Binance has rapidly established itself as an industry leader since its debut in 2017. Thanks to exponential growth and features like high trading volumes, low fees, wide instrument availability and user-friendly design; Binance stands out among cryptocurrency exchanges as an obvious choice for traders.
Binance’s web trading platform is both feature-packed and stylish, featuring an eye-catching dark color scheme and integration of industry standard chart widget TradingView.
Order management is intuitive even for newcomers; market, limit, stop orders can all be placed quickly while custom trading lots can also be specified easily with helpful popup notifications providing extra clarity of each trading block module.
A desktop platform for Binance trading
Binance offers an effective web-based trading platform, but more advanced traders who require active trading or require extra functionality may require another solution; unfortunately, their desktop app provides similar functions but offers little advantage compared to its web counterpart – effectively rendering it useless for this task.
Experienced traders in the forex industry tend to favor MetaTrader platforms as their go-to trading solution, especially those familiar with it from years of forex trade experience. Many indicators, scripts and expert advisors available through it can also be applied directly to crypto symbols for use via Trade Panel Binance.
Figure 1. MT5 to Binance main screen
Both MetaTrader 4 and 5 have amassed a client base of over 20 million users, many of whom are interested in trading cryptocurrencies using the platform. One option is to trade crypto CFDs, which are now offered by a vast majority of brokers, including IC Markets, FXPro, Roboforex, and many others.
Users generally prefer dealing directly with an exchange-like institution that provides order books, trade histories and various order types directly rather than dealing with broker margin accounts for Forex/CFD trading. People also often prefer using cryptocurrency directly instead of opening margin accounts with Forex/CFD brokers for deposits/withdrawals etc.
Unfortunately, MetaQuotes – the vendor of MetaTrader platform – does not currently have agreements in place for direct integration between its platform and any exchanges, forcing users to seek third-party solutions in order to use MetaTrader directly on Binance or any other exchanges.
MT5 to Binance
Utilizing MQL4/5 within MetaTrader platform, a custom trading panel named “MT5 to Binance” was built, giving users access to all functionality found on Binance without using their browser for trading on it anymore. No more will users require using their computer’s browser interface when trading cryptocurrency exchanges such as Binance!
Setup of MQL5 software is simple – purchase it from TradingKit.net, input your API keys and grant access to Binance endpoints. All settings can also be adjusted easily so users can customize colors, font sizes and update frequency as necessary – among many other customizable settings!
Once setup is completed, trading all available assets on Binance becomes possible: Spot instruments, USDⓈ-M Futures and COIN-M futures can all be traded on this trading platform. Order types like Market, Limit and Stop-Limit can easily be switched between using buttons on the panel with just one click required to change between orders types.
Figure 2. Order displaying on chart of MT5 to Binance trading panel
Instrument selection is of utmost importance in trading panels. MetaTrader offers standard behavior when symbols are selected via Market Watch widget in terms of behavior – users may then add any custom symbols via View-Symbols menu wherein there will be an expanded category called Custom symbols created allowing easy selection process of trading instruments for trading purposes; all instruments have also been organized into 3 categories including Spot Futures COIN-M Futures for easier selection processes while postfixed groups make trading even less confusing and hassle free!
Market Watch features automated updates of Ask, Bid and Last Quote Time so the instrument looks organic when placed within its overall list of instruments.
Important features of the trading panel include downloading any length of historical data (in days), updating charts in real-time and downloading remaining data after restarting MetaTrader 5 so your charts always display in their current state.
Trading with panel
When using the trading panel, the process is very intuitive as it is designed in the same style as the Binance exchange itself. Once a trading pair is selected, the next step is to define the parameters for the order.
As previously mentioned, there are three available order types, and the trader can select any of them directly on the trading panel. The next step is to define the order size, which can be done in two ways. The trader can either enter the lots directly or change the lots using the scroll bar, just like on the Binance exchange.
The next steps depend on the selected order type. In the case of a Market order, the only remaining step is to click either the Buy or Sell button. For pending orders, options such as order open price, take-profit, stop-loss, etc. are available for selection.
When the order is sent, the first indication of its status is the bar at the bottom of the panel. It transfers the message from the exchange, allowing the user to easily see if the order has been executed or not. Another indication of an executed order is the horizontal line with the symbol name, direction, and order type displayed on the chart. It is also possible to cancel an 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 native.
When an order on Futures is executed, the position is opened, and it is also shown as a horizontal line on the chart. This means that all the main trading activity of the client is shown on the chart, providing a clear and easy-to-follow representation of the trading process.
Conclusion
The MetaTrader 5 platform is a powerful and widely used tool for trading on financial markets, and the ability to integrate it with the Binance exchange through a custom trading panel is a significant advantage for traders who prefer the MetaTrader interface.
The trading panel provides a familiar interface for Binance traders, and allows them to access all the features of the exchange without the need to switch between multiple platforms. The setup process is simple and straightforward, and users have the ability to customize the panel to their liking with adjustable settings for colors, font sizes, and data updates.
The panel also provides an easy way to select and trade all available asset types on Binance, including spot instruments, futures, and COIN-M futures. The order types available in the trading platform, such as market, limit, and stop-limit orders, allow for flexible trading strategies. The switching between these order types is implemented via buttons on the panel, making it quick and easy for users to adjust their positions.
In addition to the intuitive trading process, the panel provides helpful indicators such as automated updating of Ask, Bid, and last quote time for the selected symbol, and downloads the desired length of history (in days) while keeping the charts updated in real-time.
Overall, the MetaTrader 5 trading panel for Binance is a valuable tool for traders who prefer the MetaTrader interface, and provides a seamless and customizable trading experience for accessing the features of the Binance exchange.
