MT4 vs MT5 ???
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Thread: MT4 vs MT5 ???

  1. #1
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    Dec 2016
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    Default 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?!

  2. #2
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    Honestly I'm not sure if it will work properly on MT5 because I think both softwares use different code: MQL4 and MQL5.

  3. #3
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    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??

  4. #4
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    Quote Originally Posted by goldencookie View Post
    Can MT5 be used on an MT4 account?
    Hi there
    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:

    “…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.”

    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?

  5. #5
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    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?

  6. #6
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    Quote Originally Posted by Jezzode View Post
    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 no serious trader who actually trades from it - and there are reasons for that.

    This thread may help: Is Metatrader really necessary?

  7. #7
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    Quote Originally Posted by lexys View Post
    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 no serious trader who actually trades from it - and there are reasons for that.

    This thread may help: Is Metatrader really necessary?
    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.

  8. #8
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    Quote Originally Posted by goldencookie View Post
    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?!
    I prefer MetaTrader 4 because it is easier and much lighter than five

  9. #9
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    Quote Originally Posted by goldencookie View Post
    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?
    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.

  10. #10
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    Quote Originally Posted by lexys View Post
    This thread may help: Is Metatrader really necessary?
    Lexys I was sure, that you would post this :P

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