Active traders of currency want to have full access to anything that can help them stay updated – their trading accounts, charts, quotes, market news, and almost everything that can help them in keeping the trading accounts owned by them at their fingertips. The idea or the reason behind that is to have access to them whenever and wherever they want. This made the demand for smartphone software or apps more with time and today such apps and software are extremely popular. You can actively trade the major or important currency pairs and they usually remain volatile during the sessions of trading. The currency pairs will react to the events and you will notice that their prices are moving during economic news releases! Therefore, as a trader you should have access to your accounts, charts, news feeds, and most importantly you should be able to access the market quotes.
If you are an iPhone user, then you would know that you will get certain mobile apps for forex trading that may or may not be compatible with android handsets. So, we took the two most popular iPhone mobile apps for forex trading and compare them with all the necessary details so that you can get a better understanding and choose wisely. Let’s understand the difference of MetaTrader 4 vs. MetaTrader 5 iPhone app, with this apps you can start forex trading on the iPhone to make money or investing.
- MetaTrader 4
Commonly known as MT4, the MetaTrader 4 is an e-trading platform that is used widely by the speculative traders of online foreign exchange. MT4 or MetaTrader 4 was developed and introduced by MetaQuotes Software in the year 2005. MetaTrader is licensed to the foreign exchange brokers and these brokers offer the software to the clients they have. MT4 consists of server as well as client component. The broker runs the component of the server. On the other hand, the client software is offered to the customers of the broker and they use the software to view charts and streaming prices live, manage their own accounts, and place orders.
The MetaTrader or MT4 iPhone app lets you choose from a large number of servers and brokers to trade with. You will get every kind of trading order and more than 50 technical analysis tools. In addition to that, you can chat with other traders and enable or receive push or audio notifications in your iPhone, which will help you in continuous trading anytime and anywhere.
- MetaTrader 5
You can get one of the most popular and trusted forex trading platforms of the world today, MetaTrader 5 on iPhone and it’s absolutely free. MetaTrader 5 lets you have full control of your account, make the most of technical indicators for better market analysis, and trade in financial markets. The MetaTrader 5 is an upgraded version and offers many more benefits as compared to the MetaTrader 4. It helps you greatly with your trading – you can get a full history of your trading, enjoy every type of trade execution, get the entire set of pending orders as well as the trade orders, and have the real time quotes of financial instruments.
Further, MetaTracker offers 30 most trusted and popular technical indicators – For example: Stochastic Oscillator, Standard Deviation, Oscillator’s Moving Average, Force Index, MACD, Envelopes, Momentum, etc. In addition to that you will also get 3 chart types – Broken line, Japanese Candlesticks, and Bars. The MetaTrader 5 is also known for its user-friendly interface and ease of use. You can trade anytime and from anywhere with the state-of-the-art popular trading platform. In addition to that, you can access your entire trading history, prices, charts, and current trade positions even when you are offline.
Another great trading app from MetaQuotes, MetaTrader, helps you trade anywhere with ease and with the features, this app is one of the best trading apps that you will find on iPhone. MetaTrader 5 lets you the access to every kind of trading order that is available in desktop. In addition to that you will also get the option of Market Execution and Instant Execution, which will make your trading much more convenient and time-saving. You can also monitor trade history, account balance, and open position with MetaTrader 5.
If you are looking for an excellent forex trading app for iPhones, then both MetaTrader 4 and MetaTrader 5 can be excellent options. However, MetaTrader 5 comes with a lot more options and is much easier to use compared to MT4. Looking at all the benefits and features of MetaTrader 5, we can safely conclude that it is the smart option for forex trading for you today.