Last update 2121.02.25
While MT4/MT5 is still a popular forex trading application among fx traders, using these platforms to invest is a lot of times an embarrassing task. The good news is that there are easier ways to trade forex and you do not need MT4 or MT5.
But, before we present how to efficiently replace the Metaquotes forex trading system (MT4 / MT5), it is important to understand their pros and cons.
Why MT4 and MT5 are still popular as a forex trading platform?
Metatrader is a trading application that connects to the different platforms and allows trading in forex, stocks, futures, and other instruments through a computer or smartphone. In other words, MT4 and MT5 are the links between brokers and traders, especially in the forex market. This possibility of connecting forex brokers to traders is the major reason by which MT4 was the first one of the most used fx trading platforms.
It is important to mention that the great majority of forex brokers are not software-houses and do not undertake efforts on developing trading applications. In doing so, they hire ready-to-use trading solutions, such as MT4 and MT5. On the other hand, traders can download MT4 or MT5 for free directly from the Metaquotes website.
What are the benefits of MT4 and MT5 for forex traders?
MT4 is a mobile platform. By saying that, we refer to trading not only on the computer but also on smartphones and tablets. MT4 is available in three different formats: desktop, mobile, and browser. Both mobile (iOS, Android) and the MetaTrader Webtrader web platform are fully compatible with the desktop terminal.
MetaQuotes has implemented many different functions for trading Forex & CFD instruments. MT4 offers different trading and analytical technologies, and also additional services for professional traders. It has a lot to offer for Forex & CFD trading.
In MT4, the exchange of information between the trader, the terminal, and the platform servers is encrypted with 128-bit keys. The platform also supports an enhanced security system based on RSA – an asymmetric encryption algorithm.
As you probably know, the industry is slowly but steadily shifting towards MetaTrader 5 (MT5). MT5 is arguably the future of retail trading. Let’s find out what’s so special about this revamped platform!
- Hedging allowed
- No FIFO rule
- Fundamental calendar integrated
- Commerce Integration
- Improved charting and time frames
- Exclusive first-class indicators
- Multiple market order ability
- MT5 Supreme Edition plugin integration
The Benefits of MT5
One of the major benefits of the MT5 platform is that traders are not restricted to using the built-in analytical resources, such as MT5 tables, indicators, and graphs. Owing to MQL5, an object-oriented and high-performance programming language, traders can create their own technical indicators.
The coding should be much simpler than MQ4 so that traders can even create trading robots, or Expert Advisors (EA). Trading robots (EAs) can automatically implement different trading strategies based on several different inputs.
MetaTrader 5 also offers enhanced order management capabilities (e.g. filling orders using multiple deals, including partial fills). If a trader has an open position at a symbol and performs a new deal, a new position is opened. That is the core idea behind the MetaTrader 5 hedging system. The trader can set Stop-Loss and Take-Profit levels, as well as see the profit level for each position.
Multimarket trading platform
Keep in mind that MetaTrader 5 is a multimarket platform, which means that you can trade both in centralized and non-centralized markets.
Real Volume Data
MT5 enables traders to gain access to real volume-traded data, and not only tick volume data. The tick volume refers to the number of price changes that have occurred in the course of the bar. With MT4, you simply do not know the real volume (contracts, or lots) that have been traded.
Tick History Download
In MT5, you can download and consult tick history from your broker. In MT4, you can only save tick data manually, which brings about many limitations. You must have your platform turned on 24 hours a day, and still, you’ll never keep all the ticks. In MT4, you can never know what the most traded price or cluster in the selected range was.
You have to make an estimation using only M1 bars, which is a major drawback compared to the real tick history of the broker, especially if you perform backtesting. Why is this important? Because many traders use tools like ‘Market Profile’, ‘Delta Volume’, and other tools (i.e., real POC/ VWAP/ Profile levels).
Extra tools in MT5 Supreme Edition
Easy Order Ladder Trading
This tool allows extra features for opening and managing positions quickly. Traders can open both pending and market orders with the use of a new order ladder. The risk and reward for orders will be calculated on the fly, and are easy to set up.
MT5 allows for partial orders, if, for instance, the maximum volume of trade is met and the trade is not filled, traders can select ‘partial edit’ to allow for the remaining volume to be canceled. The industry is advancing, evolving, and moving towards MT5. According to MetaQuotes, the focus is shifting to MT5.
If you are interested in trading forex with MT4 or MT5, you can download them safely on the following links, directly from the MetaQuotes official page:
Alternatively, if traders do not want to download any trading platforms, they can also trade with the MetaTrader Webtrader platform, directly in their browser.
But, is it needed MT4 or MT5 to trade forex?
Absolutely no. You do not need MT4 or MT5 to trade forex. There are a lot of great trading platforms available, including those owned by the forex brokers. Here we have a list of reliable brokers that provide their own trading platform without the need of using MT4 or MT5.
There are also independent trading platforms such as Tradingview and Ctrader, which provide a bundle of trading tools for forex and other instruments. These platforms are used by popular forex brokers such as IC Markets, Pepperstone, and Admiral Markets.
Does MT4 or MT5 work with AI?
What you will learn ahead
- Is MT4 or MT5 worth it?
- Is it possible to AI on MT4?
- What is the best platform to trade forex?
- How to use AI trading in forex
The best way to trade forex
You can trade forex with AI in an efficient way, without MT4, MT5, or any other complicated platform.
Check out the 3 steps to trade seamlessly automated with our AI.
By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.
With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.
🚦 Automated AI trading benefits
- Invest in forex from just $100.
- It is automatic, time-saving, and safe.
- An annualized average return of +42%* over the past 10 years.
- Setup in 3 minutes.
- Totally hands-free, from anywhere.
- Integrated with the forex best brokers.
- Your capital is protected by the brokers.
- Test with a risk-free practice account.
- Up to 60 trades per month.
- Automatic trades on average every 12 hours.
- You have full control of your broker account.
- Fast execution of trades.
- No commissions, no management fees.
- Automatic risk-management with low trading exposure of your capital (0.10% up to 0.65% per trade).
- No MT4/MT5 or other platforms required.
- Portfolio with 40 different automatic strategies.
- Trading results directly on our dashboard.
- Optional free forex signals.
- Trading alerts by email and Telegram.
- We have a team of professionals to support you.
Would you like to open a forex broker account? Our AI is integrated to trade automated with the broker FXCM. Click here to open an account with FXCM.
2. Manually with AI forex signals.
Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5, and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.
There are five unique variables for each AI signal, and each must be copied exactly, to match the performance of the signal as close as possible.
Each AI forex signal alert consists of the following five data points:
- Symbol (forex pair)
- Direction (long or short)
- Position size (number of units or lots)
- Take profit (price level to exit with maximum gain)
- Stop loss (price level to exit with maximum loss)
Check out how to trade with our AI forex signals.
- Subscribe to a Wise-Plan.
- Open a Brokerage account. Check this article about the best forex Brokers.
- Set an amount and a position size on our Wiseinvest dashboard.
- Our AI will send you real-time trading alerts by email and Telegram.
- Copy the signals and paste them into your Brokerage account.
All forex signals are sent every time that our AI trading system identifies a new trading opportunity. Our trading strategies are developed on a variety of time frames such as 4 and 8 hours.
Wiseinvest AI forex signals are Market Orders and you do not need the entry price. You can copy each signal while it is available on our dashboard. We do this way to assure that traders will just place signals while they are good to be traded.
You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.
When investing through Wiseinvest automated AI trading or AI forex signals, you do not need to calculate pips and change the leverage in your forex broker account. Learn more about leverage in forex trading by clicking here.
📲 What is the AI performance in forex trading?
The Win Rate of our AI varies according to the period and can reach up to 95%. The performance is based on the efficient frontier measurement metric, which means that our model is profitable whenever the Win Rate is greater than 60%. All strategies of our AI trading system seek stable returns and sufficient results to achieve an average return of 40% per year (APY), without the use of high leverages.
We understand that what matters in forex trading is the final result. Thus, the investor needs to consider that Win Rate is not always the best metric to measure performance in forex, as other signal providers disclose. For instance, out of 100 trades, only 1 trade may be enough loss to make the 99 trades not profitable. In this case, the Win Rate would be 99%, but the final result would be unfeasible (negative).
📲 We focus on the return of 40% of APY and not just on Win Rate.
It is essential to observe that forex brokers may charge spreads, commissions, and overnight fees in your trading account, and these factors can affect the AI performance. You can check our forex trading track record to understand more about AI trading performance by clicking here.
📲 How much do I need to trade forex with AI?
You can start in forex trading with free AI signals or an AI trading account and deposit just $100 in the broker. It is also possible to test using a risk-free practice account with our AI trading system. However, to do efficient risk management in real accounts, we suggest you start at least $100. Notice that some forex brokers require different initial deposits to trade forex.
📲 What is the trading strategy of our AI?
Our AI strategy is the combination of different AI trading systems, with more than 100 features, that define 40 different strategies which simultaneously consider: Quotes of the 28 forex pairs, Supports & Resistances in different time frames, Trends and Counter-trends, Cross-indicators, Index of each pair, Economic Calendar, Investors Sentiment.
Our AI analyzes those fundamental, technical, and sentiment factors that affect forex trading, and all criteria are evaluated in real-time using different weights. After completing the analysis, the choice of the signal emission strategy is made considering the increased likelihood of short-term profit and the amount available for investment.
Using technical analysis, our algorithm considers not only the patterns of various trends, including support and resistance levels and cross-indicators, but our AI is also able to create its own real-time index for each currency pair, which is used to identify what is the best direction and target.
In relation to fundamental analysis in forex, the AI makes a correlation within the economic calendar to find news data that can affect specific currency pairs.
✅ Why trust Wiseinvest instead of other trading solutions
These are the main reasons why forex traders at all levels trust us, rather than other trading solutions.
- Our automated AI trading is efficient, simple, safe, and affordable. You do not need MT4 or other complicated platforms to trade forex.
- We are a legitimate and reliable company with extensive experience in finance. We combine 19 years of trading experience and extensive academic research in the financial markets.
- Our AI outperformed the investment market with an average annual return of 42% over the past 10 years (2011-2020).
- The automated AI trading works with some of the best forex brokers.
- When using our AI solutions, all your money is protected by brokerage firms.
- We do not have access to withdrawals from our customers’ accounts.
- All of your data is encrypted and will never be shared.
✅ Takeaways for forex trading
- MT4/MT5 is still a popular forex trading application among fx traders. The good news is that there are easier ways to trade forex and you do not need MT4 or MT5.
- Wiseinvest provides helpful AI trading solutions for forex. You can trade automated through partner brokers with AI trading or manually with AI forex signals in the forex broker of your choice.
- To trade forex with Wiseinvest automated AI system you do not need MT4/MT5.
- You can get started with free AI forex signals and use a risk-free practice account.
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs.
FXCM warns that 74.74% of retail forex traders lose money trading CFDs. The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.