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Many Forex traders can hardly answer the question about the differences between the current trading platforms – Metatrader 4 and Metatrader 5.   At first, it seems that MT5 should definitely be better. However, for some professionals, this is not the case. In this article, we will look at the difference between metatrader 4 and 5, and discuss their advantages and disadvantages.    

Advantages of MT5 – do they really exist?

Many beginners who have just started to learn Forex are sure that MT5 is much better than MT4. Why?  

Interface

The truth is that the appearance of the workspace of both terminals is practically the same. So if you’re hoping for some special visual enhancements in version 5, you’re likely to be disappointed. Yes, the gradation of timeframes has become wider in MT5 (with a smaller step). However, in MT4 such a division can be organized using special scripts that are available on the Internet.  

Availability of additional features

The MT5 platform offers its users two very useful built-in tools:  
  • «order book»;
  • the possibility of trading in one click.
  For example, the first tool is very familiar to those who actively trade in the stock market and is undoubtedly necessary for experienced Forex traders. However, there are 2 similar applications for MT4 that provide the trader with exactly the same opportunities. An analogue of the Depth of Market for the fourth version is called Market Depth, and One Click Trading. We should also mention the built-in tool for wave analysis lovers – a special markup for Elliot waves.  

Economic calendar

The trader has the opportunity to view economic events directly on the calendar built into MT5. This innovation is really very useful and convenient, but only for beginners. An experienced trader has long found a Forex calendar suitable for himself on another resource, and, as practice shows, he still continues to use it even when switching to MT5.  

Which platform is better to choose for Forex trading?

Absolute beginners who are just starting to learn how to trade Forex should definitely choose MT5. One way or another, this trading platform is the future, and inexperienced traders may well master it and create a good foundation for successful trading. In addition, MT5 works with five-digit quotes, which makes learning this platform quite promising.   For experienced individuals who are used to working with MT4, switching to MT5 can be painful in every sense. A lot of tools will stop working, a bunch of new nuances will emerge that will hurt not only the trader’s psyche, but also his finances. Therefore, here you need to carefully weigh the pros and cons. The question of a complete rejection of MT4 is not yet raised, so for now, you can confidently continue working with this platform.   However, it is necessary to be interested in all the possibilities of MT5 in order to be ready to switch to it in case of emergency.  
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This article was first published on 18th May 2023 and updated on May 23rd, 2023 at 8:44 am

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Comments (1)

One thought on “What is the difference between Metatrader 4 and Metatrader 5?”

  • Peter

    Metatrader 4 (MT4) is famous for forex trading, while Metatrader 5 (MT5) delivers different asset classes and advanced features.
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