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MetaTrader 4 (MT4) and MetaTrader 5 (MT5): what they are and how they work

When participating in the financial market and choosing a reliable and professional Forex trading plan, traders should prioritize choosing a good trading software to analyze and trade more efficiently. Among the popular trading platforms today, Metatrader with 2 versions, MT4 and MT5, is widely attended by the trading community. In this article, we learn more about what mt4 and mt5 are and their outstanding features.

What are MT4 and MT5?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are trading platforms that allow traders to monitor charts, do technical analysis and trade in the financial markets.

Many people often confuse MT4 and MT5 as brokers, but MT4 is just an intermediate platform that connects users with brokers. You will need to open another broker’s account and log in to MT4 to analyze and trade.

The MetaTrader 4 and MetaTrader 5 versions were both developed by MetaQuotes Software Corporation in 2005. However, MT5 came out five years after MT4 with some additional settings to flexibly meet the different needs of investors. . Metatrader is by far the most popular trading platform and is offered by a large number of brokers.

Are MT4 and MT5 scams?

MT4 and MT5 are developed by MetaQuotes, well known as a provider of platforms that meet the strict IT security regulations set by financial regulators in every country of the world. Therefore 2 Metaquotes products, Metatrader 4 and Metatrader 5 are safe, reliable and reliable software.

However, some new traders still wonder if MT4 and MT5 are scams?

Nowadays, many brokers offer to trade on MT4 and MT5 platforms. But in reality, MT4 is simply a platform that helps you make purchases, sales, and technical analysis. Opening an account, depositing and withdrawing depend entirely on you with the broker of your choice, not the Metatrader software.

Therefore, MT4 and MT5 are not responsible for opening an account with a fraudulent broker. And traders need to be careful when choosing a trade.

Basic functions available on MetaTrader 4 and MetaTrader 5

Charting tools

Both MT4 and MT5 provide analysis tools that help investors identify resistance, support and cycle levels based on historical data. This way they can predict future price trends and make more accurate decisions. However, compared to MT4, MT5 offers a more decadent selection of charting tools.

Technical indicators

Technical indicators (Indicators) are technological analysis tools used to predict prices in the stock market. Technical indicators are mathematical calculations of volume and price indicators, significantly saving analysis time. Based on the signals of the indicators, you can decide whether to place a buy/ sell order or close a trade, determine the direction and strength of the trend, etc.

Both MetaTrader 4 and MetaTrader 5 now offer the necessary charting tools. While MT4 comes with 30 built-in technical indicators, MT5 offers another eight.

In addition, you will also have access to over 2,000 free custom indicators and many other paid technical indicators.

Trading Robots

An expert advisor or trading robot is installed on the MetaTrader 4, MetaTrader 5 trading platform to detect potential trading opportunities and automatically execute trades on a forex account without the direct intervention of the trader’s transaction.

For non-programmers, it is common to find free or paid forex robots that offer on MQL4 (for MT4 platform), MQL5 (for MT5 platform). Or even investors can create their own forex robots based on their strategies.

Copy Trade

Copy Trade is a feature that automatically copies trade orders from experienced traders and advanced financial skills in real time. How much the investor invests or copies the largest number of trades is arbitrary.

The most significant advantage here is that you do not need to enter the trade on your own. The investor earns the same profit as the selected expert to copy.

The MetaTrader 4 and MetaTrader 5 platforms offer thousands of free and payout trading signals. Traders can easily find it in the Trading Signals tab. These signals are ranked and sorted according to the level of winning or score of a particular trader. Investors only need to choose a single (expert) master suitable for their trading style or strategy to proceed with copying trades.

E-mail system

MT4 and MT5 have built-in email services that send notifications directly from trading platforms. The only difference is that MT5 supports email attachments, while MT4 does not.

How to download MetaTrader 4 and MetaTrader 5

For computers: To download this software to use, you need to visit the website of the broker that registers for a trading account, since the example here that I took is the XM exchange. Go to the Trading Platform tab, select the version for your device and proceed with the download.

With a phone: you have to go to the Play Store or Apple Store to find MT4/MT5 to download, choose a server, log in with the password and account ID provided by the broker to start trading.

Here is the XM broker’s MT4 interface after installing it:

Some prestigious brokers that provide MT4 and MT5 platforms

Currently, the number of exchanges that offer to trade on MetaTrader 4 and MetaTrader 5 is vast, where the number of brokers providing MT4 is greater. You can open an account and test it in some reputable exchanges such as:

List of reliable MT4 and MT5 brokers:

  • XM
  • Capital.com exchange
  • ICMarkets
  • Hotforex Exchange
  • FXTM
  • HotForex Exchange
  • FxPro Exchange

It can be said that MetaTrader is a viral trading platform among financial investors, especially forex traders. MetaTrader 4.5 has probably become an icon in the trading world. Few traders do not know this platform. However, you should note that MetaTrader 4 and MetaTrader 5 are just trading software. You will need to open another broker’s account and log in to MT4, MT5 to analyze and edit. So, be careful when choosing a reliable and secure exchange to avoid unnecessary risks.

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