MT4 vs MT5: principal differences

Around ten solutions are regarded as ubiquitous and valuable platforms by the community. Meanwhile, although the fifth edition of MetaTrader was released in 2010, the MT4 trading solution continues to lead the list.

According to data, 34.4% of Forex brokers prefer to leverage MetaTrader 4, while 14.3% choose MT5. So what are the primary distinctions between MetaQuotes' two products?

Programming languages and interface

The MetaTrader platform's two most recent versions are written in distinct programming languages. The MT4 version makes use of the MQL4 language, while the 5th edition makes use of MQL5. MetaTrader 5 is distinguished by object-oriented logic and a well-developed testing mechanism for determining the advisors' efficacy.

Nonetheless, the MT5 interface is quite similar to that of the previous MetaTrader edition. In addition, the updated version acquired market depth in order to monitor current quotations and transaction volumes.

Analytical functionality and available timeframes

Both systems have a robust collection of analytical tools; nevertheless, developers were required to add new features to make the current version more useful.

This being said, MetaTrader 5 has eight more indicators and an Elliott wave prediction tool. However, the chart styles remain consistent across the two versions. In addition, MT5 allows traders to apply up to 100 indicators concurrently. Additional indications may be added from the library if required.

The latest edition's MetaEditor allows users without advanced programming abilities to create their own advisers and indicators. Additionally, traders may utilize Strategy Tester to evaluate the effectiveness of their own instruments. Unfortunately, advisors designed for MetaTrader 4 are incompatible with the newest edition of MetaTrader, which is listed as one of the primary disadvantages of the fifth version.

The MT4 integration provides access to ten in terms of periods, while the upgraded solution provides access to twenty-one.

Types or suggested orders

MetaTrader's previous version has four pending orders, while the MT5 solution includes Buy Stop Limit and Sell Stop Limit orders. These pending orders allow traders to enter into transactions at a price higher or lower than the specified price. Partial fulfillment of orders made is possible. MetaTrader 5 allows traders to initiate a transaction straight from a trading chart.

The fifth edition includes the Trade Alerts feature, which allows you to examine other traders' transactions and tactics. This version consists of an online economic calendar and current news about a particular asset.

The difference between MetaTrader 4 and 5 is in terms of the markets in which platforms are deployed. For example, the MT4 solution was designed specifically for the Forex market. However, the newest version is also compatible with other marketplaces (stocks, futures, etc.).

What is the best way to implement these trading platforms?

MetaTrader 5 enables traders to access more instruments and helpful features, contributing to the platform's professionalism. Meanwhile, the overwhelming majority of traders see MT4 as an excellent platform for profitable trading.

When it comes to implementing a trading platform, two choices are available: a licensed solution that is more costly or a White Label solution that is less expensive. MT4 and MT5 are priced at about $100 000 and $200 000, respectively. These are unfathomably significant figures for newbie brokers. This is why B2Broker provides White Label Forex solutions that are both easy and reasonably priced. Our managers are ready to assist you in selecting the most appropriate trading platform and getting started in conquering the Forex market.