MetaTrader 4 vs MetaTrader 5

If you’ve been involved with online trading for even a short period of time, you’ve probably noticed that there are many differing opinions regarding the MetaTrader platforms. Some traders swear by MT4 and won’t switch, no matter what. Some others claim MT5 is the future and that sticking to the old platform is like using a flip phone in a smartphone world.

So what do these trading platforms really offer? More importantly, how can they be beneficial to your particular trading style and professional goals?

The main objective of this article is to provide a detailed review of MetaTrader 4 and 5 and present them in a simple-to-understand manner, without confusing you with technical jargon. Whether you are completely new to trading or just determining whether or not switching platforms is worthwhile, the information contained within will provide you with everything you need to know to make an informed decision.

Now, let’s begin.

Why MetaTrader Became the Most Popular Trading Software Worldwide

MetaQuotes is the company responsible for creating both MetaTrader 4 and 5, and it has become the leading developer of online trading software because it didn’t just develop an application; it created an entire ecosystem in which traders can analyse markets, create new trades, automate strategies, copy other traders’ trades, and configure the software based on their specific requirements.

There are countless forex trading platforms today, but most of them feel like “closed boxes.” MetaTrader is different. It feels like a workspace someone built for you—not the other way around. Traders love that.

Brokers have contributed to the massive scale of traders using MetaTrader. Today, MetaTrader is the dominant platform for online foreign exchange trading. If a trader is familiar with MetaTrader, they can enter any online broker’s place of business and feel comfortable with their platform.

A Quick Background: MT4 and MT5 Aren’t Just “Versions” of Each Other

One of the biggest misunderstandings among traders is that they think MT5 was designed to replace MT4, but that is not correct. MT4 and MT5 were built for different markets and different purposes.

• MetaTrader 4 was designed mainly for Forex trading: Released in 2005, it is a basic and lightweight platform that has quickly become the primary trading platform for Forex traders.
• MetaTrader 5, released in 2010, is built not only for Forex, but also for stocks, commodities, futures, and multi-asset trading. 

This is why the “MetaTrader versions” phrase is not accurate when it comes to differentiating between MT4 and MT5. MT5 is “more” than just an improved version of MT4. It has “more” asset classes, “more” tools, and “more” capability to allow you to use the platform more efficiently.

User Experience: Familiar, Yet Different

One of the first things traders think is:

“Does MT5 look different from the MT4 platform?”

Is the answer? Yes and no.

When you open MT5, the layout and design feel familiar. The market watch, the charts, the navigator panel—they’re all there. It’s like getting a newer model of a car you already know. You recognise where the wheel is, but suddenly the buttons make more sense, the interface feels a bit smoother, and a few extra features appear on the dashboard.

MT4: Simple, Light, Quick

Why do traders love MT4:

• It loads quickly
• It doesn’t require a powerful computer.
• It keeps things minimal and clean.
• It feels intuitive for beginners.

Millions of traders are still using the “classic” platform MT4.

MT5: Modern, Complete, More Efficiently Organised

MT5 isn’t overloaded, but it definitely feels more “complete.” You might notice:

• More timeframes
• More order types
• A bigger list of technical indicators
• Built-in economic calendar
• Faster execution engine

If you want everything in one place, MT5 is a far more modern version.

Charts and Analysis: MT5 Has More Flexibility

Charts represent a significant part of trading. Good charts give you a better understanding of the market, and poor charts make trading much more difficult. Both platforms offer you:

-High-quality charts.

-Customizable layouts.

-Multiple technical indicators.

-Drawing tools.

-Multiple chart layouts.

Now let’s consider some of the differences:

Timeframes:

• MT4: 9 Timeframes
• MT5: 21 Timeframes

That difference may not matter to a beginner, but for a serious price-action trader or someone who scalps during high-volatility hours, those extra timeframes can make analysis much more precise.

Indicators & Objects

• MT4: 30 built-in indicators, 31 drawing tools
• MT5: 38 built-in indicators, 44 drawing tools

Again, the gap isn’t huge, but MT5 gives you a little bit more flexibility.

Order Types: MT5 Offers More Ways to Control Your Trades

This part is important for risk management.

MT4 gives traders the essentials:

• Buy / Sell
• Buy Limit
• Sell Limit
• Buy Stop
• Sell Stop

Those are enough for many strategies. But MT5 adds:

• Buy Stop Limit
• Sell Stop Limit

Hybrid pending orders that will execute differently based on future price movement. These orders can support breakout trades, enter on pullbacks, or manage trading in a volatile environment, etc.

If you are new to trading, the additional order types may be irrelevant. However, as your skills improve, MT5 provides a larger opportunity to experiment with different types of trade executions safely.

Execution Speed and Performance: MT5 Is Technically More Advanced

MT5 uses a more modern programming structure and a more efficient engine. This helps with:

• Faster order execution
• Reduced freezing during high volatility
• Better handling of multiple charts
• Smoother automated trading

Although MT4 has fast execution, it uses older technology that is not as advanced as that of MT5, because MT5 was built with today’s marketplace in mind: instant news spikes, high-frequency trading, and multi-asset execution.

Programming and Custom Tools: MQL4 vs MQL5

One of the major differences between the two platforms is in the ability to automate your trading systems.

The MT4 platform is based on the MQL4 programming language.

The MT5 platform is based on the MQL5 programming language.

The MQL5 programming language is significantly more powerful, faster, and more flexible than MQL4, enabling developers to develop sophisticated trading algorithms (also known as Expert Advisors or EAs), indicators, scripts, or trading robots.

• Expert Advisors (EAs)
• Indicators
• Scripts
• Trading robots

But here’s the catch:

MT4 tools are not compatible with MT5.

This is part of the reason some traders stay with MT4—they’ve spent years collecting indicators and EAs that won’t work on MT5 unless rewritten.

Backtesting: MT5 Is Much More Advanced

If you like to use a test environment to validate your strategies before applying them to live marketplaces,  MT5 will feel like a dream.

Backtesting: MT4 vs. MT5

The primary differences between MT4 and MT5 in this regard include:

MT4 Backtesting

• Can test only one currency pair at a time
• Uses slower algorithms
• Limited in how much historical data it can load

MT5 Backtesting

• Multi-currency testing
• Very fast, thanks to multi-threading
• More precise modelling
• Supports real tick data
• More visual insights

For traders who trade using a fully automated (electronic) trading strategy or rely heavily on trading data and historical price action data, the features available in MT5 make it much easier and more efficient to backtest trades than those of MT4.

Markets and Assets: MT5 Gives You More Choices

This is one of the biggest structural differences.

MT4

• Primarily focused on Forex
• Some brokers add CFDs, but with limitations
• Not built for centralised exchanges

MT5

• Forex
• Stocks
• Indices
• Commodities
• Futures
• Bonds
• Crypto
• Exchange-traded instruments

In short:

MT5 lets you trade more markets with more accuracy.

If your broker connects to multiple exchanges, MT5 unlocks those opportunities.

Hedging or Netting Options: MT4 Only Supports the Use of Hedging CREATION

• MT4: Hedging only
• MT5: Hedging or Netting

Hedging means opening multiple positions in the same pair in different directions. Many Forex traders prefer this style because it gives more control in volatile conditions.

Netting, on the other hand, merges positions automatically and is used in stock and futures markets.

MT5 supports both because it was built for multi-asset trading.

Community and Support: MT4 Has the Legacy, MT5 Has the Future

MT4 has been around for nearly two decades. Because of that:

• There are many thousands of tutorials available online.
• Countless custom indicators are available for trading.
• Huge communities and forums are available for traders.
• There are numerous Free and paid Expert Advisors (EAs).

MT5 also has a growing community, but since it’s newer, it’s still expanding. If you enjoy having access to huge tool libraries created by other traders, MT4 continues to have a greater amount of resources available than MT5. Having said that, the Company that produces both platforms, MetaQuotes, is clearly beginning to favour the new platform with more of their overall focus being directed to MT5 and away from MT4. As a result, eventually, there will be an overall shift in the distribution of traders from MT4 to MT5.

Which Platform Should You Use? A Simple, Honest Breakdown

There is no need for a large number of technical comparisons here; I will break it down to an easy-to-understand statement for you.

Choose MT4 if you are:-

• new to trading and like a user-friendly, simple platform to learn on.
• primarily a Forex trader.
• uses Expert Advisors (EAs) and indicators.
• Likes an easy-to-navigate software.
• Enjoys a large trader community.
• Don’t need advanced backtesting.

You would feel right at home with MT4. It’s a very comfortable, familiar workspace for a Beginner Trader and has many powerful trading tools available to the user.

Choose MT5 if you:

• Wishes to trade multiple asset classes.
• Need extensive and deep market analysis.
• Want faster backtesting.
• Uses Advanced EAs.
• Want more order types.
• Prefer a modern interface.
• Trade stocks, futures, or multi-chart setups

MT5 may be the platform for you; it may be the ideal platform for a Trader with a forward-thinking approach.

Why Many Traders Stay With MT4 Even Today

With the many advantages available with MT5,  you might wonder:

“Why hasn’t everyone switched yet?”

Here are the human reasons—not the technical ones:

• Habit is strong.

Traders stick with what works for them.

• The MT4 community is massive.

Many rely on custom tools that don’t work on MT5.

• Some brokers still optimize for MT4.

It remains one of the most reliable platforms for Forex liquidity.

• It feels familiar and straightforward.

You don’t need extra features if you’re a pure Forex trader.

Brokers are still offering clients and using MT4 as a trading platform. For many traders, MT4 is still one of the most successful platforms for Forex liquidity, making many feel comfortable using it and easy to learn.

Why MT5 Is Growing and Slowly Becoming the Standard

MT5 isn’t replacing MT4 entirely, but it is becoming the industry standard for brokers that offer:

• Multi-asset offerings
• Faster execution
• More complex order routing
• Better tools for modern traders

As more brokers incorporate MT5 into their business model, more traders will come upon it and therefore use it.

With the rapid evolution of the global trading environment, many traders prefer to trade on the following instruments:

• Stocks
• Crypto
• Commodities
• Advanced analytics
• Algorithmic trading
• All-in-one platforms

MT5 will be the representation of the future in this regard.

Why OTET Markets Supports MT5

At Otet Markets, our decision to support MT5 is driven by a simple principle: traders deserve a platform that evolves with the market. As trading continues to shift toward multi-asset strategies, faster execution, smarter automation, and deeper analytics, MT5 aligns more closely with what modern traders expect. Its advanced charting tools, improved order management, and ability to handle multiple asset classes make it a natural fit for a broker committed to delivering speed, flexibility, and a more seamless trading experience. Whether you trade Forex, commodities, indices, or digital assets, MT5 allows Otet Markets to offer a more efficient, future-ready environment built around the needs of today’s and tomorrow’s traders.

Final Thoughts: MT4 and MT5 Both Have a Place in Today’s Market

The debate between MT4 and MT5 is often approached like a competitive argument; however, it should be seen as a balanced discussion between two very powerful trading platforms.

• MT4 has become a well-known trading platform in the retail trading world, and it has created the foundation for the retail trading industry.
• MT5 is a newer trading platform that contains many new features and is designed for the modern global marketplace.

You aren’t choosing a “good vs bad” option. You’re choosing the platform that matches your trading personality.

If you value an easy-to-use trading platform, speed, and a friendly learning experience, MT4 may be your best choice.

If you prefer access to more markets, tools, and features in a future-proof setting, then MT5 is likely your best choice.

In the end, the most important factor is how comfortable you feel using the trading platform. A trading platform that fits with your workflow, mindset, and trading strategy allows you to make the best decisions. Better decisions will continue to propel you forward as a trader.