If you’re a skilled trader looking for high-level chart patterns, both MT4 and MT5 may help. Both systems can also support automated trading robots and complex order kinds. But how can you know which platform is best for you?
In this post, we compare Metatrader 4 vs Metatrader 5 platforms in detail so that you can choose which platform is best for your trading needs. We’ll also unveil the top broker for MT4 and MT5 trading.
MT4 and MT5
Meta Trader 4 (MT4) and Meta Trader 5 (MT5) are available for third-party trading platforms. The interface may be installed on your computer and then connected to your preferred broker. MT4 and MT5 enable research, analysis, and trading — but they are not brokers in the traditional sense. However, MT4/MT5 will send your orders to your brokerage business in real-time.
There are several reasons why professional traders prefer MT4 and MT5 over a broker’s proprietary online trading platform. The sheer quantity of advanced technical indicators, chart design tools, and order types available are at the forefront of this. This is very beneficial to traders who depend on technical analysis and price research.
There are several reasons why professional traders prefer MT4 and MT5 over a broker’s proprietary online trading platform. The sheer quantity of advanced technical indicators, chart design tools, and order books available are at the forefront of this. This is very beneficial to traders who depend on technical analysis and price research.
Tradable Instruments – MT4 vs. MT5
It’s vital to understand that neither MT4 nor MT5 define which resources you had access to when it came to trading instruments. The broker with whom you join MT4/5 determines this.
- If your selected MT4 broker supports USD/TRY and EUR/USD markets, you’ll be free to trade these pairs using the MT4 platform.
- Likewise, if your selected MT5 broker has a Bitcoin and gold market, you may trade these currencies using the MT5 platform.
MT4 is incredibly popular among forex traders. In reality, hundreds of the greatest forex trading platforms online support MT4. In the case of MT5, this 3rd party platform is often used by people looking to acquire non-forex CFDs. This could include energies, precious metals, stocks, cryptocurrencies, or indexes.
MT4 vs. MT5 Trading Tools
If you’re still unclear about which 3rd platform is appropriate for your trading ambitions, consider which instruments and features you’ll need access to.
MT4 vs. MT5 Automated Trading
One of the most enticing features of utilizing a 3rd trading platform such as MT4 or MT5 is using a forex EA and automatic robot. In layman’s words, this implies that your selected robot will trade on your account 24 hours a day, seven days a week.
The process is identical on both platforms because you will first have to acquire a robot software file, which you will then install into MT4/5. You will then be given a chance to configure the robot’s settings.
MT4 vs. MT5 Usability
Because MT4 and MT5 are largely focused on price movement, technical indicators, charts, neither platform is user-friendly. As a result, you will notice a significant difference between MT4/5 and leading retail platforms like Robinhood and eToro.