Metatrader 4 (MT4) and Metatrader 5 (MT5) are two of the most popular online forex and CFD trading platforms. Both platforms are developed by MetaQuotes Software Corp. As such, they offer similar features like charting, technical analysis, and automated trading. However, traders should know the critical differences between the two platforms before deciding which one to use.
This article aims to compare and contrast the key features of MT4 and MT5 and to provide a detailed guide on how to download MT5.
Metatrader 4 Overview
MT4 is a widely used platform that was first released in 2005. It is a popular choice among traders due to its user-friendly interface and the wide range of third-party indicators and expert advisors available for use with the platform.
Key features of MT4 include:
- Advanced charting and technical analysis tools
- Automated trading using expert advisors (EAs)
- A wide range of custom indicators and scripts
- Built-in support for multiple languages
- Customizable user interface
Metatrader 5 Overview
MT5 is the newer version of the platform, first released in 2010. It is similar to MT4 but offers additional features that traders may find helpful.
Key features of MT5 include:
- Advanced charting and technical analysis tools
- Automated trading using expert advisors (EAs)
- A wide range of custom indicators and scripts
- Built-in support for multiple languages
- Customizable user interface
- Improved support for hedging positions
- More advanced order types
- More timeframes than MT4
Comparison of Metatrader 4 and Metatrader 5
Time Frames for Charts
MT4 is designed to be easy to use and offers a limited selection of time frames for chart analysis. At the same time, MT5 has a broader range of options and more granular data available, which can be beneficial for some traders, especially those with more experience or who trade in CFDs, but not necessarily necessary for casual or beginner traders.
Order Types
MT4 and MT5 also offer different options for order types. MT4 has four basic order types, which may be sufficient for most traders, while MT5 offers two additional order typesh3, providing more experienced traders with more flexibility in their trading strategies.
Speed
MT5 is faster and more efficient than MT4. It is a 64-bit, multi-threaded platform that does not slow down your system, while MT4 is a 32-bit, single-threaded platform with a memory limit of 2GB or 4GB when used on a 64-bit operating system. MT5 is designed to work well on 64-bit systems, while MT4 is best suited for 32-bit systems. However, it is essential to note that MT5 can also run on 32-bit operating systems, and although MT4 can run on 64-bit systems, it may not perform as well as on 32-bit systems.
Interface
Both MT4 and MT5 have user-friendly interfaces, but there are some differences between them. MT4 is simpler and more tailored to the needs of forex traders, and it allows for customization of the platform. MT5 is more advanced, with additional trading features and the ability to trade in the stocks and futures markets. While the layout of MT5 is more straightforward, it has more options for chart timeframes, including 11 types of minute charts, 7 types of hourly charts, and 365 daily, weekly and yearly timeframes, which are not available in MT4.
How to Download MT5
Steps to download MT5:
- To begin, go to the official MetaQuotes website (https://www.metatrader5.com/) and click the “Download” button.
- Select the platform version compatible with your device (Windows, Mac, iOS, or Android).
Once the download is complete, open the installer and follow the on-screen instructions to complete the installation process.
Tips for successful installation:
- First, ensure your device meets the minimum system requirements for running the platform
- Disable any antivirus or firewall software temporarily, as they may interfere with the installation process.
- Ensure that you have a stable internet connection during the download and installation process.
Troubleshooting common issues:
If you encounter issues during the installation process, such as error messages or the installer freezing, try restarting your device and rerunning the installer.
If you are still experiencing issues, you can seek assistance from the MetaQuotes support team or consult the platform’s user manual for further troubleshooting tips.
Bottom Line
Metatrader 4 and Metatrader 5 are powerful trading platforms offering advanced charting, technical analysis, and automated trading capabilities. However, the two platforms have some key differences, such as the support for hedging positions and different order types. Traders should carefully consider their own trading needs and preferences before deciding which platform to use. For those who decide to use MT5, downloading and installing the platform is a straightforward process and it offers improved hedging position, and order types support. It’s always a good idea to test a platform with a demo account before committing real money, so you can familiarize yourself with its features and get a feel for how it works.
