In early 2002, Metatrader 3 was released, greatly expanding the programming language and functionality possibilities. For the last three years, this trading platform has been available.
MetaQuotes, a company that makes software, made the Metatrader 4 platform in 2005. Since then, it has become the most popular trading platform because it has a lot of features and is easy to use.
Metatrader 4 (MT4)
MT4 was originally developed for retail currency trading. Metatrader 4 is widely used since it is multipurpose, user-friendly, and mobile. The platform has an easy-to-use interface that doesn’t have a lot of information, panels, or buttons. You can get to some features by using the right mouse button to open the menu on the toolbar.
The following are the main characteristics of the MT4 platform:
The platform is designed to facilitate currency trading. Currency trading is available, as are CFDs on indices, stocks, bonds, commodities, and cryptocurrencies.
Metatrader 4 is a unified platform designed for 32-bit OS systems. It will also run on 64-bit operating systems, however, compatibility difficulties may arise.
More than 30 languages are supported by the MT4 platform.
Another reason for MetaTrader 4’s success is the developer MetaQuotes’ marketing and technical assistance. The platform code is regularly upgraded and improved by the software development team. Because broker licensing is more economical, Metatrader products are more popular than other platforms.
If you wish to try the functionality of MT4 on a sample account, go here to download the desktop or mobile version.
The platform will be installed in 5 minutes after you execute the installation file.
Choose Open New Account from the File menu and follow the on-screen prompts.
You can use the demo account to practice things like setting market and pending orders, learning about technical indicators and charting parts, and making your first trade.
The following are the primary benefits of the MT4 platform over other platforms:
Multifunctional. The platform supports three types of orders, including trailing stops, thirty built-in technical indicators, and nine time periods.
You are able to program in. MQL4 The platform supports the addition of bespoke tools like scripts, expert advisors, and indicators. Meta-Editor also allows you to design your own trading tools.
It includes a test function. On historical data, you can test both manual and automated trading techniques, evaluate the performance of a trading system, and record the results of a backtest for statistical analysis. Apart from TM5, no other trading platform has similar features.
The trading community offered assistance. MQL5.com is one of the biggest trading forums, where you may replicate signals, debate trades, and purchase unique indicators, Expert Advisors (EAs), or trading bots, as well as scripts to be built. MQL4 is a popular programming language that can be used to make native trading systems, which is something else that the MT4 platform can do.
Safety. In MT4, information is sent between the trader, the platform, and the platform servers using 128-bit keys, a specific algorithm, and a digital signature. Even if a Trojan infection reaches the computer, the platform remains safe from exploitation.
Another significant benefit is that the trading platform is free to traders.
Metatrader 5 (MT5)
The most recent upgraded and enhanced multi-asset platform is MT5. Metatrader 5 was released in June 2010. The creators expected MT5 to totally replace MT4, just like MT4 had done with all prior versions.
MetaQuotes eventually decided to stop supporting MT4 and stop selling licenses in order to get people to use the newer platform. However, “something went wrong.” Even with the changes and improvements, MT5 wasn’t as popular as MT4, so MetaQuotes decided to keep both versions available.
The most popular forex trading platform is still Metatrader 4. However, if you wish to familiarize yourself with MT5, you may do so by clicking on this link.
Following that, I will discuss the distinction between Metatrader 4 and Metatrader 5. I’ll provide some suggestions on whether Metatrader 4 or 5 is preferable for beginners.
Advantages
The most recent multi-asset trading platform is Metatrader 5 (MT5). The people who made Metatrader 5 tried to make it better at technical analysis, testing and executing orders. Some functionalities have also been improved over the previous version.
MT5 has the following advantages over MT4:
Data about the depth of the market (DOM). The DOM in Metatrader 4 is rarely helpful and rarely utilized. The DOM is a genuine trading tool in Metatrader 5. The developers have significantly increased the volume of stock trading.
Market Depth data in MT5 provides information about orders closest to buyers and sellers, as well as the actual volume of orders at given prices.
Set up an accounting system. Metatrader 5 now has a netting mechanism, according to the creators. The chart only displays one order, which is the average of all open positions in one asset. This is advantageous since you do not need to keep track of several transactions.
Tool for testing. The MT5 test tool now works with many different currencies, and the statistics for the backtest have been improved. Because of the addition of the pre-testing tool, test results and the optimization of EAs or indicators in MT5 have become more accurate. What used to take 20 minutes to test in Metatrader 4 now takes 5 minutes with the same conditions.
Timelines. Metatrader 5 features a couple of timeframes that are not conventional. To analyze non-standard periods in Metatrader 4, you must install an extra script.
Technical evaluation. MT5 features more built-in technical indicators, but MT4 requires you to explicitly add some. There are two more pending orders: A buy-stop limit and a sell-stop limit.
MT4 vs. MT5 Comparison: Which Platform Should You Use？
Which do you prefer: Metatrader 4 or Metatrader 5？ Initially, the creators expected that MT5, as a more sophisticated version, would replace MT4. But MT5’s improvements weren’t enough to get traders to change their indicators and expert programs written in MQL4 to MQL5. The benefits of MT5 are still not enough to get traders to switch from the platform they are using now. As a result, MT4 continues to be the top platform in its class.
MT4 is the best platform for trading foreign exchange, and it comes with a huge number of indicators, scripts, and expert advisors.
Choose Metatrader 5 if you trade forex.
MT5 is a professional trading platform used for futures trading and testing algorithmic trading.
Stay tuned for more Forex Education.
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