MT4 vs MT5 – What You Need to Know
Forex is the world’s most active market. Around $3 trillion is traded each day, which far exceeds equities and other financial instruments. Forex is attractive to traders. Because forex is highly liquid, trades are executed quickly, and if you like, you can trade around the clock. If Forex trading is your passion, there are several powerful forex trading platforms to choose from, including MT4, MT5, NinjaTrader, and ZuluTrade. In this article, we are going to compare MT4 vs MT5.
MetaTrader 4 (MT4) was developed by MetaQuotes Software and released in 2005. It is one of the best-known forex trading platforms. You can use MT4 on multiple devices, including mobile devices, and it won’t overload the system. This means you can execute fast trades with no risk of lagging, which is an essential requirement when trading on a highly volatile market like forex.
Subject to limitations placed by your forex broker, MT4 allows most types of trading methods. It is simple to use and is one of the most widely used forex platforms. Open an account with a forex broker and you will see MT4 as an option. The fact it is so widely available is a good thing, as it means there is plenty of support available. If you need advice on whether MT4 is right for you, click here.
MetaTrader 5 is a later version of the MetaTrader software. It was released in 2010. Like MT4, it can be used on multiple devices, but it takes up a lot more memory than its predecessor.
MT5 has many of the features offered by MT4, plus a few extra. These include calendar integration, commerce integration, and improved charts and time frames. In fact, MT5 gives you a choice of 11 different types of minute charts and seven hourly charts. Depending on the broker, you can access more markets, including CFDs and commodities.
The great thing about MT5 is that traders can create their own trading indicators. You can even code your own expert advisors or trading robots, which lets you walk away from your computer and do other things.
Which One is Right for You?
That depends. If you are new to forex trading, the simplicity of MT4 might be more appealing, but for more experienced traders, MT5 has a greater breadth of features and tools. Begin by using MT4 and once you get a feel for it, road test MT5.