This is not the first time we have heard of the imminent demise of the most world’s most popular retail forex platform MT4. MetaQuotes has been on an all-out campaign promoting MetaTrader 5 and most recently announcing they finally passed the 100-broker mark.
It has been a long and challenging road for MetaTrader 5 which has been available for 6 years now. Brokers have been slow and reluctant to transition out MetaTrader 4 primarily due to cost and client demand. Now MetaQuotes is doing everything they can to push brokers to make the jump from MT4 to MT5. Most recently MetaQuotes has been raising the fees for the MT4 brokers.
MetaQuotes A Victim of Their Success
When it comes to MT4, MetaQuotes are a victim of their success. Back in 2005, they provided a platform which was everything clients were looking for, and brokers could easily afford, with the benefit of no transactions cost. It was a perfect storm, and soon MetaQuotes was the dominant player in retail forex software. Fast forward to today, and many brokers see little reason to upgrade.
What is Up With MT5
When MT5 was released one of the major selling points was that it is a multi-asset platform and could expand brokers reach to new markets. The offering of stocks and futures access wasn’t as attractive to many forex brokers that were more interested in offering FX, CFDs, and metals which are available in MT4. Brokers see these products as being more profitable.
Trying to Make MT5 More Attractive
MetaQuotes have been dedicating a lot of resources in MetaTrader 5 and will do everything within their power to ensure its success. MetaTrader 5 has license cost of $25,000 which far lower than MetaTrader 4 at $100,000. Sources have stated that the time frame is about two years to phase out MT4, but it might not just be decided by MetaQuotes but by the market.