New to FX > What is Metatrader 4/5? Do I need to buy it or is it free?

[Neutral]

I want to open a demo account this week with Go Markets and want to know do I need to buy Metatrader 4 or 5 or does this come free when you open an account with a broker? Reason I ask is because if I need to buy it then now is a good time with the current AUD/USD dollar conversion.

Also, if anyone is familiar with MetaTrader 5 is it purely for brokers or can traders use this too?
Is it just an evolution of MT4?
Do most brokers offer MT5?

 

[lindsayf]

Hi

Just go to
http://www.gomarketsaus.com/account-information/download-demo
click download demo and follow the instructions
it is MT4 and free
Pretty sure GO dont have MT5
Then go to www.babypips.com to learn about forex basics

cheers

 

[TulipFX]

Metatrader is a common retail forex platform. Various brokers from completely dodgy to pretty good use it. It is free to download and use. Brokers will give out demo accounts so you can get the hang of it before risking real money.

The two best MT4 brokers in Australia, and in the top tier in the world are GoMarkets and Pepperstone. They both have very similar trading conditions.

MT5 is meant to be the upgraded version of MT4. If it gets adopted is another matter. There is a huge amount of code for MT4 which is in the public domain so indicators, scripts and automated trading robots are easy to create if you know how thanks to these enormous libraries.

The reason why MT5 might not be adopted is because it is not backwards compatible with the MT4 codes, meaning vast amounts of work become worthless on the new platform. I think if MT5 is ever to be adopted it must add in backwards comparability with MT4.

If you have any further questions, feel free to ask.

 

[Neutral]

Thanks for the explanation guys that was exactly what I was after

 

[Paulo30]

MT4 is free with any broker account - demo or live. However you need an account with someone to use it due to the live feed. It's highly customizable, though personally I don't use even 10% of its functionality.

I wouldn't worry about MT5 just yet, MT4 will be around for some time longer.

Thanks for the explanation guys that was exactly what I was after

 

[TulipFX]

MT4 is free with any broker account - demo or live. However you need an account with someone to use it due to the live feed. It's highly customizable, though personally I don't use even 10% of its functionality.

I wouldn't worry about MT5 just yet, MT4 will be around for some time longer.

Not true. Both GoMarkets and Pepperstone will give you a fully working demo if you fill out some fake name details.

 

[builder2818]

You don't need MT4 or 5 or whatever MT version there is. Just try out the free platforms offered by the fx brokers until you find one you like. Some are good and some are just rubbish or a pain in the ar5e to operate.

 

[Paulo30]

I don't know about you, but I've never paid for MT4.

There's also no need to fill in fake details when signing up for a demo account. If you don't like the broker, just don't use the service or go live.

Not true. Both GoMarkets and Pepperstone will give you a fully working demo if you fill out some fake name details.

 

[TulipFX]

Fake details mean you don't get sales calls. That's all.

If anyone wants a broker's MT4 set up that they can use on demo just PM me and I'll send it over to you. I pretty much have a copy of every broker's (worth knowing about) MT4 for quality assurance and testing purposes.

 

[Tanaka]

I don't know about you, but I've never paid for MT4.

There's also no need to fill in fake details when signing up for a demo account. If you don't like the broker, just don't use the service or go live.

I don't know about that, I still get at least 1 call a month from an Alpari sales woman even though I have explained that I'm not interested.