Perhaps the most famous trading platforms in the Forex world are Metatrader 4 and Metatrader 5. Even though both platforms were designed for different purposes, they have similarities, too.
In this article, we are going to tell you about these platforms and the similarities between them.
The Metatrader 4 and Metatrader 5
Metatrader 4 is a trading platform developed 17 years ago. It allows traders to carry out daily transactions. The wide range of charts and functions available on this software makes it possible for users to apply different strategies, analyze financial markets and make sure they are making the right decision when completing deals.
MT4’s strong point is its analytical features. The platform has built-in technical indicators that help to respond smoothly and with ease. The latest version of the Metatrader trading platform – MT5 has been around for about 12 years. It offers even more features to help both beginners and professional traders. The most popular of them are;
- the economic calendar
- more supported markets
- unlimited number of charts
Users can trade with greater profit by using this platform because it has been user-friendly to novice traders yet powerful enough for experiences in the Forex market today.
Similarities between MT4 and MT5
The differences between MT4 and MT5 are more than similarities. Despite this, we found the most essential similarities and introduced it to you. Let’s have a look at each point:
Automated trading systems with expert advisors
The Metatrader 5 is not the updated version of the Metatrader 4 although there are many people thinking like that. Anyways, both platforms provide automated trading systems with EA (expert advisors).
The interface design of MetaTrader 5 is very similar to Metatrader 4’s. Beginners or people who have nothing at all about trading will unlikely to distinguish between these two interfaces. The interface of both platforms breaks down into 4 blocks: charts, terminal and navigator panels and market watch.
Hedging is an important risk management strategy that helps to offset losses in investments by taking a position on related assets. Both MetaTrader 4 and 5 allow the use of this strategy on their platforms.
Which trading platform is better to choose?
The question is subjective and depends on each trader’s purposes, requests and experience sometimes. Very often, the functions offered by MT5 are not needed for beginners. On the other side, traders on MT5 have more features to choose from when it comes down to trading instruments. In contrast to it, traders on MT4 are concentrated mainly on forex and carry out quite profitable transactions on it.
So there is no single answer to this question – the choice is yours.
It does not matter which platform of these two you are going to choose as long as you are sure it will help you to achieve your trading goals of yours.
The article introduced the main similarities between Metatrader 4 and Metatrader 5.
To wrap it up we would like to add that both are powerful enough to meet the needs of the most experienced traders. So all you have to do is to pick out and start trading.