MT4 vs MT5: Which Trading Platform Should You Use?
MetaTrader 4 has been the standard for forex for two decades. MetaTrader 5 adds features but the choice depends on what you actually need.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most widely used retail forex trading platforms. Both are free, highly customisable, and supported by the majority of regulated brokers. The question is which suits your specific needs.
MT4: the established standard
Released in 2005, MT4 has spent two decades as the default forex platform. Despite being older, it remains the most widely available and used platform for retail forex trading.
What MT4 has:
- Four order types (market, limit, stop, stop-limit)
- 30 built-in technical indicators
- 9 timeframes (M1 to MN)
- Expert Advisors (EAs) in MQL4
- Extensive third-party indicator and EA library built over 20 years
What MT4 lacks:
- No built-in economic calendar
- No depth of market (DOM) data
- Limited to 9 timeframes
- MQL4 is less capable than MQL5 for complex algorithms
MT5: the successor with more features
Released in 2010, MT5 was designed to expand beyond forex into stocks and futures. It is technically more capable, but adoption has been slower than MetaQuotes anticipated.
What MT5 adds:
- 21 timeframes (M1 to MN)
- 6 pending order types
- Built-in economic calendar
- Depth of market (DOM)
- Hedging and netting modes
- MQL5 (more powerful for automated trading)
- Multi-asset: can trade stocks, futures, and options where broker supports it
MT5 limitation:
- MQL4 indicators and EAs do not run on MT5 — you need MQL5 versions. Much of the 20-year MT4 library is not available or requires conversion.
Which to choose
Choose MT4 if:
- Your broker only offers MT4
- You use third-party indicators or EAs written for MT4
- You trade only forex and want the most widely tested platform
- You prefer simplicity
Choose MT5 if:
- You trade multiple asset classes (forex + stocks + futures)
- You need more timeframes or order types
- You are building or using algorithmic strategies in MQL5
- Your broker offers MT5 with better conditions than MT4
The platform is secondary
For manual traders, the platform matters less than broker quality, execution speed, and spread costs. MT4 and MT5 both provide reliable charting, order execution, and account management. Neither gives you a trading edge — edge comes from your method and risk management.
Frequently Asked Questions
Is MT5 replacing MT4?
Gradually, yes. MetaQuotes has encouraged brokers to move to MT5, and some have discontinued new MT4 accounts. However, MT4 is so deeply embedded in the retail broker ecosystem that it will likely remain available for years.
Can I use MT4 and MT5 at the same time?
Yes. They are separate applications. You can run both simultaneously with accounts at different brokers.
Is there a mobile version of MT4 and MT5?
Yes. Both have iOS and Android apps. The mobile versions support trading and charting but have fewer indicator and automation options than the desktop platforms.
Which platform is better for automated trading?
MT5 with MQL5 is technically superior for automation — faster execution, more sophisticated backtesting, and broader asset class support. However, the MT4 EA library is far larger due to 20 years of development.
Are there alternatives to MetaTrader?
Yes. TradingView is increasingly popular for charting and has direct trading integration with some brokers. cTrader is well-regarded for ECN trading with a cleaner interface. NinjaTrader and TradeStation serve futures and stocks traders specifically.
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Not financial advice. This article is educational. Trading carries substantial risk and you can lose more than your deposit. See our risk disclaimer.
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