Why do people prefer MT4 over MT5? (2024)

Why do people prefer MT4 over MT5?

MT4 is much easier for newer Forex traders. However, it only supports forex assets and CFDs and has fewer features than MT5. MT5 offers a greater volume of technical indicators, timeframes and graphics, along with improvements such as an economic calendar.

Why do traders 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.

Why do people prefer MetaTrader 4?

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.

Which app is best MT4 or MT5?

MT5 offers more order types, technical indicators, analytical objects, time frames, and charts. MT5 is also good for traders who want to perform complex backtesting, thanks to its advanced Strategy Tester features. Simply put, MT5 is the better choice for traders of all types.

Will MT4 be phased out?

Will mt4 be phased out? No. Although Metaquotes announced several years ago they would no longer be supporting MetaTrader 4, it is still available from their website for free download and remains by far the most popular and widely used trading platform. What is the difference between MT4 and MT5?

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.

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 disadvantage of MT4?

MT4 was primarily designed to operate on a Windows operating system. As a result, Mac or Linux users may not experience the same level of performance as Windows users. Even though there are workarounds, this could be a drawback for those who choose to use alternative operating systems.

Do professional traders use MetaTrader 4?

Its user-friendly design suits beginners, while its advanced features cater to the needs of professional traders. With robust technical analysis tools, and the ability to automate trading strategies, MT4 provides the ideal solution for all traders.

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.

Will MT5 replace MT4?

MT5 Will Replace MT4, but Slowly

But, the industry remains optimistic about the future of the MT5. The slow, yet definite, adoption can be anticipated from 7 million lines of code already written on MT5, while the figure only remained at 2 million for the previous version.

Which is better for scalping MT4 or MT5?

9 traditional timeframes are available on each currency pair on MT4. For traders focused on higher timeframes this is usually sufficient. Day traders and scalpers, however, tend to require additional timeframes – MT5 provides 21 timeframes to enable more of a comprehensive detailed analysis of minor price movements.

Why MT4 and MT5 removed?

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.

Why is MT4 banned in US?

The MetaQuotes move indicates that the company is very cautious when it comes to offering services using its platform to US clients. The two MetaTrader apps were banned on Apple's App Store in 2022 for their alleged use by fraudsters targeting the US citizens and residents.

Do people still use MT4?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms in the world. MT4 was released in 2005, while MT5 was released in 2010. As of January 2023, there are over 40 million active MT4 users and 10 million active MT5 users. There are a few key differences between MT4 and MT5.

Why is MT4 closed?

The most often reason of a closed MT4 program, is due to an active multi-session Windows. So, in fact, the MT4 is not closed (on session 1) but it is opening on another session (session 1), while on the empty new session (session 2) it looks like MT4 is closed. Also check on the Tutorial >> “Multi-session on Windows”.

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.

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 have MT4 and MT5 together?

Running MT4 and MT5 at once is possible; simply open them both up. The only restriction is that the trading accounts be managed on the appropriate application; MT4-based trading accounts on MT4 and MT5-based trading accounts on MT5.

Is MetaTrader 4 the best platform?

It's challenging to say which online trading platform is best, but we can say that the Forex trading software industry is heavily dominated by MetaQuotes Corp - the company behind MetaTrader 4 (MT4). This is the most popular Forex software used by traders in the retail Forex market.

Can I trust MT4?

Yes, the MT4 WebTrader trading platform is legitimate.

What is the best MetaTrader to use?

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.

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.

Which MetaTrader version is preferred by traders?

Market Coverage

MT4 has a wide range of tradable instruments, including forex, commodities, indices, and cryptocurrencies. It is estimated that over 80% of all retail forex trades are executed on the MT4 platform, making it the most popular choice among forex traders.