MetaTrader Market is available at mql5.com, an official trading platform’s website. It is a place where you can download robots, custom indicators, libraries, and trading utility applications. This online repository has over 100 000 free and paid applications available. Products can be purchased and downloaded directly from the website or through the MetaTrader platform.
Depending on the product the price can vary, the minimum price is $30, the majority of products are cheaper than $100 while the most expensive costs $30k (and it has a few purchases – I have checked). The payments can be done using credit cards or online payment systems like PayPal, ePayments, Alipay and UnionPay.
So, what is the difference? Does the purchase from the MetaTrader market offer some advantages over the purchase from any other website?
Well, the big advantage is that every product is available for demo download. It is free of charge (for all products, including the paying ones) and allows you to back-test the product in the Strategy Tester. Demo downloaded products cannot be applied to the chart so it cannot be used for demo or live trading. Though the back-testing is not completely reliable it can give you a very good picture of the expert, its usage and profit potential. While you are back-testing ensure that your modeling quality is at least 90% because of better quality guarantee more accurate back-testing results. Certainly, it is a great advantage over the purchase from a traditional website.
Another specific feature is that many of the products can be available for rent. It means that it will be able to use the fully functioned product for a limited time. Renting period can vary, the range is from a month to a year. Product sellers can set the period and the renting price. Moreover, every product downloaded from the market is automatically installed to your MT platform and it is ready to use. The buyer can download purchased products to 20 different instances of the platform.
All the products that can be found here programmed only in MQL, they do not use external files that can be written in different programming languages or do not use web request function. It means that when you download the product it cannot have a connection with the developer. Also, the products are checked and cannot harm your computer.
To buy or to download the product, first, you need to open an account at the mql5.com community. The process is free of charge and it can be completed in a minute. Then you will need to connect your MetaTrader with your community account. To do so, in your MetaTrader go to Tools → Options -> Community and enter your login details. Multiple MetaTrader instances can be connected to a single community account.
The marketplace has a separate repository for MT4 and MT5 trading platform. For each platform, the applications are grouped in the following categories: experts, custom indicators, libraries, and utilities.Within the group, you can perform the research by type, by price range, select if the rating is greater than 4 stars and select if it has reviews.
Every product has its overview section. It is the place where the author has given the product description, explained the entry parameters given the recommendation for the proper usage. The rating section allows product purchasers to rate the product. The comments section can be edited by the author and purchasers. What’s new section describes the changes that are made in all product upgrades. Moreover, you can see how many demo downloads and purchases the product has. You can see who is the author and what other products he sells on the market. You connect your community account with his and can exchange messages.
So, purchasing expert advisors at the MetaTrader marketplace has some very significant advantages over purchasing from the other websites. Products can be back-tested in strategy tester for free and they can be rented for some time. Downloaded products are automatically installed to the platform and they ready to use. All products are tested and cannot harm your computer. Therefore, all those specific features that the MetaTrader market has been reducing (or better say removing) the chance of being scammed when you are buying a trading product.
