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 already downloaded MT5 about 2 weeks ago , unfortunately my broker doesn’t have it yet so im kind of stuck with mt4. They’re both ok though
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.
What advantages are there for moving??
They both are ok but for now I think I’ll go with MT4 as I am comfortable using it, maybe in future I’ll try out MT5.
I seriously don’t get the difference between MT4 and MT5.
Is there anything anybody would say is worth switching for?
Somebody told me flame chart indicator is cool
I know there are many traders who don’t like MT5 but i am using MT5 since past few months and its perfect for me.
I have read a bit about mt5 but I see no real reason to switch tbh.
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.
Thank you for explaining.
I have no interest in trading stocks though.
i am using MT4 at the moment but actually thinking of trying out MT5 as well. and as for the broker part, i don’t think i will, i am very much satisfied with my broker. so if he asks me to shift i will.
Just finished testing and can say there is no big difference except it is based on a new coding language. So lots of EAs and Indicators that are built for this platform and a few I liked in MT4 I can no longer use.
MT5 isn’t a game changer but not worse then MT4.
I’m trading with Pepperstone who gave me loads of EAs and Indicators that work with MT5, so had a lot of fun playing with these. Their Smart Lines tools was really cool (diagonal stop losses).
They also offer a $5 commission on their Razor account for 6 months, down from $7. I wonder why they are dropping their commission so low…
THanks for that.
I use JAFX myself but always good to know about the other options.
I heard JAFX had legal issues with the authorities of the USA and some other financial regulators regarding providing (accepting) clients from the US without permission. Also on money laundering and other shady practices.
That on top of the fact that they are an unregulated broker tells me not to touch them even with a 10 foot pole.
MT4 has 9 time frames MT5 has 21 and you can trade from tick chart…
MT5 has few new indicators
MT4 EA’s won’t work on MT5 different language
Hedging wasn’t allowed on MT5 not sure if it is now.
MT4 is lighter and easier on pc resources
Also on MT4 you have the option to not allow DLL’s…!!!
As someone who is brand new to trading, and someone who has lots of experience in IT, I would suggest that MT5 is probably going to be the only choice at some point in the future. I’m working a demo account with a broker that only does MT4 (they have other choices as well; but not MT5); but I’m considering changing to one with MT5 as I figure that will be the only choice at some point down the road so I might as well get used to what will likely be the new standard.
Nothing stays the same. The world seems motivated to keep us all on our toes. Might as well embrace it. Now, if there would be a native Linux installation, I wouldn’t even hesitate!