iPhone App Review: MetaTrader 5

iPhone App Review: MetaTrader 5

August 25th, 2012 by

Gorden Gekkos of the world now have an app that will help you not just track the financial performance of your forex account, but also execute trades, place stop-loss orders, and do a whole plethora of other financial things that I quite frankly don’t understand.

MetaTrader 5 from MetaQuotes Software is the latest version of their popular forex trading app. While I don’t understand the world of high finance and foreign exchange dealings I do understand iOS apps, so read on to get my take on MetaTrader 5.

How It Works

Your first task when you fire it up is to create an account. You can select your broker and log in through the app, or create a demo account to try things out before you make the plunge with your own money. The app is divided into 5 screens: Quotes, Chart, Trade, History, and Settings.

The quotes screen shows a customizable list of financial instruments. Tapping on an item brings up an option window: Trade, Chart, or Details.
The chart screen naturally charts the trading price of your selected item, and has several widgets and menus to customize this chart. There is also a handy crosshair that you can drag around the chart to pinpoint areas for more precise study.

The trade screen shows a quick run-down of your account, with your profit, balance, equity, and margins at the top of the screen. Tapping “Open Position” slides you over to the transaction window, where you can select am instrument and create an order to execute a trade. Depending on your choices the next screen may also have some options, which I hope you understand because I certainly don’t, but it all looks very detailed.

Pros And Cons

While I don’t know much about finance, I do know about apps and usability. MetaTrader 5 has, in my opinion, created an app that seems to make tracking and managing your portfolio quick and easy.

The layout of the app is intuitive and simple, so that even a financial idiot like me could play “let’s pretend” with the demo and feel like I was doing things that made sense. The charts in particular are well executed, and while they are small you can use the crosshair tool to target a specific point on the chart and see the date and price.

Another handy tool that’s buried in the app is the journal, which is sort of the raw data behind the history screen. It’s basically a text dump of every command and the response that came back from the server, which is a nice feature to have for those of you who are paranoid about your money and need a place to double-check your work.

My only issues with the app would be to have a universal version, so that the graphics are scaled up for the iPad, and I would also like to see the app start quicker after switching away and back.

Overall

MetaTrader 5 is a great free app for tracking and managing your forex portfolio. With wildly customizable charts, an offline mode, and support for all types of execution modes, it’s a handy tool to have in the pocket of any forex trader.

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