In many ways, the success of trading depends on what tool and broker you choose. If the platform you use does not give you all the necessary tools for data analysis, you risk getting incomplete information and, as a result, losing money. If you use a low-quality broker, you risk losing money even faster.
In this case, it is enough to choose a high-quality broker and a reliable trading tool that will allow you to earn comfortably and without unnecessary risk. Where to find Forex platform Philippines, what is MT5 in trading – we’ll discuss it in this article.
Briefly about MT5
Let’s start with the right tools you should know about if you want to become a professional trader. MetaTrader 5 is designed for active traders. This platform is currently the most modern and is used along with an earlier version – MetaTrader 4. The MT5 platform allows you to trade in the “single window” mode on the leading stock, derivatives, and Forex markets, and make transactions with stocks, futures, and currencies. MT5 also allows you to use trading robots – programs for algorithmic trading, as well as algorithmic tools based on technical analysis of quotes dynamics and so on.
A very convenient difference between this platform and the previous version is that it is built on the principle of “all in one” and it contains all the tools that an active trader may need. But you need not only to choose high-quality trading instruments, but also a broker. What to look for when choosing a broker?
How to choose a broker in the Philippines
Without further ado, here’s what you should look for when choosing a broker:
- Reputation. A reliable broker has an impeccable reputation. After all, any misconduct on the part of the broker and the scandal in which it was involved will greatly affect its reputation. Of course, you should not choose a broker with a negative reputation. For example, FBS has a flawless reputation after almost 15 years on the market.
- Legality. The availability of a license from the regulator is a must. The license must be valid and available in the databases of the regulator so that anyone can check it. The check will only take a few minutes and will save you a lot of nerves.
- Availability. It may sound trite, but it is worth checking whether this broker works in your country.
- Variety. Will you have access to all the markets and trading options you need? If you want to trade in the USD/EUR currency pair, check if it is available with this broker along with other pairs or what you are planning to trade.
- What tools are available to you? MT4/MT5 are not the only instruments available, although they are the most common ones. Check their availability with a broker.
It will also be useful for this broker to have “pleasant bonuses” for the trader. For example, large and high-quality brokers have specialists on their staff who monitor the situation around the clock and write articles for the site, and include news that directly affects the world of trading. Also, a great bonus would be that the trader has a database with knowledge in which you can get some theory. Do not forget that trading without prior preparation is a huge risk of losing everything!
