MT4 vs MT5: What's the Difference, and Which Should You Use?
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both built by MetaQuotes, but they differ in asset coverage, automation language, and speed. A clear comparison — why MT4 is still around, and which one to pick.
Key point — MT4 and MT5 are both made by MetaQuotes. MT4 (2005) is forex-focused, uses MQL4, and has a huge EA library — still widely used. MT5 (2010) is the newer, multi-asset build with MQL5, faster backtesting, and a built-in economic calendar. Despite the similar names, their accounts and EAs are not compatible.
Why both versions still coexist
MT5 is the “successor” to MT4, but it never replaced it the way a normal software update would. Because of the enormous library of EAs (automated strategies) built up on MT4 — plus sheer familiarity — many forex traders stayed on MT4 even as MetaQuotes pushed MT5. As a result, brokers still commonly offer both.
The short version: MT4 is the proven, forex-focused legacy; MT5 is the newer, multi-asset build. They’re separate programs, so learning one doesn’t let you carry accounts or EAs over to the other.
Head-to-head comparison
| Feature | MT4 (MetaTrader 4) | MT5 (MetaTrader 5) |
|---|---|---|
| Released | 2005 | 2010 |
| Primary assets | Forex-centric | FX, indices, commodities, stocks |
| Automation language | MQL4 | MQL5 |
| Timeframes | 9 | 21 |
| Built-in indicators | ~30 | ~38 |
| Economic calendar | None (external) | Built in |
| Depth of market (DOM) | Limited | Supported |
| Backtesting | Single-threaded | Multi-threaded (faster) |
| Account mode | Hedging | Netting and hedging |
| EA ecosystem | Vast (mature) | Growing |
Why MT4 is still loved
- EA library — nearly two decades of MQL4 EAs and indicators, far more than MT5. If your existing EA is written for MT4, there’s little reason to switch.
- Forex-focused and lightweight — if you only trade currency pairs, MT4’s simplicity can be an advantage.
- Familiarity — for long-time users, the learning cost of switching is real and the payoff unclear.
When MT5 is the better pick
- Multiple asset classes — trading indices, commodities, or stocks alongside FX on one platform → MT5.
- Starting fresh today — MetaQuotes concentrates on MT5, and new broker licenses skew MT5, so if you’re learning from scratch, MT5 is the more future-proof choice.
- Faster backtests and a calendar — validate strategies and track data releases in one place.
They are not compatible
The most common misconception is that you can just “upgrade” from MT4 to MT5. You can’t.
- You can’t log into MT5 with an MT4 account — the broker issues a separate account.
- MT4 EAs (MQL4) don’t run on MT5 (MQL5) as-is; they need rewriting.
- Chart layouts and custom indicators don’t carry over either.
Before choosing a version, remember that what actually drives your P&L is the broker's execution and costs and your own trading rules — not the platform version. The leverage risk is identical on MT4 and MT5.
Get a feel for it without installing
Both MT4 and MT5 require installation, but if a trading screen is new to you, a web trading terminal lets you learn charts, orders, and stop-losses with no install first. Practice on live prices with virtual funds, then decide which platform suits you → Open the web demo
Frequently asked questions
Which is better, MT4 or MT5?
They serve different needs. Forex-focused with existing EAs → MT4; multi-asset or starting fresh → MT5. If you’re learning today, the newer MT5 is the safe default.
Is MT4 going away soon?
MetaQuotes concentrates on MT5 and new broker licenses favor it, but existing MT4 keeps running as long as brokers support it. It isn’t disappearing overnight.
Can I use my MT4 EA on MT5?
Not as-is. MQL4 and MQL5 are different languages, so an EA needs porting (rewriting) — one of the big reasons traders stay on MT4.
Is cTrader different again?
Yes — it’s from a different company (Spotware) entirely. If even MT4 and MT5 aren’t compatible, cTrader’s language and structure differ completely. → MT5 vs cTrader
Related → MT5 vs cTrader · What is a web trading platform? · What is a trading platform? · How to get started
This content is for information and education only and is not investment advice or solicitation. Trading conditions (hours, margin, fees, tick value, etc.) vary by exchange, broker, time, and daylight saving — always verify with your own broker before trading. Derivatives trading can result in losses exceeding your deposit.