When it comes to online trading platforms, there are numerous options available to traders, each offering a range of features and capabilities. Two of the most popular platforms in the financial world are MetaTrader and ProRealTime. Both platforms have their own set of advantages and disadvantages, catering to different types of traders and their unique preferences. In this article, we will conduct a comprehensive comparison of MetaTrader and ProRealTime, exploring their key features, ease of use, charting capabilities, and more, to help you make an informed decision on which platform suits your trading needs best.
Introduction to MetaTrader and ProRealTime
Before delving into the details, let’s introduce the two trading platforms in question:
MetaTrader, developed by MetaQuotes Software, is a widely used trading platform in the forex and CFD markets. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most prominent versions. MT4, being the older version, is popular for its simplicity and user-friendly interface. On the other hand, MT5 offers more advanced features, such as more timeframes and additional asset classes, making it suitable for a broader range of traders.
ProRealTime, developed by IT-Finance, is another renowned trading platform that serves forex, stocks, and futures markets. Known for its powerful technical analysis tools and advanced charting capabilities, ProRealTime has garnered a loyal following among professional traders.
Now, let’s compare the two platforms across various aspects:
User Interface and Ease of Use
MT4’s user interface is straightforward and intuitive, making it easy for beginners to navigate and execute trades. The platform offers a wide range of pre-installed indicators and charting tools, providing ample options for traders who rely on technical analysis. However, its simplicity might be a limitation for advanced traders who seek more sophisticated features.
MT5, on the other hand, introduces a more modern and versatile interface, accommodating multiple windows and improved charting tools. While this offers more flexibility, it may be overwhelming for novice traders initially.
ProRealTime boasts a clean and well-organized interface, though it might not be as immediately user-friendly as MT4 for complete beginners. The platform’s focus on advanced charting and technical analysis tools may appeal more to experienced traders who value in-depth market analysis.
Charting and Technical Analysis
MT4 provides a solid foundation for technical analysis with a wide array of built-in indicators, drawing tools, and customizable templates. Traders can also create their custom indicators using the MQL4 programming language. Nevertheless, MT4 has a limitation of displaying only nine timeframes.
MT5 significantly improves on this aspect, offering 21 timeframes, making it more suitable for traders with diverse trading strategies. Additionally, MT5 enables traders to execute more in-depth technical analysis using more indicators and graphical objects.
ProRealTime excels in the realm of charting and technical analysis. With over 100 built-in indicators and an easy-to-use scripting language, traders can create complex strategies and indicators with relative ease. The platform also provides access to historical tick data, enabling traders to perform precise backtesting.
One standout feature of ProRealTime is its ability to create automated trading systems, known as ProBacktest and ProOrder. These features appeal to algorithmic traders seeking to develop and implement their strategies effectively.
MT4 primarily focuses on forex and CFD trading, which makes it a preferred choice for currency traders. Although it offers some limited access to other asset classes, such as stocks and commodities, the selection is more restricted compared to MT5.
MT5 broadens the asset class spectrum, providing access to various financial markets, including stocks, commodities, and indices, in addition to forex and CFDs. This enhancement caters to traders looking to diversify their portfolios beyond currency trading.
ProRealTime supports a wide range of asset classes, including forex, stocks, and futures, which is beneficial for traders looking for diverse trading opportunities. The platform’s focus on technical analysis makes it particularly attractive to traders interested in the stock and futures markets.
Both MT4 and MT5 allow traders to conduct backtesting on their strategies using historical price data. While MT4’s backtesting functionality is available, it is relatively basic compared to MT5’s more advanced strategy tester. MT5 allows multi-currency backtesting, making it more accurate for assessing complex strategies across different pairs.
ProRealTime’s backtesting capabilities are considered more advanced than MT4. The platform’s accurate historical tick data enables traders to simulate their strategies with high precision. The ability to automate backtesting and execute orders directly from the backtesting environment is a significant advantage for traders seeking seamless integration between testing and live trading.
Both MT4 and MT5 offer user-friendly mobile apps for trading on the go. The mobile apps provide access to real-time quotes, interactive charts, and essential order execution features. MT5’s mobile app, being the more recent version, may offer more stability and additional features compared to MT4’s mobile app.
ProRealTime also offers a mobile app that allows traders to access their accounts and execute trades on the move. While it may not be as feature-rich as the MetaTrader apps, it still provides essential tools for traders who value mobility.
Customer Support and Community
Given its widespread use, MetaTrader has a large and active user community. Traders can find a wealth of resources, including tutorials, forums, and expert advisors (EAs) developed by the community, to enhance their trading experience. MetaQuotes Software also provides customer support through various channels, ensuring traders receive assistance when needed.
While ProRealTime’s user community may not be as extensive as MetaTrader’s, it still offers a supportive environment for traders. ProRealTime provides customer support via email and phone, along with a knowledge base and a community forum.
In summary, both MetaTrader and ProRealTime are powerful trading platforms catering to different types of traders. MetaTrader, with its user-friendly interface and widespread availability, is an excellent choice for beginners and currency traders. On the other hand, ProRealTime stands out for its advanced charting tools, technical analysis capabilities, and support for multiple asset classes, making it ideal for experienced traders, especially those interested in stocks and futures.
Ultimately, the choice between MetaTrader and ProRealTime depends on your trading style, experience level, and specific needs. As a trader, it’s crucial to thoroughly evaluate each platform’s features and consider factors like asset class availability, charting capabilities, backtesting options, and cost before making a decision. Regardless of your choice, both platforms offer robust tools to help you navigate the exciting world of online trading and pursue your financial goals.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.