Been thinking about supporting MT5 for my brokerage. Not too sure about the pick up rate if I go through all that hassle to get it set up though. Would like the opinion of everyone here.
No, I really have no liking for this platform at all. I used it in past but since then, I have went back to Mt4 and I think I am good at there only because its much simpler and easier to use!
What exactly is it that you don’t like about MT5, except from the fact that we are all addicted to MT4?) The interfaces are quite similar, and now MT5 allows hedging, the same as with MT4. I trade manually, so I don’t use MQl and I can’t say anything about it, but if you trade manually, can you see any difference between MT4 and MT5? And if not, maybe it explains why people are not rushing to switch to MT5.
I have tried Mt5 platform, but I didn’t found it good. So that’s why now I am back to using Mt4 platform. I also don’t like unnecessary changes. Although, it’s okay to try something new but not at the cost of losing our investments.
Last time I looked, which was admittedly a while ago, MT5 didn’t allow the importing of historical price data for manual [not automated] backdating purposes. A feature which MT4 does have.
Has this changed? I also had no interest in the automation side of things and firmly stuck to manual market rate execution. As of the last 12 months or more I’ve been leaning towards cTrader for forward testing market rates.
I agree that many people find MT4 easier to use. Interface wise, they are almost completely similar though. Are custom indicators and EAs you have a huge factor in making this decision?
Fully agree on this. They look and feel the same for the most part unless you need a lot of custom indicators and EAs. From a programming point of view, MT5 is way ahead of MT4 especially in utilizing more processors and ram to run EAs and backtests. However, I still can’t fully figure out the resistance people have towards going to MT5 and I’m trying to find out, haha.
Recently my broker implemented the MT5 Platform as well and I think I might try it. From what I’ve seen, it’s almost the same as MT4 however it has more features and now as previously stated, hedging is allowed which is quite good. The annoying thing as RISKonFX has already mentioned, is that there is a restriction which doesn’t let you import your own historical data while this is possible with MT4. I hope in time, this will be fixed as I think that in the future most of the traders will be using MT5 although the transition still looks hard.
I am currently using both MT4 and MT5 to see whether MT5 can serve well enough, so if yes, I don’t see a reason not to switch to MT5. The design is pretty much the same and it seems to run more stable when multiple charts are open. However if my broker stops supporting MT4 and push me to go to MT5 I will most probably leave it. It is always better to have more than one option (platform) within your broker
I have made the switch from MT4 to MT5 a couple of months ago, Basically the same structure, I find the platform responds faster, less slippage. If you find MT5 is a bit heavy on your PC simply remove the indicators you know you will never use. (you can always park them outside of the program). I like the additional timeframes (Mins and Hrs) and a few other features. Besides, when brokers are advertising they will no longer support MT4, you eventually will have 2 options, change brokers or switch over.
I have used both MT4 and MT5. Both are more appropriate for better trading environment but really from twos I always vote for MT4. It was helpful when I was particularly as a beginner trader.
You can trade real stocks on MT5…
Also the maximum order (lot) size is quite smaller on MT4, which is a problem if you’re trading cheap cryptos because you cannot open a 5k order for example.
On MT5 the max order size, I think, is 10k.
