Why do traders prefer MT4 over MT5? (2024)

Why do traders prefer MT4 over MT5?

Traders using both platforms say that MT4 and MT5 have custom programming languages. The difference is that MT4's programming language is easier to launch, develop, and install. MT4's programming language is ideal for new traders because it only requires minimal steps to set up its functionality.

Why do people prefer MT4 over MT5?

MT4 is the better bet if you are certain you will only be trading forex and CFDs, and you want to keep things very simple. It is a simpler platform and easier to get to grips with. If you trade stocks or more than one asset class, MT5 is definitely the right platform for you.

Should a beginner use MT4 or MT5?

In short, if you are new to trading, MT4 is the right choice. The basic functions in MT4 are more than enough for trading. If you already have trading experience, try MT5 as it has more features.

Which MetaTrader version is preferred by traders?

MetaTrader 4, known as MT4, is a very popular platform for trading, especially in the world of Forex. Many consider it the standard in the industry. Even though a newer version called MT5 is available, MetaTrader 4 is still more popular.

Will MT4 be phased out?

Though MT5 is more feature-rich than its predecessor and has now surpassed MT4 in terms of the number of companies using the platform, no public statements have been made by MetaQuotes indicating that MT4 will be officially phased out.

Why do most traders use MT4?

Traders using both platforms say that MT4 and MT5 have custom programming languages. The difference is that MT4's programming language is easier to launch, develop, and install. MT4's programming language is ideal for new traders because it only requires minimal steps to set up its functionality.

Why does everyone use MT4?

MT4 is popular for two reasons. The first is that it's highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.

Is there a big difference between MT4 and MT5?

MT4 was built to trade Forex while MT5 was designed to allow easier trading in non-Forex CFDs. They use different programming languages and MT5 allows faster back testing than MT4. MT5 also allows a DOM (depth of market functionality) and is technically supported by MetaQuotes, unlike MT4.

What are the pros and cons of MT4 vs MT5?

MT5 also provides more advanced charting, broader technical indicators, faster backtesting capabilities, and enhanced automation better suited for complex strategies. MT4 retains the advantage of simplicity and intuitiveness catering well to beginner traders.

What is the major difference between MT4 and MT5?

In conclusion, the main difference between MT4 and MT5 is that MetaTrader 5 was developed to attract market brokers beyond Forex, while MetaTrader 4 remains today's dominant trading platform when it comes to Forex and CFDs. One is not better than the other, it will depend on the broker profile you are trying to create.

Which platform do professional traders use?

IC Markets' clients have access to a good range of professional platforms – MT4, MT5, and the cTrader platforms. All of these provide excellent charting tools and indicators and can run algorithmic trading strategies 24/7 using the IC Markets VPS service.

Which broker do most traders use?

What will replace MT4 and MT5?

Vantage WebTrader, a web-based platform offers traders a convenient alternative to traditional downloadable trading software like MT4 and MT5. As a web platform, it can be accessed easily without the need to download any software, making it ideal for online brokers and traders who value speed and convenience.

Why is MT4 banned in US?

In September 2022, a ban on the MT4 and MT5 apps in Apple's App Store, which affected all markets, made headlines. Though the reasons for the decision were unclear, there was speculation that it was related to trading scams published in the iOS app store, impersonating popular trading platforms.

What is the disadvantage of MT4?

Cons of MT4:

Limited Asset Coverage: MT4 is primarily designed for Forex trading and doesn't provide the same level of access to other asset classes like stocks and commodities, unlike its successor, MetaTrader 5 (MT5). Traders looking to diversify their portfolios might find this limiting.

Can US traders use MT4?

MT4 has been the standard for FX, both with U.S. regulated brokers and offshore brokers. MT5 is more often used for U.S. Futures Trading. MT5 unlike 4 comes in two versions: Netting and Hedging.

What are people using instead of MT4?

Other important factors to consider when researching alternatives to MetaTrader 4 include features. We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to MetaTrader 4, including thinkorswim, eToro, E*Trade Web Platform, and Binance Broker.

Why do people like MT4?

MetaTrader 4 is one of the very first trading software programs that is highly reliable and capable. The platform has simplistic design, which makes it seem outdated and less user-friendly, however, the simplicity brings its benefits. For instance, the trading platform is highly reliable.

Is it better to trade on TradingView or MT4?

If you are a forex or CFD trader who wants a powerful platform with a wide range of features and customization options, then MT4 is a good choice. If you are a trader who wants a platform that is easy to use and has a wide range of markets and instruments available, then TradingView is a good choice.

Why has MT4 been removed?

A Historical Precedent: MetaTrader's Removal from the App Store. The trading community was taken by surprise when Apple decided to remove MT4 and MT5 from the App Store in September 2022, citing non-compliance with its guidelines [1].

Why do forex traders use MT4?

If you're an intermediate or advanced trader in the forex market, you've likely heard of or used MetaTrader 4, also known as MT4. This popular trading platform is widely used by forex traders for its user-friendly interface, advanced charting capabilities, and automated trading options.

Where is MT4 banned?

In 2023, India's central bank, the Reserve Bank of India, blacklisted many forex firms, including prominent and regulated brokers such as Just Markets, Blackbull and Admiral Markets, and others. This is not the first incident. These platforms are banned in India. In September 2022, India banned MT4 and MT5.

Why is MT5 popular?

Trading platform MetaTrader5 (MT5)

The trading platform is perfect for those who trades currencies, CFD's and futures. All could be done in one account. It helps traders greatly with numerous instruments for technical and fundamental analysis, multiple time-frames, alert system, etc.

Can I use MT4 without a broker?

Do I need a broker for using MT4? You need a broker to facilitate your trades using MT4. Traders need to open a live account with a broker as you cannot place trades using MT4 without one.

Is MetaTrader 5 the best?

My overall experience with Meta Trader 5 is a positive one. it is an software that i recommend to other financial traders as it offers real time access to the markets. there are no delays and data is displayed at real time. Meta Trader 5 also allows its users to connect to many of the available brokers.