what is mt4 and mt5

Best mt5 brokers

IC Markets Best MetaTrader broker overall

FP Markets Excellent pricing, great for MetaTrader

Pepperstone Great for MetaTrader and copy trading

FOREX.comExcellent all-round offering

FxPro Great for MetaTrader and algo trading

Tickmill Best overall broker for low costs

Vantage Great for MetaTrader and copy trading

mt5 brokers

Top picks for MetaTrader 5 brokers

FP Markets is a great low-cost option for forex and CFD traders that prefer to use the MetaTrader platform. Traders gain access to the full MetaTrader suite (both MT4 and MT5) as well as the popular cTrader platform. Ultra-competitive spreads are available on MetaTrader at FP Markets by way of its commission-based Raw ECN account.

FP Markets also offers support for Autochartist plugin integration as well as platform add-ons from FX Blue as part of its Trader Toolbox offering.

Overall, forex and CFD traders who want to use MT5 will appreciate the broker‘s MetaTrader experience – FP Markets earned Best in Class honors for its MetaTrader offering for four years in a row in the ForexBrokers.com Annual Awards. It’s worth noting though that the scope of its research and educational offering are limited compared to the best brokers.

Plethora of third-party tools for MetaTrader 5 - Pepperstone

Pepperstone offers a rich platform experience for MetaTrader enthusiasts. It also offers nearly every third-party platform available on the market, including cTrader and TradingView. Pepperstone won Best in Class honors for our MetaTrader in the ForexBrokers.com 2024 Annual Awards (extending a streak the broker has held onto for a stunning 7 years).

Pepperstone provides multiple platform add-ons that enhance the MetaTrader experience, including access to Autochartist, API trading, and a suite of Smart Trader Tools plugins available as an add-on for MetaTrader accounts.

The availability of both the MT4 and MT5 apps combined with its launch of a proprietary mobile app has helped inch Pepperstone closer to competing with brokers offering the best mobile trading apps, thanks to the modern design of these applications. Check out my Pepperstone review to learn more.

mt4 vs mt5

Besides the fundamental difference between the two platforms, a lot of additional features were added to MT5. While MT4 has four types of pending orders available, MT5 introduces 2 additional pending order types. These allow limits to be placed on conditional orders. This gives you more control over stop-loss orders.

MT5 has 21 different timeframes, compared to MT4‘s 9 timeframes. The 9 timeframes included with MT4 are fairly standard. MT5 adds 2,3,4,6, 10, and 20-minutes charts and 2, 3, and 6-hour charts. MT5’s strategy backtesting is far more advanced. It is multithreaded, which means multiple simulations can be run simultaneously. For anyone creating automated strategies, this is a major advantage. Tick data and 1-minute data is also handled differently. With MT4 you need to download this data manually. In MT5, it downloads and updates automatically. Time and sales data can be accessed on MT5, which is relevant to stock traders.

Although MT4 includes most of the standard indicators you would need, MT5 includes 8 additional indicators. This is not an important difference as any indicator you need can be downloaded and added to either platform. MT5 also introduces several new analytical objects to identify cycles and trends. Perhaps the biggest difference besides order and position handling is that MT5 can easily be used to trade multiple asset classes, with multiple accounts, using more than one currency. MT5 also allows you to set up more than one trading account and then transfer cash from one account to the other.

mt5 features

The trading platform MetaTrader 5, often referred to as MT5, is extensively employed by forex traders around the world. It was developed by MetaQuotes Software Corp. and opened to the general public in 2010 to substitute the particularly famous MetaTrader 4. MT5 delivers traders numerous functions and instruments to aid market evaluation, trade implementation, and risk control.

User-Friendly Interface and Customization Options

MetaTrader 5 boasts an intuitive user interface that makes it accessible even for novice traders. Its customization options allow users to tailor the platform to their preferences, adjusting elements like color schemes, font sizes, and workspace layouts for a personalized trading experience.

Advanced Charting and Analytical Tools

MT5 offers an extensive suite of charting and analysis tools, including over 80 technical indicators and 21 timeframes. Traders can easily add or remove indicators and adjust settings to suit their strategies. The platform provides real-time market data, ensuring users stay informed about current trends for informed trading decisions.

Automated and Algorithmic Trading

MetaTrader 5 supports robust automation and algorithmic trading through the integrated MQL5 programming language. Traders can create and test their own trading strategies, utilizing a wide array of pre-built expert advisors (EAs) available in the MT5 market. The platform also facilitates backtesting, allowing users to evaluate their strategies against historical data.

Overall, MetaTrader 5 is a versatile and powerful trading platform that equips traders with innovative tools and features to excel in the fast-paced forex market. Its user-friendly interface, sophisticated charting options, and automation capabilities make it.

Skills for Multi-Asset Trading

Multi-asset trading refers to the ability to trade across various asset classes—such as equities, bonds, commodities, and currencies—using a single platform. This approach has gained traction among traders and investors as it allows for portfolio diversification and the ability to capitalize on a wider range of market opportunities.

One of the key benefits of multi-asset trading is risk management. By investing in different asset classes, traders can reduce their dependency on any single asset, thereby mitigating the impact of adverse market movements.

Multi-asset trading can enhance profit potential. Investors can seize opportunities across different assets that often respond differently to market conditions. For instance, equities and commodities may perform well during economic growth, while bonds and currencies might be more attractive during downturns.

Security and Reliability

In todays fast-paced and technologically advanced financial markets, security and reliability are paramount. Every participant in the trading ecosystem needs to trust that their platforms will safeguard their sensitive financial information against cyber threats and other risks.

How to Trade Forex on MT5

Trading forex on MT5 is straightforward, thanks to its user-friendly interface and advanced features. Heres a step-by-step guide to help you get started:

Download the MetaTrader 5 App: First, download the MetaTrader 5 app from your broker‘s website or the app store for mobile devices. For MacBook users, there’s also a dedicated version of MetaTrader 5 available.

Open a Trading Account: After downloading the app, create a trading account. You can choose between a demo account to practice trading with virtual funds or a live account to trade with real money.

Familiarize Yourself with the Interface: Once logged in, take time to explore the interface. MT5 offers advanced charting tools, technical indicators, and a wide range of order types, having it a powerful platform for traders.

Analyze the Market: Use built-in analysis tools to study price movements and market trends. MT5 supports a variety of indicators and chart types to assist with your technical analysis.

Execute Trades: When youre ready, execute trades directly from the app. MT5 allows you to set stop-loss and take-profit orders, giving you control over your risk management.

MetaTrader 5 for MacBook

For MacBook users, the MetaTrader 5 platform provides a seamless trading experience. The Mac version retains all the features of the Windows version, allowing users to take advantage of MT5s enhanced functionality, such as:

Advanced Order Types: MT5 supports more order types compared to MT4, including buy stop limit and sell stop limit orders.

Multi-Asset Trading: In addition to forex, MT5 enables trading in stocks, commodities, and cryptocurrencies, offering traders greater diversification.

MT4 Features

MT4 is renowned for its robust features, which include:

Comprehensive Charting Tools: MT4 offers a variety of technical indicators and charting options, allowing traders to perform detailed market analysis.

Expert Advisors (EAs): The ability to use EAs enables automated trading, which can be beneficial for traders looking to execute strategies without constant monitoring.

Community Support: A large user community provides numerous resources, including forums, tutorials, and custom indicators.

How to Use MetaTrader 4

To get started with MT4, it's essential to familiarize yourself with its features. Here are some key functions:

Charts and Analysis: MT4 allows you to analyze price movements through various chart types, including line, bar, and candlestick charts. You can also apply technical indicators to assist in your trading decisions.

Placing Trades: You can execute trades directly from the chart or the trading panel. MT4 supports different order types, including market orders, pending orders, and stop orders.

Automated Trading: One of MT4's standout features is its support for Expert Advisors (EAs), which allow you to automate your trading strategies. This can be particularly beneficial for those who want to trade without constantly monitoring the markets.

MT4 Market

The MT4 market is an integral part of the platform, providing access to a variety of custom indicators, trading robots, and scripts developed by the user community. Traders can browse the MT4 market to find tools that can enhance their trading experience.

FBS MT4

FBS is a well-known broker that offers MT4 as one of its primary trading platforms. The broker provides various account types, competitive spreads, and educational resources, having it a popular choice for both beginner and experienced traders. With FBS MT4, users can take advantage of the platform's robust features while benefiting from FBSs reliable service.

MetaTrader 4 Reviews

MT4 has received positive reviews from traders for its ease of use, extensive features, and strong community support. Many users appreciate the platforms versatility and the ability to customize their trading experience with third-party tools and EAs. However, some traders have noted that the platform's interface can feel dated compared to newer platforms.

MT4 Download & Installation

To begin trading on MT4, you‘ll first need to download and install the software. Here’s how:

Download MT4: Visit your brokers website to find the MT4 download link. For example, you can find the IG MT4 download or OANDA MetaTrader 4 software download on their respective sites.

Installation: Once the download is complete, open the installer and follow the prompts to install MT4 on your device. The installation process is straightforward, and youll be guided through the necessary steps.

Creating an Account: After installation, you can create a demo or live trading account, depending on your preference.

MetaTrader 4 iOS

For traders who prefer to trade on the go, the MetaTrader 4 iOS app is an excellent option. Available on the App Store, the iOS version provides many of the same features as the desktop platform, including access to charts, real-time quotes, and trade execution. This mobile version allows you to stay connected to the market from anywhere.

Logging into MetaTrader 4

Once you have set up your account, logging in to MetaTrader 4 is easy. Use your login credentials provided by your broker to access your trading account. The platform will prompt you to enter your account number and password, after which you can start trading immediately.

The Evolution of Mobile Trading: MT4/MT5 and Beyond

Mobile trading has transformed the way forex traders engage with the market, allowing them to execute trades and monitor positions from virtually anywhere. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are at the forefront of this revolution, providing robust mobile trading applications that cater to the needs of traders on the go. In this article, we will explore MT4/MT5 mobile trading, focusing on the features of the MT4 Android app, options for Mac users, and the overall landscape of forex trading applications.

MT4/MT5 Mobile Trading

Both MT4 and MT5 offer comprehensive mobile trading solutions that enable traders to access their accounts and execute trades directly from their smartphones or tablets. The mobile applications maintain much of the functionality found on the desktop versions, including:

Real-Time Quotes: Access live quotes for currency pairs, commodities, and other instruments.

Advanced Charting: Analyze market trends using various chart types and technical indicators.

Order Management: Execute trades, set stop-loss and take-profit levels, and manage open positions seamlessly.

MT4 Android

For Android users, the MT4 Android app is a powerful tool for forex trading. Available for download from the Google Play Store, it offers a user-friendly interface and all the essential features needed for effective trading. Key benefits of the MT4 Android app include:

Customizable Interface: Tailor the app layout to suit your trading style and preferences.

Push Notifications: Stay informed with real-time alerts for price movements, trade executions, and market news.

One-Touch Trading: Quickly execute trades with a single tap, having it easy to take advantage of market opportunities.

Forex Application Download

When looking for a reliable forex application, traders can choose between various options. Popular apps like MT4 and MT5 can be easily found and downloaded from app stores for mobile devices. For those using desktop computers, brokers often provide links for downloading trading software tailored to their platforms.

Trading Software for Mac

For Mac users, trading software options have historically been limited. However, both MT4 and MT5 are available for Mac through various methods. The native versions of these platforms can be downloaded and installed on Mac OS X, providing a seamless trading experience. Traders can access all the features of the platforms, including advanced charting, technical analysis tools, and automated trading capabilities.

MetaTrader Mac OS X

To install MetaTrader on Mac OS X, traders can use either the official Mac version or run the Windows version through a compatibility layer like Wine or Parallels. Heres a brief overview of the installation process:

Download the MT4 or MT5 Mac Version: Visit your broker's website to find the official download link for the Mac version of the trading platform.

Install the Software: Open the downloaded file and follow the on-screen instructions to complete the installation.

Log In to Your Account: After installation, you can log in to your trading account using your credentials and start trading.