Blog
What is Metatrader?
For those who are into the Forex market, the words MetaTrader 4 and MetaTrader 5 are well known and considered by most as the best options for trading platforms. Many however are not quite sure what is the difference between them. While MetaTrader 5 came after MetaTrader 4, and offers numerous features and a number of improvements on the latter, there are still several traders who preferred to stick to MetaTrader 4. Let us delve a bit deeper into what makes each of these platforms unique, and discuss key aspects pertaining to them.
MetaTrader 4:
MetaTrader 4 is a free platform, developed by MetaQuotes Software, which is used both to trade forex as well as other financial instruments like crypto, CFDs, futures and indices. The platform is provided through over 1000 brokers who individually license the platform. Its services are then used by millions of traders worldwide, from beginners who are just starting out to more advanced traders. MetaTrader 4 has a very user friendly design, and it is compatible with various operating systems, including Windows, Linux, Mac, iOS and Android. MetaTrader 4 does not overload he computer and it offers a smooth trading experience. MetaTrader 4 offers desktop, web as well as mobile platforms, which are supported by over 30 different languages. Orders can be executed instantly, on request or by market. The platform offers a charting application that comprises 30 built-in technical indicators as well as 24 graphic objects. The automated trading feature is good thanks to the EAs. MetaTrader 4 is a secure platform which guarantees peace of mind thanks to data encryption and the use of RSA digital signatures. While MetaTrader 4 offers various benefits, there are also some disadvantages worth noting. For instance one cannot expect great speeds when high frequency trading is involved, and the charting package does not offer a custom timeframe.
MetaTrader 5:
MetaTrader 5 enables stock and commodities trading, and hence it is not only focused on forex as MetaTrader 4. While MetaTrader 5 is said to be an improvement on MetaTrader 4, and it is a multi functional trading platform, it still has not gained as much popularity as its predecessor. Part of this is due to the fact that it uses a different programming language (MQL5), and so those who were used to MetaTrader 4 might prefer to stick to it then have to relearn certain techniques. MetaTrader 5 is ideal both for day traders as well as those who feel advanced in trading. While its interface is easy to navigate and it offers a comprehensive array of analytical tools, it is not generally preferred by beginners. MetaTrader 5 allows for eight types of pending orders. Offers an economic calendar which is very helpful to users. There are several tools one can use including those for comprehensive price analysis, and EAs, copy trading and much more. Other than that, MetaTrader 5 is ideal to work with multiple accounts held with different brokers. It is available as a desktop, web and mobile version. Traders can robotise their trading strategy, and there are several functions that they can avail from such as tracking financial symbols, copy deals, analyse news and much more. MetaTrader 5 allows a user to open 100 currency charts, or stock charts at the same time. It also allows for 21 timeframes at a go, so even very small price movements can be analysed. With around 80 technical indicators and over 40 analytical objects, it is undeniably more advanced than MetaTrader 4. Fundamental analysis can be carried out easily with this platforms as it carried news reports from numerous international news agencies, and it also monitors several economic and industrial indicators.
MetaTrader 4:
MetaTrader 4 is a free platform, developed by MetaQuotes Software, which is used both to trade forex as well as other financial instruments like crypto, CFDs, futures and indices. The platform is provided through over 1000 brokers who individually license the platform. Its services are then used by millions of traders worldwide, from beginners who are just starting out to more advanced traders. MetaTrader 4 has a very user friendly design, and it is compatible with various operating systems, including Windows, Linux, Mac, iOS and Android. MetaTrader 4 does not overload he computer and it offers a smooth trading experience. MetaTrader 4 offers desktop, web as well as mobile platforms, which are supported by over 30 different languages. Orders can be executed instantly, on request or by market. The platform offers a charting application that comprises 30 built-in technical indicators as well as 24 graphic objects. The automated trading feature is good thanks to the EAs. MetaTrader 4 is a secure platform which guarantees peace of mind thanks to data encryption and the use of RSA digital signatures. While MetaTrader 4 offers various benefits, there are also some disadvantages worth noting. For instance one cannot expect great speeds when high frequency trading is involved, and the charting package does not offer a custom timeframe.
MetaTrader 5:
MetaTrader 5 enables stock and commodities trading, and hence it is not only focused on forex as MetaTrader 4. While MetaTrader 5 is said to be an improvement on MetaTrader 4, and it is a multi functional trading platform, it still has not gained as much popularity as its predecessor. Part of this is due to the fact that it uses a different programming language (MQL5), and so those who were used to MetaTrader 4 might prefer to stick to it then have to relearn certain techniques. MetaTrader 5 is ideal both for day traders as well as those who feel advanced in trading. While its interface is easy to navigate and it offers a comprehensive array of analytical tools, it is not generally preferred by beginners. MetaTrader 5 allows for eight types of pending orders. Offers an economic calendar which is very helpful to users. There are several tools one can use including those for comprehensive price analysis, and EAs, copy trading and much more. Other than that, MetaTrader 5 is ideal to work with multiple accounts held with different brokers. It is available as a desktop, web and mobile version. Traders can robotise their trading strategy, and there are several functions that they can avail from such as tracking financial symbols, copy deals, analyse news and much more. MetaTrader 5 allows a user to open 100 currency charts, or stock charts at the same time. It also allows for 21 timeframes at a go, so even very small price movements can be analysed. With around 80 technical indicators and over 40 analytical objects, it is undeniably more advanced than MetaTrader 4. Fundamental analysis can be carried out easily with this platforms as it carried news reports from numerous international news agencies, and it also monitors several economic and industrial indicators.