Why do brokers not open micro accounts (cent accounts) on the MT5 platform?

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Yurij Batura
7728
Yurij Batura  
I have a question. Why do many brokers not provide the opportunity to test and popularize the MT5 platform on micro or cent accounts, and with what it is connected, can someone know the answer or at least the assumptions?
Sergey Golubev
Moderator
106637
Sergey Golubev  
Ask brokers.
Farrukh Aleem
1908
Farrukh Aleem  

MT5 is not a widly used product , its concepts of deals orders positions is complex , MT4 has clear and simple system people use mt4 because of this. Most of people don't like netting hedging crap.

Brokers give preference to what people like and use.

Waseem Raza
10025
Waseem Raza  
Farrukh Aleem:

MT5 is not a widly used product , its concepts of deals orders positions is complex , MT4 has clear and simple system people use mt4 because of this. Most of people don't like netting hedging crap.

Brokers give preference to what people like and use.


I agree with you , Fifo rule was for USA peoples and and Metaquotes put this system to whole world in MT5.
Sergey Golubev
Moderator
106637
Sergey Golubev  
Farrukh Aleem:

MT5 is not a widly used product , its concepts of deals orders positions is complex , MT4 has clear and simple system people use mt4 because of this. Most of people don't like netting hedging crap.

Brokers give preference to what people like and use.


Many people use MT4 because of inertia to something new (mechanically).

I remember same case with MT3/M4: I used MT3 and I liked it (it was many years ago), and when MetaQuotes forced the brokers to use MT4 instead of MT3 so it was same case and same discussion: "MT3 is the best", and "most of the people must use MT3 together with Windows '95" ...

I am still considering Windows '95 with Pentium I is the best Windows in the world up to now ... but I can not use it because most of the programms will not work in '95 ...
Same with MT4/MT5: many new features will not work with MT4.

You can see here - I traded Ichimoku EA on Metatrader 3 (in 2005):

Forum on trading, automated trading systems and testing trading strategies

Ichimoku

Sergey Golubev, 2005.10.19 08:29

I started to test this EA yesterday in the morning. See the picture.

Now is the second day already. I use eur d1 on default settings.

You may find this EA in download area for mt3.


Many people who posted about "Metatrader 3 is the best compare with MT4" - they gone from the market because they were not important/significant guys to listen their opinion about Metatrader. We should listen the people who started the forex with Metatrader 3 and who are still on the market.

So, I can compare MT3 with MT4 and with MT5. And I understand about people's inertia very well.
And I think - Metatrader 5 is the best one.

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Topic starter should ask the broker. If many people ask to the brokers about cent accounts for MT5 so many brokers will have to make this oppotunity for everybody.

Farrukh Aleem
1908
Farrukh Aleem  
Sergey Golubev:


Many people use MT4 because of inertia to something new (mechanically).

I remember same case with MT3/M4: I used MT3 and I liked it (it was many years ago), and when MetaQuotes forced the brokers to use MT4 instead of MT3 so it was same case and same discussion: "MT3 is the best", and "most of the people must use MT3 together with Windows '95" ...

I am still considering Windows '95 with Pentium I is the best Windows in the world up to now ... but I can not use it because most of the programms will not work in '95 ...
Same with MT4/MT5: many new features will not work with MT4.

You can see here - I traded Ichimoku EA on Metatrader 3 (in 2005):

Many people who posted about "Metatrader 3 is the best compare with MT4" - they gone from the market because they were not important/significant guys to listen their opinion about Metatrader. We should listen the people who started the forex with Metatrader 3 and who are still on the market.

So, I can compare MT3 with MT4 and with MT5. And I understand about people's inertia very well.
And I think - Metatrader 5 is the best one.

---------------------

Topic starter should ask the broker. If many people ask to the brokers about cent accounts for MT5 so many brokers will have to make this oppotunity for everybody.


Window 95 and 98 were indeed better option in that time Window ME and vista and 8 were/are a failure. Same is the case with mt5 if metaquotes will not design product which is simple to use and fulfill user needs it will not get sales , 50 and 100$ coupon and similar small incentives do not matter people need to trade their thousands or even millions. MT5 is not getting user and broker attention because its complexity is annoying.

Sergey Golubev
Moderator
106637
Sergey Golubev  
Farrukh Aleem:


Window 95 and 98 were indeed better option in that time Window ME and vista and 8 were/are a failure. Same is the case with mt5 if metaquotes will not design product which is simple to use and fulfill user needs it will not get sales , 50 and 100$ coupon and similar small incentives do not matter people need to trade their thousands or even millions. MT5 is not getting user and broker attention because its complexity is annoying.


Same talking was related to MT3/MT4.
But finally, MT4 won "this game" because MT4 is more good having more options for traders.

It is same for MT4/MT5.

The progress in the world will be going on irrespective of the opinions for example.
Sergey Golubev
Moderator
106637
Sergey Golubev  

The discussion about MT4 vs MT5 is going on the following thread:

Are you ready to give up MT4 for MT5 ? 

and on this thread as well:

Why is it better MT5 than MT4?? Does it have fewer limitations ??? :

Forum on trading, automated trading systems and testing trading strategies

Why is it better MT5 than MT4?? Does it have fewer limitations ???

Jose Francisco Casado Fernandez, 2017.01.21 14:29

Well, due to the conversation of this thread, I have considered it opportune to open a new one to expose the pros and cons of MT4 versus MT5, and why I consider MT5 to be better.

Basically,
MT5 has many more interesting features that help in trading, and MT4 has too many limitations in my opinion.

Let's cite some of them below.

     

  • MT5 is faster than MT4. It is a 64-bit, multi-threaded platform. MT4 is a 32-bit, mono-threaded platform with a 2 Gb (or 4 Gb memory limit if you use it on a 64-bit operating system, in which case a 32-bit system is emulated, which is not optimum). It is important, especially to do backtesting, since if your historical data file exceeds this limit (which happens especially if you use tick data), you have to split this file into several parts and do an individual backtest of each part. If you use tick data usually that memory limit is exceeded with a history of 2 years or so, but can also be exceeded even if you use standard M1 bar data.
  • MT5 is a Multi-Market platform, which means that you can trade in both
    • Centralized Markets (Stock Exchanges, Futures markets, etc.) where you can trade stocks, indices, commodities, futures on all of them, etc,  and 
    • Non-Centralized Markets, like Forex and other OTC markets.

In MT4 you can only trade in OTC markets (mainly Forex). If you trade other assets through MT4, these are CFDs, which are issued by OTC brokers for a kind of domestic market only for their customers, so they act as market makers in these assets (they make you the counterpart).

  • Due to this, in MT5 it is possible to get real volume traded data, and not only tick volume data. In MT4 it's not possible. The tick volume means the number of price changes that have occurred in the course of the bar. Nothing else. You do not know the real volume (contracts, or lots) that has been traded.
  • In MT5 you can download and consult ticks history from your broker. In MT4 you can't, you only can save tick data by yourself (with the help of some tool), but it has many limitations. You must have platform turned on 24 hours a day, and still you'll NEVER keep all the ticks, for many reasons.

Why is this important ??? It's a very easy thing. There are many traders who use tools like Market Profile, Delta Volume, etc., etc.

Well, in MT4 you can never know what exactly was the most traded price or cluster in the selected range. You have to make an approximation / estimation using only M1 bars. For example, if you are in M15 timefame you would have to analyze the 15 M1 bars in that section, see their maximum and minimum prices and the tick volume of each one of them and assign that volume in equal parts (or use the criterion that you want) to each of the prices or clusters between the maximum and minimum prices of that M1 bar. And so, try to calculate APPROXIMATELY, how much could be traded at each price. The real data you never know, you have to estimate it.

That is why in MT4 these types of tools are not very useful. There are many people who use them without knowing all these things, and believe that they offer you the real POC / VWAP / Profile, levels. But it's not like that. In MT4 I do not recommend using these tools.


  • In MT5 you have access to the tape (Times & Sales), so you can create Order Flow, Cumulative Delta, etc. indicators. In MT4 you have not.
  • In MT5 you can backtesting robots with the closest possible conditions to the real market natively  (real tick data, real variable spreads, lag, slippage, etc). In MT4 you can't natively. You only can if you pay for a third-party software. If so, you also have to download history data from a few sources (there are many few, almost everyone uses the same source), transform it to MT4 format and open the platform through this third-party software in order to patch MT4 behavior. You take many hours to complete this process, and you have to repeat it every time you want to incorporate new data.
    We have all seen hundreds of robots that obtained spectacular results in backtesting, but when operating in real account the results were very bad. This is mainly because they were made with conditions that had nothing to do with real market conditions.
  • In MT5 you can backtesting Multi-Symbol strategies natively. In MT4 you can't.
  • In MT5 is not possible to import your own historical data.  In MT4 it's possible.
    Really, how many tick data sources do you have available in MT4 to import ???, Dukascopy and Integral / Pepperstone ???. Just the two of them mostly, right? .
    Almost everyone uses Dukascopy data, and almost nobody has the real tick data of their broker, does it matter so much ??? Who has the real tick data of their broker ??.
    For me it is not very important because in MT5 if you have the data of your broker. Although you can not import those of Dukascopy.

    Is everyone a Dukascopy customer ??? Or does everyone want their own broker's data ?? "

    I think that almost everyone wants their broker's data and not those of Dukascopy. In MT5 you can have the tick data of your broker and you do not have to import those of Dukascopy.

    If you are a client of FxPro, ActivTrades or RoboForex, what do you want the Dukascopy tick data for ???. I'll tell you, that's because in MT4 you did not have tick data, so if you wanted tick data it was only possible if you imported Dukascopy data, but in MT5 there is no need for Dukascopy data, since you can Have the tick data of your broker.

    Therefore, in my opinion, it is not a relevant feature in MT5.

  • In MT5 you can't create offline charts. In MT4 you can. In my opinion this is the most important thing (perhaps the only) that MT5 lacks.


This is just a few limitations from all the ones MT4 has.

To be continue.


Regards.




Sergey Golubev
Moderator
106637
Sergey Golubev  
Farrukh Aleem:


Window 95 and 98 were indeed better option in that time Window ME and vista and 8 were/are a failure. Same is the case with mt5 if metaquotes will not design product which is simple to use and fulfill user needs it will not get sales , 50 and 100$ coupon and similar small incentives do not matter people need to trade their thousands or even millions. MT5 is not getting user and broker attention because its complexity is annoying.


So, you can join the discussion about MT4 vs MT5 on the threads provided above (with your proof of course - because the technical talking without any proof is nothing).

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Farrukh Aleem
1908
Farrukh Aleem  
Sergey Golubev:


So, you can join the discussion about MT4 vs MT5 on the threads provided (with your proof of course - because the technical talking without any proof of nothing).

---------------

Thanks for sharing i will read these threads if necessary i will give my input.
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