Financial markets are operated through trading platforms. The most popular of them are MetaTrader 4 and MetaTrader 5. Millions of investors worldwide use them. But which platform is more efficient? MetaTrader 4 vs. 5, who will win? Let’s take a closer look at the similarities and differences between MT4 and MT5. Perhaps this will help determine which of them will be more popular among users in the future.
Introduction to MetaTrader 4
The popular MetaTrader 4 platform was released in 2004. It offers user-friendly customization options and an interface. MT4 is mainly designed for Forex. The platform is useful but not multipurpose. It lacks features for working with a wide range of assets currently available to a modern trader. This makes MT4 not as adapted to modern market conditions as, for example, MT5. Nevertheless, MetaTrader 4 is a good start for inexperienced investors who find it easier to work with a simpler platform. They should also pay attention to trading tools, such as Forex robots, which can be found at https://forexstore.com/best-forex-robots. These assistants will greatly facilitate the trader’s work and increase its efficiency.
Introduction to MetaTrader 5
This platform was launched in 2010. Its predecessor is MetaTrader 4, which it slightly surpasses in terms of efficiency and speed. MT5 can be called an improved version of MT4. It gives users access to a wider range of financial markets. In addition, this platform, compared to MetaTrader 4, has advanced algorithmic trading and fundamental and technical analysis capabilities, which allows a free Forex EA to perform its work more efficiently. MetaTrader 5 is more suitable for ambitious investors inclined to use the best trading tools to achieve the desired result. Moreover, MT5 is much faster than MT4, which is a significant advantage in fast-moving markets.
Common Features
Both trading platforms are developed by MetaQuotes Software Corp. That is why they have quite a few common features. Let’s take a closer look at the main ones.
- MT5 and MT4 do not define the list of assets that a trader can operate with.
- MetaTrader 4 and 5 are similar in design and usability. Traders can customize the interface to suit their needs.
- Both platforms allow for quick order creation and easy order management.
- Availability of many technical indicators. Although MetaTrader 5 has 38 of them, the older version has only 30.
- Both platforms offer quite a few tools for creating charts, although MT5 has 13 more than MT4.
- Traders have the opportunity to work in demo mode on both platforms. This is a good way for novice investors to try out the trading instruments they are interested in, check the quality of the platform and, of course, improve their skills in financial markets.
- Both platforms are available in three formats: browser, desktop, and, of course, mobile.
Key Differences
To make the right choice in favor of one of the platforms, it is important to understand what’s the difference between MT4 and MT5. The list of the main features is as follows.
- MT5 can accommodate more graphical objects than MT4. This includes advanced drawing tools.
- The technical performance of the MT5 platform is expected to be better.
- Unlike MT4, MT5 allows you to immediately cancel, refund, or partially execute an order.
- MT5 has a fully integrated economic calendar.
- The email system in MetaTrader 5 has attachments, while MetaTrader 4 does not.
- Funds transfer between accounts is available for MT5.
- MT5 can provide market depth and grid information.
- MQL5 programming language is used for MetaTrader 5, and MQL4 for MetaTrader 4.
- MT5 provides 21 timeframes, and MT4 only 9. Thus, traders on the MetaTrader 5 platform can analyze assets of interest in more depth.
- MT5 has a more sophisticated order management system with six types of pending orders, while MT4 offers only four types.
Summary
So, is MetaTrader 5 better than MetaTrader 4? Yes, because the former is an improved version of the latter. However, it is not so easy to say that it is better to choose MetaTrader 4 or 5 because each platform attracts users with its features. MT4 is more suitable for novice traders who do not want to expand their investment scope. As for MT5, this platform will satisfy the needs of more experienced investors working in various financial markets with a fairly large list of assets.
