MetaTrader platforms have long set the gold standard in the world of online trading. Whether you’re a novice looking to test the waters or an experienced trader fine-tuning complex strategies, the MT4 vs MT5 comparison is one you can’t ignore.
While both platforms share the trusted MetaTrader DNA, they serve different types of traders, with distinct advantages and limitations. In this guide, we’ll demystify their core differences, explore their features through the lens of real-world trading needs, and help you determine which platform aligns with your style and goals.
Overview of MetaTrader Platforms
MetaTrader, developed by MetaQuotes Software, is a household name in financial markets. Its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) offer traders direct access to global markets via intuitive interfaces, robust technical tools, and powerful automated trading capabilities.
Although MT4 and MT5 might look similar at a glance, their structural differences are significant.
Let’s dive into what sets each one apart.
What is MetaTrader 4 (MT4)?
Released in 2005, MetaTrader 4 quickly became the preferred trading platform for forex enthusiasts. Its streamlined interface, ease of use, and extensive support for Expert Advisors (automated trading robots) made it the go-to choice for both beginner and intermediate traders.
MT4 is particularly known for its stability, lightweight design, and strong community support. However, it was designed specifically for forex and CFD trading, which means its support for other asset classes is limited compared to newer platforms.
What is MetaTrader 5 (MT5)?
Launched in 2010, MetaTrader 5 was intended to be the next-generation trading platform—broader, faster, and more versatile. It supports multi-asset trading, including forex, stocks, futures, commodities, and cryptocurrencies, making it a true all-in-one platform.
MT5 includes expanded technical indicators, more advanced analytical tools, additional order types, and a built-in economic calendar for seamless fundamental analysis. With faster execution and improved automated trading infrastructure, MT5 is more than just an upgrade—it’s a complete trading ecosystem.
Comparing MT5 and MT4 Features
Now, let’s have a closer look at what each of these platforms have under the hood in terms of features.
Asset Classes Available
This is where the MT4 vs MT5 comparison gets real.
- MT4 focuses mainly on forex and CFDs. While some brokers may offer limited access to other instruments, the platform was not built with multi-asset support in mind.
- MT5, on the other hand, was developed as a multi-asset trading platform. With the right MetaTrader 5 broker, you can trade forex, stocks, indices, commodities, ETFs, and even crypto—all from one account.
Types of Orders and Execution
MT5 outshines MT4 when it comes to order management. MT5 supports:
- Market, limit, stop, and stop-limit orders
- Fill Policy (Fill or Kill, Immediate or Cancel)
- Partial fills (not available on MT4)
For traders who need precise control over entries and exits. They may include scalpers or algorithmic traders. MT5’s order types and execution modes provide a significant advantage.
Technical Indicators and Analytical Tools
When it comes to technical indicators, MT4 comes with 30 built-in tools, while MT5 includes 38 by default. But the gap widens with the number of analytical tools: MT5 includes 44 graphic objects compared to MT4’s 31.
Additionally, MT5 features 21 timeframes (versus MT4’s 9), and an unlimited number of charts can be opened simultaneously. These are the key benefits for traders who rely on multi-timeframe analysis.
Interface and Usability
For ease of use, MT4 still wins the hearts of many beginners. It’s simpler, cleaner, and easier to navigate, especially if you’re trading only forex.
MT5 offers a more modern and customizable user interface, but it comes with a steeper learning curve. However, once mastered, MT5’s user experience is more powerful and efficient, especially for high-volume or multi-asset traders.
Automated Trading Capabilities
Both platforms support automated trading, but MT4 uses MQL4, while MT5 uses the more advanced MQL5 language. MQL5 allows for object-oriented programming, faster execution, and more complex trading robots.
However, MT4 still has a broader library of free and paid Expert Advisors, thanks to its long-standing popularity.
MT5 Advantages over MT4
For several decades, MT4 has been the software icon for traders of all levels. However, it is high time we tried something different and more robust in terms of trading functionality. Here is what MT5 can deliver.
Multi-Asset Trading
The ability to manage a portfolio of diverse assets from a single platform is a game-changer. MetaTrader 5 allows you to trade everything from currencies to equities and futures, giving traders access to global markets without switching platforms.
Enhanced Technical Analysis Tools
MetaTrader 5 offers enhanced charting, more built-in technical indicators, and extra analytical tools. These additions are invaluable for traders who rely on precision and deep market analysis.
Improved Order Management
With more order types, enhanced execution policies, and depth of market (DOM) integration, MT5 gives professional traders far more flexibility and control over their strategies.
Economic Calendar and Fundamental Analysis Integration
The built-in economic calendar in MT5 provides real-time macroeconomic data that integrates directly with charts. This seamless connection between technical and fundamental analysis sets MT5 apart from most platforms on the market.
MT4 Advantages over MT5
Despite all MT5 benefits, millions of market participants still p[refer MT4 functionality. And here is why.
Simplicity and Popularity
Despite its age, MT4 is still incredibly popular due to its simplicity and reliability. It’s often the first platform a trader encounters, and for good reason—its interface is clean, intuitive, and beginner-friendly.
Wider Availability of Expert Advisors (EAs)
MT4’s longevity means there’s a vast ecosystem of pre-built Expert Advisors, indicators, and scripts. For those looking to dip their toes into automated trading without building their own bots, MT4 is ideal.
Large Community and Support
Because it has been around for longer, MT4 enjoys a larger online community. From YouTube tutorials to forums and downloadable custom tools, beginners will find no shortage of help.
Which Platform Should You Choose?
The final choice depends on your trading style and expectations when it comes to technical analysis tools.
Choosing Based on Your Trading Style
- If you primarily trade forex and value simplicity, MT4 might be all you need.
- If you engage in multi-asset trading, require complex order strategies, or rely on integrated economic data, MT5 will serve you better.
Beginner vs Advanced Trader Recommendations
- Beginners may find MT4’s interface easier to grasp.
- Advanced traders, especially those using automated strategies, will benefit from MT5’s enhanced features and flexibility.
Broker Compatibility
While most brokers support both platforms, not every broker offers full MetaTrader 5 functionality. Always check if your chosen MetaTrader 5 broker supports all asset classes you intend to trade.
Choosing a regulated, well-integrated broker that offers smooth MetaTrader 5 login, demo access, and robust technical support is essential.
Getting Started with MetaTrader 5
Now, let’s see how easy it is to enter the financial market and start trading with MT5.
How to Download and Install MT5
To get started, go to the MetaTrader 5 download official site. You’ll find options to download MetaTrader 5 for various systems, including MetaTrader 5 PC, MetaTrader 5 iOS, and MetaTrader 5 web versions.
Installation is straightforward:
- Download the setup file.
- Run the installer.
- Follow the on-screen prompts and complete the setup.
Placing Your First Trade in MT5
Once you’ve completed your MetaTrader 5 login, you can use a MetaTrader 5 demo account to practice risk-free.
- Open a chart.
- Click “New Order.”
- Choose your asset, set your lot size, and execute the trade.
It’s that simple to begin exploring MetaTrader 5 online trading.
Useful Tips for New MT5 Users
- Explore the economic calendar for real-time news impacts.
- Customize your chart layout to match your strategy.
- Use a demo account to get comfortable before trading real money.
- Keep the platform updated for optimal performance.
Conclusion
Here is a brief summary of features and things to consider when choosing between these two platforms.
Summary of Key Differences
- MT4: Best for forex, simplicity, and broad EA support.
- MT5: Superior in multi-asset trading, technical tools, and fundamental analysis integration.
Final Recommendations
If you’re starting out or focused solely on forex, MT4 may still be a solid choice. But if you’re looking for a modern, scalable platform with more flexibility and advanced tools, MetaTrader 5 is the future-ready option.
Next Steps to Begin Trading
- Choose a reputable MetaTrader 5 broker.
- Visit the MetaTrader 5 download official site to download MetaTrader 5 for your device.
- Open a MetaTrader 5 demo account to start practicing.
- Learn the tools, test your strategy, and take your trading to the next level.
The tools are in your hands. You are the one to make a choice.
