MT4 OR MT5 FOR BEGINNER

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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.

If you are a beginner in the forex market, it is much easier to keep things simple and stick to the most used trading platforms which are MT4 and MT5.

As a beginner in the forex market, MT4 and MT5 platforms have all the tools you need for your trading.

MT5 is indeed much more robust and efficient than MT4 however MT4 is still widely used by many traders.

WHICH IS THE BEST TRADING PLATFORM FOR BEGINNERS?

It would 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 the 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 platforms for trading.

Maybe after using MT4 and MT5 for a while, with the experience a trader can go on to other platforms.

XM Ultra low spread

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Secret of identifying dominant Trend PDF

MT4 OR MT5 FOR BEGINNER

MT4 or MT5 for beginner

Note that MT4 and MT5 are both good for beginners, 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.

RELATED: HOW TO SET STOP LOSS AND TAKE PROFIT IN 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.

RELATED: HOW TO KNOW WHEN A TREND IS ENDING?

WHAT ARE MT4 AND MT5?

MT4 and MT5 also known as Meta Trader 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 trading platform designed by Meta Quotes software.

RELATED: VERY EASY AND PROFITABLE TRADING STRATEGY MT4

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

MT4MT5FEATURES
Partial filling PolicyYesNo
Order fill PolicyFill or kill immediate or cancel returnFill or Kill
Yes No attachments64
Depth of marketYesNo
Time & scales(Exchange data)YesNo
Technical Indicators3830
Graphical Objects4431
Timeframes219
Economic calendarYesNo
Email SystemYes with attachmentsYes no attachments
Funds transfer between accountsYesNo
Embedded MQL5 Community chatYesNo
Strategy testerMulti-threaded+Multi-currency+Real ticksSingle thread
Multi-Lingual UnicodeYesNo
NettingYesNo
HedgingYesYes
SymbolsUnlimited1024
Supported MarketsForex/Futures/Options/Stocks/BondsForex
Exchange tradingYesNo

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

Hundreds of brokers offer MT4 and MT5 to their clients. I am going to be listing a few of them.

XM

Deriv

FXTM

Alpari

FBS

HOTFOREX

Pepperstone

MT5 WEB

MT5 Web Platform

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, and all information between the 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

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.

With 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.

MT5 DOWNLOAD

You can down the MT5 trading platform from the Meta Quote website (https://www.metatrader5.com/en/download)

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