One of the first decisions you have to make while setting up your broker is determining whether to use an existing platform or one you have created ourselves.
The most widely used platform is MetaQuotes’ MT4/MT5, famous for various factors, including cost and time savings.
The ideal choice, however, would be to find an authorised supplier because purchasing the license is quite expensive. However, making a decision might be challenging because there are two platforms available: MetaTrader 4 and MetaTrader 5. The goal of this post is to explain how they vary so you can choose which one is best for your trading platform.
Getting down to the differences
Analysing the variations in their features is crucial in determining whether MT4 download or MT5 download is much more suited. Since MT5 is an advancement of MT4, we would first believe that it is better than the latter; however, the truth is that it relies on our demands.
- Due to its simplicity of use and capacity to accommodate any investment, MT4 was published in 2005 and swiftly rose to become one of the most well-known platforms in the world. MT5 was then released in 2010. Since it was created with more choices and capabilities, rendering it more complete but better suited for investing in markets other than Forex, MT5 is not a linear progression of MT4 but rather an alternative.
- Since MT4 revolutionised how Forex brokers operated, 90% of traders now use it, and most indicators or tools are made specifically for it.
- Due to the ability to connect to a centralised market, MT5 is intended for different demographics, such as stocks, commodities, or futures. The reason is that the Forex market works decentralised due to the vast number of players who supply liquidity at comparable pricing. A controlled, regulated market exchanges commodities and shares on the opposing side.
Marketable instruments
It’s crucial to understand because neither MT4 download nor MT5 download dictates the commodities you are exposed to when referring to marketable instruments. On the other hand, the broker you connect MT4/5 with decides this.
For instance:
- If the EUR/USD and USD/TRY markets are available through your preferred MT4 broker, you can trade these currency pairs on the MT4 platform.
- You may trade gold and bitcoin on the MT5 platform, provided your selected MT5 broker has a market on those assets.
As a result, MT4 is particularly well-liked among forex traders. In reality, you will discover that MT4 download is supported by hundreds of the top forex trading platforms available online. Regarding MT5, consumers looking to acquire non-forex platforms frequently use this third-party platform. These platforms might include equities, indexes, cryptocurrencies, energies, precious metals, and precious metals.
Two more things to keep in mind:
- On the one hand, MT4 and MT5 are systems best suited to technical traders who depend primarily on market action and indicators. Both platforms do, however, provide basic research instruments via economic news feeds.
- The news feed includes a wide range of essential news, including changes in regional and governmental developments and interest rate adjustments at the central bank. A helpful economic calendar that lists critical financial events’ dates and times is available on both platforms.
The Takeaway
You must pick an appropriate broker no matter the third-party platform you use. In conclusion, MT4 and MT5 serve the same fundamental function.
Both platforms are, therefore, perfect for those who want to use sophisticated technical analysis and develop their trading techniques. Both systems provide full backing for forex EAs and robots and are available as desktop software, online browsers, and mobile apps.
