Asian traders were slow to switch to MetaTrader 5 from their beloved MT4 platform, which is its predecessor. While both platforms rock top-of-the-line features, MT5 still comes out on top with its modern design and added capabilities. Despite this shift in mindset, MT4 remains a serious player in the trading platform scene, but traders have already started switching to its next-generation version, MT5. In this compact analysis, we will list some of the reasons why MT5 became so popular and why asian traders are slowly acknowledging it as their daily driver for financial trading decisions.
Multi-asset access in a single platform
MT5 offers a unified access to Forex currency pairs, stocks, commodities, futures, and cryptos. This enables traders to diversify their trading without much effort, all from one trading platform and interface. While MT4 can also be modified to offer access to many asset classes, its main focus is on Forex pairs. As a result, MT5 feels more natural for trading several asset classes at the same time, which makes it slightly superior for multi-asset traders.
Interface and design
Multi-asset trading is surely an advantage, but where MT5 shines as well is in its modern design and user-friendly interface. Surely, it is an advanced platform and requires some time and effort to master its features, but once you do, there are very few alternatives to switch to. Asian traders appreciate simplicity but advanced features while also accessing a multitude of different markets, and MT5 is a robust platform.
Advanced charting, timeframes, and analytical tools
MT5 shines in the diversity of tools and charting features. The platform offers over 21 timeframes, and it also adds a custom timeframes feature, where traders can choose any minutes or hours to switch to, which is a very useful feature. Unlike other platforms, where this feature is either non-existent (MT4) or paid (TradingView), MT5 offers it for free, and it is super easy to use. Apart from timeframes, there are multiple chart types and plenty of analytical tools. There are tens of different technical indicators directly built into the platform, ready to be used at any time on any chart and timeframe. Even more indicators are present in MT5 than what we can access in MT4. There are around 38 built-in indicators and 44 graphical objects, and tools to use any technical analysis techniques.
Automated trading and backtesting
One of the selling points of MT4 was its support for custom indicators, Expert Advisors (EAs), and an advanced built-in backtesting feature. Not only are all of these provided in the MT5 platform, but they are more refined, fast, and efficient, enabling 100% automated trading. MT5 is fast and has a modern design with its EAs coupled with modern approaches in programming, enabling it to make it with more elegant code. The MQL5 language was modified and adapted to the needs of modern algorithmic traders. It supports Artificial Intelligence robots and neural networks, and there are plenty of learning resources available.
Depth of market (DOM) and economic calendar
MT5 comes with a native market depth feature. Level II pricing lets traders monitor order flow and liquidity, which is very helpful in stock trading and commodities. It has not much use in FX trading, but all other assets benefit from this feature. Another useful feature is the built-in economic calendar. It allows traders to check macroeconomic news without leaving the platform, which is very comfortable for beginners. Real-time event tracking of important news helps detect major trends and conduct fundamental analysis, which is critical in financial trading.
Growing broker adoption and mobile app popularity
As more and more traders become aware of MT5’s advanced features, more brokers adopt it. This leads to a trend of MT5 becoming popular across the globe, including Asia, where traders love to use well-known and tested platforms like MT4.
Mobile app superiority
The MT5 mobile app is superior to 99% of mobile trading apps. This is not a coincidence; the MT4, which was the previous version, was also advanced and useful for trading on the go. However, MT5 is natively built for both iOS and Android, which makes it super fast, and it supports many advanced features while offering fast trade execution and modern design. Traders can customize their interface to make the trading process comfortable.
