Should I use MT4 or MT5? (2024)

Should I use MT4 or MT5?

The new MT5 version is considered to be superior for stock trading and order management, while the older MT4 platform is considered to be superior for forex trading. As a matter of fact, most retail traders will notice little difference between the two platforms.

Should a beginner use MT4 or MT5?

In short, if you are new to trading, MT4 is the right choice. The basic functions in MT4 are more than enough for trading. If you already have trading experience, try MT5 as it has more features.

Will MT4 be phased out?

Will MT4 be phased out? Although MetaQuotes discontinued support for MT4 client terminal versions below 1065 in 2017 and stopped issuing MT4 licenses to new clients in 2018, the MT4 platform is still available for download via the MetaQuotes Software site (here is the link to the MT4 download landing page).

Why do I get MT5 instead of MT4?

It supports various asset classes, including stocks and commodities, whereas MT4 is primarily used for Forex and CFDs. 3. Furthermore, MT5 offers a broader range of timeframes, making it a good choice for traders with diverse trading strategies.

Will MT5 replace MT4?

MetaQuotes Software launched MetaTrader 5 (MT5) in 2010. Despite the added features and many advantages over the predecessor, MetaTrader 4 (MT$) still remains the favorite forex and CFDs Trading Platform.

Why do traders prefer MT4 over MT5?

MT4 is the better bet if you are certain you will only be trading forex and CFDs, and you want to keep things very simple. It is a simpler platform and easier to get to grips with. If you trade stocks or more than one asset class, MT5 is definitely the right platform for you.

Is there a big difference between MT4 and MT5?

MT4 was built to trade Forex while MT5 was designed to allow easier trading in non-Forex CFDs. They use different programming languages and MT5 allows faster back testing than MT4. MT5 also allows a DOM (depth of market functionality) and is technically supported by MetaQuotes, unlike MT4.

Why is MT4 banned in US?

The MetaQuotes move indicates that the company is very cautious when it comes to offering services using its platform to US clients. The two MetaTrader apps were banned on Apple's App Store in 2022 for their alleged use by fraudsters targeting the US citizens and residents.

Why did MT4 get banned?

In September 2022, a ban on the MT4 and MT5 apps in Apple's App Store, which affected all markets, made headlines. Though the reasons for the decision were unclear, there was speculation that it was related to trading scams published in the iOS app store, impersonating popular trading platforms.

Can US traders use MT4?

MT4 has been the standard for FX, both with U.S. regulated brokers and offshore brokers. MT5 is more often used for U.S. Futures Trading. MT5 unlike 4 comes in two versions: Netting and Hedging. Whereas an EA hedges or not under MT4, with MT5 the platform itself determines whether hedging takes place.

What are the pros and cons of MT4 vs MT5?

MT5 also provides more advanced charting, broader technical indicators, faster backtesting capabilities, and enhanced automation better suited for complex strategies. MT4 retains the advantage of simplicity and intuitiveness catering well to beginner traders.

Can I use MT5 without a broker?

You can't use MetaTrader for trading without a broker. MT4/MT5 is a trading platforms that provides tools and features for analyzing quotes and making trades. However, you can do that only on a trading account that you opened with a broker and connected to the platform via the menu.

Can I have MT4 and MT5 together?

Running MT4 and MT5 at once is possible; simply open them both up. The only restriction is that the trading accounts be managed on the appropriate application; MT4-based trading accounts on MT4 and MT5-based trading accounts on MT5.

Why do most traders use MT4?

MT4 is extremely popular due to the fact that it is highly customisable to your individual trading preferences. It can also be used to automate your trading, using algorithms which open and close trades on your behalf according to a list of set parameters.

Why do people prefer MT4?

Traders using both platforms say that MT4 and MT5 have custom programming languages. The difference is that MT4's programming language is easier to launch, develop, and install. MT4's programming language is ideal for new traders because it only requires minimal steps to set up its functionality.

Why do people prefer MetaTrader 4?

MT4 is popular for two reasons. The first is that it's highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.

What is the best MetaTrader to use?

Can a broker manipulate MT5?

MetaTrader 5, or simply MT5, is one of the most popular trading platforms amongst forex brokers. It provides various benefits for traders and can help them with their strategy and to make a profit. However, the nature of this software means it can be manipulated by online scammers.

What is the best leverage for a beginner?

What is the best leverage level for a beginner? If you are a novice trader and are just starting to trade on the exchange, try using a low leverage first (1:10 or 1:20). After you've gained some experience in Forex trading, you can gradually increase it. While doing so, always remember about the risk management system.

Which broker is best for forex trading?

Is MetaTrader 4 the best platform?

When it comes to features, MetaTrader 4 stacks up pretty well against the competition. In fact, it provides most of the industry's standard features. In addition, it boasts unique things like automatic trades through its coding language. If you compare it to say, Robinhood, MetaTrader 4 has far more going for it.

Is TradingView better than MT4?

Conclusion: Embracing the Right Trading Platform

MT4 is a reliable and user-friendly platform for beginners and experienced traders, while TradingView is a powerful tool for technical analysis and social trading enthusiasts.

Is MT5 a Russian company?

App versions of the popular PC electronic trading platforms are provided by MetaQuotes Software Corp., a Russian software company that also has registration offshore in Limassol, Cyprus.

Do people still use MT4?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms in the world. MT4 was released in 2005, while MT5 was released in 2010. As of January 2023, there are over 40 million active MT4 users and 10 million active MT5 users. There are a few key differences between MT4 and MT5.

Why did Apple remove MetaTrader 4?

The company simply stated that these MetaQuotes instruments didn't comply with the App Store's review guidelines. Though, there hasn't been any formal explanation from the company. The MetaTrader ban has surprised traders, especially considering how convenient these platforms are for online Forex trading.