(Edited 10th May 2018 - NB: See comments for latest information and updates on this topic)
Lately there's been a lot of new development in Metaquotes since we published this article. We have made some few adjustments about the current realities on the difference between MT4 & MT5 Trading Platform. As at May 2018 the latest build of MT4 is 1090 released 19th May 2017. The latest build for MT5 is 1755, while the new build for Android Phone is 1372 for MT5 & 1122 for MT4. Also the web platform for MT5 was officially released in July, 2016.
Lately there's been a lot of new development in Metaquotes since we published this article. We have made some few adjustments about the current realities on the difference between MT4 & MT5 Trading Platform. As at May 2018 the latest build of MT4 is 1090 released 19th May 2017. The latest build for MT5 is 1755, while the new build for Android Phone is 1372 for MT5 & 1122 for MT4. Also the web platform for MT5 was officially released in July, 2016.
Metaquote's desire to improveForex 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. *New: Opening of accounts now much simpler in Build 970 upwards. Broker host address & other details for registering a broker can now be manually done. |
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. *New Recently modified the OrderSend function in Build 1375 |
| 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 *New Chatting now available directly on the platform (Available in Build 985 upwards) *New Video guides included in Help Menu. |
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. *New A lot of developments has been carried out in the UI. Video guides included in Help Menu. Tester component improved. New features in Navigator (ability to display Hedging or Netting mode) *New Chatting now available directly on the platform (Available in Build 1338 upwards) |
| 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.
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
Hope you found this article useful. Please before leaving take some time to read some of our articles that will improve your knowledge and enhance your success in Forex.
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