[XMTrading: For FX beginners] Differences between MT4 and MT5, how to use which one is recommended? Thorough explanation

Language Switcher

XMTraidng offers two trading platforms: MT4 and MT5. The choice is up to each trader as it depends on the trader. Therefore, we recommend that you try both, even if it’s just a trial. Is MT4 better for trading with XM? Is MT5 good? Let’s compare the differences. Which trader tool do you recommend? I will explain.

MetaQuotes Differences between MT4 and MT5

MetaQuotes has two types of trading tools. It is convenient to use because it works just by clicking. Most foreign FX brokers use this tool, so there is a lot of information out there, and it is compatible with both discretionary trading and automated trading. Easy to use, select and confirm, so you can easily trade with just one click. It also adapts to trading styles such as scalping. Even the demo account supports MT5 etc. Both are developed in a language called mql.

time frame9 types21 types
navigator windowcan’t create folderYou can create any folder
operating speedslower than MT5Faster than MT4
Indicative priceCurrency pair tick chartView details and price boards
updateNo updates since 2018Update ongoing
memory usageFewmany

MT4 has not been updated since 2018. MT5 is superior in terms of functionality, but many people are accustomed to MT4 because there are few EAs and custom indicators, but considering the future, MT5 is better.

Download MT4 and MT5

You can download MT4 and 5 from your XM login destination. When you log in, there is a tab called “Platform” on the home page, so you can download it from here. By the way, it is compatible not only with Windows but also with Mac. Installation speed and processing are fast, and multiple downloads are available on the official website. The screen will look like this: There is no installation fee. It only takes about 2 to 3 minutes, so there’s no stress.

Source : xmtrading.com

Reasons to recommend MT5

Metatrader’s latest tool is MT5. This is currently the company’s focus on development. New and latest versions of the system have been introduced in exness and titanfx, and it has become the standard. High-performance MT5 is recommended to take advantage of the maximum leverage of 1000x. Both buildings move smoothly and without any problems.

MT5 has 21 timeframes

The time frames of MT4 are 1 minute (M1), 5 minutes (M5), 15 minutes (M15), 30 minutes (M30), 1 hour (H1), 4 hours (H4), and daily ( D1), weekly (W1), and monthly (MN) only. However, in MT5 there are 21 types. Highly accurate chart analysis is possible. Not only short term, but also 3 hours, 6 hours, 8 hours, etc. MetaTrader indicators also have many categories.

navigator window

In MT4, there were only two menus in the navigator window, but in MT5, “Details” and “Price Board” have been added. It’s a little more convenient now. It is released frequently and works well on both computers and smartphones. You can also plan your entry timing.

MT4 stopped updating

Currently, MetaQuotes has finished updating MT4 and is focusing on the development of MT5. Since it will eventually be completely migrated to MT5, it is better to migrate to MT5 as much as possible. I don’t think MetaQuotes will focus on MT4 in the future.

Time to stop using MT4

In the not-so-distant future, MT4 may no longer be usable. This is because development by MetaQuotes has already stopped in 2017, and there is no prospect of updating it at all. Some companies have not introduced it, and of course the programming languages developed for MT4 and MT5 are different, so they are not compatible. MT4 has trouble starting up, so you can’t feel safe using MT4.

XM specs

XM handles both MT4 and MT5, but you need to be careful when changing. You will need to create a new account. The appeal of both is that you can use moving averages and technical analysis. Used by traders all over the world. There will be no rejection of contract.

Many FX brokers support MT4

Currently, the reality is that there are more FX companies that support MT4 than FX companies that provide accounts that support MT5. Therefore, there are many FX brokers that do not allow trading with MT5 in the first place, so there are some aspects that cannot be said to be that MT5 is better. However, there is no doubt that MT5 will eventually become mainstream.

MT5 is faster than MT4

Since MT5 supports multi-core and multi-threaded CPUs, it has the feature of faster operation than MT4. However, the load on the hardware increases accordingly, so it is necessary to prepare a terminal with reasonable specifications, but even if you take that into consideration, it is clear that MT5 has overwhelmingly higher performance. is.

stop limit order

MT5 has an order method called a stop limit order. A stop limit order is a very convenient order method that allows you to place a limit buy at a price lower than a specified price after reaching a specified price, or a limit sell at a point higher than that price. There is no need to bother looking at charts. This feature is not available in MT4.

Advantages and disadvantages of MT5

works very fast

Plenty of time options

Easy to see quotes

Few FX brokers support it

Heavy load on the device

Advantages and disadvantages of MT4

Rich automatic trading functions

Performance is inferior to MT5

Used by many FX brokers

Unable to place stop limit order

Finishing the update

Not compatible

MT4 and MT5 are not compatible. You need to open an MT4 account and an MT5 account respectively. Therefore, please note that you cannot transfer them separately.

Compatible with smartphone apps

MT4 and MT5 each support smartphone apps. The app can be downloaded for both iPhone and Android.