The suite currently consists of MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 was launched in 2005 and remains one of the most widely used online trading platforms among the retail forex and CFD trading communities. MT5 followed in 2010, not as an upgrade to its predecessor, but as a platform allowing access to additional markets including commodities, stock, futures and options. Both platforms facilitate trading activity and come with a range of supporting features like technical analysis, custom indicators and algorithmic trading through expert advisors. MT4 offers easy access to the forex market, whereas MT5 was developed for use with a centralized exchange, giving traders access to a broader range of financial instruments. There are differences beyond this, however, that may or may not be worth taking into account, depending on your trading style and level of experience. For automated trading, MT4 and MT5 have their own built-in programming languages – MQL4 and MQL5 respectively:
MQL4 is a more simplistic version, with programming based around the order system. MQL5 works around a positional system and offers more complex programming capability.
When it comes to technical analysis, there are also some key differences between the two. Both platforms have a customizable interface, but with MT4, only nine timeframes are available for interactive charting. With MT5, this jumps up to a choice of 21 timeframes. MT5 comes with more built-in technical indicators – 38 compared to MT4’s 30 – and a broader range of graphical objects for manual charting. Depth of markets (DOM) and an on-screen economic calendar are also additional features found only on MT5. For trade execution, both platforms are fast and efficient, though MT5 takes a slight edge both in terms of speed and functionality, with six types of pending orders versus the four offered with MT4. Another point worth noting refers to hedging. MT4 does allow for this, whereas on MT5 this functionality is disabled unless requested otherwise. Though there are noticeable differences between the two, MT5 isn’t necessarily superior to MT4. Choosing the right platform is purely a matter of personal preference. Beginner traders interested in forex only are likely to find the simplicity of MT4 appealing, and its functionality more than adequate. However, if you’re an experienced trader looking to acquire a diverse portfolio and implement more advanced strategies, MT5 is the better fit. The WebTrader versions are accessible through all major browsers including Google Chrome, Internet Explorer, Apple Safari and Microsoft Edge, and mobile use is supported on both iOS and Android. Downloadable software can be installed on either Windows or macOS. Though MetaTrader is highly popular, it is not available through every broker. Some offer competitor platforms like cTrader, while others only provide access to proprietary platforms. If you’re interested in using either MT4 or MT5, look for a MetaTrader broker that suits your trading needs.
How Much Does MetaTrader Cost?
Online brokers acquire a license for use of the MetaTrader suite, which allows them to give clients access free of charge. You will not pay to download MT4 or MT5 or to access them via the web, but you should take into account the associated costs of using these platforms, such as spreads. Some brokers set their fees differently depending on which platform you use, often offering preferential rates through proprietary platforms. Keep this in mind when selecting an account, as these costs will impact your profit margin. Regardless of what you intend to trade in, choosing a broker requires due diligence. Take the time to conduct comparative research, considering fees, reputation, support, and most importantly, regulation. (All are CFDs) MT4 is a great option for beginner traders, with an intuitive interface and plenty of built-in tools for technical analysis, helping users make well-informed trading decisions. For those looking for more advanced functionality and increased market access, MT5 is an ideal alternative. Designed for use on desktop, web and mobile, both MT4 and MT5 allow you to trade with ease in a way that suits your lifestyle. WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
