The MetaTrader 4 vs. MetaTrader 5: Which one is ideal for you?
Forex trading, once inaccessible by the masses, is now a lucrative investment opportunity and is an arena where anyone can trade. All this is made possible through online trading platforms, which act as a bridge that connects traders to the forex trading market in India. While there are a variety of platforms available, not every broker offers the best ones. This is why, one of the first things you need to cross off your checklist when choosing a broker, is to know which trading platform the broker provides.
One of the most popular names has to be MetaTrader 4. Its successor, MetaTrader 5, isn’t far behind. However, when it comes to choosing between the two, traders often face a dilemma. Is the conventional one better? Doesn’t a new version imply an improvement over the other? We’re here to answer those very questions. Read on:
MT4 vs. MT5: what’s the difference?
The MetaTrader 5 was initially meant to serve as a non-forex platform and was designed to trade in other markets such as commodities, and share trading in India. MT5 uses a programming language called MQL5 whereas the MT4 makes use of MQL4. MQL5 is easy to work with and is practically a better development framework for building trading tools. However, this capability was later inducted into the MQL4, which levels out the field for both the platforms.
Also, MT5 doesn’t have backward compatibility, which means that programs written for MT4 cannot run on it. Traders who use the old version, hence, cannot upgrade. However, MT5 scores with its backtesting functions, where the programmed Forex exchange strategies can execute at a much faster rate.
Is MetaTrader 5 better?
Not essentially! Logic dictates that since it’s a new version, it must be better than its predecessor. But that’s not entirely true. The user interfaces look and feel similar to MT4, and it also boasts of similar capabilities. For those interested in hedging it might not be suitable, because it automatically aggregates all the positions, whereas the MT4 logs each trade individually and allows for manual management of the positions.
So, what should you choose?
If you want advanced backtesting features and are looking to access other markets such as stocks, or commodities, then MetaTrader 5 should definitely be your choice.
If you’re looking for an easy to use, glitch-free and a tried-and-tested trading platform to trade in the FX market, choose MetaTrader 4. It’s trusted by countless traders and remains the top choice even to this day.
Are you on the lookout for a Forex broker who offers this platform? Open a trading account in India with WesternFX today!