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MetaTrader 5 in Your Live Forex Account?

February 25, 2013 by

More than 40 months have passed since MetaQuotes Software Corp. launched public beta testing of its controversial MetaTrader 5 platform. Since then, the trading platform has grown many features, including advanced Strategy Tester, MQL Wizard for expert advisors, Signals service, built-in Market, Standard Libraries for developers, etc. Three Automated Trading Championships have been held. MetaTader 5 has been certified by several global exchanges. In addition, the platform has been introduced to iPhone, iPad and Android devices. It is a significant list of accomplishments for a team working on MetaTrader 5. But the question remains whether MT5 will ever be able to beat the popularity of its predecessor — MetaTrader 4?

Despite all of its advantages, including priority for fixing bugs and adding new features, MetaTrader 5 seems to be considerably less favored by the retail FX traders than the good old MT4. The code base is still much larger for MT4, the traders’ and developers’ community is more active for MT4 and, undoubtedly, there are more brokers offering MT4 than those who offer MT5 live accounts. The reason looks pretty simple to me — MT5 is more complicated than its previous version. Traders get confused with its order/position system, developers, who do not want to learn all the standard classes, shun the huge code constructions required to do things that took only several lines of code in MT4. It will take a long time or some serious steps from MetaQuotes to shift the current situation.

I am a big fan of MetaTrader 5 myself, especially of its coding language, MQL5. Nonetheless, I do not have a funded live trading account with MT5. All my live trading is still limited to MT4 and other platforms. Why? There is almost no reason for me to move from MT4 to MT5. I already had my MT4 accounts when MT5 accounts became available at my brokers, so why should I suddenly convert to a new platform? That is one of the reasons that keeping old traders from getting into MetaTrader 5 live trading. And how about you?

Do you actively trade using MT4 or MT5?

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If you would like to share a detailed opinion on using MetaTrader 5 in live Forex accounts or why it is a bad/good idea, please feel free to do so using the commentary form below.

5 Responses to “MetaTrader 5 in Your Live Forex Account?”

  1. Alex

    Hey guys, I’ve never used MT (4 or 5, nevermind) or related software. Does it REALLY so useful? The most articles about MT look strongly paid, as for me. Nothing personal, just want to hear your opinion.


    admin Reply:

    Yes, it is really useful – both for charting and for trading automation.


  2. Bagoes

    i don’t want to use mt5 for my trading, mt5 isn’t fair


    admin Reply:

    How is it not fair?


  3. john

    mt 5 is incredible. i made millions off of mt 4, but mt 5 has taken me to the 100m status. i started with 10,000.00 in 2007


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