Do you like the idea of earning money while having a party with your peers? Another way of income in a way? Are you a forex trader, a crypto trader, or do you do CFDs and stocks? Then maybe Metatrader4 and Metatrader5 are the perfect programs for you. Metatrader gives you the opportunity of providing traders to trade everywhere and anything, whether manually or automatically. Plus, Metatrader4 & Metatrader5 are well known and has established a reputation that erased the idea of “this program might be a scam” because Metatrader4 has been in service since 2005, released by Metaquotes Software Corp and five years after in June 2010, Metaquotes released Metatrader5, a successor to Metatrader4. This article will discuss what Metatrader4 and Metatrader5 are.
Metatrader4
What is Metatrader4, and how does it work? It’s an automated, self-regulating market platform that uses algorithmic trading, advanced technical analysis, and social media communication to manage intraday and daily market-related activities. It provides user-friendly features like live chat and notification center, advanced trading capabilities, and customizable order interface and indicators. To put it simply, Metatrader4 allows you to automate your trading activities with access to technical analysis to assist you further with trading deals. What can you do with Metatrader4? With Metatrader4, you can trade forex, cryptocurrencies, and commodities via CFDs. You can automate this stuff, and the best part about that is, you can focus on your other investments like real estate or your daily job. Lastly, Metatrader4 runs on the MQL4 Programming language.
Metatrader5
What is Metatrader5, and how does it work? It’s a trading platform that can be fully automated. It’s available in a web-based interface, a mobile app, and APIs. Users can access historical data and trade in real time. Users can construct trading guidelines with detailed information such as currency rates, investment amounts, etc. Metatrader5 runs in an MQL5 programming language. To put it simply, Metatrader5 is almost the same as Metatrader4; it has the mentioned indicators and advanced trading capabilities like the ability to choose your market, but it has its share of some differences, which we will discuss.
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So, what are some of the differences between MT4 and MT5?
Metatrader4 vs Metatrader5
As expected to any successor of a particular program, there will always be differences between the two programs, and Metatrader is no different. Let’s start with the interface. MT4 Interface is more simple and easy to use for traders; mainly, forex trading. With an easy and straightforward to use interface, it’s less intimidating for new participants to use because they can digest what they see in front of their screen as opposed to getting overwhelmed by a complex-looking interface. How about the MT5 Interface? Being a successor to MT4, MT5 offers traders additional features like trading futures and stocks. Although both MT4 and MT5 have a customizable interface, MT5 has a slight advantage with its other timeframes, benefits, and services as opposed to MT4.
How about their scripting language? How do they match up? MT4 runs MQL4 while MT5 runs MQL5. What’s the difference? Well, MQL4 is used in the development of trading programs based on an order system. MQL4 also requires multiple functions for executing a trade, but the interface of MT4 is more straightforward, so many traders will prefer that over the other. How about MQL5? Well, it’s primarily used in a positional system, more easily to execute trades, traders can customize and write scripts, and lastly, trades are made via trade requests.
How about Hedging, Technical Analysis, Depth, and economic calendar? Hedging, only MT4 allows this, but MT5 allows hedging and netting. In TA, MT4 has 30 built-in indicators with almost 2000~ custom indicators and 700 paid ones. MT5, on the other hand, has only 38 Technical Indicators with 44 analytical objects, 21 timeframes, and virtually unlimited charts for you to use. Market depth is unfortunately not available in MT4, but in MT5, it is. Lastly, MT4 has no economic calendar while MT5 has.
Takeaway
Both Metatrader4 and Metatrader5 are excellent programs, but it’s down to personal preference at the end of the day. Do you like it simpler? MT4. Do you like it more complex but it’s more versatile? MT5. Study both software with a demo account first to see which one is best for you. Lastly, both MT4 and MT5 are available on all OS except Linux and all well-known browsers.
