Metatrader, often abbreviated as MT, is an advanced online trading platform designed for financial brokers and dealers dealing in forex, futures, and CFD markets. There are currently two main versions of this platform used globally: Metatrader 4 (MT4) and Metatrader 5 (MT5). Metatrader was developed by MetaQuotes Software Corp.
Metatrader 4 and its Features
Metatrader 4 is widely recognized around the globe as the leader among forex trading platforms. It provides a plethora of features for users, including real-time access to market quotes, live and historical charts, and a set of advanced tools for technical analysis. With its user-friendly interface, MT4 is both accessible to beginners and sufficiently comprehensive for experienced traders. It also supports automated trading using trading robots or ‘Expert Advisors’ (EAs).
Metatrader 5: An Advanced Version
On the other hand, Metatrader 5 is a more advanced and sophisticated version, providing a broader range of assets. Compared to its predecessor, MT5 introduces additional tools for traders, facilitating more complex analysis possibilities, such as more timeframes, advanced chart capabilities, and a deeper range of technical indicators.
Which One Is Better for You?
When comparing Metatrader 4 vs 5, it’s important to consider your trading style and preferences.
If you are a beginner and want to learn how to trade, then MT4 will be more suitable. However, if you are an experienced trader who wants to benefit from the latest features of trading platforms and tools, then MT5 is your best choice.
The Role of MQL Programming Language
One feature distinguishing Metatrader platforms is its MQL programming language. MQL4 for MT4 and MQL5 for MT5 respectively. MQL allows development of automated trading strategies, also known as algorithmic trading or ‘bots’. These trading bots automatically execute trades based on the criteria set by the user, significantly reducing manual effort.
Inbuilt Features of Metatrader
By default, both platforms possess their own internal email system, trading signals, and a tab for market news. The trading signals service in Metatrader allows traders to copy trades from professional traders, which can be beneficial for novice traders learning trading tactics or those with little time.
One-Click-Trading and Range of Financial Instruments
Metatrader also facilitates “one-click-trading” to counter latency issues while executing trades swiftly. Moreover, the range of financial instruments Metatrader supports extends from currencies, cryptocurrencies, futures, options, and equities.
Accessibility of Metatrader
Accessibility is another advantage with Metatrader platforms. They are available as desktop applications for Windows and Mac OS, mobile applications for iOS and Android devices, and also as Webtrader, which is accessible directly from a web browser, without the need for installation. This universal accessibility allows traders to manage their trades and strategies from virtually anywhere, at any time.
In summary, Metatrader is a powerful, diverse, and accessible platform that offers robust tools for both analysis and trading. Whether one is a beginner or a seasoned trader, Metatrader’s flexibility and complex capabilities make it a tool of choice for managing online trading effectively and professionally.