MetaTrader 4, MetaTrader 5 and MetaTrader 6 are similar to Coke and Pepsi in the Wai Hui Jiao Ya Ping Tai industry. Although they are both very popular, their tastes differ slightly. Here’s a breakdown of the differences between the two to help you determine which one is best for your trading, continue reading?
MT4, the elder sibling, was introduced in 2005. This is like a reliable classic car that many people love. MT4’s simplicity and ease of usage is admired by traders. This is a great platform for beginners. It has a simple interface with just the right amount of features.
MT5 is an upgraded version of a classic car – imagine more power and a sleeker, modern design. MT5 wasn’t launched until 2010. It isn’t only for Forex. This is a multiasset platform which means you can also trade in stocks, commodities and currencies. The platform has many features, including additional indicators, timeframes and graphic objects.
We’ll now discuss execution. MT4 is a little slower than MT5 but it’s still adequate for Forex trading. It is also faster. If you have to deal with several trades in different markets, this can be very helpful.
It’s important to know the language of coding. MT4 makes use of MQL4, a simpler language for beginners. MT5 has a steeper but more powerful learning curve for MQL5. If you are planning on doing heavy-duty trading using algorithms, then MT5 is the way to go.
Community chat is available on both platforms for the people who like to socialize. MT4 is more established, so its community is bigger. MT5 however is catching-up, as more and more traders are joining it every day.