MT4 and MT5 are two of the most popular trading platforms in the industry, but which one is better for your trades?

MetaTrader 4 Vs MetaTrader 5

When registering in a broker, one of the first choices we must make is deciding which trading platform to use. An ideal trading platform typically has features like analytical tools, fast trade execution, etc.

In most brokers, there are usually two trading platforms that you can choose from: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). What makes these two different?

  • MT4: Friendly user interface, good for all kinds of traders.
  • MT5: Offers a broader option of advanced tools suitable for experienced traders.

While most brokers provide both options, the two are quite different and have pros and cons. Learn which one is the best for you in this guide.


Introduction to MetaTrader 4

MetaTrader 4 was released in 2005 and has become one of the most popular trading platforms ever since, thanks to its ease of use and high flexibility.

It's often regarded as the industry standard due to its popularity. This is also why MT4 is available in almost all well-known brokers, either directly or through an in-house bridge to the platform.

MT4 allows all kinds of traders to start trading quickly, regardless of their trading style and level of expertise. The platform is simple and user-friendly, yet it offers many trading features to help traders reach their investing goals.

This includes charts, expert advisors, trading signals, and trading indicators. In addition, financial news updates and alert tools ensure that traders always stay up-to-date with the market.


What About MetaTrader 5?

MetaTrader 5 was released in 2010 and quickly became a powerful trading platform in the industry, following a similar path to its predecessor. However, there is a common misconception that MT5 is just an improved version of MT4. The truth is that MT5 is also designed to do some things that MT4 cannot.

The platform focuses more on technical capabilities and upgraded functionalities beyond trading with currencies and with almost all kinds of instruments, including futures, stocks, and more.

MT5 offers more advanced features than MT4, ranging from better tools to more technical indicators and pending order types. Therefore, it allows traders to explore more stuff and diversify their portfolios with various advanced trading techniques.


MetaTrader 4 Vs MetaTrader 5

Before you make a choice, it's important to know the characteristics of each option first. To begin with, let's talk about the similarities between MT4 and MT5. The two platforms do share some notable features such as:

  • Choices of trading instruments, including forex pairs, metals, cryptocurrencies, indices, energies, and stocks
  • Unlimited leverage
  • Hedging system available
  • Demo accounts available (except for Standard Cent Accounts)
  • Instant and market execution
  • EAs, scripts, and indicators
  • Available for Windows, macOS, and Linux

Meanwhile, the two platforms also have several main differences as shown below.

Aspects MetaTrader 4 MetaTrader 5
⏳Pending Order Types Buy Stop, Sell Stop, Buy Limit, Sell Limit, Take Profit, Stop Loss Buy Stop, Sell Stop, Buy Limit, Sell Limit, Take Profit, Stop Loss, Buy Stop Limit, Sell Stop Limit
📊Indicators 30 indicators 38 indicators
📆Economic Calendar ✔️
🕔Time frames 9 timeframes and 3 chart types 21 timeframes and 3 chart types
📁Archived Order Orders older than 14 days are archived Orders are not archived
💻Programming Language MQL4 MQL5


Which One Should You Choose?

We can conclude that MT4 and MT5 essentially serve different purposes, so it's hard to say which platform is better. MT4 remains an unmatched platform for forex and CFD traders, whereas MT5 is aimed at different markets, such as stocks, commodities, and futures.

The user-friendly interface of MT4 makes the platform accessible for any trader, including those with little to no experience in trading. Meanwhile,

MT5 offers a wider option of advanced tools, which makes it more suitable for experienced traders. These options include various pending orders to support the trader's strategy.

You need to choose the one that suits your trading style the most. Just remember that once you open an MT4 account in any broker, you won't be able to use MT5 with your MT4 credentials, and vice versa.

So, to execute trades with MT4 and MT5, you must open separate trading accounts for each platform.


MT4 and MT5 in Popular Forex Brokers

Due to the popularity of both platforms, there are a lot of brokers offering MT4 and MT5. Here are some of them.

  1. Exness: Both MT4 and MT5 are available in all Exness trading accounts, including standard and professional accounts.
  2. IC Markets: This broker offers traders access to MT4 and MT5 trading platforms in their Raw Spread and Standard trading Account.
  3. FP Markets: FP Markets offers traders the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on both the Standard and Raw accounts.
  4. FBS: FBS offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on both Standard and Cent Account types.
  5. Pepperstone: Pepperstone offers MT4 and MT5 platforms in their Razor and Standard accounts.