Difference Between MT4 and MT5 Forex Trading Platforms
Difference Between MT4 and MT5 forex trading online platforms are a lot, There are distinct differences between both platforms, which is what this article is all about. We hope this will help you get a clear view of both platforms, and probably give you a change of mind to migrate to MT5 or remain with MT4.
10 Difference Between MT4 and MT5 forex trading online platforms
|1||Installation||Simple and straightforward. Broker server address required during account opening during installation||Metaquotes trading server now included as a default in the opening account phase of the installation. But pinging the server does not work sometimes. Ability to add new server from MT5 for a demo account included.|
|2||Charts/ Timeframe||9 Timeframes||21 Timeframes from 1min to 1month and unlimited number of charts. 100 charts can be opened at a time.|
|3||Fundamental Analysis (news trading)||Does not have Forex Calendar||A separate economic calendar tab with features like news event, schedule, impact, forecast, previous & others.|
|4||Commerce/ Market||Does not have commerce integrated into the platform. You have to visit MQL4.com for Market Place.||Integrated into the platform. You can directly purchase Forex products from MQL through the Market tab on the platform.|
|5||Indicators & Analytical Objects||30 inbuilt indicators.||38 inbuilt indicators. New indicators added. 22 Analytical Objects, & 46 graphical objects.|
|6||Orders||2 market orders, & 4 pending orders||2 marker orders, 6 pending orders, 2 stop orders.|
|7||Expert Advisor||MetaTrader 4 Editor & Strategy Tester. EAs are designed with MQL code language and they are faster to compile. Cannot port EA code on MT4 to MT5. So EAs on MT4 would not work on MT5.||MetaTrader 5 Editor, Improved Strategy Tester, Strategy Tester Agent Manager for remote optimization of expert advisors, e.t.c. EAs are designed with C++ and they are quite slower to compile.|
|8||Interface||Easier to navigate around. One click trading and Drag and drop is only included in MT4 Build 500 version.||Few additions in the design interface. Search box included, Details tab on the Market Watch window. One Click trading, drag and drop, e.t.c.|
|9||Trading (Hedging, FIFO, e.t.c.)||Allows all trading methods.However broker regulations are implemented on their MT4 platforms.||Does not support hedging & implements FIFO by default.|
|10||Brokers||More brokers deliver their services on MT4 than MT5.||Not much when compared to brokers who deliver their services on MT4.|
Now the big question? you see Difference Between MT4 and MT5 but Why are most traders still sticking with MT4 despite the newly introduced features? Here are the simple reasons.
1. EAs designed with MQL Code cannot work on MT5, and cannot be ported to MT5. What??? you mean some expensive bucks of investment on my EA would be thrown off just like that? Yes!!! The only way out is to rewrite the codes in C++.
2. Say bye bye to Hedging and tricky quickie scalping (Anti-FIFO). MT5 is more like a regulated platform implementing the NFA Rules by default. However this shouldn’t be.
You know the Difference Between MT4 and MT5 but these two reasons are some of the scary and discouraging facts of MT5 to brokers and individuals as well. I guess that is why MQL allowed some features of MT5 like One Click Trading, Drag and Drop, Signal Tab, Code Base, e.t.c into MT4 build 500 version, which is the latest MT4 build.
It is also obvious that they concentrated more resources to the MQL5 Community, and added lots of services you wouldn’t find in MQL4 Community in order to persuade traders to migrate from MQL4 to MQL5 Community.
Now you know Difference Between MT4 and MT5 forex trading online platforms, to know more about fx platforms read Forex Trading Platforms category
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