Developed by Meta Quotes Software Corp, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the leading trading platforms worldwide. Both platforms are used every day by millions of brokers. But which platform is best suited for your trading goals?
Let us dive deeper to compare the two trading platforms to determine which one is better suited for your trading requirements.
1. Timeframes, Indicators and Graphical Objects
Both platforms provide custom analytics tools. However, MT5 takes it a step further by providing a more extensive selection of technical tools. While MT4 boasts of 30 inbuilt indicators, 31 graphical objects and 9 timeframes, MT5 comes with 38 inbuilt indicators, 21 timeframes, and 44 graphical objects.
But thanks to programmers most of these tools are available as plugins for MT4.
2. Order Execution Types
Both platforms offer various types of order executions such as instant execution, execution by market and execution on request. MT5 takes it a step further by including exchange execution, this can be crucial when dealing with exchange-traded assets.
MT5 also introduced pending orders - buy/sell stop limit orders to offer more flexibility in executing trades.
3. User Interface
MT4 has a comparatively simpler interface. The interface can be customized as well to the individual trading needs. MT5 can be slightly more complex due to its additional trading features.
4. Mobility
Both trading platforms support mobile functionality to provide access to the market from anywhere, throughout the day. MT4 and M45 are also compatible with leading web browsers such as Google Chrome, Microsoft Edge, Safari and Opera.
5. Demo Trading
With demo trading, MT4 and MT5 offer a chance to get a feel of the platform in a risk-free environment. The demo trading mirrors the real-life market conditions such as price, liquidity, volatility and execution times.
After opening an account with a broker, you can log in using your MT4/5 credentials to make use of its paper trading facility.
6. Types of Assets to Trade
The biggest difference between the two platforms is the type of traders they tend to attract. The features and functionality of MT4 reflect that this platform is specifically designed for forex traders. On the other hand, MT5 has broader applications in stock, CFD, and future trading. However, the broader range of features provided by the platform may not be relevant for every trader.
7. Brokers
The difference in the number of brokers between MT4 and MT5 is huge, Brokers prefer MT4 over MT5, which is why there are over 1200 MT4 brokers and only a handful for MT5.
Conclusion
When it comes to choosing between MT4 and MT5, the choice is often a matter of personal preference. You need to consider your trading habits and preferences to choose a solution that fits your specific needs.
If you are certain that you will only be trading forex and CFDs then MT4 is a better choice. On the other hand, if you trade more than one asset class, you should choose MT5.
At CPlugin, we offer a range of solutions such as MT5 and MT4 Plugins that help raise productivity and differentiate your business from Competitors.