| Online Broker | Minimum Deposit | About |
|---|---|---|
| Deriv | $5 Minimum Deposit | Deriv offers a wide range of Crypto CFDs to trade on user friendly Deriv X and on MT5, thus allowing automated Crypto trading About |
| HYCM | $100 Minimum Deposit | HYCM provides Crypto CFD trading on both MT4 and MT5, allowing Expert Advisors About |
| IC Markets | $200 Minimum Deposit | IC Markets offers Cryptocurrency CFD trading on MT4, MT5 and cTrader About |
| Vantage FX | $200 Minimum Deposit | Vantage FX provides Crypto CFD trading on MT4 and MT5 About |
MT5 Cryptocurrency Trading - CFD Trading
MT5 is a trading platform offered by a number of brokers. Cryptocurrencies may be available on both MT4 and MT5 or just on MT5. MT5 is a successor to MT4, which offers an expanded range of features. These brokers do not charge commissions to trade cryptocurrencies.
Cryptocurrencies are offered as CFDs, in which case the trader does not own the underlying cryptocurrency asset. This mean that the trader does not need a wallet to store the cryptocurrency, can go long or short and use leverage, but cryptocurrencies are extremely volatile and increasing leverage increases risk.
MT5 provides traders with the capacity to trade by making their own trading decisions or by allowing them to use robots to trade on their behalf. Robots are automated strategies, which will execute trades on behalf of the trader, in accordance with their programmed algorithms. Advantages of using robots include that they do not tire and can have an accuracy and speed greater than the human trader. However the human trader can exercise their own discretion about whether to trade and how to trade.
MT5 offers a range of charting tools to assist the trader in their decision making. The automated trading strategies offered by MT4 and MT5 are called Expert Advisors (EAs), though MT5 uses the MQL5 language for writing these strategies. Thus EAs can be written by the trader, if they wish to do so, perhaps codifying a trading strategy, or they can be downloaded. It should be noted that because a strategy worked when backtested on market data, does not mean it will do so when tested on the real market.
Similarly the trader can use the inbuilt technical indicators on the trading platform or can build, modify or use indicators built by others. MT5, like MT4 gives access to a wider community, offering a range of features and possibility to the trader. Although MT4 is more prevalent at CFD brokers, MT5 is its successor and this can provide a reason for the trader to use it and trade with it.
As these are CFD brokers, the trader can trade more than crypto CFDs at the broker, accessing a range of markets on the platform. This is one advantage of trading with a CFD broker, that the trader is trading with a broker which has an infrastructure developed and aimed at those who wish to trade markets. It is just that this capacity has now been extended to the crypto market, albeit not by offering cryocurrencies to buy or sell, rather giving the trader the opportunity to trade on the price movement of the cryptocurrency through a CFD. A CFD stands for contract For Difference and as the name suggests it is a contract with the CFD provider which allows the trader to speculate on the price difference of the underlying market between the beginning and end of the trade. The value of the CFD is referenced to the price of the crypto on exchanges.
