If you are a trader or the one who wants to start trading, you are probably heard about the Metatrader 4 and the Metatrader 5. They are two of the most popular trading platforms. But which one is right for you? And which one to choose?
In this article, we will compare MT4 and MT5 and highlight 5 key differences between them. By understanding the differences between these platforms, you can make an informed decision about which one is best for your trading needs.
So let’s have a closer look now!
MT4 and MT5 programming languages
MT4’s programming language is MQL4, and MT5’s is MQL5. MT5’s programming language has better backtesting, so you can test and execute programmed strategies faster than on MT4. MQL5 allows for simultaneous multi-currency pair analysis which is generally more advantageous when it comes to executing trades or running forex EAs with automated systems. After all, they rely heavily upon strategy features such as scalping techniques – something impossible using just one currency pair in the case of MT4.
MT4 and MT5 market accessibility
The Metatrader 4 was designed mainly for forex traders, while the Metatrader 5 is very suitable to trade CFD, stocks, and other assets besides forex. This is one of the key differences between trading platforms.
MT4 and MT5 involvement in news
As you know economic events and financial news have an impact on trading processes. By being involved in event updates, traders can control price fluctuations and market changes, and pick out the right steps to carry out deals in unstable conditions. In comparison to MT4, MT5 has a built-in economic calendar, that provides useful data about coming events.
MT4 and MT5 indicators
There are many different types of technical indicators, and you can use them to do everything from identifying trends to predicting price movements.
MT4 offers 30 different types that you can use. You can also find more than 2,000 custom indicators for free. If you want to go even further in differences, MT4 offers 700 paid technical indicators as well.
And MT5 has 38 different built-in technical indicators and also allows you to buy custom indicators from the marketplace. These will vary in price depending on the developer.
MT4 and MT5 supporting brokers
One more difference between these 2 platforms is that the Metatrader 4 is offered more than 1000 brokers. While the Metatrader 5 brokers are less enough in comparison to its competitor.
Which trading platform is better to trade with?
There is no certain answer to the question of which platform is better for trading – it depends on each trader’s individual needs and experience. MT5 offers a lot of features, but some traders may find that they don’t need them all. In contrast, MT4 traders tend to focus mainly on forex trading and tend to be quite successful at it. So it’s up to you to decide which platform is best for you.
Conclusion
The article presented 5 key differences between such trading platforms as MT4 and MT5. Don’t forget to take them into account before making a decision on where to trade.
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