HFM (former HotForex): Which is better MT4 or MT5? Performance comparison

HFM

The main trading tools currently used by Forex companies are MT4 and MT5. Both are great tools, but which one is better? Many people think that. This article is for beginners who want to start trading.

How to download and install MT4 and MT5

Please refer to the following articles for how to download and set up MT4 and MT5.

What is MT4?

MT4 is an abbreviation for Meta Trader4. It is a trading tool developed by MetaQuotes Software and used by traders all over the world. This tool can be used as an automatic trading platform, can be freely customized by the user, and has a very rich chart function and a very rich indicator function.

What is MT5?

MT5 is an abbreviation for Meta Trader4. It is a trading tool developed by MetaQuotes Software and used by traders all over the world. Since it has fewer indicators than MT4 and is a new tool, there are many Forex companies that do not support it, but the time axis and operation speed that can be displayed are much higher than MT4.

Performance comparison between MT4 and MT5

MT4MT5
release20052010
operating speedusuallyfast
時間足921
chart type33
memory usagefewmany
One-click orderPossiblePossible
strategy testerPossiblePossible
Types of custom indicatorsabundanceabundance
Type of EAmanyfew
Response status of FX companiesallfew
updatenonemany
programming languageMQL4MQL5
Developmental statusendOngoing

operating speed

The operating speed is overwhelmingly faster than MT5. MT5 is an evolution of MT4, so it is obviously faster. It has the feature of speeding up the reaction speed by using memory effectively. MT4 is a 32-bit program and MT5 works as a 64-bit program

timeframe display

In MT5, 12 more minute and hourly bars are added compared to MT4. MT4 has 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly and monthly. However, MT5 is further subdivided. 2 hours, 8 hours, etc. are added.

Response status of FX companies

MT5 is only about 10 years old, and old Forex companies still do not support it. However, most of the world’s leading companies such as HF Markets have already responded. MT4 is probably already supported by Forex companies around the world.

number of indicators

Both MT4 and MT5 are equipped with indicators that can be used for technical analysis from the beginning. It doesn’t matter which one you choose as they are equally equipped.

memory consumption

Memory consumption is also different between MT4 and MT5. Note that running multiple MT5s will greatly increase memory consumption. MT4 has a fairly low memory consumption.

update frequency

Unfortunately MT5 wins out in terms of frequency of updates. MT4 has no update itself. MT4 has not been updated since October 14, 2021. This is because the development itself has ended. MT5 has been continuously updated and is still under development.

not compatible

From here it becomes a problem of MT4 and MT5, but both are not compatible. MT4 is MQL4, MT5 is MQL5 and different programming languages are used. Therefore, it is not possible to migrate the environment used in MT4 to MT5 as it is. The same is true for the reverse pattern. When using MT4 or MT5, you need to open a dedicated account each.

Developer shifted to MT5

The company developing it is MetaQuotes, but MetaQuotes no longer focuses on MT4. MT4 has not been updated once since May 2021, but MT5 has been updated 9 times in 2021 and the same number or more in 2022. MetaQuotes has also declared the end of development of MT4, gradually reducing the market share that MT4 monopolizes and encouraging the transition to MT5.

There is no big difference in the smartphone version.

There is actually no difference between the smartphone versions of MT4 and MT5. Although MT5 is superior in terms of ordering methods, there is not much difference between the two when you take into consideration things like operability. If you mainly trade using your smartphone, either is OK.

For those who recommend MT4

People who can recommend MT4 are those who play around with custom indicators and those who want to do automatic trading. MT4 has the overwhelming majority of automatic trading functions and tools. There are far more custom indicators on the market for MT4 than for MT5, so traders can choose from many indicators.

For those who recommend MT5

People who recommend MT5 are discretionary traders. What makes discretionary traders happy is that the number of time frames displayed is very large. Also, the basic specs of MT5 are overwhelmingly higher than MT4. Since the operating speed is particularly fast, MT5 is definitely better for short-term traders and traders who mainly engage in scalping trading.

which one is better?

Overall, MT4 has already finished development. It is wise to choose MT5 for those who want to continue to trade. The reality is that MT5 is still under development and its performance is gradually improving. And from now on, MT4 will not be updated, so even if a problem is found, it will not be possible. MT5 is clearly recommended in the long run.

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