Should Brokers Use MT4 or MT5?
In this article, we are going to figure out the main features of MT4 and MT5 and the differences between them.
Most Forex brokers use the MT4 terminal as their primary trading interface, and that is why it is the industry standard. In comparison with MT5, MT4 is more feature-rich and offers users some additional benefits.
The main features of MT4 are:
- Expert Advisor (EA) programs, designed using MT4’s native MetaQuotes Language.
- Availability across various devices, including smartphones, as MT4 requires less memory space than MT5.
- Direct access to LIFO (last in first out) trading strategies.
In general, MT4 has everything most traders need to operate effecitvely and often runs more smoothly on many mobile devices. Thus, MT4 maintains its position as the most widely used trading platform for brokers and retail traders.
The MT5 platform, in turn, features some significant changes from its predecessor. It was released in 2010 and is aimed at different market users. MT5 should be regarded as a completely different platform than MT4, rather than a better version of MT4.
The main features of MT5 are:
- A new and integrated MetaQuotes Language (MQL) for programming EAs.
- 6 types of pending orders and 2 types of stop orders (MT4 can handle four types of pending orders at once).
- A built-in economic calendar, showing levels and areas of impact, market consensus information, release schedules, and other information concerning previous deals.
- An additional 11 types of minute chart and 7 unique hourly charts on top of the daily, weekly, and yearly timeframe charts.
- 22 analytical objects and 46 graphical objects.
As we’ve considered the main differences between MT4 and MT5, let’s find out which platform is better. In fact, it depends on the personal trading style and user’s preferences. If a broker believes in simplicity and has a focus on Forex trading, then the straightforward MT4 platform is the best choice for them. The one-click trading option and customization ability have made it even easier to use.
MT4 offers convenience in many aspects, such as:
- Server stability, as the MT4 server can support tens of thousands of trades simultaneously.
- MT4 uses minimal computer resources and works well, even with low internet bandwidth.
- The mailbox section in the client terminal enables brokers to communicate with their clients in real time, which is very convenient and saves a lot of time.
- The security system of MT4 prevents DDoS attacks and connects both ends with a 128-bit key.
- Customization functions save a lot of time when opening charts and placing indicators according to their preference.
The final reason that brokers should prefer MT4 to MT5 is its popularity. A large number of people in the world are already using MT4, so the more popular the product is, the easier it becomes to attract potential customers.
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