MetaTrader 4 and MetaTrader 5 are the two most widely deployed retail forex platforms in the world. Both were built by MetaQuotes Software, but they are not versions of the same product - they are architecturally different platforms with different capabilities, different coding languages, and different ideal use cases. This guide explains what each offers, where they diverge, and how to make the right choice for your trading style. You can also browse brokers by platform to see which brokers offer each.
A Brief History
MetaTrader 4 was released in 2005 and rapidly became the dominant retail forex platform. Its timing was perfect: the retail FX boom of the mid-2000s was gaining momentum, and MT4's combination of charting, automated trading support, and a simple dealing interface made it the category default. Two decades later, it remains the most installed forex platform in the world by broker count.
MetaTrader 5 was released in 2010, positioned by MetaQuotes as the successor to MT4. It offered more timeframes, more order types, a hedging and netting account distinction, and multi-asset support beyond spot forex (equities, futures, options). Adoption was slower than MetaQuotes anticipated - partly because of MQL4-to-MQL5 incompatibility, partly because brokers had already built extensive infrastructure around MT4.
Feature Comparison
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Release year | 2005 | 2010 |
| Asset classes | Spot forex, CFDs | Spot forex, CFDs, equities, futures, options |
| Timeframes | 9 | 21 |
| Order types | Market, Limit, Stop, Stop Limit | Market, Limit, Stop, Stop Limit, Buy Stop Limit, Sell Stop Limit |
| Market depth (DOM) | No | Yes |
| Strategy tester | Single-threaded | Multi-threaded (significantly faster) |
| Programming language | MQL4 | MQL5 |
| EA ecosystem | Largest in retail forex | Smaller but growing |
| Hedging | Supported natively | Configurable (hedging or netting) |
| Broker availability | Near-universal | Growing, now available at most major brokers |
The EA and MQL Compatibility Question
The most consequential difference between MT4 and MT5 for many traders is the programming language incompatibility. MT4 uses MQL4; MT5 uses MQL5. They are related but distinct languages, and an expert advisor (EA) or indicator written for MT4 will not run on MT5 without being ported.
This matters practically in two ways:
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Existing EAs: If you are running or purchasing a proven MT4 EA - or a strategy that was backtested on MT4's specific tick data model - switching to MT5 requires either finding a ported version or commissioning a port. The results may differ because MT5's tick simulation model for backtesting is different from MT4's.
-
Building new automation: MQL5 is a more capable language with access to multi-threading, better data structures, and a faster strategy tester. If you are writing EAs from scratch or have developer resources, MQL5 is the stronger foundation for new work.
The MQL5 Marketplace has grown substantially and now has a meaningful library of ready-made indicators and EAs - but it is still smaller and less battle-tested than the accumulated MT4 ecosystem.
cTrader: The Honourable Mention
Any comparison of trading platforms should acknowledge cTrader (developed by Spotware) as a genuine alternative to both MetaTrader versions. cTrader is favoured by ECN and STP brokers for its native depth-of-market display, cleaner execution model, and more intuitive interface. Its automation language, cAlgo (written in C#), is more accessible to developers with a mainstream programming background than MQL4 or MQL5.
cTrader's broker availability is narrower than MetaTrader's - it is primarily offered by ECN-oriented brokers rather than the full range of retail platforms. If you are looking specifically for ECN execution with algorithmic trading support, it is worth evaluating alongside MT5. You can view brokers offering cTrader on BrokerDir.
Which Should You Choose?
Use MT4 if:
- You have an existing MT4 EA you rely on and do not want to port it
- The broker you prefer only offers MT4
- You trade pure spot forex and do not need multi-asset access
- You are a beginner and want the widest selection of community tutorials and indicators
Use MT5 if:
- You trade multiple asset classes (FX + equities, FX + futures)
- You are building new automation and want the faster strategy tester and richer MQL5 environment
- Your broker has deprecated MT4 or you want to future-proof your platform choice
- You need full market depth / Level II data for execution analysis
The practical reality: Most serious brokers now offer both. If your broker offers both MT4 and MT5, open a demo on each and spend a session on the platform before committing to a live account. The workflow differences between the two are apparent within a few hours of use.
Further Reading
- How to Choose a Forex Broker - Platform quality as one of five evaluation criteria
- ECN vs Market Maker - How execution model interacts with platform choice
- Browse all platforms → - Which brokers offer MT4, MT5, cTrader, and proprietary platforms