MT4 vs MT5?

Hi, I am new to forex but I am a software guy. So when I see MT4 and MT5 and that most brokerages state MT4 I ask why? Can MT5 be used on an MT4 account? Is it the same protocol just different interface or?

Software people are always wanting to use the latest version, right?!

Honestly I’m not sure if it will work properly on MT5 because I think both softwares use different code: MQL4 and MQL5.

I am never use mt5 because ever trying want to downloading but always fail hence till now still using mt4, but I think mt4 and mt5 is different account, we can’t use account mt4 and login in mt5, but I don’t know for sure might you can test to login if already installed mt5??

Hi there :wink:
I did some quick research and the answer to your question is unfortunately NO. A trading account opened for MT4 is not compatible with MT5 and vice versa. Here is a part of the official MetaQuotes statement about this:

[I]“…From the beginning of Metatrader 5 development we thought that we will be able to save the compatibility. And we said about it many times. But the numerous traders/developers requests made us change our mind. We`ve understood that just cant make a new language compatible. At the same time we have made MQL5 more powerful and in this way we gave you, traders and developers, more abilities - that was our main goal in developing of MQL5 IDE. From one side new language with the new abilities and from the other side - MQL4 and MQL5 compatibility. Unfortunately, these two aims cant be reached at the same time.”
[/I]
So my understanding is that if your broker offers both MT4 and MT5 and you want to use them both you will need to open an account for each platform. It sounds a bit annoying but there seems to be some useful tools and functionalities added to MT5 so IMO MT5 could be interesting to use.
Anyone up to share some experience with MT5 trading platform? :rolleyes:

For demo testing a new trading method I would use either MT4 or MT5. However, for live trading I would stay away from MT4/5 entirely. It’s a ‘backdoor’ piece of software that allows the broker to ‘see’ a little too much, in my view. This was the reason why it was designed in the first place actually. You only have to do some research to find this out - it also explains why it is so popular and forced onto retail clients…

I don’t need to believe in manipulation, however the fact that MT4/5 is perfectly built around this functionality is not a great start, is it?

I agree completely.

And then (for indicator traders) there’s also the fact that MT4 displays many indicators incorrectly, to take into account, too.

I do know a couple of people who use MT4 for convenient testing facilities, but I know [B][U]no[/U][/B] serious trader who actually trades from it - and there are reasons for that.

This thread may help: 301 Moved Permanently

Let me ask a question, before the advent of mt5 what were people using at the time. We can’t just discredit the later like that, there must still be some usefulness left in it, it was just an upgrade they made.

I prefer MetaTrader 4 because it is easier and much lighter than five

Hello there,
I have tried to use the same account as the MT4 on my MT5 platform but I didn’t make it so I have created a new one. The MT5 is more unequivocal and offers more properties than MT4 like Depth of Market, the Insert menu of MT4 contains Indicators and Objects. The insert menu of MT5 contains Indicators, Objects and also Experts and Scripts. There are a lot of differences between them.

Lexys I was sure, that you would post this :stuck_out_tongue:

LOL … I make no apology for it. :slight_smile:

It’s become a self-perpetuating thing, simply because it’s what most people use, and that’s why they advise others to use it. Brokers have to make it available because of their perception that that’s what their market wants.

Beginners’ forums are full of people using it, and telling other people to use it.

Meanwhile, almost [B][U]NO[/U][/B] serious, professional, successful trader would even [U]dream[/U] of using it, and [I]there are reasons for that[/I], of which many members are unaware.

Many have never seen any other platform at all, and imagine that “the world” is “the world of MT”, not even [I]knowing[/I] that it’s a clunky, horrible, unreliable piece of junk that also displays many of their beloved indicators incorrectly, and that there’s a “whole other world” of trading out there, in which some people are actually making a living.

Anything we can do, potentially to lift the veil for the very small proportion of people who are willing to have their eyes opened, will potentially be a favour to them. :cool:

I sometimes wonder whether it ever occurs to all the people who are busily telling others that 95% of aspiring forex-traders are losing money and failing, that maybe [I][U]doing[/U][/I] what 95% of aspiring forex-traders are doing could just possibly be one of the [B]worst[/B] approaches they could adopt?

But no … of course not - silly me: they have to use their beloved Metatrader, don’t they, otherwise they wouldn’t be able to use their beloved EA’s?

And it is not needed actually :stuck_out_tongue:
I am just wondering if you ever used Meta Trader and had bad experience like losing money because of how it works or you just hate is so much because you don’t like how it looks and its functionalities and you have found other platform(s) that suit(s) you better :rolleyes:
However, what you said is completely true – maybe 90% of all people interested in trading are looking for Meta Trader, so I guess brokers have no other choice than offering it.

Maybe that is because successful traders don’t like that much to share their secrets and experience over the forums. On the other hand, when you lose money of trading it is easy to say: “I just got unlucky; It’s not my fault; Everybody loses money; My brokers screwed me etc.” but rarely someone looks back at what did he do wrong eventually.

I have used it, a long time ago, but only ever for “testing stuff” and only ever on a demo account.

I was “warned off it” right at the start, by people in the trade. (And [I]especially[/I] warned off “brokers” who [I]require[/I] their customers to use it by offering no alternative!).

Yes, indeed - I agree with you.

If it was so long time ago maybe you should give it a shot again :stuck_out_tongue: You might be not so disappointed. I believe Meta Trader has been improved over the 24 months (Note: I am not defending it. Just saying not to be prejudiced. Everyone deserves a second chance LOL)

It is always preferable to have a choice between several platforms :slight_smile:

Frankly, I am not interested to compare these two trading platforms with each other! Because, both of them are useful but it depends on you, which trading platform you are doing to use! In addition, I with only mt4 trading platform, I get enough technical support in my live chart, so I am not interested on others trading platform like Mt5 or cTrader platform!

If MT4 is the bad guy, is there any other software anyone could suggest? I was literally about to download it now I’m thinking stay clear from the start. Thanks

Can anyone suggest an alternative then? Is cTrader any good?

There are two good alternatives (both in widespread use among more serious traders) discussed in this thread, if that helps. And information about NinjaTrader here.

Yes, MT4 i so one of the most used platforms and is suitable for newbies. I still have not checked MT5 though but from what I’ve heard, it will have more functions and more instruments available for trading. Basically it would be much better than MT4. But I guess you cannot use your MT4 account with MT5.
By the way, I heard recently about Agena Trader. Does anyone have more information or have used it?

Arma3.

Other trading platforms are available.