Providing a seamless forex trading experience, the MetaTrader4 and MetaTrader5 are the most popular trading platforms, globally. Thanks to their advanced tools and resources, evaluating positions and placing multiple orders has become an easy job, for a wide range of traders and institutions.
Developed by MetaQuotes Software Corp Both MT4 and MT5 are built to offer advanced tools and charts that prove to be beneficial whether you are a beginner or an expert at trading. While, the name might suggest that MT5 is an upgraded version of MT4, Naga reviews, will help you understand the difference between both software and help you determine, which is better for you.
In this article, we discuss what is the difference between MetaTrader4 and Metatrader5
What is the MetaTrader4?
MetaTrading 4 launched by MetaQuotes Software, is one of the most popular trading platforms today. MT4 is an advanced trading platform that specializes in providing a broad range of analytical opportunities, allows you to trade multiple orders and provide real-time access to the forex price, simultaneously. Moreover, the trading platform also promotes automated trading, by allowing traders to build algorithms.
With MT4, you can easily, trade forex and various other financial instruments such as CFDs, futures, indices, commodities, cryptocurrencies and more. Apart from the numerous trading tools it offers, what makes it a favourite amongst traders is its easy access and compatibility with all devices, be it Android, MT4 Mac, Windows, or iOS.
Discover all the benefits, features and a complete guide on how to use the MT4 web trader platform on NAGA Reviews, as we provide authentic and unbiased information to all our users, which is displayed through our NAGA Ratings!
What is the Meta Trader5?
MetaTrader 5 is a web-based trading platform for Forex trading and stock trading. The platform offers access to advanced tools and trading robots, that provide signals and fundamental analysis. Launched in 2010, the trading platform, though considered to be an upgraded version of MT4, stands completely different and offers different features that serve distinct trading audiences.
The multi-asset trading platform enables you to benefit from key features like web trading, automated trading, mobile trading, technical analysis and a lot more. Moreover, with advanced tools, forex users can predict market movements through price analysis and monitoring the financial instrument.
The platform is faster than MT4 and offers more features, like the availability of almost all financial instruments, and an additional, feature of comprehensive market analysis through various graphical objects and technical indicators.
You can Discover all the benefits, features and a complete guide on how to use the MT5 web trader platform on NAGA Reviews, as we provide authentic and unbiased information to all our users, which is displayed through our NAGA Ratings!
So what is the difference between MT4 and MT5 trading platforms?
Now, if you are confused about how is MT4 different from MT5, then fret not, the team of NAGA reviews have drawn a detailed comparison between the two trading platforms. The NAGA ratings, tell us that our reviews are always on top and very authentic. Read below to find out more:
MT4 vs MT5: A comparison of key features
What is the purpose?
MT4 was built, with an inclination for casual trading and involving less complicated tools. Since beginner traders do not require complicated chart offerings and tools, MT4 is the perfect choice for them. Moreover, MetaTrader4 mainly focus on forex trading, and so its functions reflect the same. Additionally, the platform has a richer resource of tutorials and guides, which again hint towards the preference of new traders and beginners.
MT5, on the other hand, has a reserve of more complex tools and charts as compared to MT4. the asset offering, of the platform, is also more, as it provides a broader application for other financial instruments like stocks, futures, contract-for-difference (CFD), and more. Therefore according to this NAGA review, MT5 is a better option for experienced and advanced traders, who are looking to expand their portfolios.
What are the technical Indicators?
MT4 allows users access to 30 built-in technical indicators. Moreover, if a user requires any extra indicators, they can download more than 2000 custom indicators from the free Code Base. In addition to this, the trading platform also has a reserve of over 700 paid technical indicators, which you can get from the market. For a beginner, these indicators act more than sufficient for market analysis.
While, on the other hand, MetaTrader5 offers a total of 38 built-in technical indicators that provide a deep insight into price fluctuation and market direction. In addition to this, there are several indicators like Fibonacci and Elliot tools are only available on MT5 and not MT4.
What Assets you want to trade?
MT4, as mentioned above by the team of NAGA reviews, is more focused on forex trading. The platform was, designed mostly for traders who want to explore the forex market better. However, the number of tradeable also depends on the forex broker that you are trading with.
On the other hand, the MT5 trading platform has a large array of financial instruments to trade from like, contract-for-difference (CFD), stock, futures trading, and even cryptocurrencies. therefore, the platform supports a broader range of features and provides better value for each user’s trading goals.
What are the available charting tools?
MT4 offers its users a total of 31 graphical objects, that include, lines, channels, shapes, arrows and more to help predict future price movements. As far as the time frame is concerned, MT4 has nine different time frames that help to conduct a thorough chart analysis.
Now, when compared to MT5, the trading platform has a more complex charting system in terms of drawing tools. It offers over 44 graphical objects, that include geometric shapes, various channels, Elliott tools, Gann, Fibonacci, and more. With respect to the time frames, MT5 allows users to benefit from 21 different time frames, which is quite bigger than the MT4 platform. Moreover, the platform also allows traders to customize these options as per their trading requirements.
What is the number of trading orders?
MT4 in its offerings supports four basic order types: buy stop, buy limit, sell stop, and sell limit. The team of NAGA reviews found out that for a majority of traders, these order types are sufficient to place orders along with a successful trading strategy. These orders work in a way to minimize your risk exposure and allow you to assess how you enter and exit your positions.
On the contrary, MT5, along with these 4 common stop orders, offers two others namely: buy stop-limit and sell stop-limit orders. These orders help the trader to be more flexible to determine the price fluctuations and give traders greater flexibility in how price movement can trigger buys and sells. These order types are, however, more useful for Experienced traders as compared to beginners and casual traders.
Access to FIX API?
Now, if you are wondering what is the FIX, the team of NAGA reviews, have provided a detailed guide about the same. The Financial Information eXchange (FIX) is an important tool for traders who want to know about real-time information, regarding financial securities. The tool is extremely beneficial for traders, as it helps to exchange information related to trades as well as information that shows new orders and confirms executed trades.
Now, to get access to the tool, you will have to use the MT4 trading platform, as MetaTrader5 does not support the same. The FIX API integration is not offered by the MT5 trading platform.
You can Discover all the benefits, features and a complete guide on the FIX API tool on NAGA Reviews, as we provide authentic and unbiased information to all our users, which is displayed through our NAGA Ratings!
What are the pros and cons of MT4 and MT5?
To guide you in choosing the right trading platform between MT4 and MT5, the team of NAGA reviews will provide you with a detailed analysis of both platforms, as our team of experts provide authentic and unbiased information to all our users, which is displayed through our NAGA Ratings!
MT4 vs MT5
Pros of MT4
- The platform is user friendly and supports a fast execution of trades.
- MT4 trading platform allows all users Free demo accounts
- There are no additional plug-ins, hence making trade easy.
- The MT4 keeps a record of your complete trading history.
- Users can easily download the trading platform on all devices, including Android and Ios.
- The trading platform allows the facility of one-click trading to all users.
- All the versions of the MT4 are synchronized.
Cons of MT4
- MT4 lacks an efficient customer support system
- The platform is built mostly for beginner traders and focuses on forex trading.
- The web platform of MT4 does not support automated trading
Pros of MT5
- The platform supports more chart indicators and time frames than MT4
- MT5 has a wide range of tradeable instruments, including cryptocurrencies.
- MT5 comes with complex algorithms and advanced tools for experienced traders
- Users, can benefit from 6 different types of stop losses and save from exposed risk
- All versions of the MetaTrader5 are synchronized and provide easy access.
Cons of MT5
- MT5 does not support the FIX tool
- The platform can seem to be quite intimidating for first-time users.
To know more about the review and ratings of the two platforms, you can visit NAGA Reviews, as we provide authentic and unbiased information to all our users, which is displayed through our NAGA Rating!
Which is better MT4 or MT5?
The NAGA Rating, of both platforms, can help you determine which is more suitable for you.
But to be specific, if you are a beginner trader, and do not know much about complex tools and advanced chartings, then you should prefer using MT4. while, on the other hand, if you are an experienced trader and are familiar, with time frames and price fluctuations in the market, then you can consider the MT5 trading platform.
Final thoughts
MT4 and MT5 are two different trading platforms, that serve different functions and are not to be considered an upgraded version of the latter. Now, if are wondering whether to choose MT or MT5 it depends on your personal preferences. Take a look at your trading habits and the tools that you use and you will find your answer.
The team of experts at NAGA review, are here to help you find out what is the difference between MT4 and MT5 and, you can view us anytime you need reviews. Our NAGA ratings tell us about customer satisfaction.
Disclaimer: This information is not considered as investment advice or an investment recommendation but is instead a marketing communication.
