If you are reading this article, you must be familiar with the concept of currency trading. It takes place in the most immense finance market in the world. It is accessed through dedicated platforms. Here is a brief comparison of mt4 vs mt5, which are the most popular products today.
Technological advances have made it possible to buy and sell currencies online. Shifts in exchange rates bring profits to shrewd traders who foresee the trends and use digital aids. Positions are opened, and trades are executed using the software functions.
This means Forex trading is meaningless without specialized programs. A reputable broker, such as Alpari International, generates accounts that are later used for work via the platform. But which version of MetaTrader should you choose?
Naturally, there are alternatives offered on the digital market, such as FX Charts. However, users from Nigeria are bound to appreciate the competitive advantages of the products devised by the MetaQuotes Software Corp. Some of the key benefits include:
- The broad range of trading instruments;
- Numerous graphic aids;
- Fast execution;
- Live streaming prices;
- Compatibility with all popular OS types;
- Mobile versions;
- Finance news;
- Audio alerts.
Both versions were adapted to portable devices. The mobile apps work as efficiently as their desktop counterparts. Windows, Mac, Android, and iOS are all covered. Mobile app markets have thousands of user reviews for both programs.
It is logical to suppose that any earlier version becomes obsolete with the emergence of a new one. In many respects, MT5 wins hands down, as it is perfect for CFDs and other tools. However, MT4 has its specific benefits that could come in handy for traders in South Africa.
Both interfaces may be customized to satisfy special needs. However, the range of graphic objects reveals clear distinctions. The most drastic difference is in the number of timeframes (in MT5, it grew from 9 to 31). The number of technical indicators shows a similar change (38 in MT5 against 30 in MT4).
The latest version also boasts of a broader range of graphic objects (44 instead of 31). There are also more drawing tools. MT5 is equipped with an economic calendar that sends alerts whenever crucial financial news stories appear.
The algorithms forming the basis of all operations on the platforms differ. While the earlier products based on MQL4 are tailored for position trading, MQL5 is built around orders. In general, the later type is regarded as a more convenient and efficient overall. It also includes more execution models and pending order types, as well as netting.
Despite the obvious advantages of MT5, the previous version still has its uses. Rookie currency traders who are only beginning their Forex journey value MT4 for its simplicity. On the other hand, MT5 is preferred by seasoned owners of diversified portfolios that include commodities and stocks.