For a long time, MetaQuotes Software Corp has been the favourite of many traders because of so many good things about it. This company has developed some of the best trading platforms including MetaTrader 4 and MetaTrader 5. These two are so popular and are being offered by almost all trading brokers. Some may think that MT5 is merely an upgrade from the previous version which is MT4, the terminals actually produce some significant differences.
What Makes MT5 Different From MT4?
Just to debunk all the assumptions, MetaTrader 5 is not just a mere upgrade. It actually targets a different market. MetaTrader 5 is an all-in-one tool that you can use to trade currencies as well as the stock market. There are common distinctions between MetaTrader 4 and MetaTrader 5 that you should know about before you decide which trading platform to use on your trades. Take a look at these things below.
MetaTrader 4 Details
With MetaTrader 4, you can enjoy lightness, usability, and functionality all in one trading platform. In fact, these things made MT4 famous among Forex traders. One thing that needs to be understood is that the MT4 trading platform is very easy to use and avoids superfluous panels, information, and buttons.
If you are a Forex trader, this trading platform is just the right one for you. From the trading tools down to every bit of instruments that you can use in trading currencies and predict the movement of the market, you can all find it here. MetaTrader 4 is also a single-threaded platform that has 32-bit operating systems. Although it can still possibly work with a 64-bit operating system you might encounter some compatibility problems. To add to its user-friendliness, the trading platform supports more than 30 languages.
Another contributing factor amidst the success of MT4 is the technical and marketing assistance offered by MetaQuotes. There is a continuous upgrade on the codes and system of the trading platform to better address issues. The low-licensing fee is also the reason why Forex brokers chose to use this trading platform.
MetaTrader 5 Details
Amidst all the latest features and enhancements that MetaTrader 5 offers, traders are still hesitant to use it, unlike MT4. IN MetaTrader 5, important details like order execution, testing, and technical analysis were all upgraded.
If you compare MetaTrader 4 from MetaTrader 5, you will see that the latter has become a totally different trading platform from the previous version. The Depth of Market in MetaTrader 5 is remarkable since it provides information of the buyer’s closest bids and the seller’s closest bids as well, alongside the price movement and the quotations you selected.
MT5 also has this unique order tracking software which serves as a netting mechanism. All positions opened in a single asset are being shown in a single order found in the chart. This ultimately saves time because you won’t need to keep track of your transactions from time to time.
Tester is also supported in MetaTrader 5 and it has multi-currency support. Its back-test statistics are also greatly increased.
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