Learn Bitcoin Software - Meta Trader 5 Bitcoin Platform

The best Bitcoin software online to learn Bitcoin trading with is the MetaTrader 5 software platform. This is one of the most commonly used online 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 brokers. This is also because it's a software that is easy to use.

In this lesson we shall explain the MetaTrader 5 platform trading interface and show traders how to navigate this software and how to trade with it. The MetaTrader 5 platform trading interface is shown below:

Bitcoin Trading Software - Meta Trader 4 Platform Workspace

The above screenshot shows the MetaTrader 5 platform interface where several chart toolbars and chart windows are displayed.

Once you've downloaded this Bitcoin software from your online Bitcoin broker's web site you'll then need to learn how to navigate this platform before you can begin trading Bitcoin bitcoin trading online.

Online Bitcoin Trading Software - Meta Trader 4 Workspace

From the above screenshot of this Bitcoin software there are several chart tool bars 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 2 things about this Bitcoin software:

The first thing you need to learn is how to install this Bitcoin software after you download it. For example if you download the MetaTrader 5, you'll need to go to an online Bitcoin broker website first, register for a practice account then after you register for a demo account you will be provided with a link where to download the MetaTrader 5 platform.

Now once you download this Bitcoin software, 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 file location, (shortcut: once you open your browser click CTRL+J or CTRL+Y), a download pop-up will pop-up with links to downloaded items. Select the software that you have just downloaded.

Installing MetaTrader 5 platform

To setup this software after you have downloaded, open the download from the location you downloaded, from there an installation pop up wizard appears & 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 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 which appears.

Once you login to the Bitcoin platform you will get access to trading charts and other technical analysis tools such as indicators that you will then use to analyze BTCUSD price movement and to place BTCUSD trades within the market through this online platform while connected to your Bitcoin broker's servers.

Bitcoin Trading Software - Menu Bar and Tool Bars

Menu Bar on MT5 for Navigating within the MT5 Platform

Menu bar is used to operate & navigate this online software from single panel. From this panel you can set how to view the chart toolbars, the Bitcoin charts, data windows and even use the "file" menu tab to open a Bitcoin practice account - and also login to your Bitcoin account.

Fromm the menu bar you can click on the "view tab" next to file tab at the top left corner & choose chart tool-bars like in the above pictured screenshot, these menu bars can be used to set up the Bitcoin charts, 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 software.

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 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're 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 panel 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 instruments that you won't be trading.

Data Window - Use this data window to setup indicators, EAs and scripts, you can click any of this menu sub items and expand/collapse the technical indicators or Expert-Advisors used for automated trading so as to select these items and put them on the Bitcoin 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 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 charts then you can switch from one charts tab to another - this charts tab can be accessed just below each 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 pointer 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 software connectivity to the internet, red bars mean no internet connectivity, green bars show there's internet connection.

Bitcoin 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 upward or down.