The two significant differences have already been covered, but there are many others worth mentioning within any MT4 and MT5 comparison.
Metatrader 5 uses a programming language called MQL5 as opposed to the MQL4 used by Metatrader 4. The exciting thing about MQL5 is that it allows “black box” programming which, in a nutshell, means that it is easier to program and so will logically be a better framework for users and developers of trading robots and other expert advisors. However, MetaQuotes expanded this capability into MQL4 in 2014, so it is not a difference between the platforms anymore, although there is a likelihood that if the language is upgraded at some time in the future, MetaQuotes will not extend any upgrades into MQL4 as well as MQL5
It should be noted that there is no backward compatibility. Programs written for Metatrader 4 cannot run on Metatrader 5. This can be a severe drawback to traders who were wishing to “upgrade,” and is a key reason why such a change shouldn’t be seen as an upgrade.
It is true that Metatrader 5 retains two vital programming-related advantages over Metatrader 4. Firstly, its backtesting functions where you can test programmed trading strategies execute at a much faster speed, which is a feature that can save you a lot of time if you are the kind of trader who needs to run a large number of backtests. It also allows simultaneous multi-currency pair backtesting. Together this can speed up backtesting procedures immeasurably.
Which Trading Platform is Better for You?
The answer to this question should seem pretty clear by now after reading the above MT4 and MT5 comparison. If you have to comply with U.S. regulations for whatever reason, want to do a great deal of backtesting using the platform offline, or want access to stock and commodities exchanges that are hard to reach through Metatrader 4, then Metatrader 5 is the obvious choice for you.
It has to be said that otherwise, there is no reason not to use Metatrader 4, which remains a tried and tested gold standard platform of the industry. It is far more popular than Metatrader 5, and for a good reason: it is easy to use and manage and generally has fewer glitches than its browser-based competitor platforms.
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