Metatrader 4 vs 5: Which Platform is Better for Mobile Forex Trading?

Metatrader 4 vs 5: Which Platform is Better for Mobile Forex Trading?

In the fast-paced world we live in today, you need the ability to trade wherever you might be. Your mobile device is the bridge to the market and the world of mobile trading is best understood by two names above all others: MetaTrader 4 and MetaTrader 5. The two most popular platforms in the world. 

But this also provides a large question: which is better for you? The intention of this guide is to assist you in arriving at the right decision. We are going to provide you with a breakdown of the metatrader 4 vs 5 discussion as simply and clearly as possible. And look at their features to find the right platform to proceed with your mobile trading journey.

 

Meet the Contenders: MT4 and MT5

Let’s get acquainted with the two platforms. They are akin to two members of the same renowned family.  

MetaTrader 4 (MT4) – The Legacy MetaTrader 4 is considered to be the most well-known trading platform that has ever been created. It has been around for a long time, and millions of traders have used and loved it. It is marketed as a very stable, reliable, and easy-to-use platform. It is the original platform, and it is the go-to.  

MetaTrader 5 (MT5) – The Advanced Beast MetaTrader 5 is the gradually newer, and more powerful version. It takes everything that was great about MT4, and adds additional features, tools, and power. It is the modernized version.  

Ultimately, the decision in the metatrader 4 vs 5 debate comes down to your individual preference as a trader.

 

The Big Question: MT4 vs MT5 on Your Phone

What are they like on mobile devices? The good news is that both platforms have excellent mobile apps. They are both fast and easy to use, and they provide you with everything you need to trade on a mobile device.

 

If you are comparing or looking for the best forex trading app, you can allow that MT4 and MT5 are both near the top of the list. The mobile apps for both applications are great. Again, the only real, meaningful difference when comparing MT4 and MT5 on a mobile device is the difference with the desktop versions. There is a lack of essential features out of necessity, so we’ll give a brief mobile trading platform review with the core differences.

 

MT4 vs MT5 Features: A Simple Breakdown

Let’s examine the main features of MT4 vs MT5 so you can find the platform that suits your trading style. 

Simplicity: MT4’s greatest strength MT4 is known for one thing: it is extremely simple. It was designed specifically for Forex trading, and it excels at that. The interface is clean, buttons are clear, and you will learn how to use it quickly. For new traders, simplicity is very appealing. 

Power: MT5’s greatest strength MT5 is more powerful and has more capabilities. While MT4 is primarily Forex-focused, MT5 offers opportunities to trade more markets, including stocks and commodities. MT5 also has some additional tools built-in. 

Here are some other differences: 

• Charting Tools. MT5 has many more timeframes and more technical indicators built in. 
• Order Types. In addition to trading stocks, MT5 has several advanced order types compared to MT4. 
• Economic Calendar. While not a requirement for trading, MT5 has a built-in economic calendar that can be very useful.

This is really what the decision comes down to in the MT4 vs. MT5 debate – do you want to keep it simple or have more power?

 

Finding a Great Broker for MT4 or MT5

The platform is just one part of the equation, as well as a great broker that provides it. The cost and experience of trading itself will be influenced by the broker you decide to use. 

The good thing is that most great brokers offer both types of platforms. 

• The decision on metatrader 4 vs 5 may depend on your broker. Traders who are also looking for simplicity will want to go with a broker like Capitalix or SmartSTP who both specialize in easy to use MetaTrader 4.
• Brokers like FX Road and Trade EU Global are typically noted for their robust technology, which would benefit you in terms of speed and reliability with your MT5 platform.
• For space for professional traders who want the features of MetaTrader 5 in a professional space, brokers like CapPlace and the ECN broker FirstECN are typically great options.
• Best forex trading app would come from a broker with new ideas like SuxxessFx, and trading environment like the ones offered on Tradgrip, and Algobi broker with both MT4 and MT5.

 

So, Which One is Right for You?

This is the final and most important question. Here’s a very simple way to decide.

You should choose MT4 if:

• You are a beginner.
• You only want to trade Forex.
• You value simplicity and ease of use above all else.

You should choose MT5 if:

• You want more features and tools.
• You want to trade other markets, like stocks.
• You are a more experienced trader who needs more power.

There is no wrong answer in the metatrader 4 vs 5 debate. It’s all about what feels right for you.

 

Conclusion

Deciding between metatrader 4 vs 5 is simple: legendary simplicity versus better power. Both platforms are amazing, and both have one of the best forex trading app experiences available. 

The best way to choose would be to use both of them yourself. Open a free demo account with a good broker. Spend a couple of days using MT4 on your phone and then spend a couple of days using MT5. There, you will know which is the best fit for your trading style.

FAQs

1. Is MT5 better than MT4?

 MT5 is more powerful and has more features, but it is not necessarily “better.” Many traders prefer the simplicity of MT4. The metatrader 4 vs 5 choice is a matter of personal preference.

2. I am a beginner. Which one should I use?

Most beginners find MT4 easier to learn because of its very simple and clean design. It’s a great platform to start with.

3. Can I use my MT4 account on MT5?

 No. They are two separate platforms. You will need a specific MT5 account from your broker to use the MT5 platform.

4. What are the key MT4 vs MT5 features on mobile?

 The main differences are the same as on desktop. MT5’s mobile app has more built-in indicators, more charting timeframes, and can connect to more markets (like stocks), depending on what your broker offers.

5. Which brokers offer MT4 and MT5?

Almost all of the best brokers in the world offer both platforms. This gives you the freedom to choose the platform you love. This is a key part of any good mobile trading platform review.