MetaTrader 4 vs 5: Which Platform Should You Use?

MetaTrader by MetaQuotes is the most widely used forex trading platform in the world. But should you use MT4 or MT5? This comparison will help you decide.

MetaTrader 4 (MT4)

Released in 2005, MT4 is the industry standard for retail forex trading. Despite its age, it remains the most popular platform globally.

Strengths

• Massive EA/Indicator Library: Decades of community-built tools in MQL4.
• Simple and Lightweight: Runs on almost any computer.
• Universal Broker Support: Almost every forex broker supports MT4.
• Reliable: Battle-tested for 20+ years.
• Hedging: Supports hedging (opening opposite positions on the same pair).

Limitations

• Only 9 Timeframes: M1, M5, M15, M30, H1, H4, D1, W1, MN.
• Limited Order Types: 4 pending order types.
• No Built-in Calendar: Requires third-party plugins.
• 32-bit Only: Can't utilize modern hardware fully.
• MetaQuotes has discontinued development — no more major updates.

MetaTrader 5 (MT5)

Released in 2010, MT5 is the next generation platform with more features and better performance.

Strengths

• 21 Timeframes: Including M2, M3, M4, M6, M10, M12, H2, H3, H6, H8, H12.
• 6 Pending Order Types: Buy/Sell Stop Limit orders added.
• Built-in Economic Calendar: No plugins needed.
• Faster Backtesting: Multi-threaded strategy tester.
• 64-bit Support: Better performance on modern hardware.
• Depth of Market (DOM): Level 2 market data.
• MQL5 Language: More powerful programming capabilities.

Limitations

• Smaller EA Library: Fewer third-party tools compared to MT4.
• Netting vs Hedging: Some MT5 setups don't allow hedging.
• Learning Curve: MQL5 is more complex than MQL4.

Head-to-Head Comparison

Which Should You Choose?

Choose MT4 If:

• You use specific MT4-only EAs or indicators.
• Your broker only supports MT4.
• You want maximum simplicity.
• You primarily trade forex only.

Choose MT5 If:

• You're starting fresh with no existing MT4 tools.
• You want the built-in economic calendar.
• You need more timeframes.
• You plan to trade stocks, futures, or commodities alongside forex.
• You want faster backtesting.

The Verdict

If you're a new trader starting today, go with MT5 — it's the future. If you're an experienced trader with existing MT4 tools and EAs, there's no urgent need to switch. Both platforms are excellent for forex trading.