If you are a beginner in the forex market, it is much easier to keep things simple and stick to the most used trading platform which is MT4 and MT5.
As a beginner in the forex market MT4 and MT5 platform has all the tools you need for your trading. It is true that MT5 is much more robust and efficient than MT4 however Mt4 is still widely used by many traders.
Meta trader 4 and Meta trader 5 are both good trading platforms for starters, that being said let me go further to give you more info on MT4 or MT5 for beginner.
WHICH IS THE BEST TRADING PLATFORM FOR BEGINNERS?
It will be unfair to say that MT4 and MT5 are the best trading platform for beginners.
Let us look at it this way, there are other alternatives to Meta quotes that are doing well. However, at the moment majority of the Video forex tutorials on the internet use MT4/MT5.
That being said it will be difficult for beginners not to start with MT4 and MT5 which will eventually become their preferred platform for trading.
Maybe after using MT4 and MT5 for a while, with the experience a trader can go on to other platforms.
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MT4 OR MT5 FOR BEGINNER
Note that MT4 and MT5 are both good for beginner, however, the MT5 is an advanced version for multi-asset options and it’s the future.
MT4 is made for CFD forex instruments while MT5 is a multi-asset trading platform and MT5 is much faster than MT4 in every way. Note that MT5 is not an upgrade of MT4.
IS MT5 GOOD FOR BEGINNERS?
Yes, MT5 is perfect for beginners because it’s faster and more efficient, and has more graphical tools, indicators, and timeframe. Starting with MT5 as a beginner is a good start.
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WHAT ARE MT4 AND MT5?
MT4 and MT5 also known as Meta trade 4 and Meta trader 5 respectively, are both electronic trading platforms widely used by online retail foreign traders.
Both platforms are widely used by traders. MT5 is an advanced latest trading platform designed by Meta quotes software.
WHICH IS BETTER MT4 OR MT5
MT5 is by far better than MT4 for many reasons; Mt5 comes with all the tools of MT4 and more. MT4 is designed for CFD forex instruments while MT5 is designed with multi-asset trading options and is much faster for internet speed connectivity.
IS MT5 FASTER THAN MT4
Yes MT5 is faster than MT4.
MT4 VS MT5
Am going to share with you a comparison table of Meta trader 4 and Meta trader 5; the table is according to Metatrader 5.com
|Partial filling Policy||Yes||No|
|Order fill Policy||Fill or kill immediate or cancel return||Fill or Kill|
|Pending Order types||6||4|
|Depth of market||Yes||No|
|Time & scales(Exchange data)||Yes||No|
|Email System||Yes with attachments||Yes no attachments|
|Funds transfer between accounts||Yes||No|
|Embedded MQL5 Community chat||Yes||No|
|Strategy tester||Multi-threaded+Multi-currency+Real ticks||Single thread|
MT4 VS MT5 SPREAD
There are no differences in spread on both platforms, do not forget that spread, commission, swap, and all other charges are determined by your broker. Therefore these charges will vary from the broker you choose to use.
MT4 AND MT5 BROKERS
There are hundreds of brokers that offer MT4 and MT5 to their clients. I am going to be listing a few of them.
The MT5 web platform allows traders to trade the market from their preferred browser and operating system (Windows, Mac, and Linux) the MT5 web version has all the tools just like the downloaded application. With just a few clicks away, you are good to go and the information on the MT5 web is encrypted.
IS MT4 SAFE?
MT4 is safe, all information between trader and server is encrypted. While you trade on the platform your IP address is Concealed and secured.
IS MT5 SAFE?
Mt5 uses data encryption and extended authentication to protect clients’ information from hackers. It is relatively a safe platform.
IS MT4 FREE?
YES and No. I said yes and No because MT4 is free for traders to download and make use of all the available features. However, for brokers, it is not. Brokers pay an upfront $100,000 fee for a full license and then follow up with a monthly hosting fee of $15000. This monthly fee covers services like bridging, hiring, and 24/5 support services.
BEST BROKER FOR MT4
The best broker for Mt4 completely depends on your experiences with the broker, the services they offer, and their charge level in terms of spread, swap, and commission.
In over a decade of trading, I will say that the best broker for MT4 is XM.
And MT5 as well; Generally Xm is very efficient and I will suggest them anytime.
META TRADER 4 MINIMUM DEPOSIT
The minimum deposit is determined by your broker and not Meta trader 4. That being said, note that some brokers offer as low as $5 as a minimum deposit, some even offer a no deposit bonus like XM.
WHAT IS MT5 USED FOR?
MT5 is a free application for traders to use to trade an unlimited amount of assets in the financial market. The application aids traders in performing technical analysis and making informed decisions.
You can down the MT5 trading platform from the Meta Quote website (https://www.metatrader5.com/en/download)
WHY IS META TRADER SO POPULAR?
There are numerous reasons why Meta trader is so popular and I am going to list some of them
1. It is simple to use.
2. Multi-purpose platform
3. It is reliable
4. Available on Multiple devices
6. App store
7. Easy to customize
8. Above all it is free, unlike its competition that requires payment for the pro version.
CAN YOU HAVE BOTH MT4 AND MT5?
Yes, of course, you can have both on one PC and they can run at the same time.
CAN YOU USE MT5 INSTEAD OF MT4?
Yes, you can use MT5 instead of MT4; MT5 has all the tools and indicators you can find in MT4 and more.
IS META TRADER 5 A BROKER?
No Meta trader 5 is not a broker, it is an online trading application developed by Meta Quote software for traders to use for free and broker for a fee.
WHICH BROKER IS BEST FOR MT4?
Any broker is good for MT4, what matters is what a broker offers to a client, like Xm which offers a no deposit bonus to new clients and other bonuses.
WHAT IS THE MINIMUM DEPOSIT ON MT5?
Mt5 is not a broker therefore minimum deposit requirement is determined by brokers.
HOW MUCH DO YOU NEED TO START ON META TRADER 5?
Meta trader 5 is a trading platform and not a broker, every broker has their set minimum to start trading. So starting on Meta trader 5 is determined by the broker you register with.