When choosing a forex broker, the software provided is a key factor. MetaTrader 5 is a popular multi-asset platform for trading forex, exchange instruments and futures. Actually, it is a newer and improved version of the industry leader MT4, which was released in 2010.
The MT5 has kept most of the well-familiar features of its predecessor. It has the same great charting package and support for technical analysis indicators and automated trading systems (EAs) as its predecessor. Unfortunately, the MT4 and MT5 do not run using the same programming languages. Therefore, experts that are coded to work on the MT4 will not function on the MT5 – they have to be re-written (or converted).
On the other hand, the main advantage of MetaTrader 5 over MT4 is the fact that it enables traders to execute trades on different financial markets (including exchange-traded stocks) through a single account. In addition, MT5’s execution is faster and after the hedging option was added to it in 2016, among other enhancements, it gained popularity both among forex traders and brokers. Metaquotes has actually made a number of significant changes to the functionality of the MT5, giving it certain advantages over the MT4, as the company is trying to outphase the latter. The company is pushing hard for traders and brokers to adopt MT5. Here are some of the key features of this platform and advantages over the MT4.
More Instruments (stocks and futures)
Advanced market depth feature (with a tick chart and Time & Sales information)
New & improved back-tester (which allows faster and simultaneous multi-currency pair back testing)
Additional order types (“Buy Stop Limit” and “Sell Stop Limit”)
Supports both the traditional netting and hedging options
More indicators (80+)
In addition to the desktop and mobile versions, the MetaTrader 5 is available on the web and can be accessed from any device.