How to trade Cryptocurrency CFDs on MT5
Exploring crypto on MT5
MetaTrader’s doors are open to all kinds of assets and crypto is no exception. Being one of the most popular platforms, that is to be expected. The financial industry consists of millions of traders – be they individuals or enterprises – and a platform such as the MT5 needs to cater to all kinds of countries across the world for maximum accessibility. Aside from forex, indices, futures, commodities, stocks, and other financial instruments, cryptocurrency traders and enthusiasts can also speculate on the prices of the hottest coins right now. From Bitcoin and Ethereum, to Solana, Cardano and Dogecoin, and even tokens like Shiba Inu and Decentraland – MetaTrader has it all.
For anyone who asks why MT5, the reasons are many but can be summarized in just a few words – efficient, accessible, secure. As a FIX-compliant app, it comes in different forms for all kinds of devices – desktop, mobile, and even browsers. It also can manage multi-asset classes and can be used with autobots, trading algorithms and other tools to help maximize potential profit throughout the day. Cryptocurrencies are volatile and being able to provide options for various types of traders is essential. With free applications on the market, traders can try out different strategies on the fly. Beginners who are just starting out can benefit greatly from learning the fundamentals of algo and automated trading.
Trading crypto CFDs on MT5
To start trading virtual currencies on MetaTrader 5, there are a few steps to follow. Before anything else, you would need to have opened an account with a broker. Eightcap is an award-winning broker and offers 350+ crypto derivatives with dozens of indicators that can be used to customize your trading strategy to your liking. If you have any questions along the way on how to set-up an indicator or use MT5, you can always reach out to the excellent support service and they will ensure that you are in total control of trading the way you want. Opening an account is simple and easy – you can try out the free demo account or open a live account and begin trading cryptos without further ado.
Once you have opened your account, you can use the credentials to log in to the MT5 platform. Depending on the kind of device and operating system you choose – Windows, Mac, iOS, Android, or directly from your browser – the login process can differ slightly, though generally speaking, it is the same.
- After opening an account, download MT5 from Eightcap’s website and log in.Right-click on the Market Watch window and select the Symbols tab.
- A list of assets will appear – pick Crypto from it. Sift through the list and click ‘Show’ on the pairings that you wish to add.
- The cryptocurrency pairings you have picked should now appear in the Market Watch window.
Done. It’s as simple as that. Now all that is left is to go long or short on the cryptos of your choice.
Trading on margin is high risk.