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Thought the Magura MT5's would be the dream, but I've had a lot of problems with rotor rub (low clearance), noise regardless of pad configuration and now sticky pistons - which in all fairness can happen to all brakes. The flexy levers made me consider trying something else instead of upgrading them further (40 GBP for a pair of HC levers).
So I've tested the MT5 (1 yr old) vs new TRP Slate 4s on new 160 mm Magura HC rotors, with stock TRP pads and Magura 8.Performance pads. Flat where I live, so don't need massive braking power, this is more a test of feel and convenience.
Magura MT5 140£ for the pair
+ Good power
+ Modulation
+ Sleek looks
+ Flip flop levers
– Plastic bleed screw, easy to over-torque
– Plastic bar clamp, broke two already
– Noisy with all pads I've tried
– Flexy plastic levers
– Easy to spill oil on caliper during bleeding
- Needs adapter to fit I spec shifters
TRP Slate 4 80£ for the pair (found a deal, otherwise around 130£)
+ Good power (similar to Maguras)
+ Dead quiet
+ Silky smooth (no irregular feedback from rotor)
+ Sturdy metal levers
+ Modulation
+ Easy to bleed (same as shimano, cheap bleed kit, same as Tektro)
+ Single bolt brake pads (vs two for Magura, possibly making them feel smoother?)
+ Metal clamps and bleed screws
+ Best in class pad availability (takes Shimano pads incl finned)
+ I spec compatible without adapters
- Directional olives, messed that one up once.
The Deore MT520 4 pot and TRP Slate 4 seem almost identical, but to me the TRPs edges them out:
+ Linear action instead of servo wave (boils down to preference)
+ Bolt instead of clip pad retainer
+ Adjustable angle caliper hose connector
- Deore doesn't have directional olives, better for dumdums.
= Price is about the same