MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most widely used trading platforms in forex. While they share many similarities, they also have key differences that make them suited for different types of traders. In this guide, we’ll compare MT4 and MT5 to help you decide which platform is best for your trading needs.
1. Key Differences Between MT4 and MT5
1. Market Access
- MT4 is primarily designed for forex trading.
- MT5 supports multiple markets, including forex, stocks, and commodities.
2. Order Types
- MT4 offers four basic order types: Buy Stop, Sell Stop, Buy Limit, and Sell Limit.
- MT5 adds two more: Buy Stop Limit and Sell Stop Limit, giving traders more flexibility.
3. Execution Speed
- MT5 features improved execution speed and a more powerful back-testing function for automated strategies.
4. Programming Language
- MT4 uses MQL4, while MT5 uses MQL5 (more advanced and faster for coding trading bots).
Conclusion
MT4 remains the best choice for forex traders focused on simplicity and ease of use, while MT5 is ideal for those who want access to more markets and advanced tools.
Next, we will compare TradingView vs. MetaTrader: Which Platform is Better?