MetaTrader 4 or 5 – which one is best?

  • This topic has 11 replies, 2 voices, and was last updated 23 hours ago by James Barra.
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  • #183881 Reply
    Omar_Rahl_4421

      Which platform is best for day trading: MT4 or MT5? I’m new to both.

      My understanding is MT5 is newer, faster and has more power under the bonnet yet MT4 still seems to be the most used.

      Has anyone here used both and can tell me which one they’d recommend?

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      • #183897 Reply
        Christian Harris
        Participant

          As you said, MT5 is newer and more functional (enhanced analytics tools), so I recommend you opt for that one.

          However, some brokers only offer MT4.

          Reply
        • #183989 Reply
          Morty

            Having spent countless hours on both I’d pick MT5 all day. It has more timeframes suitable for intraday trading, think M2, M3 and M4, whereas MT4 has M1 then M5. You won’t find Depth of Market on MT4 either. The other thing for me is it’s faster with 64 bit and multi threaded, whereas MT4 has 32 bit and single threaded.

            I don’t really know why anyone would opt for MT4 these days…

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            • #184194 Reply
              Diamond Dozen

                If you are used to MT4 then switching to MT5 is arguably not worth it. Migrating custom indicators and scripts to MT5 isn’t that straightforward and lots of traders don’t need the extra tools MT5 has.

                Basically, the age-old saying applies – ‘if it ain’t broke why fix it’.

                Reply
              • #184387 Reply
                Morty

                  Yeah I get that but if you’re new to both and want to use one, MT5 is the obvious pick I’m saying

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              • #183990 Reply
                Daniel C

                  I use MetaTrader 4 still. It’s what I started with donkeys ago and have always found it pretty reliable so never felt the need to change.

                  Reply
                • #183992 Reply
                  ChartWhizz

                    MetaTrader 5 is superior in pretty much every aspect. I don’t get why every broker still offers MetaTrader 4, especially in place of its upgrade. Baffling.

                    Reply
                    • #184195 Reply
                      Diamond Dozen

                        It’s expensive to integrate a new platform. You need to pay for training, support, infrastructure etc. With so many traders still using MT4 the benefits of switching to MT5 aren’t so clear cut. Lots of brokers do offer both these days though.

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                      • #184767 Reply
                        ChartWhizz

                          I can see that to be fair. Maybe things will change over time then as more people start with MT5 and then brokers follow demand.

                          Reply
                      • #183991 Reply
                        Larry569ua

                          I was a MetaTrader user until 2022 but after it got delisted from the App Store I moved to cTrader, which is now my preferred platform. Yes it still has a retro vibe compared to TradingView but I find its layout more user friendly and customizable than MT4 or MT5. Because you can save templates in the cloud it’s also convenient to use across various devices.

                          In short, I recommend skipping MT4 and MT5 and giving cTrader a try!

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                          • #184413 Reply
                            Christian Harris
                            Participant

                              100% agree…

                              The only issue is that not all brokers support cTrader.

                              Reply
                            • #184769 Reply
                              James Barra
                              Moderator
                                DayTrading.com Team

                                For those that do want to try cTrader, here is our pick of the top cTrader brokers.

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