While countries like the United Arab Emirates, Malaysia, and Thailand are relatively small, they have prospering economies. These regions also boast less strict rules, attracting many derivatives brokers who wish to set up shop or be licensed there.
OANDA has chosen the British Virgin Islands, allowing Virgin Islanders to use MT5 and trade multiple markets.
The Online Trading Landscape in Rapidly Developing Economies
Countries like the British Virgin Islands and Malaysia are among the most relaxed countries with several benefits that encourage multi-asset trading. The first is being a tax haven.
This provides traders the luxury of keeping all their profits, thus owing the taxman little to nothing. More significant is the injection of foreign capital, which is necessary to boost the economies of their respective territories.
These perks see an increasing number of derivatives providers desire to target the likes of the British Virgin Islands and Malaysia. Despite the offshore lax environment, some nations, such as the British Virgin Islands, are still rooted in the legal framework of British law.
So, at the bare minimum, any financial services provider must be regulated. The British Virgin Islands also have slightly stricter requirements than other island regions.
The FSC doesn’t have local office and staff requirements, meaning a massive decrease in expenditures.
No capital gains and inheritance tax.
Companies may have director and shareholder meetings outside the BVI. There are also no annual meeting requirements.
The authorized capital generally doesn’t exceed $250,000, far lower than other regulators.
As expected, Virgin Islands can indulge in a wide variety of trading software. MetaTrader 5 of the popular MetaTrader series is one such product. Let’s learn about this charting platform.
About MetaTrader 5
Rep.Image: GBN
MetaTrader 5 is a user-friendly trading software released by software developer MetaQuotes in 2010. Despite being newer, MetaTrader 4 or MT4 is still preferred among brokers and traders.
However, MT5 excels in several areas compared to its predecessor. The primary purpose of this application was to provide multiple financial assets away from MT4, which was initially a forex-oriented software package. Users can trade markets like futures, options, and bonds on MT5.
The platform is also faster and offers more features like additional technical tools and order types. Besides these differences, MT5 is accessible like MT4, compatible with even the oldest operating systems. Here is a list of basic MetaTrader 5 features:
3 chart types
21 timeframes
4 execution types
6 order types
3 order fill policies
38 built-in indicators
24 graphical objects
Unlimited number of tradable assets
Depth of market available
Hedging and netting are available
MQL5 programming language for trading ‘robots’
Also prevalent for MetaTrader 5 users is the MQL5 Market. This marketplace consists of thousands of trading applications, robots, indicators, and signals. Other elements of the MQL 5 Market are:
Forum: a place where traders and developers discuss various topics
Access to a web terminal, real-time quotes, and an economic calendar
Educational guides on the MQL programming language
OANDA is one of the many brokers allowing traders on MetaTrader 5. Here are the benefits of using it with this broker.
Why use MetaTrader 5 with OANDA?
Firstly, OANDA is fully regulated by the BVI Financial Services Commission, ensuring the safety and confidence of its clients. Using OANDA on MetaTrader 5 lets traders use the platform’s full capabilities to handle the trading of many markets.
These include forex, indices, stocks, metals, commodities, and cryptocurrencies. MetaTrader 5 caters to beginner and professional traders with advanced features they can access via web, mobile, and desktop channels.
Rep.Image: Sergei Tokmakov | Pixabay
Using MT5 with OANDA is also cost-effective. The spreads start from just 0.6 pips on EUR/USD, with margins from 5 percent on major shares. Furthermore, users don’t need verification documents to deposit or withdraw below $9,000. So, it’s fast to get started, and traders receive competitive pricing.
Best of all, it’s free to use MetaTrader 5 (excluding trading fees and deposits). This is an advantage, considering that citizens in developing countries may be unable to afford premium software.
Use MT5 With OANDA
Countries like Thailand and the British Virgin Islands are accessible regions with positive enablers for prosperous online trading. The lack of tax enforcement also means fewer expenses for companies and traders. MT5 accommodates all derivatives providers in the above-mentioned regions with an easy-to-use yet competent charting platform.
Still, trading software is only as good as the broker you’re using. OANDA is one of the oldest and leading online trading companies. They are a trusted name for users seeking the best MetaTrader 5 experience.
