you to copy trade automatically, following other professional traders. If you have a good track record, you will be able to become a registered trader, as well and charge a fee for those who register with you.
Subscription to MQL Signals for MT5
But, let’s look at what it is like to subscribe to a trader. First of all, you don’t have to have the same broker as the signal provider, as long as you use MT5, you can connect. The tool offers secure data transmission, and a fast data exchange so that the delays in execution are limited. MetaTrader 5 crowd trading review show that you need to be prepared for two kinds of fees: first of all there is the fix fee for using Signals option. Second, there is the fee you pay each trader you choose, depending on his own requirements.
Some traders are free, while others charge 20-30 USD/month or even more, depending on the track record they have and subscribers. In this respect, the subscription doesn’t need an ok or intervention from the respective trader who provides the signal. This service connects with the buyers on its own and the payments go to the signal providers via MQL5 system directly.
If you want to compare MT5 Signals with other social platforms, we advise you to read:
- MT4 MQL Signals Review
- Review of the eToro Social trading platform
- Sirix Social Platform full Overview
Now, in this MT5 social trading review we can’t tell you which signal provider to choose, but you need to look at a few details that are provided by this system: profitability rate, worst trade, best trade, gross profit, gross loss, average profit and average loss. And, also, the number of subscribers is an indication of the performances of the respective signal provider.
So, what we found in this MT5 social trading feature review is that the technical aspects of the service are good, with limited time lapses, the number of traders who offer their services is not excessive, but it is quite significant, and with the wide number of traders and brokers who use the service, it has all premises to go up. Overall, it is a strong tool for those who want to use automated trading relying on the experience of other traders with a longer and successful track record.
Remember, there is more to MetaTrader 5 than just MQL Signals. You can also read: