Dollars Markets boasts having the two platforms of MetaTrader 4 (MT4) and MetaTrader 5 (MT5); however, there is much confusion between the two platforms. Is the new platform really all that new? How is it in any way better than the tried, tested, and trusted ‘Old Reliable’ MT4?
All these questions will be answered, and perhaps you will find the right platform for you.
Brief History of MetaTrader 5
A long long time ago in a galaxy far far away, there lived traders and investors who saw that access to the markets could be digitalized, making it accessible to the retail market. This led to a technological revolution which would transform the industry, from having to call up your broker to place a trade and instead execute the trades yourselves via an online broker. The saviours was a company called MetaQuotes.
Initially, MetaQuotes had developed a MetaTrader 3 (MT3) that would make trading from desktop computers possible. However, that would be soon surpassed by fourth iteration, MetaTrader 4. MetaTrader 4 would boast having a client terminal available on Desktop PCs, Mobile Client for phones, and Web Terminal, which makes trading accessible to anyone with an internet connection.
Since 2003, when MT3 was released and later 2005 when MT4 was released, MetaQuotes has taken great steps to bring a stable platform for brokers to offer to their clients. The latest iteration of this platform is MetaTrader 5 which was released in 2013. Though the uptake was slow, the reason behind the slow transition is due to brokers sticking to MetaTrader 4 as it has be truly tried and tested for more than a decade.
If MT4 is ‘tried and tested’, how is MT5 more reliable?
The answer to this question is that it isn’t. It is equally reliable in its own right. The main differences are shown in the features. From an updated user interface (UI) to additional tools, trading options and charts, MetaTrader 5 is a significant upgrade.
Advantages of MT5
MetaTrader 5 (MT5) is just as simple and easy to use as its predecessor, MT4, but there are a few features to take note of:
- Depth of Market – While MT4 does not have this feature, MT5 shows clients with better transparency the depth of market that a broker has and how deep their liquidity can be. This allows for experienced traders to get better pricing for larger trading volumes.
- Economic Calendar – Time is money. Finding a separate economic calendar can be quite tiresome for a trader to switch back and forth between. Therefore, MT5 has an economic calendar built in for those looking to trade using their fundamentals.
- Charts – MT4 boasts only 9 different timeframes, whereas MT5 has more than double with 21 timeframes. Furthermore, MT5 has 38 technical indicators compared to the 30 indicators on MT4. Finally, on mobile view, you can view multiple charts on one screen in MT5 compared to a single chart on MT4, allowing you the opportunity to not miss an opening in the market.
- Hedging – MT4 allows for only hedging accounts. MT5 allows for both hedging and netting.
- Time-in-Force (TIF) – Want to get the price you want at the volume you want? MT5 allows for traders to choose their time in force, making sure that if you decide you won’t allow for any slippage for a specific order, it can be canceled.
MetaTrader 5 (MT5) on Dollars Markets
With only a USD 50 deposit, clients may gain access to MetaTrader (MT5) using a PRO Account, which boasts significantly lower spreads compared to MT4.