When choosing a MetaTrader platform for Forex trading, there are two main options: MT4 and MT5. Both platforms have their pros and cons, so how do you decide which one is right for you? This article will look at the critical differences between MT4 and MT5 and help you decide which platform best fits your trading needs.
Table of Contents
MT4 and MT5 are both forex trading platforms
Regarding online currency trading, there are a few different platforms that traders can use. Two of the most popular platforms are MT4 and MT5. Both platforms offer a range of features that can be helpful for traders, but there are also some critical differences between the two.
Both platforms are used by experienced traders, but MT4 was designed for forex trading while MT5 was designed for multi-asset trading. Therefore, both are viable to be used when trading. Ultimately, the best forex platform for a particular trader will depend on their individual needs and preferences.
Alternatively, if you wish to use other platforms, many brokers offer their own. For example, Saxo forex broker can be an excellent choice to explore the different markets and trading platforms. And regardless of which platform you choose, remember that practice is key to becoming a successful trader.
Different release dates
MT4 was first released in 2005, while MT5 was released in 2009. MT4 is a platform for trading forex, while MT5 is a platform for trading across asset classes. While traders widely use both platforms, there are some critical differences between the two. MT4 is designed for simplicity and ease of use, while MT5 is more powerful and complex.
In addition, MT5 includes several features that are not available on MT4, such as a built-in economic calendar and market news feed. As a result, each platform appeals to a different type of trader.
Which one should you use?
There are diverse choices on the market regarding online trading platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular platforms. Both platforms have their own unique set of features and benefits. MT4 is a more commonly used platform, as it is less complex and easier to use than MT5. However, MT5 offers more advanced features, such as different order types and support for multiple languages.
Ultimately, deciding which platform to use depends on personal preference and trading needs. If you are a beginner trader or are looking for a simple platform to use, then MT4 would be a good choice. However, if you are an experienced trader or are looking for a platform with more advanced features, then MT5 would be a better option.
MT4 is more prevalent among forex traders
MT4 is built for forex trading so there is a dedicated community of forex traders that use the platform. This could be a significant advantage if you are looking to trade with other people and want to discuss exact tactics and platform features.
MT4 may also be a better option for you if you only wish to trade forex and have no plans to trade anything other than that.
MT5 offers more features and customisability
MT5 is a more advanced platform with some additional features unavailable on MT4. For example, MT5 offers 21 timeframes instead of 9 on MT4 and has 38 technical indicators built in, compared to 30 on MT4. This means that if you are looking for a more powerful platform overall, you may have more luck with MT5.
MT5 may also be a better option for you if you wish to participate in multi-asset trading instead of just forex.
To that end
MT4 and MT5 are both reliable and trustworthy trading platforms used by millions of traders worldwide. They offer numerous features, tools, and indicators that traders can use to trade in forex, stocks, commodities, and other financial markets.
You may choose a platform based on the broker you open an account with – for example, some brokers only offer licenses for MT4 or MT5. They may also offer only their own brand of trading platform, in which case you will not be using MetaQuotes platforms at all.
