Introduction To MetaTrader
MetaTrader 4 (MT4) is the worlds most popular forex trading trading platform yet the same company (MetaQuotes) released a new version in 2010. This new version was called MetaTrader 5 (MT5) but even after 7 years doesn’t have the popularity of MT4. Below shows a complete MetaTrader 5 review comparing the forex trading platform to it’s predecessor and comparing forex broker offering it.
Why Choose MetaTrader 4?
1) It’s Easier To Install
Installing MetaTrader 4 is both faster and easier than MetaTrader 5. This may be due to the requirement for lighter requirements for MT4 which was made period to MT5. It’s also easier to setup initially and start trading.
2) It’s Easier To Compile Codes
Expert advisors features very between each of the forex trading platforms. For MT4 it’s designed focusing on native MQL code language. Most coders find these easy to compile compared to modern language. It’s also worth noting that forex traders with MetaTrader 4 can’t migrate the code to MetaTrader 5 which has led to the poor migration of the forex trading platform.
3) Easier To Use Interface
Ease of use if the key reason that many traders consider MT4 to the the best forex trading platform. Several survey has highlighted this viewpoint and while more refines and feature rich platforms have been produced since, the simplicity of MT4 has maintained its popularity.
4) Aligns To A Variety Of Trading Methods
New features and defaults within new trading platforms such as FIFO as default don’t suit some trading styles. The fact that MT4 remains one of the only forex trading platforms to support hedging further strengthens the ability to suit trading styles.
5) Popularity With Brokers And Traders
Popularity breads popularity. Forex traders like the fact that MT4 is the most popular platform and can exchange information and expert advisor code. Most forex brokers in Australia and globally also offer MetaTrader 4 which is why traders choose the platform.
Why Choose MetaTrader 5?
1) Improved Timeframes and Charting
MetaTrader 5 offer 21 timeframes compared to just 9 for MT4. There are also unlimited charting options with over a hundred that can be open at one time.
2) Fundamental Analysis Availability
There is an inbuilt MT5 forex calendar that has features such as schedules, new events, forecasts, expected impacts and other elements. These are perfect for traders who prefer fundamental analysis to make their trading decisions.
3) Commerce Integration
Unlike MT4, the newer platform has commerce integration allows traders to rent of purchase currency (forex) products directly. This can be done through the market tab.
4) Extra Indicators
MetaTrader 5 has 38 inbuilt indicators and 22 analytical objects along with 46 graphical objects. Compare this to MT4’s 30 indicators and it’s obvious the advancement in this area.
5) A Plethora Of Market Order Ability
MT5 allows for 2 market orders and 6 pending orders as well as 2 stop orders. Compare this to MT4 which only allows 2 markets orders and 4 pending orders.
Major Benefits of MT5
One of the major benefits of the Metatrader 5 platform is that traders are not confined to just utilise the built in analytical resources such as the Metatrader 5 tables, graphs and market indicators. Thanks to MQL5, a high performance programming language, traders can create their very own technical indicators. With a bit of coding know how traders can even create trading robots often called “Expert Advisors.” Trading robots can automatically implement nearly any trading strategy based on a number of key input calculations, affording traders the ability to access highly accurate market analysis and forecasts.
Why is Metatrader 5 Better?
Many people question the difference between the Metatrader platforms and what makes Metatrader 5 better than its predecessors Metatrader 3 and Metatrader4. The answer is really quite simple. Companies evolve and adapt to changes in the market and the needs and demands of their key stakeholders. In 2005 when Metatrader 4 was released, it provided traders with a revolutionary new tool enabling them to create their own programs. This gave rise to automated or algorithmic trading. Metatrader 4 addressed clients’ needs to test and optimise their trading strategies.
With automated trading continually evolving and gaining in popularity, Metatrader 5 was created to allow traders the ability to take advantage of all the benefits of the Metatrader has to offer across nearly every financial market. Algorithmic trading has become common place and the programming language offered with the Metatrader 5 product is far superior that MT4 or MT3.
What Is The Best Forex Trading Platform Broker For MetaTrader?
In March 2018, Compare Forex Brokers conducted a review of the Forex industry’s best Forex trading platform providers. The research conducted was extensive; we analysed approximately 15 of Australia’s best Forex brokers and over the course of a few months compiled a detailed comparison table. The current best Forex trading platform comparison consists of only 5 companies; we narrowed it down to just 5 to make it simpler for traders to understand which companies indeed offer the best value in the Australian market.
The best company we observed was Pepperstone and the main reason for this is due to the astounding number of trading platforms they have on offer including Metatrader 5 which they are about to release.
Brief History of MetaQuotes
For roughly ten years MetaQuotes Software Corporation has been developing software for financial markets including foreign currency, equities, futures and CFDs. Their trading platform for Forex trading in particular has become the market leader right from the Metatrader 3 version, through Metatrader 4, to the current Metatrader 5 software package. According to the company, Metatrader 5 was three years in the making when it launched in June 2010. The uniqueness of Metatrader 5 boils down to the software’s ability to allow trading in nearly all financial markets including the stock market.
In our Pepperstone review, we found that the company were the first and only Forex broker in Australia to offer clients Metatrader 5 which was a main reason why we selected Pepperstone as one of the best Forex brokers in March 2018.
Metatrader 5 provides traders in all financial markets with the required tools to analyse price fluctuations, conduct extensive market analysis and research with up to 82 handy tools. Metatrader 5 truly is an all in one platform with unrivalled charting programs and analytical tools.
MetaTrader Vs Other Platforms
A question we posed not too long ago was if Metatrader 5 is so powerful and so popular why do Forex companies still support the earlier version? Furthermore, why do they offer other trading products too such as C trader offered by ThinkForex and Metatrader 4 offered by Plus500 and most other brokers? To put it simply, not all traders avail themselves of the powerful tools available on Metatrader 5. Most traders also have zero programming expertise and couldn’t take advantage of every MT5 feature even if they wanted to. It is for this very reason that Forex brokers offer different types of tools for their vast client base. For example FXCM have an in-house platform called Trading Station.
Different trading platforms also offer various trading experiences depending on the device used. With trader circumstances being so diverse, some platforms cater to the specific needs of clients. For example some trading platforms offer customers a superior trading experience on mobile or tablet than others. Other platforms offer those running Mac OS better performance too.
Ultimately, Pepperstone offers their clients more trading platforms than any other Forex broker in Australia. They understand that Forex traders are incredibly different with varying levels of expertise and while some might take advantage of all that Metatrader 5 has to offer, others are just looking for something simpler.