Comparison Between MT4 and MT5 Forex Trading Platform
With the advent of the internet, online forex trading has enhanced progressively. Hence, it is noteworthy to mention that electronic trading platforms are the prerequisites for effective and efficient online forex trading. However, the traders usually get confused when selecting the ideal trading platform. Additionally, there lies a cut-throat competition between different trading platforms. Therefore, as a result, the forex traders remain highly confused during the selection of the best trading platform that matches their needs and requirements.
Over the years, two trading platforms have significantly emerged as the leading leaders in forex trading. MT4 and MT5 are the two most demanded trading platforms used by several forex traders and brokers across the globe. Typically, it is right to say that these platforms have undoubtedly raised the trading standards. Additionally, the MT5 platform is also widely used by several traders and brokers globally; however, compared to the MT4, its usage is less.
Hence, it is critical to understand their differences to decide on the perfect platform between MT4 and MT5. Here are some points that highlight the comparison between the two. Take a close look at them:
Comparison Between MT4 and MT5
Every forex trader must clearly understand the significant points of difference before selecting a specific platform. Let us understand them in-depth.
Understanding the MT4 Trading Platform
Typically, the MT4 trading platform allows the traders to trade in different financial assets like stocks, commodities, indices, crypto, and more. The reason it is prevalent is its safety and security. Furthermore, it also accounts for automatic trading; hence it opens and closes the position on behalf of its clients.
The MT4 trading platform has excellent security standards. Typically, the platform accounts for the ideal 128-bit encryption key between the server and trader. Hence, hacking is pretty tricky, and the money is entirely safe.
- Best for Developers
The MT4 trading platform is suitable for the developers as they can implement their individual algorithms. Besides, the individuals can use SQL; therefore, they can make way for their own indicators.
The MT4 trading platform is available in different languages. Hence, the traders can ideally use them in their native language.
- Access to Real-time Updates
The traders can effectively make way for real-time market updates and prices. Therefore, forex traders can make better and more informed decisions.
- Wide Market Range
With the MT4 trading platform, forex traders can trade in different financial assets like commodities, stocks, indices, futures, forex, and crypto.
Understanding the MT5 Trading Platform
The MT5 trading platform is prompt, secured, and efficient, specifically designed for the forex market. Multi-asset is its main feature, which makes it pretty different from the MT4. The platform accounts for great technical analysis tools and an excellent trading environment. Furthermore, with the platform, the traders benefit from copy trading. It has some great built-in features like a freelance database and trading robots.
- Innate Reporting
The MT5 trading platform accounts for an innate reporting method via which forex traders can trade promptly. Furthermore, the reports allow the traders to understand the market and indicators more deeply.
- User-friendly Interface
MT5 is regarded as the most accomplished trading platform because it is simple and accessible. The interface is user-friendly; therefore, the traders can use it comfortably.
- Analytical Tools
MT5 has major and several analytical tools that enhance the overall trading experience. The analytical tools of the MT5 trading platform account for more than 30 different features.
MT4 Vs MT5
It is pretty clear that the MT5 trading platform accounts for more features; however, it is pretty tricky for the new traders. Hence, novice traders find the MT4 trading platform easy to use and access. Generally, the traders look for a comfortable platform. Thus, from the trading standpoint, it is suggested to go ahead with the MT4 trading platform.