I think you should go with MT4 but if you want to start with MT5, that is also okay. As per my experience, MT4 is more user friendly and even advanced traders don’t let go of it that easily. You should also check with your broker if they provide both platforms. I started with MT4 with Pepperstone, Fxview, etc. and till date I use this platform. The interface is also good and manageable with both brokers.
Metatrader 4 was stopped being further develop. While i am prefer MT4 over MT5 but lets have to face the reality that MT4 already 15 years old platform while MT5 is more polish and modern trading platform, and suite current multi asset, advance programming language.
The move of the community over to MT5 will happen eventually. Once the devs and goodies move in droves, then we can say goodbye to MT4
I agree with you but MT4 is a tried and tested platform with a number of brokers offering this platform. The flexibility plus reliability that it will not incur downtimes is a big boon. So it is not like MT4 is utterly useless but MT5 would take time to replace MT4.
I think MT4 and MT5 are both not useful because whatever the bots I have made with MT4, are not compatible with MT5. But I seriously want the features of MT5 so that is why I think proprietary trading platforms offered by the broker side are much useful.
I don’t think so, proprietary trading platforms aren’t flexible like the MetaTrader ones. Not all give the flexibility to write their own EAs which is not good for the experienced traders.
The meta trader platforms of trading are offered by every other broker in the market. I have personally used IG and Fxview for years now and I know the MT4 trading platform like the back of my hand. This is why most traders are apprehensive towards switching platforms because they don’t want to waste their time in learning new things. It is analogous to that if the wheel is working then why to reinvent the wheel; it is useless.
Meta trader platforms have become the industry standards for all the good reasons and further advancements in them have even made it easier for the brokers to interact with the traders.
I think the brokers which are offering the platform will also be important. For example if the customer support does not answer the questions even though we are live connected with the broker, is no good. There was once a situation where my money was debited but trade was not completed. So my broker Fxview helped me to resolve the issue. The same was true with FXCM, because the internet connection lagged once while I was executing the order, they also helped me to resolve the issue. We are trading electronically and glitches can happen, so also think about the broker which you are using.
Platforms are not an issue when it comes to newbie, what matters is how your broker trading conditions seems to be in favor of mt4 and mt5. If the conditions are good then you should be able to use metatrader platform without any issues.
You can if your broker supports it, but majority of brokers support MT4 as it is more widely used by traders.
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Unless you’re using a Mac running on MacOS Catalina and above where they lock you in using 64-bit apps, which Metatrader is still running on 32-bit, and is force to take trade using the Web version of MT, then consider MT4 as MT5 web version is quite janky.
Hi,
I have used both MT4 and Mt5.
There is a lot of mis-information in this thread. Probably from people who have never given MT5 a proper go.
Anyway, MT5 has pretty much all the same features as MT4 except on MT5 there are many more available timeframes which is highly convenient.
I definitely recommend starting your trading journey with MT5.
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Basically, Mt5 is just an advanced version of mt4.
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I noticed that. I think it would be much better if they offer both since mt4/mt5 are literally from the same intermediary aka metatrader.
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MT4 is a very popular and easy to use trading platform in the world of trading. MT5 is just an updated version of MT4 and contains more features than MT4. For a newbie I would suggest that start with the easiest one that is MT4 platform then go for MT5.
Choosing a trading platform is completely a trader’s choice. As a newbie, you must ask for recommendations but always go for the ones that you think is the most suitable one for you. You can start with demo trading and find out if MT5 is a good choice.
I definitely would recommend MT5. Also if your broker offers cTrader I would recommend trying it out as it is more advanced and user friendly than MetaTrader.
But still as a newbie, its much better to start with mt4. Better be systematic.
MT5 is an updated version and the latest meta trade platform in forex; some beginners find it a bit complicated, but it has many options for live trading that can be useful for newbies.