MetaTrader 4 (MT4) vs MetaTrader 5 (MT5) Comparison

MetaTrader, a popular trading software among forex traders and used by brokers like AvaTrade, IG, and FXTM, has various trading functions. It allows real-time price tracking for easy chart checks.

Traders can use complex strategies, do research, and analyze trends by drawing lines for informed decisions.

It offers diverse charts like candlestick, line, Heikin Ashi, and Renko to meet traders' needs. There are MT4 and MT5 versions. This article will explore their differences so you'll know how to choose.

What is MetaTrader 4 or MT4?

MetaTrader 4 is a favorite online trading platform for forex traders. It got popular soon after being launched in 2005. It has many features and can be used on different devices like mobile phones, laptops, and tablets.

This platform isn't just for forex trading. Traders can also trade commodities and index instruments using Contracts for Difference (CFDs). When trading, it lets traders see real-time currency prices, do technical or fundamental analysis, trade automatically with customized algorithms, and open or adjust orders. Traders can also personalize charts, orders, and other things based on their own trading preferences.

What is MetaTrader 5 or MT5?

MetaTrader 5 was officially launched in 2010, five years after MT4. MT5 is a more sophisticated and diversified trading platform than MT4, with higher-quality charts, exclusive indicators, and extensive trading capabilities.

On MT5, traders can trade over 500 markets using just one platform. These markets include assets such as stocks, forex, and futures. MT5 also has advanced tools for price analysis, algorithmic trading (using expert advisors and robots), and copy trading.

MT5 has mobility and cross-device compatibility like MT4. Traders can access it through common devices like phones, tablets, and computers to do various trading activities at any time and place.

What Are the Main Differences Between MT4 and MT5?

MetaTrader 5 (MT5), launched in 2010, is the successor to MT4.

MT5 is distinguished by its broader scope and more powerful functions.

MT4 mainly focuses on forex, while MT5 can handle almost all types of tradable assets: stocks, forex, commodities, indices, cryptocurrencies, and futures. It's like upgrading to a complete trading workstation.

The platform has introduced several significant technological advancements:

• Advanced charts with 21 time ranges (compared to only 9 in MT4)

• A more complex programming language (MQL5)

• An integrated economic calendar for fundamental analysis

• Enhanced backtesting capabilities through testing with multiple currencies

• More advanced order types and better order execution

However, it's worth noting that this enhanced functionality comes with higher system requirements and a steeper learning curve.

MT5 is designed for modern traders who need comprehensive market access and advanced analytical tools, and it's particularly attractive to traders who trade multiple asset classes or require more complex analytical capabilities.

MT4 vs. MT5: Key Features Comparison

How to Open a MT5 Trading Account?

You just need to click on the link: https://www.metatrader5.com/ and download the appropriate version, such as for macOS. The waiting time may be quite long as it is over 400 MB.

Register a MetaTrader 5 account. You can register with your Google account. Then, you can choose the broker you want to trade with and select MT5 as the trading platform to start using it.

MT4 vs. MT5: Which is More Suitable for Forex Trading?

How to choose between MT4 and MT5?I believe that after reading this article you must be enlightened.

If what you value is forex trading on a reliable platform, MT4 is a good choice. Many traders start with an MT4 demo account to master the basics of forex trading and take advantage of its simpler interface and lower system requirements.

But if you want to diversify your investments into multiple markets, and you also want to try more advanced analytical tools, MT5, an advanced version of MT4, provides a more comprehensive solution.

Of course, you can also choose to test both platforms. However, there is no universally applicable “better” platform - the right choice depends on your personal needs, level of experience, and trading goals.

Frequently Asked Questions

Is MetaTrader 5 suitable for beginners?

No, starting with MT4 is advisable.

What is the minimum deposit for MetaTrader 5?

The minimum deposit for a standard MT5 account is depending on your broker.

Is MetaTrader 5 better than MetaTrader 4?

Yes, MT5 is better as it offers more trading functions, tools for predicting market trends, and a faster processor. It also allows traders to manage all asset types in their portfolio through one platform.