by James Patrick

Why Are The Brokers Still Using MT4 When They Have MT5?

The monopoly of the MetaQuotes Software doesn’t work anymore since the MT4 platform set the milestone for the entire industry. New brokers are no more in a position to offer MT4 since MetaQuotes withdrew vanilla MT4 from the marketplace. MetaQuotes has conveyed its message clearly: MT5 holds the key to your trading future

How It Feels to Explore MT5

The brokers that are currently operating in the market won’t find it tough to offer both MT4 and MT5 simultaneously. However, a large section of the clients is currently dependent on MT4. You may even explore the option of switching over to MT5 at your free will. You must have noticed a substantial hike in market demand for this platform. A large section of the new buyers prefers investing their time and efforts over MT5 rather than the earlier versions.

Using MT5 often becomes mandatory for some market participants that experience new-age trading challenges. The new brokers have to deal with some unknown software and dynamic industry that sets new trends every day. It helps them in dropping the anchor for a new brand. White-labeling and other solutions may seem attractive to new players at a time when the market reflects a high potential for client rejection and financial risks.

MT4 Owes Its Success to EAs

The monopoly that MetaQuotes enjoys doesn’t work in its favor ever since MT4 succeeded in establishing its presence as the new trading standard. The fact that we humans feel uncomfortable to accept changes prevails all over the industry. MT4 was always there and it is still pretty much stable and effective. Computers worth millions have it installed all over the globe.

The retail shift has primarily slackened due to the long row of add-ons that come with MT4. MT4 is the main pillar of support for Copy trading solutions. It has a great many electronic advisors (EAs) in its vicinity.

Most of the community boards and trading forums have littered due to the MT4 custom indicators. You can evade the challenges posed by the add-ons since you won’t be able to take them off the MT4 charts and stick them on MT5. You have to acquire them at your fingertips and right from scratch.

Brokers have to deal with this issue alongside other things. Compared to MT4, it yields further challenges concerning the absence of genuine plug-ins or third-party solutions. Brokers ought to develop their services based on these extras.

MetaQuotes finds comparison in Microsoft. With the release of the latest version of windows, the latest version of MetaTrader grew higher on demand. MT5 helped the stores keep up with the market demand. The individual participants can use it for free, but most traders were happy to pay for the latest Windows version.

MetaQuotes has been struggling to offer MT5 over retail trading platforms. The brokers are middlemen that can benefit from the design of MT5. However, the latest Windows version suits the customers with more security and speed, which is why they prefer to pay for it. MT5 is an upgrade that is aimed at the brokers. Its primary objective is not to help brokers by increasing the flow of trading volume while helping millions of parent traders simultaneously.

MT4 Still Looks Futuristic

For quite some time, a group of experts are considering MT4 to be ineffective. However, they haven’t succeeded in barring the use of the platform. The community continues to use it even today. You must remember that the deployment of MT4 still causes you to meet a monthly charge towards MetaQuotes.

MT4 still extends a sound trading base to millions of traders all over the globe. If the plug is pulled off all of a sudden, it would lead the global market through a phase of chaos and mismanagement. It might prove to be a suicidal move as the damage is deemed irrecoverable.

The move from MT4 to MT5 could happen at a slower pace unless the retail traders accept the latter as a more favorable option. Relying on business becomes difficult for a broker when the retail clients reject it.

It often seems an uphill task for the new players to ask their clients to sign up for a global trading software platform and then fail to live up to their expectations. The more seasoned players gain out of such a situation as it restricts the scope of new competition.

LIKE THIS ARTICLE? SHARE IT!

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Similar posts you might also like