MT4 vs MT5: Main Differences
All Forex prime brokers need to choose reliable trading instruments to work with the Forex market. There are about 10 solutions that were considered effective and practical platforms. In doing so, the MT4 trading solution holds the leadership. And although the 5th version of the program was released in 2010, users are still working with the previous version.
According to statistics, 34.4% of Forex prime brokers exploit MetaTrader 4. At the same time, the share of MetaTrader 5 is 14.3%. What caused this variation, and what are the core differences between the two platforms?
Programming Languages and Interface
MT4 and MT5 have some similarities in terms of interface. The single difference is implementing the depth of market for tracking quotes and trading volumes.
However, the last two versions of MetaTrader build on different programming languages. So, the 4th version is based on the MQL4 language, while MT5 leverages the MQL5. The White Label trading platform uses the principles of object-oriented programming and a first-class testing system for checking the trading robots.
Opportunities for Analytics and Timeframes
ОBoth MetaTrader versions have a wide variety of analytical tools. At the same time, the developers have added more features to MT5, making it more functional.
Thus, MetaTrader 5 got 8 new indicators and a forecasting mechanism based on the Elliott wave principle. At the same time, the chart modes remained the same. In total, users can exploit more than 100 indicators in MT5 at the same time. Also, traders can add new indicators from the library.
Moreover, users can create their own trading robots and indicators in the latest White Label Forex solution of MetaEditor. It doesn’t require any programming skills. Further, MT5 introduces Strategy Tester to test the effectiveness of custom instruments. But there’s also a drawback. Custom advisors created in the MetaTrader 4 are incompatible with the 5th version.
As for timeframes, MT4 integration gives access to 10 timeframes, and in the updated version, their number reaches 21.
Types or Suggested Orders
MetaTrader 4 works with 4 types of pending orders. At the same time, MT5 White Label FX solution got two new types of limit orders – Buy Stop Limit and Sell Stop Limit. The first type allows opening a trade with a stop level above the indicated price with one click. As for the second type, the stop level is set below the indicated price. Partial fill of the order is possible.
The developers of MetaTrader 5 also add the Trade Alerts function for analyzing deals of other traders and following their strategies. It’s supplemented by up-to-date news on specific assets, as well as an online economic calendar.
The main difference between MetaTrader 4 and 5 is the support of the markets. MT4 works exclusively with Forex, while the 5th version supports working with stocks, futures, and other assets.
How do Choose the Best Way to Integrate These Forex Trading Platforms?
MetaTrader 5 gives access to more useful functions, making this White Label crypto exchange platform an excellent choice for professionals. At the same time, the MT4 is quite enough for most traders.
There are two ways to integrate a trading platform: buying a license and implementing a WL solution. The first option is costly. 100 000 for MT4 license or 200 000 for MT5 is a giant sum for a new liquidity aggregator. Therefore, B2Broker offers favorable rates for using White Label Forex solutions. Our managers are always ready to help select a trading platform that will allow you to take the lead on the Forex market.