‘At the end of last year we made a strategic decision: to incorporate missing features in MetaTrader 5 comparing to the 4th version, and focused on developments for MetaTrader 5 only. As you see, we haven’t had any major changes on MT4 since November of 2015, and we implemented hedging mode on MT5 that allows to use this platform across all markets. For MT4 we are only doing bug fixes and small internal improvements.’
So if you are currently trading through an MT4 platform there is no urgent need to worry as nothing has changed since their last announcement over a year ago. Many brokers will not find this a compelling enough reason to switch over all their clients and it would also affect all previous EAs and indicators developed for the MT4 so they may need to find a way to make this switch easier for most brokers and then we may see some more urgency from brokers to make the move.
So although there will be no further new features added, there will still be updates to fix bugs and small improvements. There have also removed the main two issues no US traders had with the platform and why it was not taken up very strongly by brokers. You will now be able to hedge which means they have removed the FIFO settings on which trade it executes and when. This now means that it can be used in the same way as MT4 for trading currencies and will most likely increase the demand for the MT5 platform.
How long can brokers actually use MT4 for?
We also spoke to MetaQuotes for them to clarify their position
‘We do not have any end of life, or end of sale dates in mind, but would like to recommend you to start migrating your clients to MetaTrader 5 as it gives competitive advantage and flexibility.’
Over the past few month rumours have been swirling around the internet about if MT4 is finished and MetaQuotes would make all brokers switch to their MT5 platform. There were benefits for using MT4 over MT5 especially for forex traders where you were able to hedge trades and it was not run on a First in First out method so will these features now be lost forever. We spoke directly to MetaQuotes to clear everything up.