MetaTrader 4 vs MetaTrader 5: Which Should You Choose?
MetaTrader 4 (MT4) is the better choice if you trade forex exclusively and want a simpler platform. MetaTrader 5 (MT5) is the better choice if you trade multiple asset classes, need more advanced order types, or want faster backtesting. Both are free, and most brokers support at least one of them.
Key Differences at a Glance
Instruments: MT4 was built for forex and CFDs. MT5 supports stocks, futures, options, and exchange-traded instruments in addition to forex and CFDs. If you want to trade anything beyond forex, MT5 is the clear choice.
Order types: MT4 offers 4 pending order types (buy limit, sell limit, buy stop, sell stop). MT5 adds buy stop limit and sell stop limit, giving you more flexibility for complex entry strategies.
Timeframes: MT4 has 9 timeframes. MT5 has 21, including less common ones like 2-minute, 3-minute, and 8-hour charts. More timeframes mean more granular analysis.
Backtesting: MT5’s strategy tester is significantly faster and supports multi-threaded testing, meaning it can use all your CPU cores. MT4’s tester is single-threaded and slower. If you backtest automated strategies, this difference alone might justify the switch.
Why MT4 Is Still Popular
Despite being older, MT4 dominates forex retail trading. The reason is simple: its ecosystem of custom indicators and Expert Advisors (EAs) is massive. Thousands of free and paid tools are built for MT4, and most forex brokers still support it.
MT4 is also lighter on system resources and easier to learn. If you are a forex-only trader who uses a few indicators and maybe one EA, MT4 does everything you need without the complexity of MT5.
When to Choose MT5
Choose MT5 if any of these apply to you:
- You trade stocks, futures, or multiple asset classes
- You need advanced pending order types
- You backtest strategies frequently and want faster results
- Your broker only offers MT5 (increasingly common with newer brokers)
- You want the DOM (Depth of Market) feature built in
MT5 is also more future-proof. MetaQuotes (the developer) has officially stopped issuing new MT4 broker licenses, which means the industry is slowly migrating to MT5. Starting with MT5 now means you will not need to transition later.
Can You Run Both?
Yes. Many traders install both platforms and use MT4 for forex with their existing EAs while using MT5 for stocks or futures. The platforms can run simultaneously without conflicts.
You can also transfer some MT4 indicators and EAs to MT5, but the programming languages are different (MQL4 vs MQL5), so not everything is directly compatible. Conversion may require a developer or a rewrite.
Key Takeaways
- MT4 is best for forex-only traders who value simplicity and a massive EA ecosystem
- MT5 is best for multi-asset traders who need advanced orders and faster backtesting
- MT5 supports 21 timeframes vs MT4’s 9, plus built-in DOM and economic calendar
- MT4 is no longer being licensed to new brokers, making MT5 the future standard
- You can run both platforms side by side if needed
Frequently Asked Questions
Is MT5 harder to learn than MT4? Slightly. MT5 has more features, which means a few more menus and options. But the core charting and trading workflow is very similar.
Can I use my MT4 Expert Advisors on MT5? Not directly. MT4 uses MQL4 and MT5 uses MQL5. Some simple EAs can be converted manually, but complex ones may need a full rewrite.
Which platform has better customer support? Neither platform offers direct user support from MetaQuotes. Support comes from your broker. Choose a broker with responsive support regardless of which platform you use.
Risk Disclaimer: Trading involves substantial risk of loss. Past performance is not indicative of future results. See our full risk disclaimer.