MetaTrader4 and MetaTrader5 are two well-reputed forex trading platforms where MT4 is primarily for forex traders, whereas MT5 is great for a wide range of assets, such as cryptocurrencies and commodities. MT4 is deemed as ideal for beginner traders due to its simplicity and user-friendliness compared to the MT5 platform. Compared to MT4, MT5 offers advanced functionalities and features that are more suited for seasonal or expert traders.
Keep reading to know the essential differences between MetaTrader 4 and MetaTrader 5.
MetaTrader4 – The Essentials
At the time of its release in 2005, MetaTrader 4 immediately emerged as an incredibly popular trading platform. With that said, if you are a seasonal trader or you are someone who has been in the trading game for quite some time now, then you probably know about MT4 and MT5.
However, if you are a beginner trader, you will find MT4 a versatile tool that you can access from various devices, including your phone and PC. With MetaTrader4, you will have a specific focus on Forex trading. However, you can also trade commodities.
MetaTrader5 – The Essentials
MetaTrader5 was released in 2010. Gradually, after its release, MT5 gained popularity over the subsequent years. Many MT5 traders have provided positive feedback and reported significant improvements in adaptability and functionality. The mobility levels of metatrader 5 and MetaTrader 4 are quite similar. You can download, install, and access MetaTrader 5 from the device of your choice, such as a phone or PC.
MetaTrader4 vs. MetaTrade5 – The Difference
Basically, you can trade free of cost with MT4 and MT5. However, as a potential trader, you should know the other costs of using this platform, such as the following:
- Spreads
- Commissions
- Overnight financing fees
With that said, while the platforms are free, traders might still incur expenses based on the broker’s fee and their respective trading activity. Some brokers might offer lower commissions for trading on one platform than the other, which is why you need to compare the potential cost at the time of selecting a broker and platform.
User Support & Educational Resources
When it comes to the differences in educational resources and user support, MT4 is the more established and older platform. MT4 includes plenty of educational resources, tutorials, and user support forums that are available online.
These educational resources cover various topics, including platform navigation, chart analysis, technical indicators, and expert advice.
Similar to MT4, MT5 also offers educational resources and user support, availability, and materials. The resources might not be as extensive as those of MetaTrader 4. However, MT5 is gaining traction in the market, and you can expect a broader availability of user support options and educational resources.
Third-Party Add-Ons and Integrations
MT4 is a thriving ecosystem of third-party add-ons, plugins, and integrations developed by independent providers. These tools extend the platform’s functionality and cater to various trading styles and strategies. MT5 also supports third-party add-ons and integrations; however, MT5 offers built-in features that are only available through third-party plugins on MT4, such as additional timeframes, a financial calendar, and more advanced charting tools.
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