Choosing a trading platform is one of the most important steps towards successful trading. It is a trader’s working place, the convenience of which influences the efficiency and profitability of their work. A trading platform should be user-friendly and have an intuitive interface. Fortunately, many trading platforms meet these criteria, and traders have a wide choice of would-be-perfect trading software. But in most cases, their choice falls on the two most popular platforms: MetaTrader 4 and MetaTrader 5. And here comes an appalling dilemma on which one to use because both these platforms have their benefits, special features, and useful functions. So what platform to choose? In this article, we will try to find an answer to this question.

MetaTrader 4

Let’s start with a review of the MetaTrader 4 trading platform, or MT4 in short.

MetaTrader 4 has quickly become a kind of gold industry standard among other trading platforms. The secret of its success is all about its versatility. This software enables traders to analyze the behavior of financial instruments, monitor assets’ quotes, and copy deals of successful traders 24/7.

To make this information easy-to-comprehend, here are the benefits of MT4 in numbers:

  • 3 types of execution
  • 2 market, 4 pending, and 2 stop orders
  • 24 graphical objects
  • 9 timeframes
  • 30 in-built technical indicators
  • One-click trading feature to place order right from a chart

The platform provides ample analytical opportunities. Along with in-built tick charts, they enable traders to recognize market trends most accurately and define entry/exit points. All this helps traders to place successful trades and realize profitable trading strategies.

Another important feature of MT4 is guaranteed security. The data transmission between a user and the platform servers is safely encrypted, so clients’ accounts are properly protected.

Despite an extensive function kit, working on MetaTrader 4 is quite easy. However, you will need a couple of minutes to get started. If you face any difficulties in fine-tuning the platform, read a detailed description of it on InstaForex website. On this webpage, you can also download MetaTrader 4.

MetaTrader 4 has a straightforward interface in both the desktop and mobile versions. Mobile MT4 apps for iOS and Android enable traders to access the market at any time from anywhere on the globe.

MetaTrader 5

Some traders believe that MT5 is an upgraded version of MT4. But in fact, this platform is more than that.

The thing is that MT5 was initially created to solve issues that MT4 was unable to cope with due to its capacity. Primarily, the new platform was intended for a different target audience. That is why it is incorrect to compare the two platforms and contemplate about which one is better.

The main purpose of MetaTrader 5 is to provide traders with an opportunity to work in other markets besides Forex. The currency market is decentralized, and its major players offer liquidity in a generalized manner and at differently directed prices. Unlike MT4, MT5 can be connected to a centralized exchange fast and efficiently, so its users can trade shares, commodities, goods, and precious metals.

In 2010, MetaTrader 5 developers foresaw a rise in demand for securities and commodities, so they created the platform to meet this demand.

Here are the MT5 advantages in numbers:

  • 82 analytical tools
  • 21 timeframes
  • 44 graphical objects
  • 6 types of pending orders
  • 30 technical indicators
  • 3 types of charts

Moreover, MT5 provides its users with limitless opportunities for detailed market analysis, placing successful orders, non-stop trading currencies, stocks, and futures with just one click on a chart or the Market Depth.

To find out more about features of MT5 and download this trading platform, go to InstaForex website.

Three fundamental differences between MT4 and MT5

In MetaTrader 4, each trader's deal is registered separately, so it can be managed separately. At the same time, MT5 combines all existing positions automatically. Therefore, the hedging function, which means recouping losses from one deal with the profit received from another deal, is available to MetaTrader 4 users only. The lack of this feature makes no difference for the US traders as they are prohibited from hedging by law, whereas traders from other countries consider it to be a significant drawback of the platform.

MetaTrader 4 and MetaTrader 5 use different programming languages: MQL4 in MT4 and MQL5 in MT5. The most important distinguishing feature of MQL5 is the possibility of easier programming and, as a result, the creation of a more convenient environment for users. Despite the fact that in 2014 this function was extended for MQL4 as well, it is still highly possible that developers will not expand the next updates to MQL4 in the future. By the way, programs written for MT4 do not work on MT5.

Another fundamental difference between the two MetaTrader platforms lies in their programming systems. Thus, the backtesting function, which is the ability to test programmed trading strategies, in MT5 is performed much faster than in MT4. It helps traders to save time significantly. Moreover, MetaTrader 5 offers a backtesting function for multi-currency pairs. Both of these MT5 advantages can notably speed up the backtesting time.

To sum up

We think it is irrelevant to recommend you opting for some particular platform. We have just provided you with the information about MT4 and MT5. To learn more details and opinions of other traders, visit the MetaTrader forum. And then, it is up to you to decide. However, keep it in mind that choosing a broker for trading is much more important than choosing a platform. Your guide to the world of successful trading should be reliable.