In this article we will discuss the main differences between MT4 and MT5.
Also, at the bottom of the post you will find a few brokers to try both platforms for free so you can figure out which one suits you best.
The main differences between MT4 and MT5
MT4 was born focusing on forex and derivatives trading. For this reason it is still quite limited in the markets that traders can trade.
MT4 is mainly chosen by traders interested in forex or more generally in leveraged trading.
MT5 in contrast, supports both all MT4 markets, but in addition allows buying and selling assets on numerous markets (at the broker’s discretion) including the stock market, futures market, options market, and cryptocurrency market.
Although the interface is a secondary feature compared to the practical utility of the platform, it is still a factor that differentiates MT4 from MT5.
MT4’s interface is rather dated in terms of design, but because of this it is also its strength by being very minimal, light, and clean of distractions.
MT5, on the other hand, has a more modern, colorful, and customizable interface.
However, MT4, although still one of the best trading platforms today, is developed on dated technology.
MT4 leverages 32-bit technology, while MT5 leverages the much more modern 64-bit technology.
Although this difference is unnoticeable in most situations, it is always good to have a more responsive platform when it comes to trading.
Both MT4 and MT5 possess a community that discusses and helps each other.
The difference, however, is that MetaTrader 4 has a much larger MQL community because it has been active for more years.
Also, traders who started programming and using robots on MT4, never migrated to MT5 because the two programming languages (MQL4 and MQL5) are not intelligible.
This chain of events led MT4 to have a more active community than MT5, especially for all traders interested in algorithmic trading.
MT5 offers everything that MT4 is, but improved.
MT4 already offers a good number of technical indicators and drawing tools to analyze the chart manually (61 in total), but MT5 comes to offer over 80.
In contrast to MT4, MT5 offers a built-in economic calendar to stay up-to-date with market news, and allows interaction with other MT5 traders via the chat built into the platform.
In addition, MT5 traders can enjoy 21 different timeframes, while MT4 traders have to stop at 9.
MT4 vs MT5: which is the better platform?
MT4 and MT5 are both good platforms and the best in the industry, so choosing one or the other depends on what the trader is looking for.
MT4 is good for traders who are looking for an automated trading experience, and who are not looking for other markets outside of forex or CFD derivatives.
MT5 in contrast, is the platform of choice for those looking to trade assets such as stocks, etf, cryptocurrencies, futures contracts or options (as well as forex and CFDs).
In short, MT5 is a more versatile platform, while MT4 is useful exclusively for forex/cfd traders.
|Tradable markets||forex, CFD||forex, CFD, stocks, futures, opzioni|
|Platform speed||32 bit||64 bit|
|Chat with other traders||No||Yes|
Pros and cons of MT4
- Minimalist layout
- Large community of algo-traders
- You can only trade CFDs and forex
Pros and cons of MT5
- Many more tradable markets
- Larger number of analysis tools
- Advanced back-testing tools
- Integrated chat with other traders
- Slightly heavier than MT5
- Less free interface
How to try both MetaTrader platforms
Some brokers offer both MT4 and MT5. Using demo accounts, you can try both and then decide which one to use.
Three brokers that offer both MetaTrader platforms are:
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