There are a lot of trading platforms to choose from for forex traders. Most of the trading companies and brokers like GoMarkets provide clients with the Meta Traders. But most online traders only want a reliable, intuitive and way to use trading platform. With this go market review, you will be able to see the comparison between the meta traders. The Meta Trader 4 is a popular trading platform that is well known and used by most forex traders. Most of the trading platforms offer Meta trader 4 to their clients. GoMarkets has an absolutely great availability of both platforms. Even though they are sequenced the way they are Meta Trader 5 is by no means an improvement on Meta Trader 4. Both are two completely different platforms. They are devoted by MetaQuotes Software Corps and 5 is not the inheritor or replacement of Meta trader 4. Have a read of this go market review:
It is dependent on preferences
It’s mostly up to traders to decide according to their preferences what the platform they’d like to use or would they like to continue using Meta Trader 4 or change to Meta trader 5. It mainly depends on whether you believe less is more and simplicity then Meta Trader 4 is for you, GoMarkets offers Meta Trader 5 and it has flashy new features and a whole array of new menu options. However, as you will see through this go market review, there are some minor and major differences that set them apart which we can dissect here.
Make your choice
Accordingly, you can choose which of them are suitable for you:
Meta Trader 4
1. The Meta trader is simple and the most used version here’s where its selling point lies. Reviews on gomarkets show that it’s a popular trading platform among all.
2. Since the Forex EA’s are designed using the old MQL language they are easy to use and faster to compile.
3. The Meta Trader 4 lets their clients use trading methods like LIFO and hedging. Although there might be some restrictions based on your region or broker.
4. Meta Trader 4 uses less space than that of meta trader 5. This may not be much of difference for most but Meta Trader 4 uses only one-third of the RAM used by Meta Trader 5.
5. There is a larger community on Meta Trader 4 that means a larger support system since it’s a popular platform used by most brokers. It’s still very influential in the online trading community.
Meta Trader 5
1. Meta Trader 5 is the later released version in 2010. It’s a little more flashy with a wider range on its menu.
2. Meta Trader 5 has 2 different or distinct types of stop orders. It also has six types of pending orders. On the other hand, Meta Trader 4 has only four types.
3. There are more chart time features; eleven types of minute’s charts, seven types of hourly charts along with the already provided weekly, monthly and yearly charts and timeframes.
4. MT5 has a built-in economic feature tab. This tab is responsible for showing the past data, market consensus as well as schedules along with the level of impact.
5. Meta Trader 5 has integrated the product tabs and designed an improved strategy tester for EA’s. For remote optimization, they have an agent manager.
After the above comparison between meta traders provided by Gomarkets, there is no reason to not choose Meta Trader 4 for it is the tried and tested great platform for all kinds of traders and investors. It’s easy to use and more popular right now than the Meta Trader 5. However, if you want to do backtesting offline and want more access to research and commodities Meta Trader 5 is for you. Hope this go market review helped you in understanding the difference between Meta Trader 4 and Meta Trader 5.
