MT4 vs MT5 are the world’s most popular trading platforms, developed by MetaQuotes Software Corp. However, MT4 vs MT5 are designed with different system architectures and features, and they support different operating systems. This article will help you understand what MT4 vs MT5 are, the differences between the two platforms, and which is the best choice for you.
What is MT4?
MT4 (MetaTrader 4) is the most popular online Forex and CFD trading platform. It is widely used by traders around the world. MT4 was released in 2005 by MetaQuotes Software Corp. This platform makes it easy for millions of users to access the global financial markets. Although designed primarily for Forex trading, MT4 also allows trading of various other assets such as stocks, indices, and commodities thru CFDs.
Key features of MT4:
- The MT4 platform is specifically designed for Forex trading, but it also supports CFD trading on indices, stocks, bonds, commodities, and cryptocurrencies.
- This platform is a single-threaded application developed for the 32-bit Windows operating system, but it still runs stably on 64-bit operating systems. In some rare cases, users may encounter compatibility or performance issues.
- MT4 supports over 30 languages to serve global users.
- MT4 is popular due to its strong marketing strategy and effective technical support from MetaQuotes. Despite ceasing new feature updates since 2018, MT4 remains stable and is favored by many brokers due to its low cost and high customizability. This helps MT4 stand out from many other trading platforms.
What is MT5?
MT5 (MetaTrader 5) is a Forex and CFD trading platform. It was developed by MetaQuotes Software in 2010. Compared to MetaTrader 4 (MT4), MT5 has faster processing speeds and supports more trading tools and technical indicators. However, MT5 is not a direct upgrade to replace MT4, as the two platforms have significant differences in architecture and programming language.
Currently, this platform supports trading a wider range of financial instruments, including: Forex, stocks, indices, commodities, and even cryptocurrencies. Additionally, MT5 is considered an upgraded version of MetaTrader 4 (MT4) with many new features and improvements.
Key features of MT5:
- MT5 is a modern multi-asset trading platform.
- The platform is significantly upgraded in terms of technical analysis, strategy testing, and advanced order placement options compared to MT4.
- MT5 offers a Depth of Market (DOM) feature. Allows traders to observe liquidity and execute orders at the best possible price.
MT4 vs MT5: What are the similarities?
MT4 vs MT5 are both trading platforms developed by MetaQuotes, and they share many similarities in core functionality. The similarities are as follows:
- Trading account: Both platforms support Demo accounts.
- User interface: The interface is relatively similar, easy to use, and trader-friendly.
- Multi-device support: Can be used on computers (Windows/macOS), web browsers, and phone applications (iOS/Android).
- Support for Expert Advisors (EAs): Both MT4 vs MT5 allow the use of automated trading robots (EAs) for automated trading based on strategy.
- Safe and stable: Both platforms are developed by MetaQuotes with high security standards and stable operation in trading.
- Technical analysis: Provides a full range of charts, integrated indicators, drawing tools, and multiple timeframes to support market analysis.
MT4 vs MT5: What’s the difference?
Although both MT4 vs MT5 are trading platforms developed by MetaQuotes. However, these two platforms use different operating systems and are not compatible with each other. Here’s a comparison table of the differences between MT4 vs MT5 for a better understanding:
| Feature | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) |
| Programming Language | MQL4 | MQL5 |
| Timeframes | 9 timeframes | 21 timeframes |
| Economic Calendar | No | Yes |
| Technical Indicators | 30 technical indicators | 38 technical indicators |
| Market Depth (Level II) | No | Yes |
| Hedging/Netting Support | Hedging only | Supports both Hedging and Netting |
| Tradable Instruments | Forex and CFD | Forex, CFD, stocks, and other assets |
| Pending Orders | 4 types: Buy Stop, Buy Limit, Sell Stop, Sell Limit | 6 types: Buy Stop, Buy Limit, Sell Stop, Sell Limit, Buy Stop Limit, Sell Stop Limit |
MT4 vs MT5: What are the benefits of MT4 and MT5?
Here are some benefits of the MT4 vs MT5 platforms:
What are the benefits of MT4?
MT4 has several benefits, including:
- This platform has 3 order matching options, 4 types of pending orders, 30 built-in technical indicators, and 9 timeframes to choose from when placing an order.
- The platform uses the MQL4 language, allowing customization of indicators, trading robots (EAs), and scripts thru the MetaEditor tool.
- On MT4, there is a simple, user-friendly interface suitable for both beginners and professional traders.
📌 MT4 stands out for its comprehensive technical analysis capabilities, powerful automated trading support, high customizability, and user-friendly interface. With its widespread user community and high stability, MT4 has become the leading trading platform of choice for both beginners and professional traders.
If you want to experience this platform, you can download MT4 here.
What are the benefits of MT5?
MT5 has several benefits, including:
- Market depth on MT5 provides information on the nearest bids and offers from buyers and sellers. Along with price fluctuations and the importance of selected quotes.
- MT5 now has a grid creation mechanism. All open positions on a single asset are displayed in a single order on the chart. This helps save time because you don’t have to track multiple transactions.
- MT5 offers 38 indicators, 46 graphical tools, and 21 timeframes to choose from for placing orders.
📌 MT5 now has a Netting mode. Orders for the same product will be combined into a single position, making it easier to manage trades and saving time on monitoring.
If you want to experience this platform, you can download MT5 here.
MT4 vs MT5: Which MetaTrader platform is better?
Both MT4 vs MT5 offer tools to simplify the technical analysis process. They help traders quickly test, build preferred strategies, and access a variety of tools. However, choosing the right platform also depends on each person’s trading level and goals.
- Beginners often find MT4 easier to get used to, with its simple interface, basic features, and high compatibility with trading platforms. MT4 also supports trading robots (Expert Advisors) well.
- MT5 is more suitable for experienced traders. This platform integrates multiple advanced indicators, supports Depth of Market, an economic calendar, and multi-asset trading such as stocks, commodities, etc.
Conclusion
MT4 vs MT5 are both the most popular trading platforms currently available, developed by MetaQuotes. Both of these platforms are widely used in the Forex and CFD market. However, choosing the right platform will depend on your trading needs, familiarity, and the features you prioritize. Hopefully, through this article, you have gained a better understanding of what MT4 vs MT5 are.