Mt4 V/s Mt5: Which One Should you Choose?
MetaTrader (MT) is a unique and independent platform used by Forex brokers and traders. This Forex Trading Platform is designed specifically for online Forex trading. To be precise, it is the most widely used forex trading platform globally. The MetaTrader platform was developed in 2002 by the Russian company MetaQuotes.
Their design is popular with experienced Forex traders, offering several options to improve support and allow for easy adjustment. MetaTrader has a unique programming language called "What is MQL". The most popular formats for the MetaTrader platform are MT4 and MT5. Mt5 Platform is an upgrade from the original MT4 version.
User Interface and Charts
MT4 and MT5 use somewhat similar account interfaces and chart options. However, the Mt4 Platform looks a bit bulkier than MT5. This is the main difference between them. The new version of MT5 is equipped with more spacing symbols and larger buttons. This is very useful compared to older versions of compactness. However, the downside is that it consumes a lot of valuable space concerning pixels. It wastes valuable card space.
All Forex traders are concerned about the hedging function. In contrast to its predecessor, MT5 is not very suitable for hedging. For example, a trader using MT5 cannot hedge when trading on two systems, such as a swing and scalping systems. However, this does not seem to be possible with the Mt5 Platform. Forex brokers are advised to use plugins to facilitate MT5 hedging.
Computer Space and Other Resources
MetaTrader 5 is an updated version of MetaTrader 4. However, they offer both Forex traders but are brokers with different features and benefits.
Unlike the MT4, this new version MT5 occupies a lot of computer space. Compared to MT4, MT5 uses more than three times the RAM. However, this varies greatly from computer to computer. MT5 requires more computer space, but the new version is preferred because it provides most resources for online forex trading.
Indeed, this is a great feature designed to make it easy for traders to organize expert advisors and indicators. MT5 has four folders in the Standard Installation "Indicators" section: Oscillators, Volumes, Trends, and Bill Williams. Traders open each of these folders, select the appropriate indicator and apply it. You can also create your custom folders. But the worst news is that MT4OE's expert advisors and hands do not work on the MT5 platform.
The MT5 platform is currently incompatible with Strategy Testers. Therefore, traders cannot backtest anything. However, you can implement this feature to effectively enable traders to backtest during trading. If backtesting is included, it should be better than MT4. Backtesting was the weakest point of MT4.
Conclusion
Both MT5 and Mt4 Platform are designed to perform the same function but differ slightly in the features and options provided. Both Forex traders and brokers enjoy different benefits from these striking differences. People had high hopes for the new MT5 release, but disappointing many is a big problem.
Most forex traders prefer to work in MT4 because the new version is disappointing. In particular, the Mt5 Platform prevents traders from taking advantage of various opportunities to make potential profits.
