MT4 vs MT5 – which should I use?
What are the main features of, and differences between, MT4 and MT5? Which of these two trading platforms will best fit your trading style?
Some would say the simplicity of MT4 is its biggest selling point. It has been called the industry standard, as most forex brokers use the MT4 terminal as their primary trading interface.
MT4 is feature-rich, and offers users some additional benefits over MT5.
Features of MT4:
- EA (expert advisor) programmes designed through MT4’s native MetaQuotes Language.
- Access to LIFO (last in first out) trading strategies.
- Requires less memory space than MT5 which makes it more accessible across various devices, including mobile.
- Maintains its position as the most widely used trading platform for brokers and retail traders as it continues to receive industry support and acclaim.
The MT4 has everything most traders need, and often runs more smoothly on an array of mobile devices. It’s great for most traders, from expert to casual.
The MT5 platform, released in 2010, features some significant changes from its predecessor. It is aimed at a different market user and therefore can be understood as a definitively different platform rather than a better version of MT4.
Let’s take a look at what MT5 can do.
Features of MT5:
- Can handle six types of pending order and two types of stop order, while MT4 can only handle four types of pending order at once.
- Includes additional chart timeframes, including 11 different types of minute chart and seven unique hourly charts on top of the daily, weekly and yearly timeframe charts.
- Includes a built-in economic calendar tab that shows release schedules, levels and areas of impact, data from previous dates, and market consensus information.
- A new and integrated MetaQuotes Language (MQL) for programming EAs.
- Even more technical indicators than MT4: 22 analytical objects and 46 graphical objects.
Which platform is better?
This all depends on your personal trading style and preferences. But if you believe in simplicity and have a focus on forex trading, then the straightforward MT4 platform may be for you.
That’s not to say you can’t trade other markets on MT4. With InterTrader you can also trade a wide range of indices and commodities.
EAs can be applied to both platforms, but keep in mind that their programme codes are not interchangeable or compatible (one has .ex4, and the other has .mq4 file extensions).
InterTrader offers the powerful MT4 platform because we believe it to be a fast and reliable trading application. It’s a highly customisable platform that lets you trade the way you choose, with the added option of simple or complex automation.
You can try our risk-free MT4 demo account to see if it’s the right platform for you before you start any real trading.
You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.