Every broker who wants to establish a brokerage company must first pick and connect a high-quality trading platform that allows for the processing of cryptocurrency payments as well as access to the foreign exchange market. There are around 10 of the most often used platforms, however there are only two of the most frequently used platforms. In this case, it is the first generation of MetaTrader4 (MT4), which was developed in 2005, and the second generation, MetaTrader5, which was developed a year or two later (in 2010).
When it comes to establishing a cryptocurrency exchange, data show that around one-third of brokers (34.4 percent) choose for the MT4 platform. This is the number one position in the popularity rankings. It is in second position in the smallest category (14.3 percent) and is part of the MT5 exchange. Both products are made available by MetaQuotes, however there are some significant distinctions between them.
Programming Language and User Interface
The programming language used is the first and most significant distinction between the two systems. The MQL4 programming language was used to create the MT4 version. The MQL5 programming language is used in the MT5 iteration. Additionally, MT5 differs in that it uses object-oriented logic and gives users with a broader range of capability. For example, a sophisticated system for evaluating the efficacy of advisers may be developed.
The interface and graphics of MT5 are, on the other hand, quite similar to the design and interface of MT4. As a result, a user who switches platforms may rapidly learn the new platform’s capabilities and get their bitcoin company up and running as fast as feasible. Furthermore, the new edition enables you to keep track of current quotations as well as transaction volume statistics.
Lists of Functionalities and Time Frames
Each platform offers a diverse set of tools that enable traders to operate swiftly and effectively. However, it is clear that MT5 has more complex capabilities as well as a more comprehensive array of analytical features. MetaTrader5 comes with eight distinct indicators, as well as the option to follow Elliott waves in addition to the standard indicators. The remainder of the functionality is quite similar to that of MetaTrader4 (see below). It is critical for traders to be able to add around one hundred indicators and examine them all at the same time while using MT5. In addition, this generation makes it simple to load other libraries into the system.
Additionally, there is a unique tool called MetaEditor. Individual advisors may be created using this feature without the need for any specific expertise or education on the part of the user. An additional feature is the availability of a Strategy Tester, which enables you to determine which of your plans was the most successful. This enables you to respond to the topic of how to start a Forex business in the most efficient manner possible. It is vital to remember that Expert Advisors created for MetaTrader4 are incompatible with MetaTrader5 platforms. Users have identified this as one of the most significant drawbacks of the 5th generation of MetaTrader.
The MetaTrader4 platform provides access to a total of 10 distinct periods for trading. And installing an upgraded version of MT4 will increase the number of items on the list to twenty-one.
Orders and Their Types
Pending orders are available in four different categories on the classic MetaTrader4 platform. It is now possible to order the “Buy Stop Limit” or “Sell Stop Limit” types of orders using the fifth-generation. The customer has the ability to start transactions at a higher or lower price as a result of this choice. In addition, it is possible to place a partial order. Users of MT5 will be able to open trades with a single click on the chart as a result of this method.
Additionally, the most recent version (MT5) provides for a more in-depth examination of the transactions of other market players. This is an additional advantage (especially if you have chosen a copy trading strategy for starting a brokerage business). You may look at the online economic calendar and get the most up-to-date information on the item that you are interested in.
Furthermore, the MetaTrader5 platform is more adaptable and can be used with a variety of markets (stocks, futures, accept cryptocurrency payments, etc.). The MetaTrader4 platform, on the other hand, is limited to the worldwide foreign exchange market.
Best Solution for Realizing These Trading Platforms
As a result of the investigation, one conclusion can be drawn: the MetaTrader5 platform is more adaptable and functional. This is not unexpected given the fact that the software is more recent and better suits the needs of traders. MetaTrader4 is still used by a large number of forex prime brokers and professional traders, though. They feel that the platform is equipped with all of the tools essential to engage in profitable Forex trading.
If brokers are considering how to set up a foreign exchange, they have two options. The first option is to purchase an expensive license. In accordance with data, the cost of MetaTrader4 or MetaTrade5 is between 100 and 200 thousand dollars per license. Not every broker has the financial resources to cover such fees during the early stages of establishing a brokerage business.
Another option is to use a high-quality white label trading platform for your business. B2Broker provides the customer with exceptional circumstances that enable them to set up a turnkey bitcoin exchange in the lowest amount of time. You may also save money by creating your own exchange that is suited to your specific needs and that is also low-cost to operate. Our managers are available to give you further information about the white label bitcoin exchange software as well as expert assistance.