MT4 and MT5 are the world's most popular trading platforms. Despite sharing a name, they have meaningful differences in features, supported markets, and automation capabilities. This guide helps you choose.
MT4 vs MT5: Quick Summary
MetaTrader 4 (MT4) was released in 2005 and remains the most widely used retail Forex trading platform globally. MetaTrader 5 (MT5) was released in 2010 as a more advanced multi-asset successor.
Key differences at a glance:
- MT4 — Optimised for Forex; simpler; larger library of EAs and indicators; still the dominant platform
- MT5 — Multi-asset (Forex, Stocks, Futures, Options); more timeframes; more order types; faster strategy testing
MT4 has a much larger community of developers and a wider library of third-party Expert Advisors (EAs). MT5 is preferred by traders who want access to a broader range of instruments.
EAs written for MT4 are NOT compatible with MT5. If you use custom Expert Advisors, verify they are available for your chosen platform.
Feature-by-Feature Comparison
Timeframes
- MT4: 9 timeframes (M1 to Monthly)
- MT5: 21 timeframes (M1 to Monthly, including M2, M3, M4, M6, M10, M12, H2, H3, H6, H8, H12)
Order Types
- MT4: 4 order types (Market, Limit, Stop, Stop-Limit)
- MT5: 6 order types (adds Buy Stop Limit and Sell Stop Limit)
Indicators
- MT4: 30 built-in technical indicators
- MT5: 38 built-in technical indicators
Strategy Tester
- MT4: Single-threaded, slower back-testing
- MT5: Multi-threaded, up to 8x faster back-testing with multi-currency testing
Economic Calendar
- MT4: Not built-in (requires plug-in)
- MT5: Built-in economic calendar with market event integration
Asset Classes
- MT4: Primarily Forex and some CFDs
- MT5: Forex, Stocks, Futures, ETFs, Options (depending on broker configuration)
Which is Better for Forex Trading?
MT4 remains the dominant platform for retail Forex trading. Reasons:
- Larger community of Forex-specific EAs and indicators
- More brokers offer MT4 for Forex accounts
- Simpler interface for pure Forex traders
- Well-tested and stable — many trading firms rely on it
However, MT5 is catching up. More brokers now prefer MT5 as their primary Forex platform due to its faster testing and additional order types. If your broker offers both, starting with MT4 gives you access to more EAs; MT5 is the better choice for long-term scalability.
Which is Better for Automated Trading?
MT5 has clear advantages for algorithmic traders:
- Multi-threaded strategy tester allows complex back-testing at much faster speeds
- MQL5 language is more advanced than MQL4, closer to C++
- Multi-currency testing allows testing a strategy across many pairs simultaneously
- cTrader (available from IC Markets and others) is another strong alternative for algo trading
If you write or purchase custom Expert Advisors, check the EA compatibility before choosing your broker.
Which Brokers Offer MT4 and MT5?
Most top CFD brokers offer both platforms:
- Exness — MT4 and MT5 on all accounts
- XM — MT4 and MT5 with full EA support
- IC Markets — MT4, MT5, and cTrader
- TMGM — MT4 and MT5 alongside IRESS
- EC Markets — MT4 and MT5
- XTB — MT4 on offshore entity only; primary platform is xStation 5
Note: XTB is unique in using a proprietary platform (xStation 5) as its primary terminal rather than MT4/MT5.
