Gone were the days when Forex trading is for big financial institutions and corporations. Nowadays, Forex trading is available for retail traders and made accessible for everyone interested in trading. And because MetaTrader 4 and 5 are available not just on desktop but for Android and iOS devices too, you can easily manage your trades even when you are on the go. All the necessary data will be displayed just like the ones you see on the desktop. The main advantage of mobile trading is for you to have freedom whenever and wherever you want to trade. You can check your account whenever you want, or close order from any device as long as it is connected to the Web. Here are some of the key differences between MetaTrader 4 and MetaTrader 5.
The developer of the system, the MetaQuotes Software Corp, has presented different functions on MT4. It offers a variety of trading tools and analytical techniques which is ideal for both professional and budding traders. Its major advantage can also be attributed to its algorithmic trading, which is trading through the help of automated trading systems.
MT4 is not just available for computers and desktop, but for mobile devices as well. So, when you say mobile trading, it means that you can trade even with the use of your iOS and Android phones.
MetaTrader 4 is encrypted with 128-bit keys, ensuring that the information shared is secured from the outside party. Additionally, the platform has enhanced security known as the asymmetric encryption algorithm.
Since the release of MT5, the industry is starting to shift to it from the famous MetaTrader 4. This is all due to the more advanced and enhanced features of MT5.
One good thing about MT5 is that traders are not isolated into using the analytical resources which are already built-in the platform like indicators, graphs, and tables. When you won an MQL5, you are also owning a highly capable programming language. Therefore, traders can easily make their own technical indicators according to their trading needs.
Moreover, the coding used in MT5 is a lot easier than the ones used in MT4, making it a lot easier to make trading robots. These trading robots provide ease of access that allows traders to automatically implement their trading strategies out of the number of inputs available. For this, traders gain access to accurate forecasts and market analysis.
MT5 also allows hedging which was only available to MT4 before. Through hedging, traders can make multiple trades. They can use the netting model when exchanging instruments and hedging when trading currency. A multimarket platform is also offered in MetaTrader 5, meaning, you can both trade-in non-centralized and centralized markets.
Trading can be confusing and tricky for newbies. However, with the use of the right trading platform, it will make your trading life more efficient and free. As long as you know your needs, you should be able to pick the right trading platform for you.