Retail trading is getting popular by the day in the forex trading industry. Moreover, it becomes crucial to search for the best forex trading platforms in the market. Even with the increase in retailer involvement, settling for the best forex trading software or platform is vital for new traders. And that is where MT4 or MT5 comes in.
In this article, we will see the difference between MT4 and MT5. And the ideal platform for trading.
MT4 (MetaTrader 4) was in 2005 developed by MetaQuotes software, while MT5 (MetaTrader 5) got established five years later. Some traders prefer MT4 due to its simplicity. Although, most opt for the MT5, which comes with many ranging features.
When choosing a trading platform, performing technical analysis is crucial since trading systems require different time frames, trading tools, and order types to function optimally.
With MT4 coming with three executive modes, four pending orders, a trailing stop, two market orders, and two stop orders, MT5 takes it a step further. The latter offers 21-time frames and a more detailed analysis of minor price movements. It also comes with an unlimited number of charts. And additional features to inform traders of any upcoming events.
While the only MT4 allows for hedging, MT5 allows for both netting and hedging.
Both MT4 and MT5 mobile apps allow for trading through Android-powered smartphones, iOS, and tablets. That lets you trade on the go and get full access to operations such as interactive charts, account status, trade orders, and analytical tools.
According to this platform, MetaTrader 4 platforms offers everything needed to function as a CFD or Forex trader. On the other hand, MT5 presents a platform that allows for the CFD market and Forex market. And options, stocks, futures, and bonds.
Both these platforms are similar in presentation. They help to deliver effortless to use functions on both demos and live accounts. These two platforms also allow you to modify the interface to meet your personal preference.
Also, these Web Trader trading platforms are compatible with Apple Safari, IE 10+, Google Chrome, and Mozilla Firefox. MT4 and MT5 also get supported by Mac OSX. And available on Windows 7 or higher.
Both MQL4 and MQL5 are built-in programming languages. Comprehending the MetaQuotes language lets you create scripts, expert advisors, and technical indicators of any complexity.
MQL5, in this case, is more efficient and effortless to use than the MQL4. Another point to note is that MQL4 code cannot get transferred into MQL5 code.
With MT5, detaching charts and other screen objects is effortless. The same, unfortunately, cannot be said with MT4. The former also offers native support and supports charts detachment from the terminal window.
The majority of expert traders are satisfied with a trading platform that is not only user-friendly. But also reliable, safe, and convenient to use. The main objective behind MetaQuotes establishing MT5 was to allow access to markets present on MT4.
For this reason, MT4 is ideal for decentralized foreign exchange markets. Although, traders who would like to explore varying sectors should consider MT5. That is because it offers additional time frames, making it a better alternative.
Even with the advancements in MT5, some traders still prefer to use MT4. That is because some algorithmic trading strategies still get coded with MQL4 and are incompatible with MT5.