What forex platform to choose? Which trading platform is on top of the list of the best forex software today? In the modern forex trading reality, vast majority of forex traders deem that the best platform for forex trading is MetaTrader (MT).
MT is a forex trading platform that has been introduced in 2005 by Russia’s MetaQuotes Software Corp, a company developing software for the financial markets. Initially Metatrader platform was designed for individual traders who form the retail forex industry. During years of operation MT has become equally popular among both beginners and expert traders. MetaTrader is a system that allows customers create expert advisors and signal indicators for personal use. It is also possible to distribute expert advisors and indicators to others.
MetaTrader software allows traders to speculate and profit from the price movements and fluctuations of the world’s major currencies. MT5 platform has been introduced in 2009 and is the direct successor of MT4 Forex platform. Still the vast majority of forex traders, especially beginners, decide in favor of the older version. In fact, two MetaTrader versions are significantly different and have their own strong and weak points.
The MT5 has a number of new features that were non-relevant for the MT4 version.
The novelties are analytical tools and more advanced graphs as well as more timeframes including 2 minutes and 8 hours. What is more, MT5 provides new ways of trading in terms of trading methodology and investment instruments.
While many traders report that Metatrader 5 is much easier to navigate because of its more comprehensible interface, it still has its downsides. Unlike the MT 4, the newer version has a smaller charting area and the Fibonacci retracement tools fail to work precisely.
Moreover, MT5 doesn’t allow hedging and multi hedging, and these are essential features that most traders keep in mind when choosing a trading platform. To activate hedging in MT5 experts suggest using plug-ins.
MT5 also takes three times more RAM space than its predecessor MT4. Depending on the computer model, this may possibly result in much longer download and installation process than with MT4. Along with this, MT4 to MT5 conversion is not possible because the MT5 code is not backward compatible, which means that MT4’s expert advisors and indicators are not applicable on the MT5 platform.
MT4 has a huge amount of indicators written for it. Generally, due to its user-friendly interface it is backed by a huge community of brokers and traders. In its turn, MT5 features a brand new language and better scripting tools for writing custom indicators and expert advisors. Besides, MT5 can trade more than just forex, which makes it specifically attractive for brokers interested in introducing various kinds of trading: MT5 can deal with CFDs, stocks or any commodity once the broker supports it. As for MT4, it has been designed primarily for currency trading and some CFDs.
Before deciding in favor of MT4 or MT5, compare two platforms and decide which of them meets your trading demands best.
Undeniably, Euro vs U.S. Dollar (USD) currency pair has the biggest name in the world foreign exchange enterprise. Why so? Euro and USD...
The pound vs dollar exchange rate has been on a consistent battle of push and pulls in the past two years. In mid-2016, the US dollar has enjoyed...
One of the major currency pairs traded in the foreign exchange market today is the pound against euro This is because both currencies have seemingly...
When we look at global financial markets, there is always a currency that dominates the scene, that is what we call a world currency or reserve currency. The most...
Futures contracts are legal agreements between a buyer and a seller wherein they agree to buy or sell an asset at a predetermined price on a...
If there's been one word on the lips of everyone in finance this past year, it's cryptocurrency. If you've been kicking yourself for not getting in on the...
Bollinger bands are a trend indicator named after their creator, John Bollinger, and they indicate both the direction and volatility of a share or CFDs price...
Technical indicators are based on mathematical equations that produce values that are plotted on charts. For example, a moving average calculates...
Futures trading can be difficult if investment strategies are not defined and applied properly. Some point to the fact that futures market is also referred...