MetaTrader is a trading software that is most commonly used amongst forex traders as their trading platform. Posing similarly as a connecting channel between currency trading systems and your computer (or mobile device), and so MetaTrader is the link. Let’s take a look at the MetaTrader in review.
There are two versions of the MetaTrader Platform:
- MetaTrader 4 – Available on desktop, mobile and web
- MetaTrader 5 – Available on desktop, mobile and web
Either platform you choose, one can run multiple platforms where you will not experience a lagging effect on your server or computer. The software is light and will not overload the systems in place, making for fast trading and immediate executions, a must when trading on the volatile markets.
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Why trade with the MetaTrader Platform?
Besides being easy to download and install, MetaTrader has many trading capabilities and features which other platforms lack. Follow instrument price fluctuations and examine the trading charts and graphs, while plotting the trends to locate your planned trades. The platform showcases and supports the following graphs: Candlestick, Heikin Ashi as well as Renko charts.
Expert advisors (EA’s) can automate your trading by using scripts that are uploaded to the platform and the instructions of the scripts are easily carried out. Saving you the hassle of being close to your computer or missing out on a trading opportunity.
Learn from your mistakes, the platform offers a functionality of convenience to view your trade history:
- Download your historical trading data per currency pair
- Create / request detailed reports on the positions you take
- Track past charts and graphs to keep a summary of trends per instrument
With these features the Metatrader 4 is really enough for forex trading however for more advance strategies the MetaTrader 5 would be the alternative option.
MetaTrader 4 in forex trading
MetaTrader 4 (MT4) is the world’s most popular trading platform that offers all you need for online trading on one interface. On the single platform you will find a powerful combination of analytical technologies and leading trading tools that allow traders to implement even the most complex trading strategies.
The MQL Language:
Developed by MetaQuotes Software Corp. the MetaQuotes Language is a script that is built-in for programming specific trading strategies. The purpose of the way these scripts are written is to easily facilitate automated trading as well as customize technical indicators, libraries and scripts.
One can also analyze large amounts of information and assists users in orientating themselves easily in the expert systems.
Each program (pertaining to MetaTrader 4 and MetaTrader 5) has different features and purposes:
MQL4 and 5
An algorithmic trading system that links directly to the internal charting. Allowing the system to run when an event happens in real time, or remind you of a planned event.
In addition to technical indicators already written into the system, you can write your own technical indicators independently.
Scripts are imposed when traders want a single execution in an action. They are only acceptable for the start of an event and cannot process any other trade actions.
This is a set of custom functions that is intended to store and distribute the same used parts of the program.
What is MetaTrader 5?
MetaTrader 5 (MT5) is the newest iteration of the popular MetaTrader platform. While the number sequence lends the belief that MT5 is an upgrade to MT4, this is actually not necessarily the case.
Both MT4 and MT5 are trading platforms with backtesting capabilities as well as graphical interfaces that look fairly similar. By design, however, MT5 was meant to meet the needs of non-forex and U.S. markets in a manner that MT4 could not. Essentially, MT5 is not necessarily better than MT4, but rather just different.
Here are the different features that the MT5 platform offers in comparison to its older sister MT4:
- New Order Types
The MT5 platform has two additional order types that are not available on its predecessor. These are ‘buy stop limit’ and ‘sell stop limit’. Additionally, MT5 also supports partial order filling policies.
- Added indicators and widgets
MT5 has 8 additional built-in indicators and 13 more graphical objects than MT4. This means that traders can perform more in-depth technical analysis in the financial markets using MT5.
- Economic Calendar
MT5 has an integrated, comprehensive Economic Calendar tab that shows news release schedules, the impact levels, previous data, and market consensus.
- Improved Strategy Tester for EAs (Expert Advisors)
MT5 features a multi-threaded strategy tester that has noticeably faster execution speeds when testing programmed trading strategies. In addition, featuring an Agent Manager that enables remote optimisation, the MT5 strategy tester also allows for concurrent multi-currency pair backtesting.
MT5 has 21 timeframe charts, which is exactly 12 more than is available on MT4. This can give traders more room for performing deeper analysis of their favourite assets.
- Funds Transfer
Traders can easily transfer funds between accounts on MT5 if the accounts are within the same server. This helps to streamline processes, offering clients convenience and flexibility.
- Market Depth
By hitting the ALT+B buttons, traders can view the depth of markets, which is a graphical representation of bids and offers of an underlying financial asset, depending on trading volume. This is a functionality that can allow traders to execute trade orders at the best prices possible.
MetaTrader 5 supports the netting accounting system that allows only one position to be held for any particular financial asset.
- Email System
The MT5 email system supports the sending of emails with attachments.
- Tradable Assets
Alongside forex and CFDs, traders can also trade stocks, futures, bonds and options on the MT5 platform. MT5 has an expanded instruments list of over 1,000 assets compared to the average 250 on MT4.
MetaTrader 4 vs MetaTrader 5
The relatively recently launched MetaTrader5, is not that much different from its prototype MT4, even though it is advertised as substantially more advanced. The features you will find are: more advanced charting systems as well as deep analytical tools.
Even though the MT4 is more than enough of a platform for the forex trader, if these two functions will improve your trading skills then MT5 would be the way to trade. MT4 is still the most widely used and downloaded platform and traders are satisfied with its current abilities, hence not feeling a need to change / upgrade.
|Availability to brokers||Very popular||Very popular|
|User-friendly and easy to navigate||Extremely easy||Extremely easy|
|Roll-over and Hedging||Possible||Possible|
|Programming Language used||MQL4||MQL5|
|Number of order execution types||3||4|
|Number of Pending Order Types||4||6|
|Depth of Market||No||Yes, but not available from beginning|
|Economic Calendar||Not Available||Available in MT5 apps|
|Reports||Tables only||Tables + Charts
Everything can be exported to Excel
|Open Trades View||Lots only||Lots, Quantity + Milliseconds|
|Docked Charts||Not available||Available|
|Market Watch||Less detailed||More details + easy navigation|
|Partial Order Filling||Not available||Available|
|Email System||No attachments||With attachments|
|Strategy Tester||Single threaded||Multi-threaded + Multi-currency + Agent manager|
|Netting||Not supported||Not supported|
|Exchange Trading||Not supported||Not supported|
|Funds Transfer between Accounts||Not supported||Supported|
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Which MetaTrader Platform Should You Choose?
The fact is, this will depend on your personal preference. MT4 is pretty much the gold standard in forex trading, and its popularity among traders globally underlines its stability, reliability and ease of use. It remains the best choice for beginner traders and it is the perfect illustration that ‘less is more’.
On the other hand, MT5 is obviously the more versatile platform with numerous additional features, which can help the more experienced trader to perform even deeper analyses on their favourite financial assets as well as conduct faster and more exhaustive strategy testing of their automated strategies. All in all, whichever platform you choose, Friedberg Direct has got you covered.
Why trade with Friedberg Direct and Metatrader:
There are a number of reasons that thousands of traders have chosen to trade with Friedberg Direct, offering the MT4 & MT5 is very well one of them among others:
Leverage up to is offered to all new traders that register with us. The leverage is one of the highest in the industry that a regulated broker can offer.
Fully Regulated Broker
With multiple awards being won, including the Best broker award, we also boast over 40 years of industry experience and have Canadian regulatory approval.
Over 250 assets to trade on. Variety of the most popular instruments including forex, commodities, indices & individual Deep Analysis
Enjoy more than 30 advanced charting & analytical tools, including trading strategy back-testing on the MT4 & MT5.
EA compatible, giving you free access to thousands of auto trading strategies. Additionally, there’s an option to upload your developed or purchased trading robots to take your trades automation to the next level.
Competitive spreads to trade on the most popular assets in the industry.
Trade MT4 on your tablet or mobile phone with our free Android & iOS trading apps
Get free daily market analysis, quality education materials and live technical support 24/5 when the markets are at their best.
Trade with Friedberg Direct and open MetaTrader 4 account today for instant market access.