The MQL5 website is an all-encompassing resource that provides Forex traders with documentation, articles, a forum, trading signals, expert advisors, indicators, libraries, utilities and much more. Basically, if you are looking for ways to improve your trading, this website has a multitude of ways that you can. The reason for my review today, is to analyze this market, and let the overarching community understand if this is a viable place with high quality vendors, or not.
Owned and operated by MQL5 Ltd., they are located at John Kennedy Street, IRIS House, 3rd Floor, Limassol 3106, Cyprus. If required, traders can get in touch with support via the contact form on the sales page, or by calling +31 30 369 0501, between Mon-Fri, 10:00-17:00 (GMT +02:00).
The developers of the MQL5 community hopes for their visitors to “discuss issues related to programming in MetaQuotes Language 5 (MQL5) and MetaQuotes Language 4 (MQL4), trading, automated trading systems, strategy testing and use of technical indicators in MetaTrader 5 and MetaTrader 4.” For these discussions, some traders prefer forums, or other authorities, but this website does a relatively good job at giving traders the opportunity to discuss the intricacies of coding in either of the languages.
My main interest in MQL5 isn’t really in the discussion, or the forum, because there are many other websites for that. When I’m spending time using this resource, I’m focused on the Forex signals, the Forex market and from time to time I’ll take a look in the freelance section to see what new tools traders are working on.
In terms of the freelance section of the website, I’ll be brief. This area gives traders the opportunity to reach out to coders, and hire freelancers to help traders develop and implement their trading strategy.
For example, if you are a manual trader, and you find a trading strategy it works at an extremely high rate, you would consider coding this into an expert advisor, so that you could automate your own personal strategy. While I don’t recommend the freelancer section 4 commercial work, I do recommend it for personal traders that are looking to help simplify their manual trading approach.
The MQL5 market is arguably where I spend the majority of my time when I’m on this website. In this section of the website, traders can purchase expert advisors, indicators, libraries and utilities for either MetaTrader 4 or 5. With experience utilizing both platforms, I still favor MT4 heavily, and find the MT5 is clunky, and much less intuitive.
In terms of products, the market can be filtered by the most popular systems, the latest released, and whether they are free or paid. The majority of these systems are developed by sole proprietors, and coders that have little marketing experience. Sometimes this is a good thing, and other times it makes dealing with support an extremely frustrating experience. That being said, there are both legit systems, and major duds. This is obviously going to be the case when you are dealing with thousands of different products being sold in one place.
Here’s an account, of how many products are currently available in the MQL5 marketplace:
- Expert Advisors: 858
- Indicators: 1716
- Libraries: 14
- Utilities: 660
- Expert Advisors: 3960
- Indicators: 4884
- Libraries: 19
- Utilities: 1716
As you can expect, there are much more options for traders utilizing the MT4 platform, but there’s really more than enough products available here to spin anybody’s head like a top. With such a vast amount of trading products, it’s very difficult it decide between them, in pick out which is best.
One of the main issues I found with the Forex robots being sold in the MQL5 market, is that they frequently lack updated technology, and transparent trading results in terms of Myfxbook and FX Blue accounts.
Over the years I’ve reviewed many expert advisors in this marketplace, and if you have proven to be legit, but the majority have been missing quite a few elements. Instead of listing all of the robots that I’ve reviewed in this market, I’ll just give you the most recent, and most popular in this list:
I’ve probably reviewed over 40 different products from the MQL5 market. While I’m usually disappointed in the results, and not very happy with the price either, they do make up for this a little bit with their requirements that developers provide a free demo account download. This is very rare in the Forex marketplace anywhere else, but it’s a great touch considering the products are generally developed by amateurs. You don’t want to dive in with real money knowing that a sole proprietor could easily miss coding errors when working on projects alone, so this helps.
In order to purchase a product in the marketplace, traders are required to deposit funds into their trading account via WebMoney, PayPal, SafeCharge, and ePayments. Once the funds are deposited to the account, they can then be utilized to purchase anything on the website including freelance work, Forex signals, virtual hosting and anything found in the market.
Outside of the market, my other interest lies in the Forex signals section. While this section isn’t very simple to navigate, traders can filter the signal providers based on their trading platform, their brokerage, maximum profit, reliability, intraday, having reviews, using robots and under $50. A lot of these filters are very specific, but the filters that I recommend using, are MT4, your broker, and only show providers with reviews.
When analyzing the Forex signals, traders can look at trading history, statistics, risks, slippage and customer reviews.
Every provider has their trades verified, so that you can see their overall winning percentage, the amount of they’ve deposited, the maximum drawdown, the profit trades and the lost trades. On the left-hand side you’ll also find information on the amount of trades per week you can expect, the average holding time per trade, as well as the amount of subscribers that are currently following the signal service. One of my favorite statistics out of all of the MQL5 signal stats available, is the amount of subscribers a service is currently serving. This way, if it’s a popular service, you know that it’s more likely to be trustworthy and consistent.
Much to my surprise, the client feedback for the MQL5 market is quite negative. With a 1.3 star rating on forexpeacearmy.com, and a 1 star rating on trustpilot.com.
From Trustpilot, “The service department is just ignoring me when all I need is to update my phone number so I can make a withdrawal from my account… I don’t trust them one bit!”
From FPA, “Support is awful and useless. I bought a product that clearly left out that it redraws the patterns it provides so that you would purchase their products. Then when you ask about it, then complain about it, they tell you to “learn to trade” and buy our other products to make you a better trader.”
These reviews are concerning to say the least.
The MQL5.com resource is a very helpful place to advance your Forex trading, by learning more about the coding language, or the MetaTrader trading platform. In terms of products, traders can follow different Forex signal providers and communicate with other amateur traders that are currently trying to find their way in the Forex market. I don’t stand by most of the Forex signal providers, and the same goes for most of the Forex expert advisors, indicators, libraries as well as utilities. That is not an indictment about the MQL5 market in any way, because they allow anybody to be a part of their marketplace, and provide the community with services. This opens the door for a lot of quantity, and much less quality, but it’s an important service regardless.
If you have anything you would like to add to the review, please leave your questions and remarks below the article now.