Over the past years, there has been a significant transformation in CFD and forex trading. Since 1990, developers have been coming up with different trading terminals in a bid to grow the popularity of retail trading while offering access to financial CFD and forex trading to traders.
Today, we are seeing different trading platforms offering cryptocurrency trading such as Ethereum, bitcoin, and ripple. One such platform is the Mt4, which was developed over ten years ago by the MetaQuotes Software Corporation. Its popularity has risen over the years, making it the standard market platform for traders worldwide.
Connecting a trader to a broker’s server is virtually essential because this is the only way to access various types of financial markets and CFDs. The trading platforms offer the much-needed avenue, where traders can trade shares, forex, commodities, bonds, and indexes.
The Mt4 platform has some unique features that make it more popular to traders, such as; mobility, security, and multifunctionality.
Mobility
The forex MetaTrader 4 is a mobile platform that allows you to trade on your computer and on your phone or tablet. As a result of it being available in 3 different formats, namely; mobile, browser, and desktop, your work becomes much simplified as you can open a trade on your computer and manage it from your phone at any time, any place.
Security
Forex trading is a delicate and private form of trading. Having a platform that assures you are not at any risk of attacks or hacks on your account is essential. The MT4 platform is a very secure platform that uses data encryption between the trader and the server. The 129-bit key encryption method that is used in the MT4 medium also ensures that the trader’s IP address is entirely concealed. The platform also supports an asymmetric encryption algorithm that is an improved security system based on RSA.
Multifunctionality
Among the many vital strengths of Mt4 is algorithmic trading, where traders can trade with automated trading systems. Having expert advisors has become one of its most common and essential features. Although most novice traders are not familiar with the inbuilt feature that allows them to create their expert advisor, they can still use the MetaTrader market, which is an inbuilt app store.
So much about the Mt4; let’s now take a look into the Mt5 platform.
Although Mt4 is still by far the most used trading platform globally, it is evident that the future of retail trading lies in the Mt5 forum. Some of the key features that you will find in this refurbished platform include;
- Ability to make multiple market orders
- Enhanced charting and timeframes
- FIFO rule doesn’t apply
- Commerce integration
- Calendar integration
- First-class indicators
Some of the Mt5 Platform Benefits Include;
Simple Coding
With much simpler coding than the Mt4, traders are allowed to create expert traders, giving them the ability to access forecasts and market analysis more precisely.
Order Management
Improved order management, such as filling orders using various deals, is another benefit of the Mt5 platform. The main idea behind the Mt5 hedging system is that it allows the trader to see each position’s profit level.
History Download
The Mt5 platform allows you to download and tick history from your broker. This allows the trader to know what the most traded value or group in a particular range was.
Besides the benefits, the Mt5 platform also has various tools in the offing, which include; expanded small terminal with multiple features and easy order ladder trading.
Conclusion
If you want to keep things simple by trading only CFDs and forex, then the Mt4 platform is the best for you. However, if your needs go beyond trading forex and CFDs, meaning that you are involved in stock trading, Mt5 would definitely be the best platform.
Getting to know your preferences and what you are looking to achieve as a trader should guide you into making the right choice of a trading platform.
