MetaTrader 4 came out in 2005, offering a easy platform, predominately for online forex trading. The aim of the MetaTrader 5 system, released in 2010, used to give traders a powerful and comprehensive multi-asset platform.

The more lately launched MetaTrader 5, is not that different from its prototype MT4, even although it is marketed as drastically more advanced. The MT5 offers extra advanced charting systems, as nicely as deeper analytical tools, you can also trade Cryptocurrencies on the MT5, and it is faster at executing.

The MT4 is considered an superb platform for the forex trader, however, if any of the above-mentioned functions appeal to you more, then you can decide for the MT5 . MT4 is still the most widely used and downloaded platform on the market though.

Analysis

Both MetaTrader 4 and 5 allow for customisation, mobile trading, and automated trading. However, when it comes to analysis, the MT5 system has 38 technical indicators whilst the MT4 server has 30, even though both comprise popular EMA, b-clock and zigzag indicators. The MT5 platform offers 21 timeframes vs MT4’s nine. Additionally, the MT5 software program has extra drawing tools than its predecessor, such as a extra advanced Elliot Wave indicator. Overall, MetaTrader 5 wins on analytics.

Automated Trading

When it comes to automated trading, both are exceptional choices. But key differences are that MQL5 is thought to be easier to use than MQL4 and MQL4 works on an order system while MQL5 follows a positional system.

Trading Orders

In terms of trading and orders, both provide similar execution models. But when it comes to pending orders, MetaTrader 4 has four order types to MetaTrader 5’s six. Both MT4 and MT5 traders can use MultiTerminal to manage multiple trading accounts.

Verdict

So should you use MetaTrader 4 or 5? For novices or those particularly interested in forex, MetaTrader 4 is the obvious choice. Traders wanting additional, state-of-the-art tools may prefer the MetaTrader 5 platform. Overall though, the MetaTrader 4 system will meet the needs of most traders and remains the most popular choice.