Whether you’ve been dealing with the stocks or you already have experience with forex trading, you certainly came across a popular trading platform called MetaTrader. It is known as the industry’s major player when it comes to trading platforms that enable automated trading easier and more convenient.
Most importantly, if you want to use these trading platforms, you need to find a broker that supports them. But there’s actually no problem here because MetaTrader 4 and MetaTrader 5 are supported by leading brokers nowadays. But, which one should you use according to the assets that you want to trade?
Here are some of the pros of MT4 and MT5.
Pros of MetaTrader 4
MetaTrader 4 was released ahead of MT5. It is important to note that this trading platform is designed with Forex trading in mind. If you are interested in trading foreign currencies, then it would be great to use MetaTrader 4.
Just like any other trading platform, you cannot simply use it without knowing its basic features. MetaTrader 4 provides real-time access to the prices and liquidity in the Forex market. At the ‘Market Watch’ section of this trading platform, you will see the list of currencies and securities that you may find interesting to trade on.
MetaTrader 4 has a total of 30 built-in technical indicators including Moving Average Convergence Divergence (MACD), On-Balance-Volume (OBV), Relative Strength Index (RSI), and Fibonacci Retracements.
Trading orders are also available in MT4 as well as execution orders and Expert Advisors. Most importantly, this trading platform is severely secured and very stable.
Pros of MetaTrader 5
In 2010, MetaQuotes unveiled another trading platform that has more trading tools, indicators, and improved performance, overall. But unlike MetaTrader 4 that specializes only in dealing with Forex and CFD trading, MT5 is known to be a multi-asset more advanced trading platform. With MT5, you can trade with multiple accounts under different brokers. Its programming language is quite advanced too. The MQL5 language makes the platform fast and strong that allows the review of 100 stocks charts, Forex pairs, and commodities simultaneously.
MT5 also has 80 technical indicators and 44 analytical objects that make trading a lot easier and the monitoring is quite easy and convenient. MT5 even allows traders to make their own algorithmic programs through MQL5. However, the programs that you previously have on MetaTrader 4 cannot be used on MT5 as they won’t be compatible with the new trading platform. MT5’s performance is also a lot faster than MT4 as it has a 64-bit multi-threaded system.
MT4 and MT5 have their own features and characteristics. It is now the decision of the trader which trading platform to use, according to the market where they want to trade and the trading strategies that they will use. If you are a Forex trader, you can opt for a less complicated trading platform which is the MetaTrader 4. But for more advanced traders, you should choose to use MetaTrader 5 which covers a wider market and more tools and features.