After reviewing a number of fun games that will help keep you occupied and distracted, we thought we'd turn our attention to something a bit more serious and useful to start the week off right: a stock application. This is a specialised application for Forex and stock market traders that allows users to take their Forex and equity trading accounts with them on the go, meaning you can receive currency and stock prices in real time, analyse the market thanks to multiple charts and even trade and make financial deals.
After reading a number of rave reviews about MetaTrader 4 we felt compelled to test it for ourselves, and while we were at it we thought we'd also check out the highly anticipated latest update from the MetaQuotes crew: MetaTrader 5.
Tested on: Samsung Galaxy Tab
MetaTrader 4 and MetaTrader 5 are mobile trading platforms designed for the Forex and stock markets and provide features both for analysing and trading.
Seeing as both MT4 and MT5 are tools made for Forex and stock market traders, we won't go into too many specifics as to what exactly these markets are; suffice it to say that the Forex market is where the entire decentralised trading of international currencies takes place, and the stock market is a public entity for trading company shares.
That said, software such as MetaTrader actually makes analysing complex markets relatively easy, even for rookies. It's great design and user friendly set-up pave the way for an extremely comfortable user experience, even for non-experts in the financial sector such as myself.
Here are some specifics:
When first setting up the app you will be asked to log in using an existing live account (with your MetaTrader login + password), or else open a demo account. To set up a demo account, select a broker (either from the two provided: MetaBrazil-Demo or MetaQuotes-Demo, both by MetaQuotes Software Corp., or enter a company (or server) name in the search bar). If you opt for going with one of the MetaQuotes brokers you will have to enter a name and phone number and the email address connected to your Gmail account will automatically be linked. You are then given an a login and password plus investor, which you can automatically copy to the clipboard—a great option to help save time.
Once your account is set up you arrive in the heart of the application which doesn't consist of a classic landing screen + menu, but rather four very neat pages that can be accessed by the following clearly marked tabs located at the top of the display:
Charts (Three types of charts make it easy to stay on top of recent changes in the market: bars, Japanese candlesticks and line graphs. You amy also set the time limitation of your preference.)
MetaTrader 4 vs. MetaTrader 5
We tested MetaTrader 4 and 5 simultaneously, curious as to what the difference between the two apps is. Both are obviously the mobile apps of wildly popular Forex trading platforms, MetaTrader 4 and MetaTrader 5. Both platforms and their apps allow users to trade currencies with hundreds of servers of brokerage firms. More similarities: we found the UIs to be similar in the sense that they're very well thought-out and easy to use.
Both applications allow traders to participate in trades whilst on the go, a huge advantage for power traders. Users can of course also access your account at any time, as well as check histories of trade operations.
A relatively new feature is that MetaTrader 5 now offers an extensive list of technical indicators to help perform market analyses:
Average Directional Movement Index
Ichimoku Kinko Hyo
Average True Range
Bears Power, Bulls Power
Commodity Channel Index
DeMarker, Force Index
Moving Average of Oscillator
Relative Strength Index
Relative Vigor Index
Williams' Percent Range
Money Flow Index
On Balance Volume
Market Facilitation Index
If you're a power broker using MetaTrader software you'll find either of these applications to be an absolutely vital asset. Both MetaTrader 4 and MetaTrader 5 are geared towards user comfort and we appreciate the thoughtfulness that went into creating these smartly designed apps.
Screen & Controls
The MetaTrader 5 UI is certainly the nicest Forex/stock market trader app I've come across thus far, bar none.