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The following guest post is courtesy of Jens Chrzanowski, Member of the Management Board of Admiral Markets Group AS.
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MetaTrader 5 has been available on the market for quite some time, allowing the early adopters to use the next generation platform by MetaQuotes. The majority of traders haven’t yet made the jump, for the reasons we’ll discuss in this article. But now… it’s time!
Using something for years, we develop a habit. Only if the other, new thing has very solid benefits, we take the next step. In my personal view, that is one of the reasons why many MetaTrader users still use MT4. If the benefits of a new version are not easy and clear to see, we don’t move.
The time has come. Admiral Markets and several other brokers have recently launched an upgraded offer for MT5. The benefits to switch to MT5 speak for themselves:
The previous releases had Hedging Mode deactivated. A trader wasn’t able to go long or short with one instrument and one account at the same time. This has changed, now the active trader could do hedging, if necessary.
Full Range of Instruments
Previously, brokers only offered Forex instruments in the MT5, which doesn’t exactly cover the complete range of available trading instruments.
Manually Adjusted Leverage – up to 500
The previous versions offered only fixed leverage. Now, traders are able to choose. Some prefer a smaller leverage of, say, 50, to the maximum leverage of 500. The freedom of choice is a nice thing to have!
Advanced Mobile Apps
Compare the MT4 App with the actual MT5 App by making just one trade, and you’ll grasp the advantages. You’d need two or three clicks with the MT4 App, but now it’s time for making trades directly on the main mobile chart. Faster, better… and more convenient.
If your broker supports this feature, MT5 will show you Forex Level II Pricing, the Market.Depth. A sought-after advantage for very short-term trading.
MT5 Supreme Edition
Last but not least: All the additional add-ons for MetaTrader 4 are now also available for the latest version. Stayed tuned for more details next week!
Reasons to stick to MT4?
If you use and are familiar with MT4 – the step to MT5 is not that big: the layout, the overviews, and many other things are the same and can be found in the exact same places. Give it a try!
If you use Expert Advisors (EAs) for automated trading, the only thing to consider is MT5’s different programming code. MetaTrader 5 is more stable and defies the future; unfortunately, not all of MT4 EAs are compatible or can be integrated in the new platform. You can always find a solution on the Internet, but remember that it’s not guaranteed to work.
To sum it up, both platform versions will be available for a longer time, meaning you don’t need to hurry to jump from MT4 to MT5. But there’s also no reason to wait anymore. The future is NOW.
See you next week!
Feedback, concerns, requests, likes? Contact me via: [email protected].
Trading on margin carries a high level of risk, and this article should not be seen as advice or solicitation to buy or sell, but written for informational purposes.