It’s no secret that crypto-exchanges lack in functionality. No Technical Analysis instruments, not even stop-loss and take-profit levels. Luckily for us, the crypto game is finally welcoming the professionals and them, naturally, bring their professional trading software. And this is what we are going to talk about further on.
I’ll probably have to make it clear from the very beginning - this little “research” was made by a person who had mostly traded cryptocurrencies on crypto-exchanges. This is why I felt like Columbus did discover the Americas when I was first introduced to MetaTrader5. But let’s have first things first - let’s have the battle started: MT5 vs.Crypto-exchanges!
I guess we have to start this battle with the most important thing, which is: orders. MetaTrader allows you to set take-profits and stop-losses for every order (incredible, but true!), which lowers the risks and increases the chances to earn. What is more, MT5 allows you to set stop-losses and take-profits even for limit orders (i.e. pending orders).
And that’s not it yet! The terminal has Trailing Stops! If you are new to it, then it’s a shame, go and try it at once, and Trailing Stop will certainly hit the Top-3 of your favourite instruments. This “Floating Stop-Loss” is dragged higher along with the price, for the number of points you set manually. So if the market turns its back on you, your deal at least closes with no losses, and if not - you can enjoy the maximum profits from your deal.
No crypto exchange offers anything like that. Moreover, some of them (like KuCoin) don’t let you set any stop-losses at all. Crypto-traders have probably never even heard of take-profits and stop-losses on limit orders. So it’s a solid 1:0 for MetaTrader!
Before Bittrex slithered to the ground level or even lower, it had rather nice, visually pleasant charts and a wide range of useful functions. But, as they say, good things come in small packages. For many traders, this radical design shift (from the better one to the worst one ever) remains a secret under lock and key. But let’s leave the sad stories behind. It leaves us with very poor charts on crypto-exchanges - few or simply no indicators, a limited number of timeframes, etc.
And what about MetaTrader? In a nutshell - it’s a whole range of Trading View functions in your trading terminal. You can switch between different chart types, set different timeframes, open several charts in one window, change colours, use all of the standard indicators and add your own, and so on, and so on… It’s no good trying to tell everything about MT5 in short, so you should better open the software and look it up on your own. Looks like 2:0 for MetaTrader.
It’s perfectly easy to speak about the analysis section on crypto-exchanges - there’s just none. Which, of course, looks quite weird, and I tell you more, suspicious! It’s no secret that analyzing completed and open deals, making a forecast of the future ones is the key to successful trading. But somewhy all of the exchanges find it useless.
Let’s see what MetaTrader has to offer here. Again, nutshell is not enough. Apart from the standard history of your deals (which, I have to give this credit, all the crypto-exchanges have), you can find a lot of useful, even indispensable features in your settings. For instance, you can put every order (past or present) on a graph and see the entry and close points (and see why you lost the money, lol), use the strategy tester to forecast future deals and even optimize your strategy automatically. And, of course, every user has access to all of the trading statistics - gains and losses for every position and for the whole account.
Apart from that, MetaTrader has whole information sections where the important stocks information is posted - urgent news, key events and everything that may be useful for traders. No gossip or unverified information. Useful, huh? Well, 3:0 for MT5.
Well, it’s unclear here. We’re used to having only two buttons (Buy/Sell) and a very simple, not to say primitive, interface. I think it’s good - why bothering, after all? On the other hand, simplified interface means simplified functions. And this is certainly a disadvantage for a trader. You’re familiar with what crypto-exchanges look like, no comments are needed.
Let’s switch to MT5. What do we have here? Hella lots of stuff. All of those tabs and buttons and windows - it seems impossible to make sense of it from the first glance. But if you look a bit closer - MetaTrader interface has nothing odd in it. It’s pretty native, and lets you build the space to fit your needs. Hide the unused buttons and tabs, change their size and location, set stops and takes right in the chart (like on Bitmex). All in all, it’s easy to get used to it.
What’s more, the MT5 trading terminal has several versions - desktop, web, Android-based and iPhone-based. Welcome to use it! I think it’s a 4:0 for MetaTrader5.
There are no bots, robots and “expert advisors” on crypto-exchanges. There are API keys that let you make add-ons (for instance, 3commas bot). We all know quite well what it can end up with (I hope no one here bought SYS on Binance for a “give-away” price of 92 BTC)
MT5 is completely different - you can choose standard functions for automated trading, over 2000 customized scripts called “experts”. Any robot, any bot or “expert” can be tested first (I’ve mentioned it before), and then you can let it go real. Looks like a dream! And 5:0 for MetaTrader5.
Everyone knows regular Bitmex time-outs (which magically coincide with bitcoin sharp jumps). The same is true for other crypto-exchanges. And everyone is used to a position getting liquidated due to “Bitmex server is unavailable” note, you can’t close it, stop-losses slip for dozens of pips (or even hundreds), it can make a person a tiny little bit cross.
MetaTrader5 uses banks services, and that’s all you need to know about it. It can’t go offline, freeze and not respond. Undoubted 6:0.
It’s easy to find examples - 700k lost bitcoins on MTGox and regular Bithumb break-ins… So there rises no questions about crypto-exchanges safety. One more drawback is crypto-exchanges can shut down and disable a person’s account in one click. One moment the man’s here, the other he’s gone… No trading history, no money, no proof…
On the other hand, MetaTrader can boast the highest level of safety. And, what’s more, all of the deals are processed on the trader’s computer. What is there to say? 7:0 for MetaTrader5.
If coding is your cup of tea, MT5 offers you one more opportunity - their own inbuilt programming language MQL5. And I say, this is the highway to success, one of the major advantages of MetaTrader.
Oh, almost forgot! MT5 has not forgotten about signals lovers (yes, there’s a whole tab called “signals”) - choose a strategy/indicators and set it up for yourself. No more money to little filthy channels on Telegram! This is the final shot and a definite knock-out. MetaTrader5 is the winner!