MT5 Forex Brokers
MT5(released in 2010) & MT4 (released in 2005)
- Despite some improvements in MT5, currently MT4 is more popular among traders & developers, it’s also the primary trading platform offered by most forex brokers. The reasons are as follows:
- Existing resources. When MT5 was released in 2010, MT4 was already very popular, and had been in the market for 5 years. There are a lot of indicators & EAs developed for MT4 with MQL4 as coding language.
- No backwards compatibility.Indicators & EAs(Expert Advisors) written with MQL4 do not work on MT5, and can not be ported to MT5. For those EAs to work in MT5, developers will have to rewrite all of their codes in C++ & MQL5. Many developers also had only learned to code in MQL4, they don’t have experience with MQL5.(MQL4 is relatively easier and newbie friendly for average traders. MQL5 require experience in object oriented programming languages such as C++, Java)
- Compared to MT5, MT4 is stable and already good enough for a lot of traders.
- It is used by more people, so the community support is also better.
MT5 improvements include:
- built-in ecomonic calendar
- More chart timeframes
- Additional technical indicators
- 2 more types of pending orders
- Can support more market,for example, stocks, commodities(If the broker offer those market).