Lately there's been a lot of new development in Metaquotes since we published this article. So we had to make some few adjustments about the current realities on the difference between MT4 & MT5. As at Feb, 2016 the latest build of MT4 is 950, while MT5 is build 1240 (build 1241 should be out as well) & the new Android build is 1224. (Edited 17th Feb 2016 - NB: See comments for latest information and updates on this topic)
Metaquote's desire to improve
Forex trading experience led to the design of MT5. The 1.1 million lines of code trading platform has some new & unique features when compared to the MT4 platform, which was designed with over 0.6 Million lines of codes. It took MQL approximately 3 years plus to conclude it's first design of MT5, while MT4 took 40 months to conclude its first design.
Results from the poll at the end of this article proves our assertion that most Forex traders still prefer MT4. (MT4 or MT5, which do you prefer? - See Polls at the end of the article.)
There are still some distinct differences between both platforms, despite the series of updates on MT4 and some improvements on MT5. We wish to present as much as possible a clear view of both platforms, and probably give you a change of mind to migrate to MT5 or remain with MT4.
10 BASIC DIFFERENCES BETWEEN MT4 & MT5
| S/N | ITEM | MT4 | MT5 |
|---|---|---|---|
| 1 | Installation | Still simple and straightforward. Broker server address required during account opening during installation | Nothing has changed recently. Metaquotes trading server now included as a default in the opening account phase of the installation. Ability to add new server from MT5 for a demo account included. Web installer also available |
| 2 | Charts/ Timeframe | 9 Timeframes | 21 Timeframes from M1, M2, M3,.. M10,...M20,..., to monthly & yearly timeframes. Unlimited number of charts. 100 charts can be opened at a time. Trading from tick chart is now available. |
| 3 | Fundamental Analysis (news trading) | Does not have an inbuilt Forex Calendar | A separate economic calendar tab with features like news event, schedule, impact, forecast, previous & others. |
| 4 | Commerce/ Market | Does not have commerce integrated into the platform. You have to visit MQL website for Market Place. *New* EAs & Forex Products can only be rented in Market Place for MT4 Builds 777 and above. *New* Magazines can now be read directly from Market Tab | Integrated into the platform. You can directly purchase Forex products from MQL through the Market tab on the platform. *New* EAs & Forex Products can be rented in Market Tab. New* Magazines can now be read directly from Market Tab |
| 5 | Indicators & Analytical Object tools | 30 inbuilt indicators, 33 analytical objects | 38 inbuilt indicators. New indicators added. 22 Analytical Objects, & 46 graphical objects. |
| 6 | Orders | 2 market orders, 4 pending orders, 2 execution modes, 2 stop orders & a trailing stop | 2 market orders, 6 pending orders, & 2 stop orders. |
| 7 | Expert Advisor | MetaTrader 4 Editor & Strategy Tester. EAs are designed with the native MQL code language, and they are faster to compile. Cannot port EA codes from MT4 to MT5. So EAs on MT4 would not work on MT5. | MetaTrader 5 Editor, Improved Strategy Tester, Strategy Tester Agent Manager for remote optimization of expert advisors, e.t.c. EAs are designed with C++ and they are quite slower to compile. |
| 8 | Interface | Easier to navigate around. One click trading and Drag and drop is only included in newer MT4 Builds from 500 upwards. *New Login to Web Trader, MQL5 Community has been added. Passwords can now be changed from this menu as well as registration of account as a signal provider *New Built-in Virtual Hosting | More additions in the design interface. Search box included, Details tab on the Market Watch window. One Click trading, drag and drop, e.t.c. |
| 9 | Trading (Hedging, FIFO, e.t.c.) | Allows all trading methods. However broker regulations are implemented on their MT4 platforms. | Does not support hedging & implements FIFO by default. |
| 10 | Brokers | More brokers deliver certain key services on MT4 than MT5. | Not much when compared to brokers who deliver their services on MT4. |
Now the big question! Why are most traders still sticking with MT4 despite the newly introduced features in MT5? Here are the simple reasons.
1. EAs designed with MQL Code cannot work on MT5, and cannot be ported to MT5. What??? you mean some expensive bucks of investment on my EA would be thrown off just like that? Yes!!! The only way out is to rewrite the codes in C++.
2. Say bye bye to Hedging and scalping in MT5 (Anti-FIFO). MT5 is more like a regulated platform implementing the NFA Rules by default. However this shouldn't be.
These two reasons are some of the scary, and discouraging
facts of MT5 to traders. I guess that is why MQL allowed some features of MT5 like One Click Trading, Drag and Drop, Signal Tab, Code Base, e.t.c into MT4 newer builds.
facts of MT5 to traders. I guess that is why MQL allowed some features of MT5 like One Click Trading, Drag and Drop, Signal Tab, Code Base, e.t.c into MT4 newer builds.It is also obvious that they concentrated more resources to the MQL5 Community, and added lots of services you wouldn't find in MQL4 Community in order to persuade traders to migrate from MQL4 to MQL5 Community.
So what's your take? Stick with MT4 or switch over? - See polls below.
Which Trading Platform Do You Prefer? MT4 or MT5
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