Traders Voice Frustrations As MetaQuotes Discontinues Older MT4 and 5 Versions

On October 22, 2024, MetaQuotes announced that starting December this year, it will cease technical support for older versions of its MT4 and MT5 platforms​. For MT4, this includes any version earlier than build 1420, released on May 24, 2024, while for MT5, it covers versions before build 4410, released on June 21, 2024. Desktop clients using these earlier terminals will no longer be able to connect to brokers' servers.

Brokers Poised to Follow Suit

Remember the prop trading crisis from earlier this year? Many firms using MT4/5 platforms faced unexpected "technical issues" at that time. This was largely due to MetaQuotes discouraging brokers like Eightcap - who have been licensed for the use of the MetaTrader platform - from subletting platform access under so-called "grey labels." Now, with MetaQuotes' official announcement of its decision to discontinue older versions of MT4 and MT5, we're likely to see a cascade effect, with countless MT brokers following the trend.

Ordinarily, users embrace updates across various software platforms. However, as we highlighted in "MetaQuotes Has Been Ruling for 20 Years, Is It Time to End?​", the older MT4 platform remains more popular than its successor, MT5. MT4 boasts a vast library of third-party scripts and plugins tailored for it, which have made it the preferred option for many brokers as a staple alternative. This sudden move to disable outdated versions has naturally sparked a wave of discontent among traders.

Traders Express Discontent

So why has MetaQuotes chosen to go against the grain here? The reasoning behind the decision is complex and multi-layered, with each side holding its own valid perspectives.

One rationale from MetaQuotes is that, starting with build 1420, the platform will ban all hacked EAs and indicators. From this viewpoint, newer versions promise fairer trading and enhanced trader protection. But is this truly the case? Many traders are skeptical. To them, MetaQuotes' push for newer versions and its disabling of older ones has little to do with "protecting" traders from hacked EAs and indicators; rather, they see it as a calculated move to eliminate these rigged indicators that the company finds undesirable - particularly those that might threaten sales of EAs and indicators from its own MQL5 Market.

In online forums, some traders accuse MetaQuotes of "crying thief." Many are well aware they're using cracked indicators that align with their trading preferences. In contrast, MetaQuotes continues to market high-priced tools on its own store, with some products on the MQL5 Market costing over a thousand dollars.

"They sell us expensive bots that don't generate profit but then forbid us from using cracked indicators," wrote one anonymous trader in an online comment, "all the while calling others thieves."

Rolling 1420 Back to 1415 Might be the Next Trend

When Apple abruptly removed MT4 and MT5 from its App Store​ in September 2022, some creative traders started selling iPhones preloaded with the apps. Many believe that similarly, the latest move to disable older versions will only serve as a new opportunity for tech-savvy geeks.

Back in May, insiders leaked that MetaQuotes' tech team had been working for over six months on build 1420, aiming to remove all cracked bots from the previous versions. Now, it seems likely that some resourceful individuals in the trading community have been preparing just as extensively to counter MetaQuotes' upcoming restrictions.