Comparing MetaTrader 4 (MT4) and MetaTrader 5 (MT5) based on their features and trading tools will help you identify which trading platform perfectly suits you. Although these two trading platforms are great, they have different characteristics that meet the trader’s every need.
MetaTrader 4 and MetaTrader 5 are third-party trading platforms that can be downloaded to the desktop or into your mobile devices. For so many reasons, a lot of traders prefer to use MetaTrader 4 and MetaTrader 5 instead of the native trading platform of the broker.
It could be due to the number of more advanced technical indicators found in these trading platforms as well as the chart drawing tools and the order types they offer. Those traders who are very particular in using pricing research and technical analysis can benefit so much from these trading platforms.
More importantly, if you are looking for a trading platform that supports automated trading or Expert Advisors, MetaTrader 4 and MetaTrader 5 will surely give you these features.
This is so great considering the nature of humans, we cannot stay in one place all the time just to check on the price movements. These trading robots will provide great help in buying or selling a position in trading round the clock without your supervision.
For tradable instruments, you must know that neither of these trading platforms can identify which assets can be accessed. Contrary to that, these things are determined by the broker where you link your MetaTrader 4/5.
That being said, MT4 is practically great for Forex traders. As a matter of fact, you will find it hard to find a Forex broker that doesn’t offer MT4 as the trading platform. For MetaTrader 5, this trading platform is mostly preferred by those who like to access markets aside from Forex just like indices, stocks, cryptocurrencies, energies, and precious metals.
For once, it is good to mention that these two trading platforms have the same look and feel that you might find it hard to differentiate the usability of these two trading platforms But once and for all, MT4 and MetaTrader 5 are well suited for new and experienced traders. They are both user-friendly and focus so much on technical indicators, charts, and price actions.
If you are confused about the trading platform to choose, it is much better if you compare them based on the trading tools that you need to achieve your trading goals. For technical indicators, MetaTrader 4 has 30-built technical indicators while MT5 has 38 technical indicators.
For the charting tools, MetaTrader 4 has 24 analytical objects while MetaTrader 5 has 44 analytical objects. For the financial news, both of these trading platforms offer research tools that are fundamental in knowing about the financial news. Alerts are also exceptional in both MetaTrader 4 and MetaTrader 5 and they support demo trading.