Binance is the world-known cryptocurrency exchange that is considered a leader of the industry. Founded in 2017, its exponential growth allowed it to surpass competitors that were at the top for many years. Trading volumes, lowest fees, number of instruments, and other conditions make it an obvious choice in terms of choosing a perfect exchange.
Binance’s trading platform is web-based and quite feature-rich. The overall design of the platform looks stylish due to dark colors and is very handy in terms of usability. Besides the charts widget created by Binance itself, there is also an integrated solution by TradingView, that has already become an industry standard.
Order management is also quite intuitive and easy even for newcomers. It is simple to send market, limit, and stop orders and to put in the desired lot for trading. A decent number of helping information popups give an additional clarification for each module of the trading block.
A desktop platform for Binance trading
For the majority of traders’ needs, the web-based platform is enough but when it comes to more active or functional trading it becomes obvious that some extra solution is required.
Unfortunately, the native desktop application by Binance has almost the same functionality as the web version. It becomes almost senseless to use it besides the intention to trade without the browser.
Here come up several solutions that may help to achieve the desired goal. There exist several trading terminals that allow direct connection to Binance:
One of them is Tiger.Trade that has a feature-rich functionality and is free for use. It is a desktop application that is constantly updating since 2015 and has many other exchanges available for connection besides Binance. It is available only for manual trading and has an interface suitable mostly for scalpers.
Another platform is Atani that is available for both macOS and Windows. But its interface is quite simple that doesn’t differ much in terms of functionality from the Binance native application. Therefore there is not much sense in using it.
These were just examples and there are many other platforms available for crypto trading on Binance. Though the majority of users that are experienced and trade more years than the crypto industry exists are familiar with the MetaTrader platform and get used to it.
Figure 1. MT5 to Binance main screen
Both MetaTrader 4 and 5 have more than 20-million clients base and a certain part of these users want to trade crypto using this platform. One way is to trade crypto CFD that are now available for almost all the brokers including IC Markets, FXPro, Roboforex, and many others.
The thing is the majority of customers want to interact with some third-party institution that is acting like a real exchange with the order book, history of trades, various order types, etc. Also, people want to use crypto directly by making deposits, withdrawals, and other operations in crypto itself rather than having some margin account with Forex/CFD brokers.
Unfortunately, MetaQuotes, being a vendor of the MetaTrader platform, does not have agreements for direct integration with any of the exchanges. This limitation forces users to find third-party solutions to use MetaTrader but to trade directly on Binance or any other exchange.
MT5 to Binance
One of the main features of the MetaTrader platform is its internal coding language MQL4/5 that allows the implementation of own expert advisors, indicators, scripts, and other software.
It allowed to create a custom trading panel MT5 to Binance that has all the functionality of Binance inside the MetaTrader. Users do not have to use the browser to trade on the largest cryptocurrency exchange and can use their beloved trading terminal.
This software is simple to set up, you just have to download it from MQL5 website, put in your API keys, and allow access to Binance endpoints. All the settings of the panel are adjustable, the end-user can define colours, font sizes, frequency of data updates and many more.
After the setup, it will be possible to trade all asset types available on Binance: Spot instruments, Futures and COIN-M futures also. The order types like Market, Limit and Stop-Limit, used by the majority, are also available in the trading platform. The switching between them is implemented via buttons on the panel and only 1 click is required to do it.
Figure 2. Order displaying on chart of MT5 to Binance trading panel
An important part is instrument selection. In the trading panel, there is implemented the standard for MetaTrader behavior when the symbols are selected via Market Watch widget – users can add them there using the View – Symbols menu where the special category of Custom symbols is created. All the instruments there are divided into 3 groups of Spot, Futures, and COIN-M Futures that will allow the easier selection of symbols for trading. Current groups have their own postfix so this will eliminate any confusion as well.
For the selected symbol of the active chart, in the Market Watch, there is implemented automated updating of Ask, Bid, and last quote time so the instrument looks organic in the overall list of instruments.
The important feature of the trading panel is that downloads the desired length of history (in days) and keeps updating the charts in real-time. After the restart of the MetaTrader 5 the trading panel just downloads the remaining data so the charts are always kept in the actual state.
Trading with panel
When it comes to trading using the panel, it is very intuitive because it is made within the same style as the Binance exchange itself. When the pair is selected, the next step is to define the parameters for the order.
As mentioned earlier, there are available 3 order types and the trader can select any of them on the trading panel directly. The next step is to define the order size – it could be done in 2 ways. The trader can either put in the lots directly or change the lots using the scroll bar as it is done on Binance.
The next actions depend on the selected order type: in the case of a Market order, the only this left is to click either Buy or Sell button. In case of pending orders, there are available selections of order open price, take-profit, stop-loss, etc.
When the order is sent, the first sign that indicates its status is the bar at the bottom of the panel. It transfers the message from the exchange so the user can easily see if the order was executed or not. Another sign of an executed order is the horizontal line with the symbol name, direction, and order type shown on the chart. It is also possible to cancel the order by clicking the red cross at the right of the line. By default, the colors are the same as in MetaTrader so they will look natively.
When the order on Futures is executed, the position is being opened and it is shown as a horizontal line as well. So all the main trading activity of the client is shown on the chart.
MT5 to Binance is a handy tool to get access to the largest cryptocurrency exchange from one of the most well-known trading terminals. This trading panel allows to have the main functionality inside the MetaTrader without any restrictions.
The setup procedure is easy, the trading panel itself is customizable, and the execution is fast and stable. Overall it is the most competitive solution in the market giving access to all the instruments on Binance in the most appropriate way.