MT4 also stands out when it comes to automated trading – as most developers choose it over MT5. It is important to note that not all online trading platforms are compatible with MT4 or MT5. Instead, many brokers – especially those aimed at newbies, have their own web-trading platform. On the other hand, you have popular platforms like Libertex  – which offers support for both MT4 and MT5.

• The MT4 is easy to download and install on to your chosen device – Windows, macOS, Android or iOS.
• The company has developed a series of popular products, ranging from a simple FX Charts platform to the MetaTrader 4 and the MetaTrader 5 platforms – typically referred to as MT4 or MT5.
• You can also switch on an additional menu with timeframes and types of chart displays.
• While FXTM services your trades and offers its own proprietary FXTM Trader mobile platform, most traders who use their desktops to trade use the MetaTrader 4 or 5 platforms.

It has backtesting features that are quicker and more potent than MT4. Besides, it gives a chance for parallel testing of multiple pairs. It is more preferable for experienced users as many brokers are available here.

The newer platform allows you to also trade individual stocks and commodities in cash. Given the importance of charting for successful technical analysis, MT5 has a definite edge in this category. The newer forex trading platform offers more sophisticated charting capabilities compared to its elder sibling, including a larger selection of technical indicators. The most significant distinction between the MetaTrader platforms lies in the asset classes to trade and available markets. Developed primarily with forex trading in mind, MT4 allows users to trade other products as CFDs.

Otherwise referred to as a forex EA (Expert Advisor), this allows you to trade in a 100% automated manner. This is because your chosen trading robot will enter buy and sell positions around the clock without you needing to lift a finger. Exchange execution that makes the https://www.xcritical.in/ represents the execution where the orders are sent to an external exchange. Then the trade is executed at the price the markets offer at that moment on the exchange.

Is MetaTrader free for me?

It is unlikely that MT5 will completely replace MT4 in the near future. MT4 is still a very popular platform, and many traders are reluctant to switch to a new platform. However, MetaQuotes is gradually phasing out support for MT4, so it is likely that MT5 will eventually become the more popular platform. The best platform for you will depend on your individual needs and preferences. If you are a beginner trader, MetaTrader 4 is a good choice because it is simple and easy to use.

70.62% of retail investor accounts lose money when trading CFDs with this provider. The solution has been translated into more than 20 languages, including English, French, Japanese, Chinese, Russian, etc. The desktop solution successfully analyzes financial markets, performs advanced exchange procedures, launches trading robots, and does copy trading. MetaTrader 5 (MT5) is a state of the art multi-asset class trading platform. In MetaTrader 5, the developers tried to upgrade the technical analysis options, tester, and order execution options. Although we were not supposed to dive deep into technical details, we still need to mention another difference between the two platforms.

What is the difference between the MT4 and MT5 Forex trading platforms?

It does not afford them access to multiple financial markets, however. While both the MT4 and MT5 trading platforms enjoy wide popularity, they differ in terms of the markets covered, features offered, and the programming languages used. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

So, MT5 in this case gives you much more options than MT4 which can be useful. But, MT4 has one option which you can use to get different time frames. Read the following article and set the desired time frame on the chart in the MT4.

We have summarised these functional differences in the table at the end of this section.

Our MT4 vs MT5 comparison found that both platforms offer several execution types. MT5’s programming language has better back testing, so you can test and execute programmed strategies faster than on MT4. MQL5 allows you simultaneous multi-currency pair back testing, so overall it’s probably more advantageous than the MT4 programming language. One of the most appealing aspects of using a third-party trading platform like MT4 and MT5 is that you can deploy an automated robot or forex EA. In simple terms, this means that your chosen robot will trade on your behalf – 24 hours per day. Our MT4 vs MT5 comparison found that both platforms look, feel, and operate almost like-for-like.

Strategy Testing

Here, you will have access to hundreds of automated robots that you can purchase or rent. However, we should note that you cannot use MT4 or MT5 in demo mode unless you have opened an account with a broker. This is because you need to log into MT4/5 with your brokerage credentials. This shouldn’t be a problem though – as you can open a demo account with Libertex in minutes and then log straight into MT4/5 to make use of its paper trading facility. In this guide, we make a full MT4 vs MT5 comparison so that you have a clearer understanding of which platform is more suited for your trading goals. We’ll also reveal the best broker for trading with MT4 and MT5 in 2023.

Both platforms are available in the form of desktop software, web-browsers, and mobile apps  – and offer full support for forex EAs and robots. Another difference between these two trading platforms is the programming language used. The main difference is that MQL5 is generally regarded as easier to program as it allows “black box” programming.

When you check MT5 DoM you can see that there are more options above the DoM window. There you can activate more or less prices on the DoM window, you can show spread prices and you can activate the tick https://www.xcritical.in/blog/differences-between-mt4-and-mt5-terminal/ chart left from the DoM prices. But, because of MT4 limitations in CPU power this cannot be accomplished. After that you will get a new window with an option to transfer funds between accounts.