Why is MT4 Still Being Used After All These Years?
Is it not a beautiful thing, to be your own worst competitor? MetaQuotes Software, the company behind MT4 and MT5, is still having a hard time making the full switch to its latest program.
Metatrader 4 and Metatrader 5, what are they?
From the ground up, Metatrader 4 (MT4) was specifically designed for Forex trading. Just as a side note before we continue, Forex trading is the exchange of different currencies like USD and Euro for example.
What are the reasons why there are still so many MT4 users?
Firstly, the platform is very user-friendly with many available EAs (Expert Advisor tools to monitor and find market opportunities). However, EAs are not the only automated tools that you can use with MT4. For example, you can use a trading robot like 1000pip Climber System that can literally trade on your behalf.
Secondly, most of MetaTrader 4’s features are free, including charting, live data feed, historical data, and there is no volume quota to respect.
Thirdly, MT4 was the leader in Forex exchange brokers and millions of people still use it to this day, even though support has been dropped for a long while now. MetaQuotes can’t really complain, as MT4 users still pay their monthly plans, and that’s a lot of money!
What does MT5 propose?
On top of being more flexible with its Forex trading than its predecessor, MetaTrader 5 offers traders the possibility to invest in CFDs, stocks, and futures. Moreover, MT5 integrates DOM data, an economic calendar, technical support, better time frames, and fast multiple back testings.
Finally, the programming language for MT5 is MQL5 and is a big step up to MT4’s language, MQL4. In summary, MT5 is easier to program, more versatile, and an all-in-one solution for trading.
Which one is the best? MT4 or MT5?
It all depends on your needs and on what the client wants. If the client wants you to use MT4, then there is no reason why you shouldn’t do it, as it is still a very solid software with a huge community. In all cases, we cannot deny the versatility and efficiency of MT5, and it helps that there is actual support for it as well.
It goes without saying, MT4 is a product of its time, but the bar was put so high since its debut in 2005 that it makes it hard for the developers to compete against themselves.
This article has been published in accordance with Socialnomics’ disclosure policy.