Forex traders face a choice when it comes to the trading platforms they use: MT4 or MT5. Both platforms have their pros and cons, which can make it difficult to decide which one is better for you.
Sometimes it can be difficult to choose even a broker, but once you select for yourself a platform the choice between MT4 broker and MT5 broker will be easier.
In this article, we are going to talk about Metatrader 4 and Metatrader 5, so that you can choose which option fits you more.
What is MT4?
The Metatrader 4 is a Forex trading platform that offers numerous charts and functions to help traders make informed decisions when trading. It has a user-friendly interface and is beneficial for both beginner and professional traders alike. MT4 also takes care of all the needs of its users without being overwhelming on anyone’s system.
The main advantages of the Metatrader 4 platform include its technical analysis tools, high data security measures, and user-friendly interface. Additionally, it requires very few device resources to run.
The MT4 is designed mainly for forex trading. Even though it is easy to use, the platform is powerful enough to give traders all the tools they need to succeed. Check the MT4 brokers if you’re looking for industry professionals.
What is MT5?
The introduction to MT5 should be started with the fact that the MT5 is becoming increasingly popular due to its powerful and flexible functions. Despite the fact that the platform developed later, the demand for MT5 is decreasing and increasing.
Traders know how important it is to have the right tools. The MT5 is a great tool that makes trading more comfortable. The list of his tools includes:
- built-in VPS
- 21 timeframes (it is 9 on MT4)
- the economic calendar
Check the MT5 brokers now if you want to try trading with them.
The Key Differences
Let’s compare the different options so that you can make an informed decision. Due to this, you can make the choice between brokers for MT4 and brokers for MT5 easier.
- Asset types
The first main difference between MT4 and MT5 is the target audience – MT4 was designed specifically for forex traders, while MT5 has a broader range of uses, including CFD, stock, and futures trading.
- Number of order types
MT4 offers 4 types of orders: buy stop, buy limit, sell stop, and sell limit. These orders help you trade in a way that minimizes your risk and lets you have more control over when you enter or leave a trade.
MT5 offers 2 more types of orders: buy stop-limit and sell stop-limit. This gives traders more flexibility in how price movement can cause them to buy or sell.
- Programming language
Each platform has its own language that traders can use to make their own customizations, depending on what they need. On MT4, people usually want a platform that is easy to install and quickly ready to go. MT5 has a more complex language, but it also offers more options, like the ability to write or change scripts. You can also execute trades with just one function on MT5, which is different from MT4.
Which one should I choose?
Both platforms have their own advantages and disadvantages, so it is important to know which one is right for you before making a decision. Actually, the choice of a platform depends on your personal request, financial goals, and the experience you have. Just make sure you manage the risks and know enough about the platform you chose.
Conclusion
To wrap it up, both MT4 and MT5 are reliable platforms with many features. However, the final decision on which platform to choose is up to you. Each trader has their own preference for trading tools and user interface. So, try out each platform and see which one fits you most.
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