For a long, MetaTrader 4 has been in the trading industry, satisfying the needs and assisting new and experienced traders. However, in recent years, MetaTrader released another version which is called MetaTrader 5.
In June 2010, the MT5 was officially launched by MetaQuotes Software. After so many years, we should be expecting that MT5 will completely take over the later version which is the MetaTrader 4. But we guessed wrong. MT4 is still out and about and its popularity is still flaring like before. Maybe its developer really wanted to replace the MT4 with MT5 but it seems like the industry is never allowing it.
MetaQuotes Wants To Recognize MT5
Recently, MetaQuotes barred Forex brokers from offering MT4 to their clients. Their vanilla MT4 version was also totally removed from the market. This clearly suggests that MetaQuotes want to remind the public the MT5 is here and it is the future of trading.
So, what’s really with MT4 that keeps traders holding onto it tirelessly? If you say that MT5 has more superior specifications and tools, why are there a lot of brokers and traders still wanting to use MT4?
What are the advantages of MT5? We have listed down some aspects that need to be considered.
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- MT5 offers more markets, which means better features await.
- MT5 offers better control and has few third-party plugins.
- MT5 offers a gateway liquidity solution
- MT5 offers better pricing
MT5 offers more markets, which means better features await.
With MT4, traders have a few hundreds of symbols to choose from. However, with MT5, there are no limits to the number of symbols that you can trade. MT4 is also particularly made for Forex trading but MT5 is open to other markets such as bonds, stocks, options, and futures. This means that MT5 is useful to a wider audience.
In addition to all those exciting new features, MT5 is hosting a couple of new features available for traders including additional indicators, new order types, and additional timeframes. Because of this, more markets become available to clients, more tools for analyzing and so much more.
MT5 offers better control and has few third-party plugins.
Brokers using the MT4 trading platform do not have a ‘built-in order routing’ which means that they have to use the Virtual Dealing Desk of MetaQuotes in handling certain functions. MT4 also gets prompted to use third-party plugins such as ‘Ashira’ and ‘Panda’ that both provide the same features.
MT5 offers a gateway liquidity solution
There are a lot of liquidity providers offered by MT5 such as Currenex, LMAX, Interactive Brokers, and a lot more. This goes so much more than what the MT4 can offer.
MT5 offers better pricing
A whopping $100,000 must be paid by a new entrant for MT4. But for MetaTrader 5 users, they can start for as low as $75,000 for 1,000 users. This could go up to $300,000 for as many as 200,000 trader accounts. It seems like MetaQuotes is doing all they could to let the people understand that MT5 is a better option for a trading platform.