Online trading platforms started developing during the 1990s and triggered the popularity of retail trading. But the trading platforms of today have undergone stunning evolution with the advancement in technology and concepts.
Forex trading, that was a decade ago, is not the same today. Today, to find the ideal trading platform for your needs, you will, of course, have evolved needs, like an intuitive user interface and support for trading in cryptocurrencies. Modern-day trading platforms are developed to support these features, and much more.
The age of MT4
Earlier, the MT4 or Meta Trader 4 platform ruled the Forex industry for about a decade. Given the trading demands prevalent during those days, it offered useful features like
- Device or platform independence – You can access the MT4 platform from your PC as well as smartphones. There are different versions of this platform for Android and iOS devices as well. This feature comes in handy when you need to view or close an order in the platform from anywhere in the world.
- Advanced functionalities – The software is inbuilt with not only trading technologies but a few essential analytical functions for expert traders. One such feature worth mentioning is the algorithmic trading system, which facilitates automated trading.
- Security – In MT4, the exchange of information will direct from you to the terminal to ultimately reach the platform. To prevent leakage of this information, an encryption-based system of 128-bit keys is implemented in the platform.
Evolution to MT5
For the last several years, MT5 has garnered huge popularity to be considered among the top modern trading platforms. The reason is that it brings extra convenience and flexibility to traders. For example, traders do not have access to only the built-in tools of the platform, like tables, graphs, and charts. Instead, they can customize technical indicators using an object-oriented programming language. The ability to further customize charts and graphs for better understanding and improved decisions is a significant feature.
Moreover, one can design trading robots or Expert Advisors (EA) to help them with forecasting market trends. And based on analysis and predictions, traders can implement successful strategies. Other notable features of MT5 include –
- Options to trade in multiple markets – If you trade in MT5, you will have access to both centralized and decentralized markets.
- Download tick history – You can consult and download tick history from getting in touch with brokers on the platform. However, in the MT4 platform, you would have to face limitations even while saving some of the ticks.
Apart from these features, the premium MT5 edition offers more functionalities like –
- Easy order management – With the help of new order ladders, traders would be able to access both pending and completed market orders.
- Extensive mini terminal – Once you install the MT5SE plugin, you can convert your terminal into a fully functional control panel. With the help of this, order management becomes convenient, and you will continuously be updated with news regarding your trading.
Besides, MT5 also allows partial orders, can detect resistance levels, and carry out many complex actions, which were impossible to do using MT4. As a result, pro traders are gradually turning their focus on this advanced version of the Meta Trader platform.