Why Forex Brokers Choose MT5 over MT4

March 25, 2021 Tom Clark | Comments Off

MetaTrader 5 is the newest tech update from the Russian company behind the trading site, MetaQuotes Software. MetaTrader 5 has enabled equities and commodities to be exchanged alongside the traditional forex elements, unlike its previous incarnation. Enhanced link times and modern indicator resources have been introduced. It sounds like a curriculum that is a must-have, right? That’s not the case, sadly.

MetaTrader 4 and 5 look identical, but they are not consistent with the back. The code for MetaTrader 5 is written in an entirely different language. The MetaTrader 4 program is written in MQL4, but the utterly new MQL5 was released by MetaTrader 5. MetaTrader 4 users have full Expert Advisors libraries (which are resources for analytical and trading process automation) and other robots, and these have become outdated on the MetaTrader 5 site.

Users did not, of course, choose to rewrite or re-buy robots that performed perfectly well on the MetaTrader 4 network.

MetaTrader 5 vs. MetaTrader 4

The trading app’s dominant edition is MetaTrader 4, but MetaTrader 5 does include several updates and improvements. The website, most prominently, is no longer only for currency dealers. Two new order forms have been introduced by MetaTrader 5 and are now open for commodities, shares, futures, options, and forex trading. It is also possible to utilize standard features such as hedging, Expert Advisors, and automated techniques.

On MetaTrader 5, along with the six distinct order forms, partial orders are now open. Also added were eight technological metrics and 13 graphical artifacts. Twelve new timeframes are applied to Meta Trader 5, meaning testing can be performed more thoroughly than before. With the latest embedded chat functionality, the MQL5 group is accessible 24/5, and emails can now be submitted with attachments.

An economic calendar displays significant dates and releases of results, but one of the most significant recent benefits is the opportunity to move funds between accounts. Without signing off, you can send cash between your forex and stock trading accounts. On MetaTrader 5, enhancements and new functionality are abundant, but the absence of backward compatibility ensures that the main framework is still MetaTrader 4. Trading securities, options, and futures is a significant move and may open the way in the future for more.

Why Brokers prefer MT5

MetaQuotes Tech has started nudging customers towards MetaTrader 5. The network is theoretically superior to MetaTrader 4. Still, the best forex brokers are unwilling to acquire new licenses, and the programming language in which they have written so many robots is not to be missed by traders. A tug-of-war is underway, and MegaQuotes have raised the intensity.

MetaTrader 4 funding has recently been shut off, and new brokers need to pick from MetaTrader 5 or none at all now. In addition to the gentle drive of MetaQuotes, share brokers will also sell stock exchange trading tools—most of the brokers that sell MetaTrader 5 offer to trade in several different markets. Previously, the network was mainly utilized for forex traders.