I’m only interested in fx, anyway. Besides, learning to navigate another platform, is such a pain. Who wants that?
Firstly it says that the ubuquity of MT4 helps brokers attract clients, but also makes it easy for competitors to sweep those clients away as the MT4 interface can’t be customized to look sufficiently unique for each broker. The assumption is that traders are drawn by the platform, and if the platform’s the same for most brokers then traders will merrily skip from one broker to the next. I disagree – traders stay with a broker if there’s no spread/price shenanigans with undue slippage, if trade execution is fast, withdrawals are processed promptly and any problems are quickly & professionally handled. If you’re with such a broker you generally won’t want to look elsewhere – this is far more significant than the question of which platforms are being offered. A “competitive edge” is not gained by brokers offering a slightly better platform, but by offering superior service and reliable trade execution.
Secondly the article doesn’t consider whether compatibility with MT4’s mql could ever be added to MT5. If this was overcome, there would be no obstacle to MT5’s widespread adoption. Its failure to support MT4 indicators & EAs is what continues to deter traders from adopting it – personally I think Metaquotes have lost the plot by doing this, but there’s no real reason why they couldn’t wake up & add support for the out-moded mql4 language in the future.
And lastly, there’s plenty enough forex pairs for any decent trader to make money trading fx alone, without having to add hundreds of other assets to trade. I really don’t see the expansion of tradable assets as the drawcard that the article’s author thinks it is.
For example, I do not understand why MT4 would offer so limited choice of chart types and time frames. If you compare with other platforms, the MT4 offer is so bad. I doubt people at MetaQuotes know what traders need.
MT4 is for FREE. Free products will never be able to compete with paid ones.
Some traders will make the switch to cTrader and some to MT5 and some to paid platforms.
Still it will take few years before MT4 will be completely gone.