What is the difference between MT4 and MT5?
MT4 vs. MT5 - our opinion
We’re one of the world’s largest MT4 brokers so it’s no secret we’re fans of this popular platform. MT4 is a straightforward, intuitive and loved trading platform. It’s a classic - it’s perfect for both beginners and advanced traders because of its broad functionality.
A benefit to MT4 having such a vast community of users globally is their site, mql5.com, which holds an extensive range of indicators, signals, EAs you can buy and download and add in easily to the platform.
In addition to these add ons, Pepperstone here in Australia has its own affiliations with companies such as myFXBook, Duplitrade and Zulutrade who offer social trading solutions that are easy to set up, and give the users control over what they choose to invest their money in.
MT5 though, is here to change the game. It’s a platform known for its wide range of time frames, analytical prowess and variety of pending orders, loved most by our share and commodity traders.
The wider range of time frames available (21 time frames as opposed to MT4, which has 9) This is also extremely attractive for scalpers and for advanced traders who are looking to do in depth analysis of the market.
Pending Orders: MT4 offers stop and limit orders which are generally the most commonly used ones, whereas with MT5 you have the functionality to use stop limits too, which is a superior way of setting a limit order.
The programming languages for MT4 and MT5 are MQL4 and MQL5. Although there is more likely to be a larger amount of research and guidance for MT4 due to its popularity, users are starting to migrate to the MQL5 programming language as it’s more efficient and easier to use, and traders can write and alter scripts.
MT5 also offers a built in fundamental economic calendar delivering live macroeconomic news. MT5 contains an inbuilt MQL5 Community Chat and email system.
There’s certainly been more of a move towards MT5 from the trading community, which is what we’re seeing here when we look at our own client base. Our clients tend to be more sophisticated and informed investors, so the inclusion of MT5 is welcomed by many of our clients who have been heavier users of MT4 only in the past.
Contrary to popular belief though, MT5 has not been built to replace MT4. It’s here to supplement it. Here at Pepperstone, our investors use both MT4 and MT5 and get the best of both worlds and we support their trading approaches with online resources, access to webinars and of course, 24/5 support.
Generally, for beginner traders or clients who are looking to just trade forex, MT4 is a straightforward and efficient choice. For our traders looking for a niftier software, with a broader range of additional features, and more in-depth analysis then MT5 is more suitable. Furthermore, if you’re looking to trade the top US Share CFDs, then look no further than MT5.
