Forex trading is not how it was almost a decade back. However, whether you are old or new to trading, you must have heard of Meta Trader. Their platforms have been around since 2000, when they were first developed. Ever since then, it has become the broadest used trading platform for financial institutions.
Even though Meta Trader 4 and Meta Trader 5 have been developed by the same company, they have many differences. However, what is common between these platforms is their easy accessibility in this industry.
Are you curious to know which is better – MT4 or MT5? Read this article to get the answer.
MT4 and MT5
Before diving into the points of difference between the platforms, here is some basic yet essential information on each platform.
MT4 or Meta Trader 4 is a smart application that can be used on both the computer and mobile phone. Meaning, that you can always check your account and trade quickly from any location. All you need is a stable internet connection.
MT5 or Meta Trader 5 is the latest version from Meta Trader. It may be called an updated and upgraded version of MT4. Features like allowed hedging, commerce integration, multiple markets order ability, and more, MT5 is the future of trading.
MT4 vs MT5
There are considerable differences between both platforms. Here is a quick overview of some of the significant differences.
|Partial Order Filling Policies||No||Yes|
|Depth of Market||No||Yes|
|Supported Markets||Forex and CFDs||Forex/Options/Bonds/Stocks/Futures|
|Yes, but with no attachments||Yes, with attachments|
Following are a few more comparisons between MT4 and MT5.
Type of Assets You Want to Trade
The primary difference between both platforms is the kind of traders they attract. MT4 was designed with forex traders as their focus. All of the platform’s features reflect this choice.
On the other hand, MT5 is a suitable choice for traders beyond just forex traders. Whether you engage in trading stocks, bonds, options, forex, or futures, MT5 is the platform to use.
Chart Time Frame Offerings
MT4’s design makes it apparent that it was meant to be used by beginners since the interface is simple. It has no complicated features.
MT5 has 9 different time frames that a trader can refer to when conducting a chart analysis.
Real Volume Data
With MT5, you not only gain access to tick data but also data regarding the real volume you have traded. MT4, however, does not offer data regarding real volume traded.
Tick History Download
With MT5, you have the option to download tick history. But, with MT4, the process has limitations, and you have to save the tick data manually. If you have the platform open throughout the day, you never know which traded cluster was in the selected range.
Both MT4 and MT5 are available on the computer and the mobile phone. However, with MT5, you have the added option of accessing it through a web browser. So, if you use MT4, you will need to have the app downloaded on your phone to use it.
Ultimately, the choice between Meta Trader 4 and Meta Trader 5 is a personal preference.
If you are a seasoned trader, MT5 is a better option for you, given its superior features. However, if you are a beginner, start trading on MT4 before moving on to MT5.