MetaTrader is an electronic trading platform that is widely used by online retail forex traders. Forex or Foreign Exchange is a global market for the trading of currencies. It is a vast financial market in the world, with over $5 trillion traded every single day. MT4 and MT5 are online trading platforms that are used by forex traders.
Online trading platforms are usually mobile-friendly and available for Windows, Android, Linux, Mac, and iOS. MetaTrader 4 and 5 platforms are third-party platforms for forex brokers. So, how do you know which trading platform is best? So in this article, I am here to share which is best between MetaTrader 4 and MetaTrader 5. Let us discuss a comparison of MetaTrader 4 vs MetaTrader 5 2022.
MetaTrader 4 vs MetaTrader 5
About – MetaTrader 4 vs MetaTrader 5 2022
MetaTrader is an electronic trading platform that is widely used by online retail forex traders. MetaQuotes Software Corporation developed it. MetaQuotes is the leading software provider in retail forex and CFD forex trading. It is a Russian Software Company with offshore registration in Limassol, Cyprus, and has been operating since 2000.
Renat Fatkhullian is the founder and CEO of the MetaQuotes Company and his brother Lennar Fatkhullian is the Marketing Director for MetaQuotes are all Russians. MetaQuotes is the creator of MT4 and MT5 platforms. MetaTrader platform software is licensed to forex brokers who provide the software to their clients. It consists of both server and client components of platforms. MetaTrader 4 was released in 2005 while MetaTrader 5 was released in 2010.
MetaTrader 4 vs MetaTrader 5 2022: Why Do We Need A Comparison?
Forex is also known as the ‘Foreign Exchange Market’ or ‘Currency Exchange Market’ or ‘FX Market’. Forex trading involves the buying of one currency and simultaneously selling another. The major participants of this forex trade are the larger international banks, institutions, and individual traders.
Unlike other financial trade markets, there is no centralized marketplace for forex trading. All the currency trading is done electronically via computer networks, known as the over-the-counter (OTC) market. There are plenty of trading platforms available in the FX market. So, the forex trader doesn’t know which platform is best. Here, we are going to discuss such 2 trading platforms in the forex market – MetaTrader 4 vs MetaTrader 5 2022.
Trading platforms are considered full-fledged workstations for forex traders of both beginners and professionals. MetaTrader 4 vs MetaTrader 5 2022, both trading platforms contain several markets leading tools and features including charting, security, and live feeds. But, which one is better than these two is the question. Let us discuss which one is better MetaTrader 4 vs MetaTrader 5 2022.
Contents
Which Is Better: MetaTrader 4 vs MetaTrader 5
To find out which of these two trading platforms is better – MetaTrader 4 or MetaTrader 5 – we will be testing each of these platforms in the following categories.
Mobility
The mobility function on MT4 and MT5 platforms is available in three different formats – mobile, desktop, and browser. Both MT4 and MT5 trading platforms offer mobile versions in both Android and iOS smartphones and tablets. But, on September 23rd-2022, MT4 and MT5 platforms are removed from the iOS or Apple app store.
Both Webtrader platforms are fully compatible with the desktop terminal. The mobile version supports charts, analytical tools, and all trading orders, and also allows traders to monitor their account statuses. And also, supports traders to buy and sell all their financial instruments just as they did with a computer system. Both platforms are compatible with Google Chrome, Mozilla Firefox, Microsoft Edge, Internet Explorer, and Opera browsers.
User Interface
Both MetaTrader 4 and MetaTrader 5 platforms have an easy-to-use interface with a few differences. The MT4 platform is comparatively simpler and easier to use, especially for forex traders. The MT5 platform is a little more complex as it consists of more trading features and enables traders to trade the futures and stock market as well.
Tradable Instruments
The MetaTrader 4 platform is particularly popular for forex trading, while MetaTrader 5 platform is a multi-asset platform including CFD, stocks, and futures trading. MT5 offers two additional order types when compared with the MT4 platform i.e., Buy Stop Limit, and Sell Stop Limit.
Analytics
MT5 platform has a simpler layout and offers more timeframes for the charts than MT4. MT5 comes with 7 types of hourly charts, 11 types of minute charts, and 365 daily, weekly, & yearly timeframes, which are not available on the MT4 platform. MT4 has interactive charts fully-loaded with 9 timeframes while MT5 has 21 timeframes.
MT4 has 30 built-in technical indicators, whereas MT5 offers 38 technical indicators. In terms of graphical or drawing tools, MT4 has 31 graphical objects while MT5 has 44 objects.
Programming Language
MetaTrader 4 software is written in MetaQuotes Language 4 (MQL4), while MetaTrader 5 software is written in MetaQuotes Language 5 (MQL5). According to MetaQuotes, MQL5 language programs work up to 20 times faster than MQL4 language. MQL5 also supports “black box” programming. It helps traders for making and use trading robots and forex EAs.
MetaTrader 4
It is also known as MT4. It is an online or electronic trading platform widely used by online retail forex traders. It was released in 2005 and was developed by MetaQuotes Software Corporation. MT4 software is licensed to forex brokers who provide the software to their clients. It consists of both a client and server component of platforms.
The server component is run by the forex broker and the client software is provided to the forex broker’s customers. MT4 software is a popular and one of the most widely used online trading platforms among forex brokers in the world. It is designed for CFD financial instruments. The trading system of MT4 becomes flexible and convenient. It has 3 execution modes, 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop.
The analytics function of the MT4 platform has 23 analytical objects, 9 timeframes, interactive charts, and 30 built-in technical indicators. It also has automated trading or copy trading, thousands of providers, and trading strategies. It supports mobile versions, desktops, and browsers. It supports Android OS and can be downloaded from the Google play store app.
MetaTrader 4 Features
MT4 is the most popular trading system.
It supports mobile, web, and desktop.
It has a range of markets.
It has a user-friendly interface.
It has an automated forex trading option for experts.
Advantages Of MT4
It is supported by over 1200 online forex brokers.
It is ideal for forex traders.
It has built-in technical indicators and chart drawing tools.
It has a vast majority of robot and EA providers.
Available in Android OS.
It has real-time access to market liquidity and prices.
High stability and strong security
Disadvantages Of MT4
It has fewer technical indicators than MT5.
It doesn’t support back-testing functionality.
MQL4 language isn’t entirely bug-free and it is applicable just for trading-related programs.
It is more suited to forex than other asset classes.
It is not available in the Apple app store (Mac, iPhone, iPad, & iOS).
MetaTrader 4 – FAQ
MetaTrader 4 Verdict – User’s Opinion
The MT4 platform is an old trading platform. Many forex traders use this platform for forex trading. It is still widely regarded as the best platform for forex trading in the forex market.
MetaTrader 5
It is also known as MT5. It is the next-generation trading platform from MetaQuotes Software Corporation. It is closely linked to MT4 and was released in 2010. However, it is not an updated version of the MT4 platform. Both platforms are fairly similar, performing at the same type of standard and being produced by the same MetaQuotes Company.
MT5 is a multi-asset trading platform that enables traders to trade stocks, forex, futures, and commodities. It offers advanced tools for price analysis, copy trading, and algorithmic trading (Expert Advisor – EA and trading robots). It is considered more improved and diverse with better charting, and exclusive technical indicators. It is the best choice for the modern forex trader.
It had two additional order types than MT4. The analytics function of the MT5 platform has 38 built-in forex indicators, 21 timeframe charts, and 44 graphical objects. It supports mobile versions, desktops, and browsers. It supports Android OS and can be downloaded from the Google play store app. The additional function of MT5 is to provide services for over 1000+ assets in forex markets such as stocks, indices, futures, and cryptocurrencies.
MetaTrader 5 Features
- Multi-asset trading platform.
- Traders can access real volume-traded data.
- It has easy-order ladder trading.
- It has an expanded mini terminal with multiple features.
- It also supports black-box functionality.
Advantages Of MT5
- It has highly appreciable features.
- It has multi-assets including stocks, futures, and more.
- It also supports non-forex CFDs.
- It has more technical indicators and chart drawing tools than MT4.
- It has highly advanced order types and execution models.
- It is perfect for seasoned technical traders.
Disadvantages Of MT5
- It is not suitable for beginner forex traders.
- Very few brokers supported the MT5 platform compared to MT4.
- It has very few robots and EA developers.
- It is not available in the Apple app store (Mac, iPhone, iPad, & iOS).
MetaTrader 5 – FAQ
MetaTrader 5 Verdict – User’s opinion
The MT5 platform is similar to the MT4 platform. Many forex brokers offer both MT4 and MT5 platforms. Experienced traders mostly used this platform for more assets like stocks, indices, and other instruments.
MetaTrader 4 vs MetaTrader 5 Review
Both the platform reviews are good. Both platforms are quite similar but MetaTrader 5 is a multi-asset platform. MetaTrader 5 is faster and more efficient than MetaTrader 4. The rating of MT4 and MT5 in Trustpilot is 1.6 and 1.4.
MetaTrader 5 vs MetaTrader 4 Review
MetaTrader 4 vs MetaTrader 5 Quora and Reddit reviews are MT4 platforms commonly used trading platforms among forex traders. Overall, the MT4 platform is better for beginners and the MT5 platform is better for experienced forex traders.
MetaTrader 4 vs MetaTrader 5 2022 – The Shootout Comparison
| S.No | Parameters | MT4 | MT5 |
|---|---|---|---|
| 1. | Date of Release | 2005 | 2010 |
| 2. | Transaction Speed | Fast | Very Fast |
| 3. | Market Supported | Forex trading | Forex, Stocks, Futures, bonds, and more assets |
| 4. | Mobile Versions | Yes | Yes |
| 5. | Symbols | 1024 | Unlimited |
| 6. | Timeframes | 9 | 21 |
| 7. | Technical Indicators | 30 | 38 |
| 8. | Graphical Objects | 31 | 44 |
| 9. | Depth of Market (DOM) | No | Yes |
| 10. | Programming Languages | MQL4 | MQL5 |
Features of MetaTrader 4 vs MetaTrader 5 2022
- Both are user-friendly interfaces.
- Both support mobile versions and multiple languages.
- Both allow hedging and automated expert advisers.
FAQ – MetaTrader 4 vs MetaTrader 5 2022
#1. Is MetaTrader 5 faster than MetaTrader 4?
Yes, MetaTrader 5 is faster than MetaTrader 4.
#2. Is MetaTrader 4 and 5 the same?
MT4 and MT5 platforms are quite similar, but MT5 is more efficient than MT4.
Winner
MetaTrader 5 is the winner when compared to the MetaTrader 4 app because MT5 is faster and more efficient than the MT4 platform. MT5 platform provides the ability to trade more financial assets in the forex market.
Conclusion – MetaTrader 4 vs MetaTrader 5
Hopefully, you got a clear overview of the MetaTrader 4 vs MetaTrader 5 2022 comparison from the above article. Both platforms are good in the forex market. MT5 is a multi-asset trading platform when compared to the MT4 platform. Our pick in this category for MetaTrader 4 vs MetaTrader 5 2022 goes to MetaTrader 5 because the MT5 platform is faster and more efficient than the MT4 trading platform.
