Thanks to modern technology, anyone can try making profit from shifts in currency values. An internationally recognized broker such as Alpari International will provide guidance and digital tools giving access to the global marketplace. Discover the best trading platforms Nigeria and the key distinctions between them.
Trading platforms like Metatrader 4 and 5 provide access to the international currency market, where daily turnover reaches $5 trillion. This is the virtual space where trades are executed, and it is therefore irreplaceable.
Created by the MetaQuotes Software Corp., both of these finance environments are preferable to more simplistic tools, such as FX Charts. There are several arguments in favor of using MT4 and MT5 in Nigeria:
- Quick execution of trades;
- The broad spectrum of trading tools;
- Access to live streaming prices;
- The abundance of visual aids, such as graphs and tables;
- Compatibility with all popular operating systems;
- Optimization for mobile devices;
- Popularity with most traders across the world.
Hence, these two products are superior to most alternatives offered for download. But how do they compare to one another?
As the names of the products suggest, MT4 is the direct predecessor of MT5. In fact, the Forex trading platforms were released five years apart – in 2005 and 2010, respectively. However, this does not mean MT4 is automatically inferior. It is still wildly popular due to its specific functionality.
The earlier version is a relatively simple platform with a clear interface. It is suitable for trading on the currency exchange. Hence, traders who focus on currency pairs are still perfectly happy with it.
MT5, on the other hand, is truly impressive in its comprehensive nature. Allowing combinations of different assets, it is favored by those who diversify their portfolio with stocks, commodities, and CFDs.
Since both platforms have been optimized for mobile devices, accessing the marketplace while on the go is easy. Desktop versions work seamlessly on Windows and Mac alike. Smartphone owners may read thousands of genuine user reviews both on the Google Play Market and App Store.
The interface of both digital platforms may be modified in accordance with individual needs. Some of the things they share are finance news and audio alerts. However, graphic objects are where the distinctions between the two become obvious.
Unlike the successor with 21 timeframes, MT4 can only display 9. In terms of embedded technical indicators, MT5 also wins hands-down, with 38 against 30. There are 31 graphic objects in the earlier version and 44 in the latest one. The range of drawing tools in MT5 is also wider.
Finally, the latest system comes with an in-built economic calendar. The function notifies users about crucial financial news that is likely to sway the market rates.
Each platform operates using its specific language – MQL4 or MQL5. For a trader, this translates into different procedures for operation. For instance, while MT4 uses positions, MT5 works with orders. The systems are incompatible with one another.
Generally, the fifth edition is considered to be more effective and easy to use. There are even more advantages to MT5.
- An additional execution mode (‘exchange execution’);
- More pending order types (six against four in MT4);
So, since MT5 is so much more sophisticated, why use MT4? As a matter of fact, the answer is not so straightforward. For instance, newbies in South Africa who are only starting to explore the market appreciate the simplicity of the preceding version. Experienced traders with stocks and commodities in their portfolios, on the other hand, opt for MT5.