MetaTrader 5 Review

In 2010 MetaQuotes released the MetaTrader 5 platform following the successful launch of MT4 which remains the most popular forex trading platform worldwide with both the MT4 and MT5 platform having algorithmic trading through expert advisors, technical analysis tools, real-time charting and fast trading software execution speeds.

Understand the advantages of the MetaQuotes software packages designed for financial markets trading updated 08/08/2019.

Curency Movements Image

Introduction To MetaTrader

MetaTrader 4 (MT4) is the worlds most popular forex trading platform yet the same company (MetaQuotes) released a new version in 2010. This new version was called MetaTrader 5 (MT5) but even after 7 years doesn’t have the popularity of MT4. Below shows a complete MetaTrader 5 review comparing the forex trading platform to it’s the predecessor and comparing forex broker offering it.

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Why Choose MetaTrader 4?

1) It’s Easier To Install

Installing MetaTrader 4 is both faster and easier than MetaTrader 5. This may be due to the requirement for lighter requirements for MT4 which was made period to MT5. It’s also easier to set up initially and start trading.

2) It’s Easier To Compile Codes

Expert advisors feature very between each of the forex trading platforms. For MT4 it’s designed focusing on native MQL code language. Most coders find these easy to compile compared to modern language. It’s also worth noting that forex traders with MetaTrader 4 can’t migrate the code to MetaTrader 5 which has led to the poor migration of the forex trading platform.

3) Easier To Use Interface

Ease of use if the key reason that many traders consider MT4 to the best forex trading platform. Several surveys has highlighted this viewpoint and while more refines and feature-rich platforms have been produced since the simplicity of MT4 has maintained its popularity.

4) Aligns To A Variety Of Trading Methods

New features and defaults within new trading platforms such as FIFO as default don’t suit some trading styles. The fact that MT4 remains one of the only forex trading platforms to support hedging further strengthens the ability to suit trading styles.

5) Popularity With Brokers And Traders

Popularity breads popularity. Forex traders like the fact that MT4 is the most popular platform and can exchange information and expert advisor code. Most forex brokers in Australia and globally also offer MetaTrader 4 which is why traders choose the platform.

MetaTrader 4 Forex Trading Platform


Why Choose MetaTrader 5?

1) Improved Timeframes and Charting

MetaTrader 5 offers 21 timeframes compared to just 9 for MT4. There are also unlimited charting options with over a hundred that can be open at one time.

2) Fundamental Analysis Availability

There is an inbuilt MT5 forex calendar that has features such as schedules, new events, forecasts, expected impacts and other elements. These are perfect for traders who prefer fundamental analysis to make their trading decisions.

3) Commerce Integration

Unlike MT4, the newer platform has commerce integration allows traders to rent of purchase currency (forex) products directly. This can be done through the market tab.

4) Extra Indicators

MetaTrader 5 has 38 inbuilt indicators and 22 analytical objects along with 46 graphical objects. Compare this to MT4’s 30 indicators and it’s the financial instruments advancements made.

5) A Plethora Of Market Order Ability

MT5 allows for 2 market orders and 6 pending orders as well as 2 stop orders. Compare this to MT4 which only allows 2 markets orders and 4 pending orders.

Devices Supported on Metatrader 5


Major Benefits of MT5

One of the major benefits of the Metatrader 5 platform is that traders are not confined to just utilise the built-in analytical resources such as the Metatrader 5 tables, graphs and market indicators. Thanks to MQL5, a high-performance programming language, traders can create their very own technical indicators. With a bit of coding know-how, traders can even create trading robots often called “Expert Advisors.” Trading robots can automatically implement nearly any trading strategy based on a number of key input calculations, affording traders the ability to access highly accurate market analysis and forecasts.

The Benefits of Metatrader 5

Why is Metatrader 5 Better?

Many people question the difference between the Metatrader platforms and what makes Metatrader 5 better than its predecessors Metatrader 3 and Metatrader4. The answer is really quite simple. Companies evolve and adapt to changes in the market and the needs and demands of their key stakeholders. In 2005 when Metatrader 4 was released, it provided traders with a revolutionary new tool enabling them to create their own programs. This gave rise to automated or algorithmic trading. Metatrader 4 addressed clients’ needs to test and optimise their trading strategies.

With automated trading continually evolving and gaining in popularity, MetaTrader 5 was created to allow traders the ability to take advantage of all the benefits of the Metatrader has to offer across nearly every financial market. Algorithmic trading has become commonplace and the programming language offered with the Metatrader 5 product is far superior than MT4 or MT3. Advanced trading signals, moving trades and other enhancements have further helped traders analyse and execute trades.

 MetaTrader 4MetaTrader 5
Supported MarketsForexForex / Futures /
Options / Stocks / Bonds
Strategy TesterSingle ThreadMulti-threaded
+ Multi-currency
+ Real ticks
Economic CalendarNoYes
Depth of MarketNoYes
Order Fill PolicyFill or KillFill or Kill
Immediate or Cancel
Partial Order Filling PoliciesNoYes
Pending Order Types46

What Is The Best Forex Trading Platform Broker For MetaTrader?

In January 2019, Compare Forex Brokers conducted a review of the Forex industry’s best Forex trading platform providers. The research conducted was extensive; we analysed approximately 15 of Australia’s best Forex brokers and over the course of a few months compiled a detailed comparison table. The current best Forex trading platform comparison consists of only 5 companies; we narrowed it down to just 5 to make it simpler for traders to understand which companies indeed offer the best value in the Australian market.

2017 Best Forex Trading Platform Comparison Table

The best company we observed was Pepperstone and the main reason for this is due to the astounding number of trading platforms they have on offer including Metatrader 5 which they are about to release.

Brief History of MetaQuotes

For roughly ten years MetaQuotes Software Corporation has been developing software for financial markets including foreign currency, equities, futures and CFDs. Their trading platform for Forex trading in particular has become the market leader right from the Metatrader 3 version, through Metatrader 4, to the current Metatrader 5 software package. According to the company, Metatrader 5 was three years in the making when it launched in June 2010. The uniqueness of Metatrader 5 boils down to the software’s ability to allow trading in nearly all financial markets including the stock market.

Metaquotes Creators of MT5

In our Pepperstone review, we found that the company were the first and only Forex broker in Australia to offer clients Metatrader 5 which was a main reason why we selected Pepperstone as one of the best Forex brokers in March 2018.

Is Metatrader 5 these best forex trading platform?

Metatrader 5 provides traders in all financial markets with the required tools to analyse price fluctuations, conduct extensive market analysis and research with up to 82 handy tools. Metatrader 5 truly is an all in one platform with unrivalled charting programs and analytical tools.


MetaTrader Vs Other Platforms

A question we posed not too long ago was if Metatrader 5 is so powerful and so popular why do Forex companies still support the earlier version? Furthermore, why do they offer other trading products too such as C trader offered by ThinkForex and Metatrader 4 offered by Plus500, IG Markets and most other brokers? To put it simply, not all traders avail themselves of the powerful tools available on Metatrader 5. Most traders also have zero programming expertise and couldn’t take advantage of every MT5 feature even if they wanted to. It is for this very reason that Forex brokers offer different types of tools for their vast client base. For example FXCM have an in-house platform called Trading Station.

MT5 Company Logo

Different trading platforms also offer various trading experiences depending on the device used. With trader circumstances being so diverse, some platforms cater to the specific needs of clients. For example some trading platforms offer customers a superior trading experience on mobile or tablet than others. Other platforms offer those running Mac OS better performance too.

Ultimately, Pepperstone offers their clients more trading platforms than any other Forex broker in Australia. They understand that Forex traders are incredibly different with varying levels of expertise and while some might take advantage of all that Metatrader 5 has to offer, others are just looking for something simpler. Other brokers that you can compare to Pepperstone for MetaTrader are GO MarketsAxiTrader as well as IC Markets.