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| MT5 Platform |
MetaQuotes is a leading software development company that builds trading platforms and other applications for brokerages, banks, and exchanges.
They’ve also dominated the Forex & CFD trading space for over a decade with their popular products such as FX Charts and MetaTrader 4, popularly known as MT4.
This is because MT4 is the most sought after forex trading platform and has set a certain level of standard among the traders.
A few years ago, Metaquotes released MetaTrader5 typically referred to as MT5 which is a successor of MT4 with additional timeframes, features, and advantages. However, MT5 is not literally an upgrade of MT4, because the latter was mainly developed for forex trading, whereas, MT5 was designed to provide access to CFDs, stocks, and futures in addition to forex.
Despite this, there’s always a question about which one of these platforms is better. Let’s do a quick rundown of the differences between each of these platforms.
Programming Language
MT5 uses a different programming language when compared to MT4. MT5 uses MQL5 whereas MT4 used MQL4.
Initially, the MQL5 language was the only framework that made it convenient for individuals to use trading robots and many expert advisors, however, MetaQuotes made this future accessible to MT4 users a few years ago.
Therefore, this is no longer a difference. Having said that, there’s a very good chance that any future upgrades may not be extended to MT4 or MT5.
Exposure to Financial Markets
Originally, MT4 was designed to carry out transactions across the Forex market alone, however, with many brokers adopting various other instruments, MT4 inevitably expanded.
MT5, on the other hand, was developed with the intention to support all the major markets including stocks, futures and FX trading instruments. Additionally, MT5 supports unlimited symbols while MT4 has a maximum cap of 1024 symbols.
Trading & Orders
One of the common, day to day problem most traders face with MT5 is that their orders are aggregated while they’re dealing with multiple orders of the same asset.
On the other hand, users are far more comfortable using an MT4 as each order is shown separately even if they’re working with multiple orders of the same asset.
Pending orders simply refer to the ability to buy or sell an asset a predefined price in the future. As far as MT4 is concerned, it has four order types available, namely: buy stop, buy limit, sell limit and sell stop, whereas MT5 offers six order types: buy stop limit, sell stop limit, in addition to the four offered in MT4.
Analysis & Charting Capabilities
Both MetaTrader4 and MetaTrader 5 is known for its amazing charting capabilities.
MT4 comes with a default library of 30 technical indicators and 31 graphical objects, 2000 + free custom indicators, additional paid indicators and 9 timeframes to choose from varying from as short as 1-minute charts to as long as monthly charts.
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| MT4 Platform |
MT5, on the other hand, offers 38 built-in technical indicators, 44 graphical objects, that can be easily applied to 21 different timeframes. In addition to the ordinary timeframes, MT5 offers two, eight and 12-hour charts that may be useful for many day traders.
Both platforms offer the most popular tools such as Relative Strength Index, Stochastics and Bollinger Bands, Fibonacci and Elliot wave drawing tools.
Which is a better Trading Platform?
This is entirely traders dependent. While MT5 definitely has some additional features when compared to MT4, it may appear to be complex to amateur or new traders. Therefore, the ones that are relatively new to trading may find MT4 straightforward and easy to use,
In such scenarios, MT4 becomes an obvious choice.
However, if your customers are avid traders who may find use in the additional tools offered in MT5, then MetTrader5 is worth considering.
It is important to note that the most widely used platform globally is MetaTrader4 / MT4.
Hello Trader, My name is Ankush. On the blog "AM Trading Tips" contains Indicators and Trading Systems for Forex and Binary options. With a variety of trading (Forex and Binary indicators,trading strategies for different trading styles,and also Expert Advisors) that can be absolutely free
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