Would you guys move over to MT5?

Broker Discussion Forex Brokers
22

Thank you for explaining.
I have no interest in trading stocks though.

23

i am using MT4 at the moment but actually thinking of trying out MT5 as well. and as for the broker part, i donā€™t think i will, i am very much satisfied with my broker. so if he asks me to shift i will.

24

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 isnā€™t a game changer but not worse then MT4.

Iā€™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 lowā€¦

25

THanks for that.
I use JAFX myself but always good to know about the other options.

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26

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.

27

MT4 has 9 time frames MT5 has 21 and you can trade from tick chartā€¦
MT5 has few new indicators
MT4 EAā€™s wonā€™t work on MT5 different language
Hedging wasnā€™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 DLLā€™sā€¦!!!

28

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. Iā€™m working a demo account with a broker that only does MT4 (they have other choices as well; but not MT5); but Iā€™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 wouldnā€™t even hesitate!

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29

I practised trading with MT5, testing it outā€¦ From what Iā€™ve seen the advantages of MT5 are few. The biggest advantage is more time frame choices. Overall, itā€™s worse than MT4 in one primary way- indicators donā€™t work as well, and even the built-in standard indicators in MT5 donā€™t work as well as in MT4. All the new MT5 indicators I tried stank. MT5 is designed (even more than MT4) to cause traders to waste money.

30

Totally fair enough!
Personally I have never had any issues so will be staying with them but I have read what everyone has said with interest.

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31

Being that you can now also trade (select brokers) using TradingView - what would be MT5ā€™s advantages over TV? If your broker supports trading via TV?

32

Can someone please break down the advantages of mt5?

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33

though hotforex do offer the mt5, but i guess ill stick with mt4. i just got used to it and it seems a hassle to move everything. or i could be wrong.

34

MT5 has been a winner for me!

35

Excuse my naievety but what is the difference?

36

Although the MT5 can be termed faster than itā€™s predecessor MT4
But there are still some issues with MT5, to begin with a lot of indicators do not work on it
Not all brokers offer MT5
Meta quotes has been pushing MT5 off late but in my opinion MT4 still wins

37

I have been using MT4 and MT5 since the beginning of my trading career. I am very happy with the trades I have made with them. I donā€™t think I will ever replace them with a new trading platform.

38

MT4 is convenient for me to use and customizable according to my needs. I am used to trading on MT4 and I find it to be better for my investment. So far, it has worked fine for me.

39

The broker I am using currently (fxview) offer both mt4 as well as mt5 but I have been using mt4 for all time now and really comfortable with it. The platform is quite easy to use so never thought of trying mt5.

40

As a forex trader, I have only used the MT4 trading platform. It has worked quite well for me and has helped me make some good profits also.

41

I honestly prefer using MT4. It is easy to handle and use. I havenā€™t had any trouble or problems while using it and it is even profitable for my trade.