If you are an online trading enthusiast, you can use MetaTrader 5 and MetaTrader 4 iPhone apps to trade forex. Though the prime objective of MetaTrader 4 iPhone app and MetaTrader 5 iPhone app is to enable users to have great trading experience, these forex trading apps vary in several ways.
Here is a comparison of MetaTrader 5 vs. MetaTrader 4 iPhone app that can help you know which one between the two is much better for forex trading activities:
The difference between MetaTrader 4 vs MetaTrader 5 iPhone App
MetaTrader 4, commonly referred to as MT4 is an electronic trading platform which is popularly used by online foreign exchange’s speculative traders.
See: Security Basics for the Novice Online Traders
MetaTrader 5 or MT5 is an e-trading platform which allows traders to have full control of their particular accounts, have better market analysis by making the most of the technical indicators, and trade in monetary markets.
MT4 iPhone App
The MT4 mobile platform for iPhone provides traders an opportunity to access at least 350 iPhone based forex broker options on the market. The MetaTrader 4 actually conjoins with more brokers when compared to the MT5 app. This is because best forex brokers provide MT4 more than MT5 since the former has been in existence for longer.
The MetaTrader 4 app provides features like detailed charts, real-time quotes, and full trading history among others.
The MetaTrader 5 iPhone app is among the reliable forex trading apps which you can download online free of charge. Though MT5 iPhone app performs the same as the MT4 mobile software variant, it has several changes which you can clearly note as a user.
For instance, despite both of these forex trading apps essentially looking almost identical, the MT5 platform has visual elements, graphs, and buttons which are better defined than those of its counterpart MetaTrader 4.
Pros of Using MT5 iPhone app
- Full-featured trading platform with Market Depth as well as all kinds of trade execution.
- It provides hedging and netting position accounting systems.
- It has built-in market analysis facilities including, 24 analytical objects and 30 technical indicators.
Pros of Using MT4 iPhone App
- Helps you execute your forex trading activities anywhere in the globe.
- It has an interface that is uncomplicated and easy to navigate
- The built-in market for Custom Indicators and Expert Advisors
MT5 Vs. MT4 Forex Trading App- Which one should you Use?
MT5 is a modernized version providing more merits as compared to MT4. The MetaTrader 5 iPhone app can help you significantly with your trading in a number of ways including:
- It can help you get your entire trading history
- It can enable you to enjoy every kind of trading execution
- It can help you get the whole set of unresolved orders and trade orders
- It offers actual time quotes of monetary instruments
The Bottom Line
If you are hunting for top-notch forex trading apps for iPhone, then both MT5 and MT4 can be excellent choices. However, MT5 has more alternatives, not to mention it is much easier to utilize compared to MetaTrader 4. Therefore, if you are wondering which forex trading app between the two is the right one to use, we can conclude MetaTrader 5 is the smart choice to use for forex trading activities.