The release of MetaTrader 4 around 2005 and it changed the Forex industry very quickly. Offered to operators Forex an institutional grade tool: anyone with an internet connection could trade on an equal footing with professional Forex traders. Sixteen years later, MetaTrader 4 continues to be preferred for several reasons:
This versatility makes MT4 the world's leading trading platform.
Before deciding whether to use a MetaTrader 4 broker, we have to analyze the advantages and disadvantages of the platform.
If you are starting your trading career you should consider switching directly to MT5 or cTrader. But, if you use MT4 and are satisfied with it, then keep using it.
The MT4 platform, and MetaQuotes actively try to get the forex brokers switch to MetaTrader 5. MT4 is still the industry standard but will eventually be replaced. MT5 and cTrader also have more built-in functionality and have a more modern layout.
But if you've been using MetaTrader 4 for some time, then your version is probably heavily customized. Algorithms built for MT4 will not work in MetaTrader 5 or cTrader, any customization you have done will be lost.
MetaTrader will eventually be replaced, but its popularity means that won't happen anytime soon. But if you want to move to a modern platform, or if you are just starting your trading career, then you should check out cTrader or MT5.
The significant change is that MT5 has native support for stocks, futures, and commodity trading, whereas MT4 does not.
MT5 also has a new scripting language, MQL5, which allows more rigorous backtesting of more advanced algorithms and trading robots.
It is important to note that trading algorithms built for MT4 will not run on MT5 (and vice versa) due to the incompatibility of their scripting languages.
MQL5 scripting language allows for more advanced trading robots and more accurate backtesting tests.
The MT5 also has a cleaner 'interface' and comes with an integrated news feed and more graphics capabilities. Furthermore, MT5 finally receives stronger support from the industry, with some brokers abandoning MT4 entirely in favor of the latest version.
AvaTrade is the best broker MT4. With excellent MT4 technical support for beginners, both FSCA and ASIC regulation and competitive trading conditions, they have the product offering to be at the top of a long list of MetaTrader 4 brokers.
MT4 is central to both beginners and professional users. It will be in use for many years to come and will continue to help new traders jumpstart their trading career.
If you're trying to get the most out of your strategies and focus without the distraction of fancy tools, then it's still a candidate to satisfy almost all of your trading needs.