MT4 vs MT5 – what are the differences?
The MetaTrader 4 (MT4) offers forex traders extraordinary control over trading techniques and timing. While this popular trading platform enables automated trading, it has a limitation in that it’s not sufficiently innovative when it comes to MT5 vs MT4.
MT4 vs MT5
Although MT4 is a dominant software application widely accepted across the globe for trading, the creator behind it introduced MT5 to include some upgrades and enhancements.
For instance, MetaTrader 5 lets investors trade in futures, bonds, options, stocks, in addition to trading CFDs.
What’s more, it offers algorithmic trading applications, automated techniques, hedging, and expert technical analysis.
MT5 currently contains partial orders, besides other helpful order types. It also comes with 13 graphical objects, eight technical indicators, and 12 different timeframes so that traders can perform extensive research.
Customer support is now easier than ever before with MT5, thanks to the availability of the MQL5 community 24/7, integrated live chat feature, and ability to send emails with attachments.
Another notable feature is integrating an economic calendar that alerts users about data releases and important dates. Also, it’s now much easier for users to transfer funds between their accounts.
Yes, one can transfer funds from a stock trading account to a forex one without signing out.
Although the outstanding trading possibilities given by MT5 due to the new features are unbelievable, the limitations of backward compatibility mean trading professionals still prefer the MT4.
MT5 Key Features
- Capability to hedge positions
- Improved processing speeds
- A total maximum of 500 orders
- Inbuilt economic calendar
- Modern pending orders
- 21 timeframes
- Plenty of inbuilt indicators
What is MT5?
Connection times are now much better, and investors can make use of the revolutionary trading tools. MetaTrader 5 appears like a trading platform that offers an entirely new trading experience.
MT4 and MT5 are similar to beginner traders.
However, the two are different because the developer used MQL4 when creating MetaTrader 4 and a new programming language named MQL5 to design MetaTrader 5.
MT4 users have a whole library of expert advisors (EAs), consisting of trading strategies, technical analysis tools, automation tools, and other trading robots. One reason why professional trading experts who use MT4 fails to use the current MT5 is that it fails to include the previous helpful trading analysis tools.
Logically, the traders find it tricky to re-purchase robots or rewrite codes that work perfectly on the MT4 platform.
MT4 vs MT5 – Who Needs to Use MT5?
“While it may take some time, MT5 will eventually surpass MT4 in the trading market”,
says Deepak Jassal, an executive director at Finance Magnates.
This trading platform impeccably fits traders who are after innovative analysis tools and modern financial trading methods. As denoted by Daily Forex, MetaTrader 5 is suitable for beginners.
Read Also: How to trade stocks on Metatrader 5?
Top Benefits of Using MT5
There are lots of good things about this stock trading platform as it incorporates remarkable analytical tools and an innovative appearance that allows traders to access hundreds of charts simultaneously. Also, it gives users modern features to perform analysis throughout the entire trading process.
- Incredible Indicators and Plugins
MT5 has plenty of valuable trading signals, trading widgets, trading statistics, trading positions, and several add-ons with many plugins to help traders boost their trading skills.
- Advanced EAs
MT5 integrates improved trading bots and advisors that help a lot in acquiring real-time market data, market monitoring, evaluating market liquidity, and doing much more. EAs assure users of trading in an innovative platform where they can customize or pick their preferred parameters.
- Back Testing
Another unique feature included in MetaTrader 5 is that it allows realistic backtesting and run of a trading journey and trading history compared to MT4, which demands local or virtual private server (VPS) backtests.
How to Configure and Trade with MetaTrade 5
To solve the problem of how to download, configure and use MT5 to trade, it would be helpful to assess the involved processes. Here is a detailed review of the most critical steps.
- Pick an MT5 Broker
The first step entails picking a trading broker, such as tixee, who offers MT5 trading software.
tixee’s trading platform makes it easy for traders to trade across multiple devices like computers, tablets, and mobile devices. Above all, it incorporates inventive financial instruments for trading CFDs and trading of currencies.
- Where to Download MetaTrader 5?
The second step involves downloading and installing MT5 to the preferred device. Whether one wants to open a trading demo account for demo stock trading or a live trading account for real trading, one has to get the same trading app for the two actions. So, where can one get the application? Well, go to the official website, enter the needed details and initiate the download.
- Create an MT5 Trading Account
After a successful download and installation, traders have to open a trading account with a preferred broker by providing them with the proper trading account details. For beginners, it’s advisable to opt for a demo account first before transitioning to the live MT5 account.
- Opening a Demo Account on MT5
Before diving into how to use a demo account, it would be helpful to discover the reasons why investors need one first. First, demo accounts allow investors to try and test multiple MT5 features with virtual funds. This way, one gets essential info about trading methods, trading account history, and how a full-fledged trading app functions without risking capital.
Second, traders can practice investing in plenty of items, especially in the liquid markets, all with the current live market ranges. Thus, a demo account suits all traders, regardless of the stock items or forex items they want to trade. Indeed, there is a demo trading app available for iOS and Android devices.
- Opening a Live Account
For the experienced traders, they can go ahead and register for a live MT5 account straightaway with tixee. The broker only needs the investors to provide personal details, fill in a simple questionnaire, provide identity proof, verify address, and then deposit to start trading. The best thing about tixee is that traders can opt for demo or live accounts.
Searching for the Best Trading Broker?
tixee provides a top-rated forex trading platform comprising experts who have been in this industry for an extended period. The experts help traders in analyzing the market analysis, forex trading performance, and much more.
In addition, tixee has plenty of trading markets, besides offering educational videos and helpful intraday trading ideas. We hope this article helped you understand that MT5 vs MT4 is not a matter of doubting, but choosing the right trading platform gives you more space for maneuvering.