MetaTrader 4 vs MetaTrader 5

Written by
Gabi L.
Fact checked by
Adam N.
Updated
Apr 2024

Investors often ask which platform they should use.

Is MetaTrader 4 or MetaTrader 5 a better platform?

The good news is that you don’t have to pick just one. If your broker supports both, you can download MetaTrader 4 and MetaTrader 5, too, and use them in parallel. MT4 was specifically built for trading forex, while MT5 is a multi-asset platform. It means that MT5 gives traders access to products like stocks and futures besides forex. 

The platform’s interfaces are similar, both are focused on technical analysis with charts and indicators. They both support demo accounts, alerts, financial news, trading robots, the so-called “Expert Advisors”, and automated trading systems. 

If, for some reason, you want to choose only one, go for MT4 if you like to trade forex only. Choose MT5 if you’re interested in stocks and other asset classes, too. MT4 is still more popular than MT5, although MT5 offers not only more asset types but also more timeframes, built-in indicators, and order types. 

The two platforms are written in completely different programming languages. The MT4 software is written in MetaQuotes Language 4 (MQL4), while MT5 is in the MQL5 language. MQL5 programs work up to 20 times faster than MQL4 ones, according to MetaQuotes. 

 

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Gabi Lovas
Author of this article
Gabi is a former Financial Analyst and Content Editor for BrokerChooser. Previously, she was a European equity reporter at Bloomberg covering European health care and chemical stocks as well as US futures. Gabi has a Master's degree in Economics and is a stock and crypto investor on her own account. She is also a member of an investment club in Barcelona.
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