Previously, MT4 was the favorite platform for the majority of traders. However, innovation never stops and has now built the MT5 platform, which is much more advanced. Some of its features include improved trading speed, features, and better flexibility. 

Let’s explore how you can transition from MT4 to MT5 with ease.

How to Transition from MT4 to MT5: Step by Step

Here’s how you can easily move to the MT5 platform. 

Step 1: Know the Differences

Before moving to MT5, you should know what’s unique about it. It’s not an update but a completely different and new platform with its tools and structure. 

MT5 supports various asset classes, including stocks, commodities, and indices. The best part? It has built-in indicators, better charting tools, and faster trade execution. If this is something you want, you should transition immediately. 

Step 2: Back Up Your MT4 Data

Whenever we switch to a new platform, we usually have to leave all our customizations behind. This is true for these platforms as well. However, you don’t need to lose your data. You can easily back up all of it first. This includes your trading history, chats, and any Expert Advisors (EAs) or indicators you’ve been using. 

MT5 uses a different programming language, so you can transfer custom tools there. If you have a back up, you can rebuild your setup in the new dashboard later on. 

Step 3: Download the MT5 Platform

Once you’re ready, you’ll need to get the software. The MT5 download is available for Windows, macOS, mobile devices, and web browsers. Select the version that best suits your device. 

The installation process is simple. Just follow the on-screen steps and you’ll be registered in no time. Ensure your device meets the basic system requirements for a seamless experience. 

Step 4: Rebuild or Replace Custom Tools

If you’ve been using custom indicators or tools in the MT4 platform, then you’ll get to rebuild them in MT5. They aren’t compatible with the new platform because of the difference in coding language. 

You can look for similar tools that people use in MT5. Moreover, if you have the budget, hire a developer to convert your MT4 tools into ones compatible with the MT5 platform. 

Use the demo account first to understand how this new platform runs and executes trades. 

Benefits of Transitioning to MT5

The benefits of shifting from the old MT4 to the newer MT5 platform include: 

• Access to more markets: One of the biggest upgrades is access to more markets. MT4 was primarily used for Forex, but MT5 also supports trading in stocks, commodities, indices, and futures. 
• Faster and more efficient: MT5 is designed to run faster and more efficiently. It uses multi-threading, which means it can handle multiple tasks at the same time. 
• Advanced analysis tools: With over 38 technical indicators, 21 timeframes, and more graphical objects, MT5 gives far detailed insights into the market.  
• Built-in economic calendar: MT5 includes a built-in economic calendar that shows key financial events, like interest rate announcements or job reports. These events have a huge impact on multiple markets. 

Summing Up

Going from MT4 to MT5 trader might seem like a big step. But it’s a step worth taking. By using the newer platform, you’ll get access to more tools and better trading opportunities, thus helping you make more profit.