MT4 and MT5: Main Differences and Key Information

filippo ucchino Filippo Ucchino calendar Last Updated: November 2022 timer 5 Min Read

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.

Table of Content

The main differences between MT4 and MT5

Tradable assets

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.

Interface

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.

Technology

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.

Community MQL

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.

Market Analysis

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.

Characteristics MT4 MT5
Tradable markets forex, CFD forex, CFD, stocks, futures, opzioni
Platform speed 32 bit 64 bit
Technical indicators 30 38
Graphic indicators 31 44
Algorithmic trading Yes Yes
Coding language MQL4 MQL5
Timeframes 9 21
Chat with other traders No Yes
Economic calendar No Yes

Pros and cons of MT4

Pros

  • Lightweight
  • Minimalist layout
  • Large community of algo-traders

Cons

  • You can only trade CFDs and forex

Pros and cons of MT5

Pros

  • Many more tradable markets
  • Larger number of analysis tools
  • Advanced back-testing tools
  • Integrated chat with other traders

Cons

  • 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:

Alternatively, you can check out our rankings of the best MT4 brokers and the best MT5 brokers, and open a demo account with two brokers of your choice.

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money


About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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