What is MT4 and MT5? Are they scams?

TutorialsMarch 28, 2022

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When participating in the financial market and choosing a reputable and professional Forex trading floor, traders should prioritize choosing good trading software to analyze and trade more efficiently. Among the popular trading platform today, Metatrader with 2 versions, MT4 and MT5, is widely participated by the trader community. In this article, let’s learn more about what is mt4 and mt5 and their outstanding features.

What are MT4 & MT5?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are trading platforms that allow traders to monitor charts, do technical analysis and make trades in the financial markets.

Many people often confuse MT4 and MT5 as brokers, but MT4 is just an intermediary platform connecting users with brokers. You will need to open another broker’s account and log in to MT4 to analyze and trade.

What is MT4 and MT5? Are they Scams?

MetaTrader 4 and MetaTrader 5 versions were both developed by MetaQuotes Software corporation in 2005. However, MT5 came out five years after MT4 with some additional settings to flexibly meet the different needs of investors. . Metatrader is by far the most popular trading platform and is offered by a large number of brokers.

Are MT4 & MT5 scams?

MT4 and MT5 are developed by MetaQuotes – well known as a provider of platforms that meet strict IT security regulations set by financial regulators in every country in the world. Therefore 2 Metaquotes products, Metatrader 4 and Metatrader 5 are safe, reputable, and reliable software.

However, some new traders still wonder if MT4 and MT5 are scams?

Nowadays, many brokers offer to trade on MT4 and MT5 platforms. But in reality, MT4 is merely a platform that helps you make buy, sell, and technical analysis trades. Opening an account, depositing and withdrawing are entirely up to you with the broker of your choice, not the Metatrader software.

Therefore, MT4 and MT5 are not responsible for opening an account at a fraudulent broker. And traders need to be careful when choosing an exchange.

Basic Features available on MetaTrader 4 and MetaTrader 5

Graphics Tools

Both MT4 and MT5 provide analysis tools that helps investors to identify resistance, support, and cycle levels based on historical data. So they can predict future price trends and make more accurate decisions. However, compared to MT4, MT5 offers a more decadent selection of graphical tools.

Technical Indicators

Technical indicators (Indicators) are technological analysis tools used to predict prices in the stock market. Technical indicators are mathematical calculations of volume and price indicators, significantly saving analysis time. Based on the indicators’ signals, you can decide whether to enter a buy/sell order or close a trade, determine the direction and strength of the trend, etc.

Both MetaTrader 4 and MetaTrader 5 now offer necessary charting tools. While MT4 comes with 30 built-in technical indicators, MT5 offers eight more.

In addition, you will also have access to over 2,000 free custom indicators and many other paid technical indicators.

Trading Robots

An expert advisor or trading robot is installed on the MetaTrader 4, MetaTrader 5 trading platform to detect potential trading opportunities and automatically execute trades on a forex account without the direct intervention of the trader transaction.

For non-programmers, it is common to find free or paid forex robots that offer on MQL4 (for MT4 platform), MQL5 (for MT5 platform). Or even investors can create their forex robots according to their strategies.

Copy Trade

Copy Trade is a feature that automatically copies trade orders of experienced traders and advanced financial skills in real-time. How much the investor invests or copies as many trades is arbitrary.

The most significant advantage here is that there is no need to enter the trade yourself. The investor earns the same profit as the expert selected to copy.

The MetaTrader 4 and MetaTrader 5 platforms offer thousands of free and paid trading signals. Traders can easily find it in the Trading Signals tab. These signals are categorized and sorted according to a particular trader’s level of winning or scoring. Investors only need to choose a single master (expert) suitable for their trading style or strategy to proceed with copying trades.

Email System

MT4 and MT5 have built-in email services that send notifications directly from the trading platforms. The only difference is that MT5 supports email attachments, while MT4 does not.

How to download MetaTrader 4 and MetaTrader 5

For computers: To download this software to use, you need to visit the broker’s website you register for a trading account, as the example here I took is the XM exchange. Go to the Trading Platform tab, select the version for your device, and proceed with the download.

With a phone: you need to go to Play Store or Apple Store to find MT4/MT5 to download, choose a server, log in with the password & account ID provided to you by the broker to start trading.

Here is the MT4 interface of the XM broker after you have installed it:

What is MT4 and MT5? Are they Scams?

Some prestigious brokers providing MT4 & MT5 platforms

Currently, the number of exchanges offering to trade on MetaTrader 4 and MetaTrader 5 is vast, in which the number of brokers providing MT4 is larger. You can open an account and test it at some reputable exchanges such as:

List of reputable MT4 & MT5 brokers:

  • XM
  • Capital.com exchange
  • ICMarkets
  • Hotforex exchange
  • FXTM
  • HotForex Exchange
  • Exchange FxPro

It can be said that MetaTrader is a viral trading platform among financial investors, especially forex traders. MetaTrader 4, 5 has probably become an icon in the trading world. Few traders do not know this platform. However, you should note that MetaTrader 4 and MetaTrader 5 is just trading software. You will need to open another broker’s account and log in to MT4, MT5 to analyze and change. So, be careful in choosing a reputable and safe exchange to avoid unnecessary risks.


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