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I expect a number of the biggest reasons why MT4 is so popular are: 1. It is free.
I am surprised to read such from you,. Or do you believe MetaQuotes work(s) for free? The cost of the entire package is passed on (upon) traders, in the form of cost of trading. An open source solution would be more cost-effective. In that same sense MT5 is free, also.
Quote Originally Posted by ;
2. There are countless third party indiors and EAs available.
Sure, and 99.99percent of them not even worth the attempt. There are sufficient such tpi and ea's available for MT5. Possibly only not on forums such as FF.
Quote Originally Posted by ;
3. There are dozens and dozens of https://www.100forexbrokers.com/mt4forexbrokers to choose from. In case you decide you do not like your current broker for whatever reason, you can easily move your account to a different one, and instantly migrate all of your indiors and EAs, without the hassle of having to familiarise yourself with a new platform.
Yes, to get slow minds this may be a valid argument. But, MT5 is similar to 99% the same GUI. Add another thing: If a single trades frequently, for smaller gains, cost of trading becomes of significance (and thech: rate, asynchronous, event driven arch. - everything MT4 does not have), and, while there are many expensive brokers out there, great and reasonably cheap brokers are very rare (if any).
Quote Originally Posted by ;
Most brokers offer demo accounts, letting you test as many unique egies as you desire, at your leisure, and free of cost.
There's MT5 demo accounts, also. And you have tick-support built in. The MT4 tester is worthless for fast-trading egies.
Quote Originally Posted by ;
4. MT4 is broadly promoted and has come to be an accepted industry standard, regardless of its shortcomings
Yes, since it had been made for its back-in-the-day bucket-shops, to scam their clientele. Used now for the very same purpose, only changed flag (a.k.a. ECN and BS).

Its very easy: MT4 or MQ goods in general are for the idiots who prefer to cover MetaQuotes and brokers to get conned and jumped to MQ's moods and shortcommings. Instead of using free software (force brokers) and consequently have freedom of thoughts.