Some reasons why MT4 is bad I have summarized here. If you have the choice for MT5 or even cTrader there you go.
MetaTrader 4 is only as legit as the broker operating the platform. Brokers can manipulate any data on the platform. Your deposits can be erased, trades can be altered, and live market data can be skewed. The only thing stopping your broker from doing this is their business ethics and the fact that it’s illegal.
MetaTrader 4 is hosted by the brokers on their own equipment. This allows them to connect any market data feeds they wish, edit data directly from the database, and install plugins to alter the platform’s functionality rig the market in their favour.
Regulated and unregulated brokers have the means to manipulate the data on their MT4 platform. Many traders believe that MetaTrader 4 is their gateway to the forex market. Unfortunately, they are gravely mistaken. MT4 was never designed to connect to the forex market. Straight-through-processing brokers require sophisticated bridging technologies to connect their MetaTrader server to the forex market. As MT4 doesn’t necessarily connect to the market, it leaves a window of opportunity for brokers to manipulate market data with the object of hitting stop losses and avoiding take profits. There is plenty of anecdotal evidence online suggesting some brokers use automated plugins to manipulate market data and scam traders into losing their investments. Brokers don’t need to steal your money; they need you to think that you lost it yourself.
MT4 is slower than MT5: MT4 can only execute one task at a time, whereas MT5 can run several tasks in parallel. This is because MT4 is an older piece of software, written at a time when computers were less powerful than they are today. This means that MT4 will take longer to accomplish all the tasks you need it to perform.
This could be a problem if you are looking to use Expert Advisors, as they tend to have higher memory and speed requirements.
Harder to test Expert Advisors: Unlike MT5, MT4 doesn’t have a strategy module for testing Expert Advisors. This makes it much harder to test an EA in MT4. In fact, you could be flying blind, which isn’t a pleasant feeling when trading with real money.
There is insufficient high-quality historical data for the backtesting feature.
You can easily fool yourself on backtesting with MT4 assumptions to interpolate data.
MetaTrader 4 is only as legit as the broker operating the platform. Brokers can manipulate any data on the platform. Your deposits can be erased, trades can be altered, and live market data can be skewed. The only thing stopping your broker from doing this is their business ethics and the fact that it’s illegal.
MetaTrader 4 is hosted by the brokers on their own equipment. This allows them to connect any market data feeds they wish, edit data directly from the database, and install plugins to alter the platform’s functionality rig the market in their favour.
Regulated and unregulated brokers have the means to manipulate the data on their MT4 platform. Many traders believe that MetaTrader 4 is their gateway to the forex market. Unfortunately, they are gravely mistaken. MT4 was never designed to connect to the forex market. Straight-through-processing brokers require sophisticated bridging technologies to connect their MetaTrader server to the forex market. As MT4 doesn’t necessarily connect to the market, it leaves a window of opportunity for brokers to manipulate market data with the object of hitting stop losses and avoiding take profits. There is plenty of anecdotal evidence online suggesting some brokers use automated plugins to manipulate market data and scam traders into losing their investments. Brokers don’t need to steal your money; they need you to think that you lost it yourself.
MT4 is slower than MT5: MT4 can only execute one task at a time, whereas MT5 can run several tasks in parallel. This is because MT4 is an older piece of software, written at a time when computers were less powerful than they are today. This means that MT4 will take longer to accomplish all the tasks you need it to perform.
This could be a problem if you are looking to use Expert Advisors, as they tend to have higher memory and speed requirements.
Harder to test Expert Advisors: Unlike MT5, MT4 doesn’t have a strategy module for testing Expert Advisors. This makes it much harder to test an EA in MT4. In fact, you could be flying blind, which isn’t a pleasant feeling when trading with real money.
There is insufficient high-quality historical data for the backtesting feature.
You can easily fool yourself on backtesting with MT4 assumptions to interpolate data.
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