Operational efficiency naturally affects a brokerage’s financial results. That’s why having the perfect flexible set of tools at hand is a must for every broker.
Many trading platforms are available in both mobile and desktop versions. MetaTrader trading platforms are among the leaders in popularity among desktop applications of its type.
This article will reveal which version of this platform makes it easier for brokers to work with a wide range of data volumes, and what can help optimize the provision of forex market brokerage services in addition to the trading platforms themselves when working with each of them.
The main criteria for specialized broker software depend on their specific purpose, be it the organization of marketing programs, risk management or customizing trader commissions. MetaTrader 4 and 5 meet the functionality and intuitiveness requirements in terms of connecting traders and brokers for the purposes of forex trading. Let’s discuss the main differences between these two versions of the program.
MetaTrader 4 is one of the most popular third-party desktop trading platforms. It trades a wide range of assets. The platform allows you to process trading operations, conduct technical data analysis, monitor markets, automate transactions using trading advisors and build charts.
MT4 helps users monitor instrument price fluctuations and apply sophisticated strategies and research to help them make informed decisions. In addition to easy download and installation, MetaTrader is capable of creating custom indicators. The platform supports the following chart types: Japanese Candlestick, Line Chart, Heiken Ashi Candlestick and Renko Chart.
The MetaQuotes Language, which was used to develop the platform, is also utilized in programming scripts that improve trading strategies. Such scripts are usually created to facilitate automated trading, set up technical indicators, customize libraries, etc.
In MetaTrader versions 4 and 5 users have access to comprehensive plugins that offer an even more customized broker experience. Such plugins are developed by specialized companies. For example, brokers can use the tools for brokers developed by Takeprofit Tech.
MetaTrader 5 is currently the latest version of the platform. In addition to CFD and Forex trading, MT5 supports stock and futures trading, which makes this version of the platform more versatile.
MT5 also includes advanced features, such as using cloud storage to run strategies and backtest. In MT4, backtesting is done locally or via a Virtual Private Server (VPS).
In addition to enhanced performance, MT5’s numerous innovations include advanced charting systems, in-depth analytical tools, a netting position tracking system, and unlimited account groups.
Although it resembles MT4 both in appearance and in general parameters, MT5 is a faster and more modernized trading platform. MT4 is still very popular among brokers due to its relative simplicity and large community, nonetheless, the number of MT5 users continues to grow due to its wider and deeper functionality.