Forex trading was once an investment opportunity only for huge financial institutions and hedging companies. But now, it has opened its doors to retail traders and a profitable investment opportunity for small-time traders. All these things became possible thanks to online trading platforms that became hugely available in the past few years. Ever since traders start to realize its importance, different trading platforms keep on emerging from all corners of the world.
But there is this trading platform that couldn’t be beaten. After all these years since its launch, this trading platform is still the number one choice of many Forex traders. Brokerage companies also offer this trading platform to their clients because of their strong demand. This trading platform was launched in 2005 by MetaQuotes Software Corp. It is called MetaTrader 4 (MT4).
What are the features of MetaTrader 4?
MT4 is a trading platform particularly made for Forex traders. Due to its user-friendly interface and boosting with great features and trading tools. It also offers different order types indicators, charting tools, and all the other important features for trading.
But after 5 years, another trading platform was launched by the same developer. It is called MetaTrader 5. Since MT4 serves Forex traders, MetaTrader 5 covers a broader market. Traders can venture into shares, commodities, and futures in MT5. So, which of these two works better?
MT4 versus MT5
If you are asking for comparison, without a doubt, MetaTrader 5 has more advanced features and the loopholes in the previous trading platform were filled here. Knowing these advantages, there are still a whole lot of traders who prefer to use MT4 as their Forex trading platform. Why is that so?
Initially, the target market of MetaTrader 5 is the ones outside Forex. Also, it uses MQL5 as its programming language which has a better framework when it comes to building tools for trading. But MT4 trader is said to have a better interface than MetaTrader 5. It is less complicated and very ideal for new traders trying to familiarize the market. If you are someone who doesn’t like complications and algorithmic patterns then you will go for MT4.
As for the look and feel of the MetaTrader 5 interface, it is almost the same as the previous trading platform. You cannot really say that MetaTrader 5 is your best option despite its upgraded features. There are also similar capabilities of MT4 and MT5. As for the option to choose to hedge in MT5, its main disadvantage is that it automatically aggregates all the trading positions. But with the manual management of positions in MetaTrader 4, this disadvantage can be avoided.
What’s the Better Trading Platform?
If you are a trader who likes to see advanced backtesting features and wants to trade in other markets other than Forex and CFD, then the best option for you is the MetaTrader 5. But when it comes to a glitch-free, easy to navigate and tested trading platform, MetaTrader is definitely the best one for you. At the end of the day, choosing a trading platform solely depends on your trading needs.