Comprehensive Comparison of MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

Being a Forex trader, most likely, you have known MT4 as the leading and most favored trading platform for Forex traders. That being said, certain features of MetaTrader 4’s greatly gained the favor of many Forex traders. One of these is the user-friendly interface of MetaTrader 4. But aside from this trading platform which was launched in 2005, there is another trading platform from the same software company, the MetaTrader 5. These two are the most used trading platforms nowadays.

Similarities of MetaTrader 4 and MetaTrader 5

Both these trading platforms provide free access as offered by your preferred Forex broker. On other trading platforms, they might ask you for a lifetime licensing fee which could shed as much as $499 out of your own pockets.

Both MetaTrader 4 and MetaTrader 5 have a user-friendly interface that is very easy to navigate. There are also a lot of video tutorials about these trading platforms that can be found online.

Both MetaTrader 4 and MetaTrader 5 are compatible with Windows and Mac. Mobile trading is also allowed since it can be downloaded on your Android, iPhone, and iPad devices.

MetaTrader 4

This trading platform was developed by MetaQuotes Software Corp. and was released in 2005. Its interface is particularly created for Forex traders and CFD traders as well. A lot of traders also think that MetaTrader 4 is easier to navigate compared to MetaTrader 5. Probably, MetaTrader 4 is the most appropriate option for those traders who just want to trade with ease and don’t like to see so many complicated algorithms. Here are the BEST features of MetaTrader 4:

  • Can be accessed on PC, Mac, Android, and iOS devices
  • User-friendly interface
  • 9 timeframes
  • 30 built-in indicators
  • 31 graphical objects
  • 3 types of order executions
  • Allows hedging
  • 4 types of pending orders (sell stop, buy stop, sell limit, and buy limit)
  • Single-threaded strategy tester

MetaTrader 5

After 5 years since the launching of MetaTrader 4, a more updated trading platform boosting with more advanced features was released. It was then called MetaTrader 5. Because of its name, you may think that this trading platform is the newer version of MetaTrader 4. But you are wrong. This trading platform is made to cater to other markets such as stocks, futures, and others. Moreover, the programming language of MetaTrader 5 is more complicated and complex compared to MT4. It also upgraded its system and now allows traders to perform additional actions with its upgraded features such as pending orders, timeframes, built-in trading tools and so much more. Here are some of the BEST features of MetaTrader 5.

  • Can be accessed on PC, Mac, Android, and iOS devices
  • 21 timeframes
  • 44 graphical objects
  • 4 order execution types
  • Six pending orders types
  • Allows netting and hedging
  • Built-in economic calendar
  • Supports a couple of transaction types
  • Multi-threaded strategy tester
  • Built-in MQL5 community chat
  • Allows fund transfer on accounts

As it appears, MetaTrader 5 has a lot of features to promote ease of access and convenience when trading. Choosing which of these two trading platforms to use will now depend on your trading needs.

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