The MetaTrader Debate: MT4 vs MT5
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are developed by MetaQuotes and remain the most widely used retail trading platforms in the world. While MT5 is the newer version, it is not simply an upgrade of MT4 — it's a different platform with different capabilities, each suited to different trading needs.
Choosing between them depends on what markets you trade, what tools you need, and how your broker supports them.
Quick Comparison Overview
| Feature | MT4 | MT5 |
|---|---|---|
| Release Year | 2005 | 2010 |
| Primary Market | Forex | Forex, Stocks, Futures, CFDs |
| Timeframes | 9 | 21 |
| Built-in Indicators | 30 | 38 |
| Order Types | 4 pending orders | 6 pending orders |
| Strategy Tester | Single-threaded | Multi-threaded (faster) |
| Programming Language | MQL4 | MQL5 |
| Hedging | Yes (natively) | Yes (with broker setting) |
| Market Depth | No | Yes |
| Economic Calendar | No (third-party) | Built-in |
Why MT4 Is Still Widely Used
Despite being nearly two decades old, MT4 continues to dominate the forex trading space. Here's why many traders stick with it:
- Simplicity. MT4's interface is clean and straightforward, making it ideal for new traders who don't need complex market structures.
- Massive ecosystem. Thousands of free and paid Expert Advisors (EAs), custom indicators, and scripts have been built for MT4 over the years.
- Broker support. The vast majority of forex brokers still offer MT4, often with better execution and more liquidity providers than MT5.
- Reliability. MT4 is a mature, battle-tested platform. Traders trust it for its stability during fast-moving markets.
Why MT5 Is Gaining Ground
MT5 was built from the ground up to handle a broader range of financial instruments and to meet modern trading demands:
- Multi-asset trading. Trade forex, stocks, commodities, and futures all from one platform — ideal for diversified traders.
- More timeframes. With 21 timeframes versus MT4's 9, MT5 gives granular control for scalpers and intraday traders.
- Faster backtesting. MT5's multi-threaded strategy tester runs automated system tests significantly faster than MT4.
- MQL5 language. More powerful and closer to C++, MQL5 allows for more sophisticated algorithmic strategies.
- Built-in economic calendar. Traders don't need to switch to an external site for fundamental data during sessions.
Which Should You Choose?
Choose MT4 if you:
- Trade exclusively forex or CFDs
- Want access to the largest library of EAs and custom indicators
- Prefer a simpler, familiar interface
- Are starting out and want broad broker compatibility
Choose MT5 if you:
- Trade stocks, futures, or multiple asset classes
- Need more order types and depth-of-market data
- Run automated strategies and need faster backtesting
- Want more built-in analytical tools without relying on third-party add-ons
What About TradingView?
It's worth noting that many traders now use TradingView alongside MT4 or MT5 — TradingView for charting and analysis, MetaTrader for execution. This combination gives you TradingView's superior chart interface paired with MetaTrader's robust execution infrastructure.
Final Verdict
Neither platform is universally better. MT4 excels for pure forex traders who value simplicity and a mature ecosystem. MT5 is the better long-term investment for traders who want multi-asset capability and modern tools. Check which platforms your preferred broker supports and try both on a demo account before committing.