Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Join the Facebook community of FBS!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Email tooltip

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE

View

What technical tools do I need for trading?

Information is not investment advice

All you need to trade currencies is internet access. Trading platforms for FX are called MetaTrader 4 and 5 (MT4 and MT5). You can be easily downloaded from here. FBS offers such software for different operating systems, including the ones for mobile devices. You can also watch a short video instruction on how to download and login to MetaTrader.

A trading platform is the workplace of a trader. You will use it to view and analyze the chats of financial instruments and make your trades. Below you can see the example of the terminal window.

terminal.png

MT4 vs. MT5

One of the frequently asked questions is what to choose – MetaTrader 4 or MetaTrader 5?

A common misconception is that MT5 is an upgrade of MT4. This is not really true. MT4 is geared for Forex trading and also contains CFDs, whereas MT5 also provides traders with access to stocks. At the same time, it can be said that MetaTrader 5 offers a wider range of features. Let’s make a comparison.

  • Timeframes

MT5 offers a greater number of timeframes. For example, there are 11 different types of minute charts and 7 hourly timeframes. All in all, 9 timeframes are available in MT4 versus 21 timeframes in MT5. If you are keen on analyzing and trading multiple timeframes, consider MT5.

  • Pending orders

MT4 has 4 types of pending orders: Buy Limit, Buy Stop, Sell Limit and Sell Stop. In MT5, there 2 additional orders: buy stop-limit and sell stop-limit.

  • Technical analysis

MetaTrader 4 has 30 built-in indicators, over 2 000 free custom indicators and 700 paid ones, as well as 24 analytical objects. MT5 offers 38 technical indicators and 44 graphic objects, which are available for a comprehensive market analysis. It’s also possible to download additional indicators. All in all, both programs have a big variety of analytical tools.

  • Economic calendar

Unlike MT4, MT5 has a built-in economic calendar. To access it click “View” and choose “Toolbox”.

Hedging, i.e. the ability to open multiple positions (buy and sell) at the same time for the same symbol, is allowed is both terminals. Both versions of the program allow traders to use automated, i.e. to develop, test and apply Expert Advisors (trading robots) and technical indicators.

To make a conclusion, MetaTrader 4 is simpler to use and is the best choice for beginners who want to focus on the Forex market. It has become a standard for the industry and many traders like its interface. MetaTrader 5 can be the best choice for those who require in-depth analysis and a wider range of trading instruments.

Popular

Oil Reached 2018 Highs, German Elections Affect Euro

Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.

What Will Move the Market on September 27 – October 1?

Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…

Turkey has decreased interest rates, but is it a buy?

Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.

Choose your payment system

Be on top of your game

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later