Hi, I just registered with my broker, forextime, FXTM, and found that they offer metatrader 4 and metatrader 5. They also offer their own platform to use. Which platform should I start with? I am confused. I opened metatrader 4 and found that the browser app has help files, so I think 5 will also have it. I am willing to start learning any of them. Can someone recommend one to me? Or do I use the broker’s own platform? Which is better?
MT4 is the most commonly used amongst traders
MT4 is the most popular platform nowadays so it would be better to start with it. It has quite simple and user-friendly interface so you will be able to get familiar with it just in a few days. Its technical requirements are quite low, so you will not need to have powerful and expensive PC to use it. Another important point that it has almost all features the trader may need, including various indicators and tools for technical analysis. If you need more, you can easily find numerous indicators and additional tools created for MT4 within the Internet. There are huge communities of traders working with this plaftorm, developing and creating new indicators, automated trading systems and additional tools and elements extending its functionality.
Most of the brokers offer MT4 platform or their own platforms based on it, so you will not need to study new platform if you will deside to work with another broker.
Thus, MT4 will be the best solution for newbie trader. Then, when you will have more experience, you will be able to use other platforms covering some specific needs, but on the first stage it will be enough to use MT4.
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MT5 platform has many limitations and was mainly developed to allow brokers to offer stocks, futures, etc. With MT5 you won’t be able to open EURUSD Long and EURUSD Short at the same time. So, the answer is MT4 (as long as you trade forex)