MetaTrader 5 vs IQ Option - Customisable vs User Friendly Platform
MetaTrader 5 (MT5) is the successor to MetaTrader 5 (MT4). MT5 has a number of feature enhancements on MT4, including more inbuilt technical indicators, time frames and graphical objects. MT5 can also have what is arguably a more user friendly interface compared with MT4 and is more optimised for trading performance. MT5 like MT4 allows the trader both to download and to build online trading robots, however MT5 uses a different programming language (MQL5) compared with MT4 (MQL4).
IQ Option provides a user friendly platform which supports traders who plan and execute their own trades. It has a different layout from MT5, one feature is that IQ Option emphasises the movement of a market across the chart, while MT5 is focused more on the chart as it shows patterns and other analytical features. Both however allow the trader to analyse markets using technical analysis tools such as indicators and graphical objects (to draw, for example, trend lines to indicate direction and possible support and resistance). In fact, IQ Option's platform has more technical indicators than MT5, with 100+. However MT5 like MT4 allows the trader to download more indicators and to build them. So to a significant extent, MT5 is more customisable.
This said IQ Option has additional tools on the platform. Under the 'Market Analysis' tab, IQ Option offers a range of additional tools. There is News, a Forex Calendar, an Earnings Calendar and a Crypto calendar. The Calendars contain information about market events pertaining to the markets covered. This can be seen as perhaps another way that IQ Option aims to offer a user friendly packaging of market data on its platform. The minimum deposit for IQ Option is $10.
| Broker | Trading Platforms | Description |
|---|---|---|
| Deriv Broker | MT5 Trading Platforms | Deriv offers a range of platforms including MT5 as a web trader, download and mobile Description |
| IQ Option Broker | Web Trader & Apps Trading Platforms | IQ Option provides a user friendly online trading platform with a range of technical and fundamental tools Description |
Thus MetaTrader 5 vs IQ Option can be seen as a more customisable platform, with a wide range of features, such as automated trading and the capacity to build and download indicators and indicators. IQ Option can be seen as a user friendly platform designed for the trader who wants to plan and execute their own trades, offering a wide range of indicators and fundamental tools.
