MT4 Vs. MT5 (MetaTrader)
Developed by Metaquotes and released in 2005. The MetaTrader platform is also known as MT4 and MT5 (depending on your preference) is the
most commonly used trading patform for forex traders worldwide.
Brokers around the world offer MetaTrader as a trading platform for retail and institutional clients.
They serve the same purpose a trader needs but of course since Metaquotes introduced its successor MT5 in 2009 and although MT4 is still very popular, MT5 is also quick at catching up by gaining popularity among traders in the world and as a first choice for new born forex brokers service provider everywhere.
Both versions are flexible in usage with a similar interface but a few upgrades and feautures are added to the MT5 which makes it more advanced and versatile.
Let’s look at some of the key differences between the MT4 and MT5:
INTERFACE AND USAGE
|User friendly and simple to use. Allows users the customization of the interface as per their preference. Include 9 timeframes||MetaTrader 5 is also user friendly and straightforward and any one can use it including beginners. The design and interface is similar and being the successor comes with extra added services for coders and many advantageous features. Unlike MT4, MT5 also comes with 21 customizable timeframes which is an extra added value for technical analysts.|
A pending order is a type of order used to execute a market order (buy or sell) at a pre-defined price in the future.
|MetaTrader 4 allows 4 types of pending orders: Buy Stop Sell Stop Buy Limit Sell Limit||MetaTrader 5 on the other hand has integrated not 4 but 6 types of pending orders: Buy SopSell StopBuy LimitSell LimitBuy Stop LimitSell Stop Limit|
MQL4 and MQL5 are programming languages used to develop trading Expert Advisors, Scripts and Technical Indicators. The major difference between mql4 and mql5 is the level of programming languages.
|MT4 (MQL4)||MT5 (MQL5)|
|The programming languages on MQL4 is very limited and basic.||MQL5 is more efficient and the language itself brings unlimited possibilities for coders and programmers.|
CHARTS AND TECHNICAL ANALYSIS
|MT4 comes with 30 Built-in indicators. Custom Indicators.||MT5 comes with 38 Technical Indicators. 21 time frames and allows the user to open unlimited number of charts. Analytical Objects.|
A fast-updating and interactive economic calendar for major events and releases that have an impact on the forex, stocks and commodities markets.
|No. Users will have to go online to check any scheduled economic event.||Yes. One MT5 major advantage is it offers the economic calendar which is integrated in the platform.|
As for the software compatibility it is the same. MT4 and MT5 are both suitable and adaptable for Windows PC, iPhone, iPad, iOS and Android systems.
If you are new to trading MT4 is simple to use yet limited but if you are looking for a more versatile trading platform with additional tools, services and features that will help you excel in trading then MT5 is for you.