What is Metatrader 4 or 5? Our Metatrader experiences 2022

John James
October 3, 2021
We want to know what is MetaTrader does for traders and the significant differences between MetaTrader 4 and MetaTrader 5 .
what-is-metatrader

The right trading environment is essential to trading success. The Metatrader 4 has been in business for over ten years and has seen quite a few transfers. In contrast, the MetaTrader5 is still quite new on the market. Both trading environments can be used free of charge and are used on many trading platforms.

We want to know what a MetaTrader does for traders and the significant differences between MetaTrader 4 and MetaTrader 5

We would also like to know which MetaTrader is better for which type of trading. You also often hear that the upgrade is more for advanced traders. We will find out whether this statement is tenable in our Metatrader 4 and Metatrader 5 comparison.

Table of Contents

What is MetaTrader 4?

Metatrader 4 has been offering users worldwide numerous advantages as a trading platform for over 10 years. This Metatrader scores above all with an almost confusing selection of financial instruments that take trading to the next level.

The users particularly appreciate the fast execution of orders and the possibility of accessing automatic trading with the various financial products. The program implements the function with the Expert Advisors software. Based on algorithms, it is about calculating probable price developments and the profit-promising trades based on them.

Metatrader 4 has a robot mode and various options for creating an individual bot using the MQL4 programming language. The dealers can then use this feature as they see fit.

Another advantage of MetaTrader 4 is that traders do not have to limit themselves to the desktop version. Because the company behind the trading platform has also developed free applications for mobile devices with iOS and Android . If you want to use location-independent trading, all options of the desktop version are also available as an app.

However, the MetaTrader4 does have a disadvantage. The company stopped supporting this trading environment in 2017. After all, there is now the successor model. And it is precisely for this platform that the company provides the new updates. Unfortunately, thanks to the lack of updates, not much will change for Metatrader 4 in the future.

What is Metatrader 5?

Much like the MetaTrader4, the Metatrader 5 comes with a clear, clear and user-friendly platform. At first, only a rough look reveals no major differences between the two versions.

We had already discussed the basics of the individually created robots at Metatrader 4. The MLQ4 programming language is used for MetaTrader4 and MLQ5 for MetaTrader 5 . Another difference is the range of order types offered.

A lot has changed in the Metatrader 5 compared to the previous model. In addition to cryptocurrencies, selected stocks, Forex and CFDs, the new platform now also includes ETF CFDs and stock CFDs. But that’s not all because one or the other virtual financial product could also be added in future updates.

The rather extensive portfolio of possibilities makes Metatrader 5 particularly interesting for advanced and experienced traders. For example, in addition to the Stop Sell, Stop Buy, Limit Sell and Limit Buy orders, the order types in Metatrader 5 also include the order types Buy Stop Limit and Sell Stop Limit.

The execution speed with Metatrader 5 is also significantly faster, thanks to more powerful software. When trading, you can reach your goal within milliseconds. The company MetaQuotes is responsible for the further development of the platform. The functions, features and options are constantly being optimised accordingly.

Our tip:

If you already know Metatrader 4 and are not sure whether you want to switch to MetaTrader5 , the operators have a useful gadget ready. With both versions, interested dealers can take a look at the platform with a demo version.

Especially if you want to switch from Metatrader 4 to Metatrader 5, it certainly makes sense to test out the new features because not every retailer needs them.

In principle, however, we advise you to trade on our test winner broker ETFinance (with its trading platform) , as you have the best trading conditions here: The purchase of stocks and ETFs is completely free at ETFinance!

what-is-metatrader-free

Is the Metatrader free?

The use of Metatrader 4 and Metatrader 5 is free of charge. This also includes the version for desktop and for mobile devices with iOS or Android. However, access itself can cost something.

After all, you have to register on a corresponding trading platform in order to get to the download area for the Metatrader. In addition, there may be fees for registering with the various brokers.

Therefore, it is important to distinguish whether you pay for access to the Metatrader or access the broker because the free Metatrader can, of course, also be obtained from a broker without access, free of charge.

Theoretically, fees can arise when accessing a broker. However, as a rule, these brokers offer access to their platform free of charge. After all, there is quite a lot of competition between the different providers.

Our step by step Metatrader download guide

You do not necessarily have to download the Metatrader to use it. However, a MetaTrader download always makes sense if you already have a lot of experience trading with virtual financial products and often use the software accordingly.

You can usually get to the Metatrader download via the broker itself. These brokers offer the Metatrader download but do not require it to be able to use the trading offer. Because the entire spectrum of the software can also be used with the desktop version.

How the download works depend entirely on the operating system. There are simply different apps for mobile devices with iOS and Android that allow smooth access to the entire range of retailers. The Metatrader download is very easy here.

If you want to run the whole thing on a Mac PC, things look different. Because Metatrader does not yet have an official version for Mac. So the traders have to take a little detour via the PlayOnMac program.

This is free, open-source software. This, in turn, is based on the open-source program Wine. In this combination, the Metatrader download on Mac is no longer a problem.

The PlayOnMac program can be accessed directly from the provider’s website. Installation and use are, of course, free of charge. Once you have downloaded the program, the installation wizard guides you intuitively through the download and use process from Metatrader. The traders can now access the entire range of options and actions.

How to download the Metatrader

how-to download-metatrader

1st step: Download

On the Metatrader4 website, you can first decide whether you want to download MetaTrader4 or Metatrader5.

If you choose Metatrader4, you get a robust trading system supporting 3 execution modes and eight order types. There is also an unlimited number of diagrams and 50 analysis tools.

2nd step: Installation

After the successful download, which only takes a few seconds, you can then install Metatrader on your computer or Mac.

During the installation, click on  Next and select a  folder. The installation itself runs smoothly and, like the download, only takes a short time.

Step 3: Setup & Trading

Once you have installed the program, you can start setting it up.

The Metatrader enables algorithmic trading in a Meta Trader market. Here you pay attention to indicators and trading signals to be able to close deals. You can also choose to receive notifications about important market events.

How does the MetaTrader demo account work?

To draw a direct comparison between the two versions of MetaTrader, you have the option of taking a closer look at both platforms via demo mode. This makes perfect sense if you are considering switching from Metatrader 4 to MetaTrader5 or if you don’t even know what both versions are available.

For advanced traders, the look behind the scenes at Metatrader 5 is probably quite interesting. Because here, the traders can expect a further increased range of functions that were not yet available in Metatrader 4.

Especially beginners in the field of trading should take the opportunity to take a look around the platform without any risk. First of all, you shouldn’t open a real money account but just go through the demo mode. This is very easy via a virtual depot that can be found with many providers.

To be able to use Metatrader 4 or Metatrader 5 via this broker, these two factors must, of course, be linked. If the broker supports Metatrader 4 or Metatrader 5, you can get to know the platform in this way.

Brokers Using MetaTrader 4:

broker using metatrader

A Metatrader Broker is a broker where either Metatrader 4 or Metatrader 5 are available. Not every broker uses Metatrader 4 or Metatrader 5 for themselves. However, some bigger and better-known brokers are known for their use of this trading environment.

With MetaTrader4, these are:

  • TradeATF
  • ROinvesting
  • 101investing
  • PrimeFin

Brokers Using MetaTrader 5:

Since the MetaTrader 5 has not been on the market that long, the range for this version is not that great. Nevertheless, the Metatrader brokers for this version include:

  • ActivTrades
  • Admiral Markets
  • FXFlat
  • RoboMarkets

It is theoretically possible to access free real-time prices for the most important currencies, bonds, and commodities via the MetaTrader with all these brokers. In addition, Online Forex and CFD trading is also included. Also of interest are the own scripts in the MQL programming language, the placing of orders directly via the chart view and numerous pre-installed indicators.

In both versions, the profits and losses are displayed in real time. In addition, automated trading is also part of the offer via the Expert Advisor.

The best MetaTrader brokers with fee comparison

Rating

Min. Deposit

Min. Spread

Assets

Views

Positive Reviews

Negative Reviews

Likes

4.9/5
250
0.07
  • Commodities
  • Forex 40 +
  • Metals
  • Stocks
  • Indices
  • Cryptocurrencies
85
2
4.5/5
250
0.07
  • Metals
  • Forex
  • Indices
  • Cryptocurrencies
  • Commodities
  • Stocks

 

254
82
3
58
4.9/5
250
0.07
  • Forex 40+
  • Metals
  • Commodities
  • Stocks
  • Indices
  • Cryptocurrencies

 

480
80
3
50
Conclusion: Our MetaTrader 4 and MetaTrader 5 experiences

what-is-metatrader-conclusion

Let us now conclude our Metatrader 4 and Metatrader 5 tests. We had the opportunity to take a close look at both versions of the trading environment. The MetaTrader are the software that makes trading on the various crypto exchanges and brokers possible.

Not every broker uses the Metatrader as a basis for trading with the various virtual investment options. However, both the ten-year-old Metatrader 4 and the newer MetaTrader 5 are often used.

Using Metatrader 4 and Metatrader 5 is quite easy, thanks to the user-friendly interface. Even beginners in the field of trading should not have any difficulty in reaching their goal. There is no difference between the two versions in terms of user-friendliness and straightforward design. Moreover, both versions are from the same company.

Accordingly, not only the use but also the download of the software is the same. Most brokers have a special download area through which the Metatrader download is feasible. Only Mac users have to adapt a little and take the detour via the open-source software PlayOnMac. Once the program has been installed and combined with Metatrader, trading can begin.

Where there are other differences, there are the two areas, Options and Features. With the newer MetaTrader 5, traders have considerably more tools at their disposal for optimised trading. In addition, MetaTrader 5 also includes more digital investment areas.

The question arises about how many of these trading opportunities you need as a trader in everyday life. If you are already using Metatrader 4, a walk-in demo mode over MetaTrader 5 could bring clarity. Otherwise, of course, each retailer has to decide which spectrum he can and would like to work with.

For example, we recommend our test winner broker ETFinance, which does not use the Metatrader. We recommend ETFinance because you don’t have to pay any fees when trading stocks and ETFs.

4.9
4.9/5

Our recommendation: Trading at Investby

Our recommendation: Trading at Investby

  • The broker provides an Islamic Account
  • It provides a dedicated account manager
  • Receive customised investment news
  • Trade with a variety of assets
  • There’s no deposit limit
ABinvesting Review
4.5
4.5/5

Our recommendation: Trading at ABInvesting

  • Acknowledge the financial markets through education material 
  • Free VPS is available 
  • Get a swap discount of 50 per cent 
  • Islamic Account is available to traders 
  • Select account types of your interest
4.9
4.9/5

Our recommendation: Trading at PrimeFin

  • Fifth decimal available 
  • Spreads begin from 0.03 pips
  • Commission is zero  
  • Full 10-hour support  
  • News alerts and VPS for traders

FAQs

Metatrader4 and Metatrader5 are powerful technical analysis tools to facilitate trading in the markets.

Yes, because you can differentiate between MetaTrader4 and MetaTrader5 and compare the offers of the two platforms in demo mode. Especially beginners in the field of trading can take advantage of the opportunity to look around the platforms without any risk.

Above all, MetaTrader5 offers more functions for advanced traders. As a result, you get an increased range of functions that Metratrader4 does not offer.

More brokers support Metatrader4 than Metatrader5. These include ROinvesting, 101investing, TradeATF

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