MetaTrader 4 vs MetaTrader 5
The most common question new traders ask about platforms. Despite the name, MT5 is not simply a newer MT4. Here is what actually changed, how they differ, and which one is the right pick for you.
You would assume MetaTrader 5 is just MetaTrader 4 with a higher version number, but that is not quite the story. MT5 was built as a broader, multi-asset platform rather than a straight upgrade, which is why millions of traders still happily use MT4 years after MT5 launched. The right choice is less about new versus old and more about what you actually trade and the tools you rely on. Here is how they compare.
The short version
MT4 is the long-standing default for retail forex, simple, stable and surrounded by a huge library of add-ons. MT5 is more powerful and multi-asset, with more timeframes, more order types and access to markets beyond forex. Neither is strictly better; MT5 wins on breadth, MT4 wins on simplicity and its established ecosystem.
Side by side
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Best for | Forex and CFDs | Multi-asset: forex, stocks, futures |
| Timeframes | 9 | 21 |
| Order types | 4 pending | 6 pending |
| Economic calendar | No (built in) | Yes, built in |
| Programming language | MQL4 | MQL5 (not cross-compatible) |
| Add-on library | Vast, long-established | Growing, smaller |
What actually changed in MT5
MT5 added more of almost everything: more timeframes for finer chart analysis, extra pending order types, a built-in economic calendar and depth-of-market data. Its biggest shift, though, is scope, it can handle exchange-traded instruments like stocks and futures, not just the over-the-counter forex and CFDs that MT4 was designed around. If you want one platform for several asset classes, that matters.
Where MT4 still wins
MT4’s strength is its ecosystem and simplicity. Years of expert advisors, custom indicators and scripts were written for it, and because MT5 uses a different language, those tools do not carry over without being rewritten. For a trader who relies on specific MT4 add-ons, or who just wants a clean, familiar forex platform, MT4 remains an excellent choice.
Is MT5 better?
More capable, yes; automatically better for you, not necessarily. If you trade only forex, use existing MT4 tools, or value a lighter, familiar interface, MT4 does everything you need. If you want multi-asset access, the extra timeframes and order types, or the built-in calendar, MT5 is the stronger platform. The features only count if you will actually use them.
Which should you use?
Pick MT4 if you trade forex and CFDs, want the largest add-on library, or depend on MT4-only expert advisors. Pick MT5 if you want to trade stocks or futures alongside forex, or want its richer feature set. Best of all, most brokers offer both, so you can install each and trade a demo on them before committing. Try before you decide.
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This guide is for educational purposes only and is not financial advice. Trading forex and CFDs carries a high level of risk and can result in the loss of all your capital. Most retail investor accounts lose money. Make sure you understand the risks and seek independent advice if needed before trading.