Working with MT4 - page 2

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Dominik Christian Egert #:

I donwloaded it from a post here on the forum, then connected to a broker to get the most recent version. - Difficult task, because not all brokers let you connect with an old version.

Then I tried to connect to metaquotes demo server, but was not successful.

Always the hard path, you are heroïc
 
Fernando Carreiro #:

No! Only MT5 has the Python integration, not MT4!

Really !! So once I get an MT4 verified account from a broker, I am not able to connect it through MT5 API ?

One other question, please: Is it possible to create one administrator account with multiple users (as customer) ?

Just want to get a confirmation if it's feasible or not.


Thanks

 
Imed_Chaabouni #: Really !! So once I get an MT4 verified account from a broker, I am not able to connect it through MT5 API ?

One other question, please: Is it possible to create one administrator account with multiple users (as customer)? Just want to get a confirmation if it's feasible or not.

You keep referring to MT5 API, so pay attention to the name. It says "MT5", not "MT4".

As for accounts, normally brokers issue accounts for a single user. You can however share a single "guest" password if you wish, which only allows the "guest" to view but not trade.

 
Fernando Carreiro #:

You keep referring to MT5 API, so pay attention to the name. It says "MT5", not "MT4".

As for accounts, normally brokers issue accounts for a single user. You can however share a single "guest" password if you wish, which only allows the "guest" to view but not trade.


Understood, thanks a lot!

 
Why is MT4 the most used platform by both beginners and experienced traders? What are the advantages and disadvantages of using the MT4 platform?
 
Martial-Mason #: Why is MT4 the most used platform by both beginners and experienced traders? What are the advantages and disadvantages of using the MT4 platform?

The following reasons are some of my own personal opinions and may differ from others.

  1. The original MQL4 language was simpler and easier to learn by beginners. The more modern MQL4+ is closer to MQL5 which facilitates the transition but still differs with MQL5 in several aspects.
  2. The trading functions and the functionality in MT5/MQL5 is more complex than in MT/MQL4.
  3. USA brokers did not adopt MT5 and stuck with MT4 and only very few brokers offer MT5.
  4. There are in general more MT4 brokers than brokers also offering MT5.
  5. Many Prop firms only cater for MT4 accounts and only a few allow for MT5 accounts.
  6. MT5 is extremely resource intensive and consumes a lot more CPU and RAM, requiring higher spec PCs. And currently is only supported on 64 bit OS, unlike MT4 which still works on older 32-bit OS. It also makes the costs of running 3rd party VPS with MT5 much higher.
  7. MT/MQL5 however, does offer more features and capabilities that MT4 does not have.
  8. MT5 brokers do offer more markets, instruments and symbols not available to MT4.
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