In today’s highly competitive online trading world, it has become important to leverage the use of tools and technologies available at your disposal. If you wish to stay relevant and make steady profits in the trading space, choosing the right forex broker and tool is essential.
No matter if you are a beginner or a professional, these trading platforms help you make informed decisions, so you do not lose a lot of money. With in-depth analytics, advice, and insights – there are numerous platforms available on the market. And, the choice to choose the right one can be overwhelming. Recently, the debate of MT4 vs MT5 has raised questions about which platform is the best.
To make it easier for you, we have briefly explained the difference between MT4 and MT5 to help you make the right decision.
The MetaTrader 5 was released in 2010 with an aim to offer some features to online traders what the MetaTrader 4 could not. But, the choice ultimately lies with forex traders to choose the one that matches their needs and budget.
Many people would think the MT5 was a new, improved version of MT4 designed to do the same job in a better way. However, this is not the case!
There are only slight differences while both trading platforms cater to different, unique needs of the traders. Therefore, there is not much to discuss about MT5 vs MT4. Regardless, we are here to make your selection convenient.
The major difference between MT4 and MT5 is that the MetaTrader 5 was released to allow online traders to get access to other markets as well. In MT4, you can only trade Forex – but, with MT5 you can explore Futures, stocks, and commodities as well. Therefore, the development of MT5 was to attract traders who like to trade in markets other than Forex.
Now, coming to minor changes between both platforms – the MT5 uses MQL5 as a programming language whereas MT4 uses MQL4. However, there is no backward compatibility meaning programs and commands written for MT4 using MQL4 can only be run on the same platform. So, if you were looking to upgrade thinking you can migrate from one platform to another, this might not be the right option at this time.
In a nutshell, it all depends on your individual, unique needs when it comes to choosing the right platform. The MT4 and MT5 both have their features that may or may not surpass the other one. However, you should choose that matches your trading requirements. Happy trading!