With summer seemingly behind us, traders are now looking towards the Fall and in particular the upcoming US elections for potential trading opportunities. Those that will be trading in the next few weeks and months will likely be doing so on a MetaTrader platform, however which version of the MetaTrader software should you use?
BDSwiss is one of many brokers who provide both, below we take a closer look into this broker and their MT4 and MT5 offering.
MT4 VS MT5
In retail trading, the MT4 is traditionally seen as the Gold standard. As Forex trading has grown, many typically use the MT4 as their entry point in the world of financial markets. The platform is considered easy to use, comes with a mobile version, and can be translated into most languages.
MT4, along with MT5, also allows traders to use third party software and indicators that many other platforms in this space are often unable to provide.
When it comes to MT5, it has all the bells and whistles as its predecessor. However it does have some additional features, such as Pending Order Types. In relation to the platforms, BDSwiss stated on their website that “While the MT4 and MT5 are broadly available and accessible to all BDSwiss clients, there are certain key differences you may need to consider when choosing your desktop platform.”
You can read the full comparison here.
BDSwiss Range of markets
Once you have decided on the platform to use, the next step is to see which markets are available to you. When we looked at BDSwiss, it seems as though the markets offered are available on both platforms.
They state that they provide over 50 FX pairs, 20 Cryptocurrencies, 140 equities, 10 indices, and 5 commodities. Ultimately this range appears to be diversified, which is what traders traditionally look for when it comes to availability of assets.
So now you’ve managed to pick your preferred platform and have selected your portfolio of markets to trade. However before trading, it is important to identify the cost of execution or spreads.
Both MT4 and MT5 allow users to see the live spread rate before placing trades. Each broker will offer different rates depending on their type of execution. Currently BDSwiss offer a variable spread on FX pairs, with EURUSD showing an average of 1.1pips.
Deciding between MT4 and MT5 can often be a difficult task, especially depending on your level of experience. However, many brokers, including BDSwiss, offer both, so you can try both of them out via a practice account. Once comfortable, you will then be able to switch to a live account.
The user interface on both platforms is identical, so you may not MT5 — depending on your style of trading.
Overall these are two great platforms for both new and experienced traders, the only hard choice will be what broker you decide to open a live account with.