The MetaTrader platforms allow traders to make deals at different time intervals, select different types of orders, perform technical analysis, test as well as use expert advisors and indicators, monitor their trading accounts, and conduct trading 24/5 from anywhere in the world.
The MT4 trading platform was released in 2005. The MT5 platform, developed in 2010, is a successor and an improved version of the MT4. If you have not yet decided what platform to use for trading, here is a comparison of both platforms that will help you make a right choice.
A simple interface is what makes this trading platform popular among Forex traders.
The platform supports all types of trading methods - both, hedging and LIFO. Whereas, MT5 does not support hedging and implements FIFO by default.
It allows a trader to send 2 market orders, 4 pending orders, 2 execution modes, 2 stop orders and a trailing stop.
Multiple languages: traders from all over the world can use the MT4 platform and its data in their native language.
Tools for charting: you can edit colors and styles, load preset templates, as well as delete unnecessary features. All these instruments simplify charts reading.
Since MT4 is highly popular among traders, you can find more information, books and examples related to trading on this platform. In addition, the platform has an extensive community of developers of indicators, scripts, advisors, plug-ins, and programs written in MQL4.
The platform imposes fewer system requirements on a PC than MT5, and takes less RAM.
Economic news feed is available in online regime.
Variety of charts and time frames characterize this platform. The MT5 platform offers 21 time frames, while MT4 offers only 9 time frames.
The platform allows a trader to send 2 market orders, 6 pending orders, and 2 stop orders.
It has a built-in tab with the economic calendar.
There are additional technical indicators (38) and graphic charts (44).
The platform provides an access to a higher number of markets, including stock ones.
MT5 has increased performance due to the 64-bit processor architecture support.
In addition, a trader can significantly accelerate optimization of expert advisors thanks to support of parallelization on all of the processor cores and the presence of a computing cloud. However, this service is fee-based.
Traders can exchange messages and attach files to them.
Systems encoded using the MQL4 language are incompatible with MQL5 or MT5.
What platform should I choose?
98% of InstaForex clients choose to perform their trading activities using MT4 due to reliability, efficiency, and practical merits of this trading platform. Moreover, some popular InstaForex services such as bonuses, the ForexCopy system, and the PAMM system are available to traders only via MetaTrader 4.
The choice of a trading platform depends on your trading preferences. MetaTrader 4 is considered to be the time-tested classics. This platform is available to every trader, has a wide range of functions, and allows you to follow any trading strategy. However, if you prefer innovations and want to try MetaTrader 5, InstaForex is ready to provide you with this opportunity.