There are markets and investments that can only be traded using a trading platform such as CFDs. This trading platform is a computer application or program that allows the user to check the prices, history of transactions, trading, and other important things related to trading. There are some platforms that showcase more advanced features such as the availability of indicators, charts, and other important analytical tools. So far, two of the most famous trading platforms not just for CFD trading but for other markets are the MetaTrader 4 and MetaTrader 5.
MetaTrader 4 (MT4)
If you are looking for a reliable trading platform that’s been serving traders for more than 10 years, then you are only looking for one trading platform – the MetaTrader 4 which was launched in 2005. It is the standard for online trading for the past 15 years and also became the default trading platform offered by almost all CFD brokers. Traders can easily deal with their trades because of the trading platform’s responsiveness, usability as well as advanced options for customization. If you want to trade on the go, you can also download this trading platform into your Android and iOS devices.
MT4 has the four main charts used in trading plus the four pending orders. It has the best built-in technical indicators and useful timeframes allowing traders to check their traders from time to time.
But MT4 is old. It has been in the market for 15 years. Although not quite outdated, let’s take a look at the newer trading platform, released by the same company – the MetaTrader 5.
MetaTrader 5
At first glance, you might be thinking that this is the updated version of the previous trading platform. But if you get the feel of it, you will know that this trading platform has a different target market. MT4 mostly targets Forex traders. Its look and feel are simpler and less complicated. Unlike MetaTrader 5, this is a more advanced trading platform that targets different markets, commodities, cryptocurrencies, indexes, and Forex among others.
MT5 was released in 2010, five years after the release of MT4. They have differences and traders using it who also had experience using MT4 can clearly see their differences.
In the desktop version of MT5, you will see more timeframes. From the few timeframes in MT4, MT5 now has 21 timeframes. There are also more indicators in this trading platform, new types of pending orders, and add-ons such as the depth of market (DOM) and the built-in economic calendar. As for the mobile version, there are also differences and the most notable one is MT5’s history features available for mobile users. You can easily view a breakdown of your positions, deals, and orders right on your mobile devices, something that isn’t offered in MT4. For most traders, this can effectively replace the need to have written journals. Whether or not you like this new and improved version all relies on your usage and trading preference.