There are a lot of trading platforms nowadays. But the question of most traders, “What is the best trading platform?” If you are in search of the best trading platform, you might get surprised by the good number of options available out there. Despite these varying options, the one from MetaQuotes dominates the market – the MetaTrader 4 and MetaTrader 5.
If you want to trade Forex online, your broker will give you a lot of options to choose from. However, MetaTrader is the one that’s mostly being used. Their first trading software was developed years ago and since then, the MetaTrader 4 and MT5 has become the leading platform in the industry.
If you are looking for a trading platform that is specifically made for Forex trading, then MetaQuotes has MetaTrader 4. It is common knowledge that retail Forex is just new to the industry since it was previously manipulated by huge banks and hedging companies. But since MetaTrader 4 appeared, it became a source of reliable features. These features include single-click trading, more than 50 indicators, and availability of pending orders, limit orders, Expert Advisors, multi charting, and 9 time-frames.
But just like any other trading platform out there, MetaTrader 4 also has its own minor disadvantages. This includes wider spreads offered by some brokers to MT4 platform users. Some traders also argue that MT4 is much slower compared to other trading platforms available nowadays.
Another famous trading platform used nowadays is MT5 which was only launched in 2010. Generally, MT5 is a lot faster than MT4, has more order types, additional indicators, and more features to offer. Although we can say that MT5 has upgraded features than MT4, there are actually no huge differences against the previously released trading platform, the MT4. But one great advantage of MT5 is the fact that it can handle a huge amount of trading instruments that its predecessor, MetaTrader 4.
Advantages of MetaTrader 5
Some traders might say that MT5 and MetaTrader 4 are similar in one way or the other, there are actually distinct advantages that MT5 has to offer, something that isn’t found in other trading platforms.
MetaTrader 5 offers 21 timeframes that traders can easily view. There are 11-minute charts, 7 hourly charts, plus daily, weekly, and monthly charts. As for the MT4 trading platform, it only has nine timeframes.
There are 6 types of pending orders in MT5. This includes buy-stop, buy-limit, sell-stop, sell-limit, buy stop-limit, and sell-stop-limit. As for MT4, the platform only offers 4 kinds of pending orders.
Hedging Mode and Netting Mode
Another advantage of MT5 is the ability to easily switch from hedging mode to netting mode. In hedging mode, traders are given the ability to get trades even in opposing positions. This has made great changes in trading for Forex traders.
The Depth of Market (DOM)
MT5 has a special feature, the Depth of Market (DOM). This function allows those Forex traders to see the bids and offers out of the different prices of the financial instrument.