What Forex Platform to Choose: MT4 or MT5

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.

Big Difference

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.

New Year rally on Forex - myth or reality?

Surely, many of you have heard the phrase "Christmas rally" or "New Year's rally". This usually refers to the US stock market, characterizing the seasonal...

What you should keep in forex trading log

There's an old saying in business that goes something like "if it's worth doing, it's worth tracking." That is because when you track activity you have...

Strategies and Trading Opportunities

A small investment is a broad concept, covering everything from putting money in a bank savings account to investing in a mutual fund that tracks...


How to choose the right currency pair?

Practice shows that most novice traders are limiting themselves to the pair EUR / USD. In fact, this financial instrument has a number of negative features...

Deposit Acceleration Techniques

Many novice traders mistakenly believe that by devoting several days to training and replenishing the trading account with 100 USD for several months...

How to start trading Forex?

Consider a national currency as a security, like stocks, commodities or precious metals. The recipe for success is to buy it at the cheapest price and then sell...


ABCs of leverage in the forex market

The usage of of such a specific tool related mostly to forex market as leverage is an opportunity to increase the trading volume at the...

10 Ways of Risk Management at Forex

The popularity of forex trading has always been high for a number of reasons. The main one is the outstanding profit potential, provided by a significant...

Forex leverage: a double-edged sword

Leverage is the ratio of your deposit to the lot you work with. In other words, those having a deposit of $ 100 can make a deal with a lot of 10,000...

Top 10 Forex Brokers 2019

200+ Forex Brokers
TOP 10 Best Forex Trading Platforms
Best Forex Platforms 2019

A variety of web terminals and specialized software makes a choice of a trading platform a difficult one for a novice trader. What should be this vital decision based on? To begin with, it is necessary to highlight the main criteria that high-quality software must meet for making money on financial markets...

Top 10 Forex Platforms 2019

All Forex Platforms