MetaTrader 4 vs MetaTrader 5 Which One Is Better And Why?

Irrespective of which third-party platform you opt for – you will need to choose a suitable broker. The CFD broker charges no spreads and offers markets on everything from forex and stocks to cryptocurrencies and commodities. Plus, Libertex offers a demo account that you can access on both MT4 and MT5. That is to say, both platforms are ideal for those of you that wish to perform advanced technical analysis and deploy custom trading strategies.

MT4 employs MQL4, which has a larger community of programmers and a vast library of free EAs. MT5, on the other hand, uses MQL5, which offers more advanced programming capabilities but has a smaller pool of available EAs and developers. This enables them to enter the market by setting an order at a price lower than the current market price. Furthermore, MT5’s hedging feature allows users to open multiple positions simultaneously whereas this isn’t possible on MT4 without using an EA or script.

What Is MetaTrader? Learn How to Use This Online Platform in Trading

With this mode, orders are being sent to the external trading systems. In general, there are two main types of orders offered by MetaTrader 4. So, let’s say that you want to buy a certain asset but you want to do so at a current price, in this case, you will be using Market Order.

Brokers can purchase both new licences and additional servers or terminals and enjoy comprehensive technical and customer support from the company. Traders use order fill options to control how and when their platform of choice executes an order. The larger the number of parameters a trader can place on an order, the greater the possibilities for maximising profits and minimising risk. It means that users are not able to run the same features and programs designed for the two separate platforms.

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MetaTrader 4 has a straightforward interface in both the desktop and mobile versions. Mobile MT4 apps for iOS and Android enable traders to access the market at any time from anywhere on the globe. MT5 provides additional order fill policies and pending orders which offer even more advanced ways of trading. In contrast, MT5 provides 38 built-in technical indicators to get insights into market direction.

The mobility function on both platforms allows you to always be near your trading system by enabling you to access all your buy and sell orders through a mobile phone. No, however, many brokers that offer access to MT4 also offer access to MT5 and allow you to switch between the 2 platforms as you need. Though MT4 and MT5 were designed for basically the same purpose, there are still many differences between them. Let’s take a look at a few of the biggest differences you’ll notice, which may affect which platform you’ll want to download before you begin trading.

Order Fill Options Comparison

New traders, particularly those who intend to pursue a fully automated trading strategy, may want to steer clear of MT4. Remember, any custom indicators or EAs created with the MQL4 language won’t run on MT5 in case of a future switch. The MetaTrader 4 Market currently offers 1,700 EAs and 2,100 technical indicators compatible with the platform. Due to its long-term popularity and extensive user base, however, traders may have an easier time purchasing high-quality custom tools for MT4 than MT5. Algorithmic trading systems, sometimes called automated trading, rely heavily on technical analysis for success.

• In terms of drawing tools, MT5 offers 44 graphical objects, including geometric shapes, channels, Gann, Fibonacci, and Elliott tools, and more.
• Whatever your trading style and preferences, FXTM provides the best trading platforms for you to take advantage of any opportunities in the markets.
• In MetaTrader 5, the developers wanted to change the common system employing the so-called average order accounting system.
• However, MetaQuotes made the user interface of MT5 much better, the reason for MT4 being easier to use is the lower volume of charts, timeframes, and assets that can be traded.
• While MT5 is well suited for trading markets other than forex, MT4 supports a wide array of trading strategies, including hedging.
• The process works like-for-like at both platforms – as you will first need to obtain a robot software file that you install into MT4/5.

FXTM is a trading and investing brokerage firm that offers you access to a wide range of international markets. Using FXTM, you can buy and sell cryptocurrencies, indexes, metals and stocks, as well major, minor and exotic currency pairs. Licensed and regulated by the Seychelles Financial Services Authority(FSA), Milton Prime is committed to creating a secure and fair trading environment.

Triple confirmation trading strategy

If you face any difficulties in fine-tuning the platform, read a detailed description of it on InstaForex website. Due to a migration of services, access to your personal client area is temporarily disabled. Update it to the latest version or try another one for a safer, more comfortable and productive trading experience. You can also create an alert when a relevant financial news story breaks. For example, you can receive a push notification directly on your desktop computer, through email, and even an SMS message.

But you can easily use a third-party calendar to keep track of the relevant financial news. For example, FBS has its own Economic Calendar to follow the macroeconomic events that move the markets. In terms of drawing tools, MT5 offers 44 graphical objects, including geometric shapes, channels, Gann, Fibonacci, and Elliott tools, and more. As you can see, MT5 has more indicators, timeframes, and trading functionalities in general. Nevertheless, MT5 is not necessarily better than MT4, rather just different. Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology.

Difference Between MT4 vs MT5

Due to the additional markets available to traders using MT5, the platform also offers Exchange Execution as an option for order processing. As a comprehensive platform dedicated primarily to trading forex, it should come as no surprise that MetaTrader 4 relies on the three primary execution methods when fulfilling trades. Exchange execution, which traders cannot use in forex trading, does not exist on the MT4 platform. Opening your trading account and wondering which of these popular platforms best fits your trading strategy? In this article, we’ll compare the key features of MetaTrader 4 and MetaTrader 5 to help you identify the platform to take your trading to the next level.