Learn Bitcoin Platform - MetaTrader 5 Bitcoin Platform
The best Bitcoin trading platform online to learn Bitcoin trading with is the MetaTrader 5 software platform. This is one of the most commonly used online trading platform. It is used to also trade Forex Currencies, Stock Indices, Oil and CFDs, precious metals such as Silver and Bitcoin and now Cryptocurrencies such as Bitcoin.
This platform is provided by most of the online trading brokers. This is also because it is a software platform that is easy to use.
In this tutorial we shall explain the MetaTrader 5 platform trading interface and show traders how to navigate this trading software and how to trade with it. The MetaTrader 5 platform trading interface is shown below:
Bitcoin Trading Software - MetaTrader 4 Platform Workspace
The above screenshot shows the MetaTrader 5 platform interface where several chart toolbars and trading chart windows are displayed.
Once you have downloaded this Bitcoin software from your online Bitcoin trading broker's website you will then need to learn how to navigate this trading platform before you can start trading Bitcoin bitcoin trading online.
Online Bitcoin Trading Software - MetaTrader 4 Workspace
From the above screenshot of this Bitcoin trading software there are several chart toolbars as well as chart windows.
You can download this online Bitcoin software from your online broker's website and after you download this software, then you will need to learn one or two things about this Bitcoin trading platform:
The first thing you need to learn is how to install this Bitcoin trading software after you download it. For example if you download the MetaTrader 5, you will need to go to an online Bitcoin broker website first, register for a practice account then after you register for a demo trading account you will be provided with a link where to download the MetaTrader 5 software.
Now once you download this Bitcoin trading platform, assuming you do not know much about computers, Open your Browser >>> Go to tools at the tops left corner of your browser next to "file", "edit", "view" click on tools, select download folder location, (shortcut: once you open your browser click CTRL+J or CTRL+Y), a download popup will pop-up with links to downloaded items. Select the software that you have just downloaded.
Installing MetaTrader 5 platform
To install this trading software after you have downloaded, launch the download from where you downloaded, from there an installation wizard appears and all you have to do is to follow the installation instructions. After installation of the platform, the software will run automatically just like any other software.
You can open the MT5 platform from the start menu >>> Programs or from the desktop shortcut that appears as a desktop icon marked MT5 after installation.
Demo BTCUSD Account Registering and Log-in
To open a Bitcoin trading account on MT5 just click on "file" and then on "open an account".
To login to an account just click on "file" at the top right corner and then click login from the drop down menu that appears.
Once you login to the Bitcoin trading platform you will get access to trading charts and other technical analysis tools such as technical indicators that you will then use to analyze BTCUSD price movement and to place BTCUSD trades within the market through this online trading platform while connected to your Bitcoin broker's servers.
Bitcoin Platform - Menu Bar and Toolbars
Menu Bar on MT5 for Navigating within the MT5 Software
Menu bar is used to operate & navigate this online trading platform from one single panel. From this panel you can set how to view the chart toolbars, the Bitcoin trading charts, data windows and even use the "file" menu tab to open a Bitcoin trading demo account - and also login to your Bitcoin trading account.
Fromm the menu bar you can click on the "view tab" next to file at the top left corner and select chart toolbars like in the above pictured screenshot, these menu bars can be used to set up the Bitcoin trading charts, technical indicators, chart time frames, and others things like drawing trend lines & Fibonacci retracement levels and Fibonacci expansion levels.
Now that we have looked at the MetaTrader 5 chart toolbar and menu bar, we shall explain the main workspace interface of the MT5 BTCUSD online trading platform.
MetaTrader 5 Trading Platform Workspace
Market Watch Window - This market watch window is used to show a stream of Bitcoin prices that is obtained from your online broker. In this "market watch" window you can right click anywhere on this window to select "show all" trading instruments or hide the ones you are not interested in and save some bandwidth at same time. No need to have prices for 50 currency pairs if you are only interested Bitcoin cryptocurrency. On the MetaTrader 5 platform Bitcoin cryptocurrency is provided for trading with other alongside other online currencies such as EURUSD and GBPUSD. Bitcoin is traded against the US Dollar and it is denoted using the trading symbol BTCUSD.
To Find Bitcoin or BTCUSD currency pair for trading once you right click inside the market watch window and then select "Show All" instruments, then look for Bitcoin or BTCUSD, open the Bitcoin chart and then right click again on the market watch window and this time specify "Hide All" so as to hide all the other financial trading instruments that you will not be trading.
Data Window - Use this data window to setup technical indicators, Expert Advisors & scripts, you can click any of this menu sub items & expand/collapse the indicators or Expert Advisors used for automated trading so as to select these items and put them on the Bitcoin trading charts.
Charts Panel - This is where the Bitcoin price moves will be plotted in the form of a graph or what is commonly referred to as a Bitcoin trading chart in online trading.
Charts Tab - This tab is used for navigation from one currency pair chart to another currency pair chart and it is easy to use and navigate, or if you are trading the cryptocurrency Bitcoin, this tab will be used to navigate from one chart to the other chart, just flip through the charts tab - charts tab is not shown above but if you open two or more trading charts then you can switch from one charts tab to another - this charts tab can be accessed just below each trading chart and is marked ''BTCUSD" just below the BTCUSD charts workspace.
Terminal - This terminal window is used to display a statement of your Bitcoin trade transactions, profits and losses that you have made in your live Bitcoin account or demo Bitcoin account. To enlarge this panel & view open trades, just hover the mouse on the terminal tool bar until the cursor changes, click and hold down mouse button and then move cursor upwards (shortcut press CTRL+T keyboard keys).
Connection bars - These connection bars are used to show the connection to the internet, red bars mean no internet connectivity, green bars show there's internet connection.
Charts - These Bitcoin charts shows the exchange prices for the cryptocurrency BTCUSD that you are currently trading so as to show if the Bitcoin price is going up or down.
