MetaTrader 4 vs. MetaTrader 5: Which Should You Use?

MT4 vs. MT5: The Short Answer

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most widely used trading platforms in retail forex and CFD trading, both built by the same company, MetaQuotes. MT4 launched in 2005 and became the industry standard for forex trading; MT5 followed in 2010 as a broader, more modern platform covering forex, stocks, indices and futures. Despite MT5 being newer, MT4 has never been discontinued and remains extremely popular, so the choice isn’t about “old vs. new” - it’s about which feature set matches your trading needs.

This guide compares both platforms on the features that actually matter to traders: instruments, order types, charting, automation and broker availability.

What Is MetaTrader 4?

MT4 was designed primarily for forex and CFD trading. Its enduring popularity comes from three things: a simple, low-resource interface that runs smoothly even on older hardware; an enormous global library of free and paid custom indicators and expert advisors (automated trading scripts); and near-universal broker support, meaning almost every forex broker in the world still offers an MT4 account option.

MT4 supports:

• 9 timeframes, from 1-minute charts up to monthly.
• Around 30 built-in technical indicators.
• One-click trading and basic pending order types (buy limit, sell limit, buy stop, sell stop).
• The MQL4 programming language for building custom indicators and expert advisors.

What Is MetaTrader 5?

MT5 was built to extend beyond forex into a genuine multi-asset platform, adding native support for stocks, futures and exchange-traded instruments alongside forex and CFDs. It uses the MQL5 programming language, which is faster and more flexible than MQL4, and it added a built-in economic calendar and depth-of-market (an order book view showing pending buy and sell orders at different price levels).

MT5 supports:

• 21 timeframes, giving far more granularity for technical analysis.
• 38 built-in indicators plus more built-in analytical objects.
• More order types, including stop-limit orders.
• A built-in economic calendar and market depth tool.
• Netting and hedging account modes (MT4 only supports hedging-style accounting).

Key Differences at a Glance

Feature	MT4	MT5
Launch year	2005	2010
Primary focus	Forex, CFDs	Forex, CFDs, stocks, futures
Programming language	MQL4	MQL5 (faster execution)
Timeframes	9	21
Built-in indicators	~30	~38
Order types	4 pending order types	6 pending order types, incl. stop-limit
Economic calendar	No (third-party only)	Built in
Depth of market	Limited	Yes
Account netting	No	Yes (broker-dependent)
Broker availability	Near-universal	Growing, but some brokers offer MT4 only or MT5 only

Which Platforms Do Brokers Offer?

Broker platform availability varies. Some brokers, especially newer or multi-asset-focused ones, have moved to MT5-only offerings, while many established forex-focused brokers still run both platforms side by side as separate account types. A smaller number of brokers have shifted toward MT5 exclusively as MetaQuotes has slowed active development of MT4.

Before opening an account, check which platform(s) a broker actually supports for your account type and region - this can vary even within the same brokerage. Broker reviews such as our IC Markets review, Pepperstone review and XM review detail which MetaTrader versions each broker provides, alongside spreads, execution model and regulation.

MT4 vs. MT5 for Different Trading Styles

Scalpers and pure forex/CFD traders. MT4’s simplicity, speed on lower-spec devices, and vast expert advisor library still make it a favorite for scalping and short-term forex strategies. If your broker’s spreads and execution speed are strong on MT4, there’s little practical reason to switch.

Traders who want more instruments. If you plan to trade stocks, futures or a wider range of asset classes alongside forex, MT5’s multi-asset design is the more natural fit, since it was built for that purpose from the ground up.

Algorithmic traders. MQL5 compiles faster and supports more advanced order handling, so many developers building new expert advisors or indicators now prefer MT5, even though MQL4 libraries are still far more abundant online.

Traders using a VPS. Whichever platform you choose, running it on a virtual private server keeps expert advisors and automated strategies running 24/5 without depending on your personal computer staying on - see our guide on what a forex VPS is and whether you need one.

Charting and Analysis Differences

Both platforms support the core building blocks of technical analysis: candlestick charts, trendlines, Fibonacci retracement tools and drawing objects. MT5’s extra timeframes and indicator count give slightly more granular analysis out of the box, but the difference is marginal for most retail strategies, since the majority of traders rely on a small, consistent set of indicators regardless of platform.

Both platforms also support third-party and custom indicators through their respective marketplaces, so the “better charting” argument in practice often comes down to which indicators and expert advisors you personally use and whether they’re available in MQL4 or MQL5.

Migrating from MT4 to MT5

If you’re switching from MT4 to MT5, keep in mind:

1. Expert advisors and indicators don’t transfer automatically. MQL4 code generally needs to be rewritten or recompiled for MQL5 - check with the original developer or your broker for an MT5-compatible version.
2. Account types differ. You’ll typically need to open a new MT5 account with your broker rather than converting an existing MT4 account.
3. Order and position handling can differ, particularly around netting vs. hedging accounting - confirm which mode your broker’s MT5 account uses, as it affects how multiple positions on the same instrument are treated.
4. Demo first. Test your strategy, indicators and expert advisors on an MT5 demo account before moving real capital across.

Which Should You Choose?

For beginners focused purely on forex and CFDs, MT4 remains a completely valid, well-supported choice - it’s simple, fast, and has the deepest library of free educational resources and indicators built up over two decades. For traders who want a broader instrument range, more timeframes, or plan to build custom automated strategies from scratch, MT5 is the more future-proof option, since MetaQuotes has focused new development there.

Many traders never actually need to choose - they open both, using MT4 for one strategy and MT5 for another, or trial each on a demo account before deciding. Since both platforms are free to use with a broker account, there’s no cost barrier to testing both before committing to one for live trading.

Key Takeaways

• MT4 and MT5 are both built by MetaQuotes; MT4 (2005) is forex/CFD-focused and simpler, while MT5 (2010) is a broader multi-asset platform with more timeframes, indicators and order types.
• MT5 supports stocks and futures natively and includes a built-in economic calendar and market depth; MT4 relies more on third-party add-ons for these.
• Broker support varies - some offer both platforms, some have moved to MT5 only. Always confirm platform availability before opening an account.
• Expert advisors and custom indicators do not transfer automatically between MT4 (MQL4) and MT5 (MQL5).
• For pure forex/CFD scalping and short-term strategies, MT4’s simplicity and huge indicator library still appeal; for multi-asset trading or new algorithmic development, MT5 is the more modern fit.
• Both platforms are free with a broker account - testing both on a demo account before choosing costs nothing.

Risk note: Trading forex and CFDs on either platform involves leverage and carries a high risk of losing money rapidly. Choosing a platform does not reduce this risk - proper risk management, position sizing and a tested trading plan matter far more than which software you use.