For trading in a financial market, a Forex trader have an option to use a trading platform. But this choice is interweaved with the choice of Forex Broker. Some of the brokers do not work directly through trading platforms but with the help of software, a Forex Broker is connected with the dealing system with the platform. We can say that software works as a bridge between a broker and a platform. There are different trading platforms but today we will discuss the difference between MetaTrader5 and MetaTrader4 platforms.
Both of the platforms are very well-known and have sets wonderful working standards in the financial industries. But today we will discuss the basic difference between these two platforms.
- Use of MT5 and MT4: MT5 broker deals with both centralized and de-centralized financial markets, like stocks, futures, FX trading instruments and so on while MT4 deals with CFD forex instruments. We can say MT5 is more efficient and convenient rather than MT4.
- Programming Language: MT5 programming language is MQL5 and MQL4 is for MT4.
- Indicators: In MT5, there are 38 indicators and 44 analytical codes and we can generate thousands more by using CodeBase and Market. There 30 indicators and 33 analytical codes in MT4. In this, we can also generate thousands of more codes but only through Code Base.
- Reports: MT5 reports are generated both in charts and tables through HTML5 but on the other hand, in MT4 reports are only be seen in tables form.
- Calendar: Economic calendar is in-built into MT5 terminal whereas MT4 doesn’t have this feature.
- Online Charts: In MT5 traders can easily review, save and share images of their charts. They can also review their previously saved charts in the selected gallery. This feature is also not available on the MT4 brokers.
- Timeframes: Traders have a remarkable timeframe in the MT5 platform to view their charts. A trader can view, daily, weekly and yearly charts at any time whereas, in the MT4 platform, a trader can view only daily, weekly and monthly charts.
- Pending orders: In MT5, a trader has eight options i.e. buy limit, sell limit, take profit, buy stop, sell stop, stop loss, buy stop limit and sell stop limit. But in the MT4 platform, there are six options only. A trader doesn’t have buy stop and sell stop limits in MT4.
- Testing Mode: There are four testing modes in MT5 i.e. every tick, one-minute OHLC, open price only and mathematical condition. In MT4 there is only one testing mode.
- Graphical Objects: 44 graphical objects are embedded in the MT5 platform whereas 3 1 is in MT4.
- Balance Transaction Types: A trader have various options of transaction in the MT5 platform like balance, credit, bonus, charge, correction, commission, agents and interest. But in MT4 there are only two options balance and credit.
- Log-File zip compression: An automated feature of zip file compression is present in MT5 but MT4 doesn’t have this automated feature.
- Transfer of Funds: A trader can easily transfer funds in any other account in MT5 but can’t transfer them while using the MT4 platform.
- Supporting Markets: MT5 platform is supported by various markets like forex, futures, options, stock and bonds. While the only Forex is the supportive market in the MT4 platform.
- Symbols: A traders can enjoy using unlimited symbols in the MT5 platform but on the other hand, in MT4 only 1024 symbols are present.
- Multilingual Unicode, netting and hedging: These three features are used in MT5 but they are not present in MT4.
- Emails: In the MT5 platform, a trader can have as many attachments as he can in the email but the attachment option is not present in the MT4 platform email system.
- MetaTrader market access: Yes!! In MT5, a trader can have a subscription or purchasable indicators, EAs and script forms from MQL5. But this option is not present in MT4.
- Database size: There is unlimited database size in the MT5 platform. In the MT4, database size is restricted up to 10M.
A trader can open an MT5 account itself very easily or can also take help from any of the forex brokerage solution.