In this video I wanted to talk about something that I get as a question on a regular basis.
That question is:
Is Metatrader 4 still a good choice and does it make sense to start with MQL4 today or should I immediately go and switch to MQL5?
As you can see I’m still using MQL4 and Metatrader 4 and actually this is my RoboForex-FixCent account, that’s my real money account and if you click on the “About” tab here you will see that I’m using a branded MQL4 for Metatrader 4 version that was built by Admiral Markets.
It says: it’s version 4, built 1090 from march 2017 and I used to tell everybody to go to the website because that’s where it says that Metatrader 4 is the most popular Forex trading platform and actually it still is but if you click on download here you will see the text: “Download Metatrader 4” but the button says: “Download Metatrader 5” the next generation platform. The rest of the page is still talking about Metatrader 4 but here is another button, this one says: “Download Metatrader 4”.
Okay, let’s do that.
It takes a few seconds, here we have a file that is called: “mt4setup.exe”, let’s open that, click on execute and now an installation assistant comes up and as I am reading the terms and conditions here they are talking about MQL5 and they are talking about the Metatrader 5 trading platform.
Believe it or not this button here will download Metatrader 5 and if you don’t pay attention it will install Metatrader 5, so let’s cancel the installation here, let’s try the Metatrader 4 site here and once again we are on the “Download Metatrader 5” site.
Obviously we can’t download Metatrader 4 on
Let’s try the Admiral Markets website, it says: “Metatrader 4 for Windows” and when I click on the download button they want me to register and most of you probably don’t want to do that but you can go to my website:, click on the menu button and here you should find a link that is named: “Metatrader 4 Download” and this time we are getting the right exe file. Let’s execute this setup and this time it says: “its Metatrader 4”. Let’s confirm the installation and it’s talking about the MQL4 language and it says that we are going to install Metatrader 4.
If I mark the confirmation option here and click on settings I see that this time it’s a Metatrader 4 client terminal, it would be installed in the Metatrader 4 directory.
I will skip that now because I have already an installation in place, so feel free to use my download link here if you can’t get the setup file anywhere else.
Metatrader 4 still works you just need to approve the automated update after the installation and I guess that Metatrader 4 and MQL4 will stick around for a while.
Let’s go to, this is the website: Forex Peace Army, they have a lot of broker reviews and today they still list 756 brokers for Metatrader 4, let’s see if we can get a list of Metatrader 5 brokers.
Here is a list of Metatrader 5 brokers; today more brokers support Metatrader 5.
One or two years ago maybe a dozen brokers supported this.
Let’s have a look at the release notes for Metatrader 4; the last new version is from May 2017. I get the impression that Metaquotes is trying to get rid of Metatrader 4 but most traders and brokers still use it.
I use both versions so if you click here it will get you to the MQL5 tutorial website ( and if you are just starting out and want to answer the question if MQL4 or MQL5 is the best way to go you can join the free email course here and find out for yourself.
I like and use both versions and MQL4 is a little bit more easy to learn, MQL5 has a few advantages, for example: this is a back-test in Metatrader 4 and you would need to import historical data in the “History Center” for each and every currency pair here that is very time consuming and you don’t have to do that with Metatrader 5.
That’s a big advantage but basically MQL4 is still around, Metatrader 4 still works and you have the opportunity to make your own decision.