MetaTrader 4 vs Metatrader 5admin 20 August 2021
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When you want to begin your forex or stock trading, you should first open an account with a broker and choose a trading platform. There are several famous trading platforms in different brokers, among which MetaTrader 4 and MetaTrader 5 are the most commonly used platforms by traders. Some people may think that the MetaTrader 5 is just an upgrade of MetaTrader 4, but the truth is that they are very different, and each one provides you with different trading tools. You can select either of them based on the type of assets that you want to trade.
This trading platform is used for forex trading. It was first developed to facilitate forex trading, but it can also be used for some other things such as options. Based on the broker you choose for your trading activities, the assets available for you on this platform will vary. This platform is very easy to use, and many new traders select it for their activities. The most important features of MetaTrader 4 include:
Simple user interface: compared to MT5, MT4 has a much simpler user interface which is very attractive for forex traders and new traders.
Great customizations: you can add many indicators and trading tools to this platform if the broker you are using makes them available for you.
The high number of built-in indicators: this platform has about 30 built-in indicators. However, you can choose more indicators because there are about 2700 indicators available for this platform, and 2000 of them are free.
MT5 is the newest trading platform introduced by MetaQuotes company. The focus of this platform is not only on forex trading, and it added CFDs, stocks, indexes and futures. The addition of more features made it more complex to use for traders. That’s why the new traders may prefer to use the MT4. Here you can see some prominent features of MT5:
Market depth options: it enables you to create bids and offer financial securities with different prices based on their volume.
The higher number of execution types: the exchange execution mode is only available in MT5.
Partial order filling policy: when the maximum volume is not executable, the MT5 uses this new feature. MT4 cannot execute the orders partially.
The similarities and differences of MT4 and MT5
The similarities of these two platforms are more than their differences. Because they offer the same basic services. Both platforms are automated trading systems that execute the received orders from the users. They are both available on different desktop browsers such as google chrome, Microsoft Edge, Safari and Firefox. Both enable users to use hedging features by allowing them to open positions in different market directions.
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Although the aim of these platforms is the same, they have some differences. The MT4 offers a simpler interface which makes it more suitable for new traders. The MT5 is more complicated, offers much more advanced features, and enables traders to access stocks and futures trading. So, they are made for different target audiences.
The company that created these platforms used two different programming languages for them. MT4 uses MQL4, and MT5 uses MQL5. Although the MQL4 is a simpler programing language, the MQL5 offers more features and is a more efficient language.
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The two platforms also have some differences in the time frames that they offer to the users. A time frame is a period in which you want to investigate the price movement of an asset. MT4 has 9 different time frames from 1 minute to 1 month, But MT5 has 21 time frames.
MT5 has a built-in economic calendar that helps you be aware of the important political and economic news. MT4 does not offer this calendar. Also, the MT5 supports six pending orders, including “buy stop, buy limit, sell limit, sell stop, buy stop limits and sell stop limits, and the MT4 does not offer the last two options.
Some people may prefer to use the newest version, which offers more features and tools, but you should always keep in mind that the MT5 is not an upgraded version of the MT4. These two platforms are made for different target audiences, and we cannot say that one of them is better than the other. If you are a new trader or your main priority is trading in the forex market, the MT4 is definitely a better choice for you. However, if you are an experienced trader who knows how to trade in different markets, the MT5 is more suitable for you.
As we said earlier, to use a trading platform, you first need to select a broker. DeltaFX is a prominent broker with years of experience which offers you great investment tools. Currently, the MT4 is available for all users in DeltaFX; however, our experts are working on the MT5 project, and it will be accessible soon. Click here to open a forex account and use the great services of DeltaFX.
❓What is a trading platform?
✔️A trading platform is a software for executing trades and management of market positions in brokers. These software platforms enable the interaction of traders with different markets.
❓Why do brokers use MetaTrader?
✔️Because it is a great trading platform with modern technical analysis and a flexible trading system. The high number of services offered by MetaTrader platforms can easily impress all amateur and professional traders.