MetaTrader 4 or 5 – which one is best?

This topic has 15 replies, 2 voices, and was last updated 1 week ago by Scalping Cable.

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July 9, 2024 at 10:54 #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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- July 9, 2024 at 12:16 #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.
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- July 10, 2024 at 09:00 #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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  - July 11, 2024 at 08:54 #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’.
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  - July 12, 2024 at 08:57 #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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  - July 24, 2024 at 08:57 #185579 Reply
    Rafe
    Give me MT5 all day long. It’s far away and the best platform I’ve used for day trading.
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- July 10, 2024 at 09:00 #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.
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  - September 16, 2024 at 12:17 #190176 Reply
    Ronnie
    I’m with you Daniel because MT4 was the first platform I was introduced to and I simply haven’t felt the need to change. Its charting package is plenty comprehensive enough for most traders and I’ve not experienced any performance issues.
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- July 10, 2024 at 09:01 #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.
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  - July 11, 2024 at 08:54 #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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  - July 15, 2024 at 13:29 #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.
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  - August 2, 2024 at 07:05 #186794 Reply
    DT38
    Because MT4 is more widely used it comes with a much larger community and resources if you get stuck or need support with something.
    
    Take EAs as an example, I’ve found way more tutorials on building and optimizing EAs in MQL4 and loads more custom indicators, some of which don’t integrate with MT5.
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- July 10, 2024 at 09:01 #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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  - July 12, 2024 at 10:59 #184413 Reply
    Christian Harris
    Participant
    100% agree…
    
    The only issue is that not all brokers support cTrader.
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  - July 15, 2024 at 13:31 #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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- September 24, 2024 at 08:35 #190822 Reply
  Scalping Cable
  MT4 if you trade forex and want to easily be able to switch between trading providers because pretty much every firm I’ve seen has it.
  
  MT5 if you want more indicators, graphical objects, and faster back testing. Personally I don’t like the design of MT5 but that’s just me.
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