What is MetaTrader 4?
The electronic trading platform known as MetaTrader 4 (MT4) was created by MetaQuotes Software and released in 2005. It is extensively utilised by online retail foreign exchange traders, and it is licenced to forex brokers who further offer the software to their customers. The platform has both the client and server components. Traders can view live streaming prices and charts, make trades, and manage their accounts using the client component which is a Microsoft Windows-based programme. Apart from that, the potential for end users to create custom trading scripts and trading robots that could automate trading was a major factor in MT4’s popularity. Despite the release of a successor, the MT5 platform, in 2010, MT4 remains the most popular forex trading platform in the world. MT4 is also available for mobile and supports Android, iOS, and Windows mobile.
What is MetaTrader 5?
MetaTrader 5 (MT5) is a trading platform developed by MetaQuotes Software Corp. in 2010. It is a free platform that offers traders everything they need to trade in the financial markets. While its predecessor, MT4, was optimised for forex trading, MT5 forex trading platform is designed to accommodate more asset classes, including cryptocurrencies. MetaTrader5 trading platform is a multi-asset platform that offers traders a range of powerful features, trading tools, and resources to enhance their trading experience. With its highly practical features and resources, MT5 is the ideal platform for modern traders who want to improve their trading skills and achieve their financial goals.
MT4 v/s MT5: The Differences
- MT4 provides nine timeframes, while MT5 offers 21 timeframes, including minute charts with more subdivisions, giving traders a deeper analysis advantage.
- MT5 has 38 built-in technical indicators and access to thousands of paid ones from the Market, making it attractive for traders looking for deeper insights.
- MT5 offers 44 graphical objects compared to MT4’s 31, providing traders with more options for technical analysis.
- MT5 expands trading order types from four to six, offering traders more flexibility and control over their trades.
- MT5 offers an integrated Economic Calendar, providing real-time information about macroeconomic events, an essential tool for planning trades.
- MT5 supports a wider selection of tradable assets, including forex, futures, cryptocurrencies, bonds, and options, with over 1,000 assets, providing more opportunities for portfolio diversification.
- MT5 allows for easy transfer of funds between accounts on the same server, streamlining processes and offering more convenience and flexibility.
- MT5 enables traders to view market depth and execute trade orders at the best possible price.
- MT5 trading platform features a faster, multi-threaded strategy tester that allows for remote optimization through an Agent Manager and concurrent multi-currency pair back-testing, making it a powerful tool for traders who use EAs.
Therefore, if you are a beginner and looking for a simple trading platform that can meet your basic trading requirements, MT4 is a good option for you. However for seasoned traders, who are interested in more asset classes and advanced tools, MT5 can be the best bet.