The MQL5.com trading signals service is a proprietary service offered by MetaQuotes Software Corp and addresses one of most critical element that is often manipulated by third-party forex signals services, which is transparency.
With the ability to connect a signal provider’s MT4 or MT5 terminal, other users who wish to make use of the forex signals service from MQL5.com simply need to register an account for free, connect their MT4 and choose one of the many forex signal providers listed on the site.
MQL5 Trading Signals Service
For those who have any experience of using a forex signals service often might have come across signal providers who tend to manipulate the losing trades by either reducing the number of pips lost in a trade or completely mask such losing trades in order to post impressive trading results. Forex traders tend to fall for these practices and it is only a matter of time and after parting with their money would one realize the practices some third party forex signal providers engage in.
At MQL5.com, the trading signal services are available as both free and paid. It is also quite easy for anyone with an MT4 or MT5 account to connect their platform and start providing trading signals for free and that includes both demo as well as real trading accounts.
Signing up for a Trading Signals Service
In order to start receiving forex signals straight to your trading terminal, one simply needs to connect to a forex signal provider. In order to do this, you first need to create an account at MQL5.com and head over the signals section on the website.
At first glance, the number of signal providers might seem overwhelming, but by filtering the criteria it should be easy to narrow down on the signal providers that meet your criteria.
Traders can choose between trading signals from MT4 or MT5 terminals, followed by filtering based on Real accounts, demo accounts or contest accounts. You can then sort the signal providers based on growth and display only those signal providers that are ‘available for subscription’.
From here on, you can choose either Free or Paid signals services. Paid signals are based on credits, which is how the entire MQL5 community products and services are priced at. Payments can be made via WebMoney, Paypal or Credit/Debit cards. The default pricing for 1 credit is $1. Thus, if you deposit $50 to MQL5, you would be getting 50 credits, which can be used to subscribe to a signals service or purchase other products or services at the website.
Once you narrow down to your list of signal providers, you can take a detailed analysis on the accounts by clicking on the Signal name. The information available includes the overall growth of the account, initial deposit, profits, withdrawals, balance and equity. Traders can also see other information such as the broker the signals provider is registered to, the trading mode, relative and absolute drawdown. For those who wish to analyze in more detail, click on options such as Distribution, which shows the currency pairs and how often they are traded and also get an idea on the slippage (if you are on a different broker from the signal provider’s).
Subscribing to trading signals
After you have selected the trading signals provider, the next step is to connect your trading account. You can firstly choose the length of subscription, which is either weekly or monthly along with the starting date, which could be immediate to the following Monday.
The next step is to select your trading terminal (MT4 or MT5) followed by filling in the details of your broker, and your trading terminal login details.
Besides choosing the forex signals from the MQL5.com website, traders can also do this directly from their trading terminal by clicking on the ‘Signals’ tab in the terminal window. The process of selecting the signals provider is pretty much the same way as you would select a provider from the website.
Once you subscribe and depending on how soon you want the signals to be executed, you can start seeing the trades being made as and when they are executed by the signals provider. Bear in mind that for the signals to be auto executed, you need to keep your trading terminal running at all times. Closing your terminal will result in no trades being executed. Therefore, you might want to invest in a forex VPS service for this aspect.
How to start your own trading signals service
For those who wish to start their own trading signals service need to simply register with the MQL5.com website and add their trading details (broker, MT4 login details, Free or Paid and signals description). While there are no conditions for providing free signals, if you wish to charge customers for your signals, a copy of your photo ID is required to authenticate your trading account. The MQL5.com internal wallet system takes care of the rest and credits the payments from subscribers to your account, which can then be withdrawn using Webmoney or Paypal.
To conclude, the MQL5 trading signals service is a great service offered by MetaQuotes Software enabling just about anyone to start offering forex signals or to subscribe to forex signals service. All the signal services are completely transparent, thus allowing the signals subscriber to make an informed choice before they subscribe.