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Choosing Between MT4 Vs MT5: Which One Is Better?

For every trader, selection of a trading platform is a significant decision to make. Certain brokers may not be compatible with all trading platforms. Further, the needs of one trader differ from the other. This is where MT4 and MT5 stand among the popular trading platforms, serving a wide range of traders and advisers. However, the debate on MT4 and MT5 is a longstanding one. Where MetaTrader 4 can be stated to be an industry standard, MetaTrader 5 is commonly misunderstood to be a better version of MetaTrader 4. Though there are certain better aspects available which states that it is not an upgrade of MetaTrader 4.  

Here’s to the differences between MT4 and MT5:

• Real Volume Data

One of the key distinctions noted in the respective trading platforms in question is the real volume data assessment. While MT4 is stated to be a very good trading platform, it only shows the tick volume data. However, the assessment of real volume traded data can be done only in Metatrader 5. Eightcap MT5 platform comes with advanced functionality, helping its traders to analyse markets and create strategies by using powerful algorithms.

• Tick History

Even while considering the tick history, in MT4 it is only possible to save the tick history.  In contrast to this, in MT5, it is possible to download the entire tick history data. This is a huge setback when it comes to comparison as the trader will not be able to know the most traded price of the selected range with MT4. In this perspective, Eightcap MT5 is a much better selection to fulfill all your trading requirements. 

• Speed

Being a 64-bit multi-threaded platform, MT5 is much faster in comparison to MT4. This is mainly because MT4 is 32-bit mono-threaded platform. For the traders who value speed, Eightcap MT5 is a better platform. Not just that, MT5 can work on 32 bit operating systems as well. In short, it features all the functionality of MT4 along with other additional features.

• Server Comparison  

In contrast to the one server utilized by MT4, MT5 uses a total of 4 servers; namely the access server, the trade server, the history server, and the backup server. When it comes to the types of formats, MT4 provides only the standard HTML format and cannot function in any other format. Contrary to this, MT5 details are presented on both HTML and XML formats. All this makes Eightcap MT5 platform highly advanced, easy to access, and user-friendly.

• Complexity

MT4 is simpler as compared to MT5. With around 30 in-built indicators and 33 analytical objects, it has around two kinds of market orders, four types of pending orders, various execution modes, two stop orders, and a trailing stop function. MT5, on the other hand, has 38 in-built indicators in addition to a separate economic calendar tab with aspects like ‘news event’, ‘schedule’, ‘impact’, ‘forecast’, ‘previous’ etc. which makes it better.

• Analytics

MT4 offers interactive charts with nine timeframes to work with. MT5 is much preferred as it is said to offer 21 timeframes. The feature of alert audio functionality is available in both platforms which is very helpful when you trade with multiple markets. Further, Eightcap MT5 offers market depth which enables understanding of the bids, prices, and offers throughout the markets.

In a nutshell, in the varying distinctions done above, while MT4 is less complex, MT5 has better speed. Additionally, where Eightcap MT5 comes with many new features, MT4 is known for its straightforward nature. So it depends on the trader which one he wants to opt for. Pro tip: However, it will be advisable to go with MT4 if you are a beginner or simply interested in forex trading but for advanced experience, there’s no platform better than MT5.

Summary

Reviewer

Eightcap MT5

Review Date

2019-10-05

Reviewed Item

Eightcap MT5

Author Rating

5