MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most popular retail trading platforms in the world. Both are free and offered by every broker we review. Here is how they differ.
The short answer
- Choose MT5 if you are starting today. It is faster, has more timeframes and tools, and is where development is focused.
- Choose MT4 only if you rely on a specific indicator or Expert Advisor that exists only for MT4.
Key differences
- Timeframes — MT4 has 9; MT5 has 21, including 2-hour, 3-hour and 8-hour charts.
- Programming language — MT4 uses MQL4 and MT5 uses MQL5. Code is not directly compatible.
- Backtesting — MT5's strategy tester is multi-threaded and supports real-tick testing, so it is much faster and more accurate for EAs.
- Order types — MT5 adds Buy Stop Limit and Sell Stop Limit orders.
- Economic calendar — built into MT5.
- Markets — MT5 was designed for multiple asset classes, and brokers often offer more stocks and indices on MT5.
Expert Advisors (trading robots)
Both platforms run EAs. If you buy or download an EA, check which platform it was written for. When testing a robot, use MT5's real-tick backtesting and then forward-test on a demo account for several weeks before going live.
Alternatives
cTrader (offered by IC Markets) is popular with scalpers for its depth-of-market view, and TradingView (offered by IC Markets and Vantage) is ideal if you do your analysis there.
Compare platforms, spreads and minimum deposits on our best forex brokers page.
