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MT4 and MT5 Comparison - Which one is better?

I have almost 8 years trading experience and honestly I never tried with others trading platform when I get enough trading facilities and features from Mt4 trading platform! Basically, I get regular monthly income from my personal trading strategy, this is way till now I have no plan with others trading strategy! No doubt, Mt4 is the most popular one!
 
More than 80% Forex traders are involved with Mt4; actually Mt4 is the oldest one but till now number one platform, know why? Because of its easy languages! I have also never tried Mt5 for live trading! I get enough technical support from Mt4 trading platform!
 
I used both of them, and clearly Mt4 is much better option! Mt5 is complicated to use! On the other hand, the languages of mt4 trading platform are too easy to understand! So, as like others trader I am also using mt4!
 
If you analysis this thread, you get more than 95% members are with Mt4! That’s the real scenario! Yes, I am also with Mt4; most easiest trading platform ever!
 
I original posted this on ForexTalk Forum but got permission to share it here also, hope you will enjoy the article. :)

MT4 and MT5 are product of the same company which is MetaQuotes Software Corp. MT5 is latest version of MetaTrader software.
So, what is the different between those two? Which one is better?

1. Installation and Interface

Since MT4 and MT5 are developed by the same company, the install processes are pretty much similar and easy. You just need to download the software from the MT5 official website or brokers website that support MT5 and install it to your computer.
The interface of MT4 and MT5 are also pretty similar. A slightly different that is MT5 have bigger icons and the buttons are more spaced out. You may think that it take up space but personally I like it that way since it's easy to look. Below are screenshots of MT4 and MT4 after installed.

2. TimeFrame

MT5 support more timeframes which may be useful for market analysis. Originally, MT4 only support M1, M5, M15, M30, H1, H4, D1, W1, MN but MT5 also support timeframes such as 3 minutes or 6 hours.

3. Indicators/ EAs

MT4 use MQL4 while MT5 use MQL5. Two programming languages are different so naturally that MT4 indicators/EAs will not work on MT5.
At the moment MetaQuotes does not offer any tools to convert from MQL4 to MQL5. If you want your favorite tools to work on MT5 you will need to hire programmer to work on it. That is one of important reason why many traders feel hesitate to transfer to MT5!

4. Hedging

MT5 does not support Hedging strategies by default! (If you don't know what is hedging then about.com has a really good article for this.)

I know that NFA (the self-regulatory organization for the U.S) does not allow the use of hedge so NFA regulated brokerages must play accordingly to the rule but why MT5? I don't think that MetaQuotes is regulated by NFA.

Solution: Use custom plugin on MT5 if you want to use hedge. I would recommend to ask your brokerage about this first.

Other features are pretty much the same between MT4 and MT5 such as Strategy Tester, Chart Types, etc.

4. Conclusion

So, which one is better? if MetaQuotes and brokers are no longer offer MT4 then you do not have much choice there rather than move on MT5!
If you don't use hedge strategies, don't depend on indicators/EAs (or can easily replace it yourself) then I guess you will feel comfortable with MT5.

Great post! I really liked it! By the way, for me mt4 is the best! I have no objection on the interface & limited time frame.
 
MT4 is the most popular trading platform broadly utilized by online retail forex traders. It was produced by MetaQuotes Software and discharged in 2005. The product is authorized to outside trade brokers who give the product to their customers.
 
You opened this thread during 2013 and now it’s 2020! In addition, interestingly till now Mt4 is much popular than the mt5.
 
MetaTrader is very popular because it has a great deal of freedom and can be independently configured as a trader. It offers a lot of indicators and analytical tools. In addition, you can insert and program your own tools. My broker ForexChief also offer me MetaTrader platform which I can use on browsers, desktops and mobile devices. So, I can access the market very easily from any device.
 
In my opinion, mt5 seems to be the best. This platform has more time frames and more installation and log-in facilities. That's why I think this platform is much better for me.
 
If you only want to trade currencies, there is no need to use Mt5 as Mt4 has all the available features a forex trader needs. Since I’ve started trading with Finprotrading I have only been using Mt4 and never felt a need to shift.
 
EAs are programmed the way it opens and closes trades following an indicator programmed into it. So, it’s a little bit risky and the ultimate result is nothing in the end, which grows unwillingness about EA trading in my mind. Think twice before EA trading.
 
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