MetaTrader 5

First, download MT4 from your secure client area. You’ll be prompted through the download process and once your platform has loaded, you’ll be asked for your account number, password and server name.

If you have issues with inputting these details, try the following:

1. Copy and paste password (ensure you’re not using any spaces).
2. Manually type your server IP address.
3. Backspace over server and manually type ‘edge<server number>.pepperstone.com’. For example Edge 03 = edge03.pepperstone.com.

If this doesn’t work, please open a live chat so we can help.

To view an order:

1. Open a window and click New Order or simply use your hotkey, F9.
2. Input your trading volume – this is based on standard FX lots ($100,000 exposure and $10 of the base currency per pip).
3. After you enter your volume, enter your stop-loss and take-profits (this can be added before or after entering the trade).
4. The Type field will display the order type you want to place (market execution is an instant order and pending order allows you to set the price).

To modify an order simply right-click on the trade within the Terminal – Trade section and select Modify or Delete order.

You’re able to modify the stop-loss or take-profit orders two ways:

1. Input the point distance you wish to have, for example, 200 points is a 20 pip stop-loss from the current market price. When entering this field, it will update the Copy as fields to display the stop-loss price you’re setting.
2. Alternatively, you can add the price you wish to exit in the stop-loss field to set the exact price.

To view an order:

1. Open a window and click New Order or simply use your hotkey, F9.
2. Input your trading volume – this is based on standard FX lots ($100,000 exposure and $10 of the base currency per pip).
3. After you enter your volume, enter your stop-loss and take-profits (this can be added before or after entering the trade).
4. The Type field will display the order type you want to place (market execution is an instant order and pending order allows you to set the price).

To modify an order simply right-click on the trade within the Terminal – Trade section and select Modify or Delete order.

You’re able to modify the stop-loss or take-profit orders two ways:

1. Input the point distance you wish to have, for example, 200 points is a 20 pip stop-loss from the current market price. When entering this field, it will update the Copy as fields to display the stop-loss price you’re setting.
2. Alternatively, you can add the price you wish to exit in the stop-loss field to set the exact price.

MT4 vs. MT5 – our opinion

We’re one of the world’s largest MT4 brokers so it’s no secret we’re fans of this popular platform. MT4 is a straightforward, intuitive and loved trading platform. It’s a classic – it’s perfect for both beginners and advanced traders because of its broad functionality.

A benefit to MT4 having such a vast community of users globally is their site, mql5.com, which holds an extensive range of indicators, signals, EAs you can buy and download and add in easily to the platform.

In addition to these add ons, Pepperstone here in Australia has its own affiliations with companies such as myFXBook, Duplitrade and Zulutrade who offer social trading solutions that are easy to set up, and give the users control over what they choose to invest their money in.

MT5 though, is here to change the game. It’s a platform known for its wide range of time frames, analytical prowess and variety of pending orders, loved most by our share and commodity traders.

The wider range of time frames available (21 time frames as opposed to MT4, which has 9) This is also extremely attractive for scalpers and for advanced traders who are looking to do in depth analysis of the market.

Pending Orders: MT4 offers stop and limit orders which are generally the most commonly used ones, whereas with MT5 you have the functionality to use stop limits too, which is a superior way of setting a limit order.

The programming languages for MT4 and MT5 are MQL4 and MQL5. Although there is more likely to be a larger amount of research and guidance for MT4 due to its popularity, users are starting to migrate to the MQL5 programming language as it’s more efficient and easier to use, and traders can write and alter scripts.

MT5 also offers a built in fundamental economic calendar delivering live macroeconomic news. MT5 contains an inbuilt MQL5 Community Chat and email system.

There’s certainly been more of a move towards MT5 from the trading community, which is what we’re seeing here when we look at our own client base. Our clients tend to be more sophisticated and informed investors, so the inclusion of MT5 is welcomed by many of our clients who have been heavier users of MT4 only in the past.

Contrary to popular belief though, MT5 has not been built to replace MT4. It’s here to supplement it. Here at Pepperstone, our investors use both MT4 and MT5 and get the best of both worlds and we support their trading approaches with online resources, access to webinars and of course, 24/5 support.

Generally, for beginner traders or clients who are looking to just trade forex, MT4 is a straightforward and efficient choice. For our traders looking for a niftier software, with a broader range of additional features, and more in-depth analysis then MT5 is more suitable. Furthermore, if you’re looking to trade the top US Share CFDs, then look no further than MT5.