What if the new MT5 comes along?

[FXOpen Manager]

All is simple, MT5 will force traders to look for Brokers who offer MT4 with hedging and with other privileges and freedom they offer today. So the brokerage firms who will totally move from MT4 to MT5 will loose much.

I think it's too good for Asian and European brokers.

My personal believe is that MT5 is not ready yet to be used, aslo mql5 is more advanced than mql4, so I don't think any of brokers will propose MT5 only.

[Paul75]

Why traders have low response regarding using it? What are the main reason behind it?

[FXOpen Manager]

Why traders have low response regarding using it? What are the main reason behind it?

Feel free to ask a questions here. Maybe not so popular due to FIFO rule.

[FXOjafar]

Why traders have low response regarding using it? What are the main reason behind it?

There are just too many restrictions built in. I think building it to comply with US restrictions on trading was a mistake. Retail forex will be killed off over there very soon. Metaquotes should fix the bugs and remove the restrictions or MT5 will end up being a distant memory.

[FXOpen Manager]

There are just too many restrictions built in. I think building it to comply with US restrictions on trading was a mistake. Retail forex will be killed off over there very soon. Metaquotes should fix the bugs and remove the restrictions or MT5 will end up being a distant memory.

There are several nice features, for example much more timeframes, if it is helpfull. Anyway, MT5 will be presented by FXopen as well.

[Paul75]

Feel free to ask a questions here. Maybe not so popular due to FIFO rule.

Please share more details about FIFO rule or any website where FIFO rule is described in details.

There are just too many restrictions built in. I think building it to comply with US restrictions on trading was a mistake. Retail forex will be killed off over there very soon. Metaquotes should fix the bugs and remove the restrictions or MT5 will end up being a distant memory.

I am interested to know more about "US restrictions on trading".

[FXOpen Manager]

Please share more details about FIFO rule or any website where FIFO rule is described in details.



I am interested to know more about "US restrictions on trading".

A. First In First Out (FIFO) simply means that when you have multiple positions in the same currency pair, the position which was first opened will be the first to be closed. This execution process is the common practice in the US equities and futures markets.

B. Also, hedging is not allowed. It means that you are not able to open position with the same currency pair SELL and BUY at the same time. For example if you do 2 lots SELL EUR/USD you will not be able to open 1 lot EUR/USD BUY for scalping, it will simply appear as 1 lot EUR/USD SELL . 2 lots SELL minus 1 lot BUY.

[ilearn2t]

Hello Paul75

Best to try and understand US policies on Forex first!

Basically this means all forex brokers have to be registered. Great for the trader but bad for all "bucket shops" but sadly not all non-registered brokers are BS, all brokers who don't meet the $'s millions needed to become Regulated in the US move off shore, so any US trader using them break US law.

US traders can open accounts with a US brokers sister company in the UK and trade as normal.

List of companies and value:

[FXOpen Manager]

You are partly right.
Most of the brokers not willing to apply for NFA license due to regulations which such as: 1) Maximum 1:50 leverage, 2) FIFO rule 3) No hedging and some more restricvtions.

For example FXO decided to have regulated business in Australia thats why FXOpen investments PTY Ltd is available, at the same time clients can use NZ based company as well.

[Paul75]

Thanks FXOpen Manager and ilearn2t for your assistance.

[widhie75]

I guess, when the time is come, it could be possible that MT4 will be replaced by MT5.
We can look back, start from Metatrader 3 (or maybe MT2 ?) after sometime they all replaced by current MT4,,, and offcourse, currently all server not support old version of Metatrader anymore.

So, if some parties think MT5 is better than MT4,,,,,, I believe Metatrader 4 will be replaced by MT5, and we all as trader just follow the situation.

[Paul75]

You may be right but as other member said "FIFO" and "US restrictions" is the main problem behind using it.

[FXOjafar]

I guess, when the time is come, it could be possible that MT4 will be replaced by MT5.
We can look back, start from Metatrader 3 (or maybe MT2 ?) after sometime they all replaced by current MT4,,, and offcourse, currently all server not support old version of Metatrader anymore.

So, if some parties think MT5 is better than MT4,,,,,, I believe Metatrader 4 will be replaced by MT5, and we all as trader just follow the situation.

I'm not sure if I can agree with that. MT4 was an upgrade to MT3 but MT5 is completely different to MT4. It's not just an upgrade. It's like moving to a completely different trading environment.

I think FXOpen will have it's own killer trading application before MT5 is available at more than just a few small russian bucketshops and US brokers.

[RahmanSL]

"...believe Metatrader 4 will be replaced by MT5, and we all as trader just follow the situation"

Hell NO! I will take my MT4 and hide it so they will never ever find it and I won't tell the top secret location even under pains of torture and persecution!

Now, don't tell them I said that;ok!

[RahmanSL]

They have been beta testing MT5 for at least these past 2 years and even though some brokers are offering them to clients, as far as I know, traders will still have a choice between the MT4 & MT5 as their trading platform.

So no cause for panic...for now!