In this brief article we explore the major differences between the MT4 and MT5 Trading Platforms in order to assist reader in deciding whether they should consider switching to the latest version of this established Forex gateway to the market.
The reality for now is that MT4 is still used widely by brokers and the majority of traders, and this is unlikely to change in the foreseeable future. Hence, you DO have the choice as to whether to change now to MT5 or remain with MT4. One of the key factors that may influence your choice to stay with MT4 is that many of the external third party ‘plugins’ and EA’s are not yet available for MT5. So, if you are using any of these tools then it is worthwhile checking before making the switch.
Additionally, any profiles and templates you have set up in MT4 may have to be redone should you make the switch. If you are keen to take advantage of some of the potential advantages of MT5, you will need to invest a considerable amount of time in understanding the new platform. A demo account is available to test before you switch.
Looking ahead, GO Markets plans to launch ‘equity CFDs’ as a new product soon on MT5. If this is of interest to you, it will perhaps be prudent to gain familiarity of MT5 with instruments you are already trading. Although there are many differences in the backend functioning of MT5, we are going to focus on the potential changes that influence the layout and user functionality of your Forex trading, or in other words the “practical” trading use for most traders. Additionally, for those of you who are making the switch, we will help by providing you with some ‘how-to’ guidance where relevant.
The basic four structural component remains the same as the MT4 (i.e. The ‘Market Watch’, ‘Navigator’, ‘Chart area’ and ‘Terminal’ (termed ‘Toolbox’ in MT5)) boxes. However, the following features are unique to MT5 only:
The following are unique to your MT5 platform function:
Making the change from MT4 to MT5 is easy. As previously mentioned, you can try our demo trading account so you can get used to the differences outlined above.
If you are an existing GO Markets client and have an MT4 account, and you would like to make the change, our team will happily guide you through the simple process. Simply give us a call or drop us an email to support@gomarkets.com and we will help you make it happen.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
Karen Wong (Linkedin) is a private FX & Equities Trader, Sydney Chapter Secretary of the Australian Technical Analysts Association and technical contributor for Guppytraders.com. Karen’s entire career has been focused on private trading primarily across equity markets. Her technical analysis is regularly used to help the community pursue ...
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