MT4 vs MT5: The Real Differences and Which to Choose
Timeframes, order types, the strategy tester and the EA language. Why MT4 is still alive and when moving to MT5 actually makes sense.
MetaTrader 4 launched in 2005, MetaTrader 5 in 2010. The fifth version was not an upgrade of the fourth: it is a different platform with incompatible code, which is why the migration has taken fifteen years and is still incomplete.
What differs
| MT4 | MT5 | |
|---|---|---|
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 |
| Strategy tester | single-threaded | multi-threaded with optimisation |
| Economic calendar | no | built in |
| Depth of market | no | yes |
| EA language | MQL4 | MQL5 |
| Accounting | by order | by position (netting or hedging) |
Why MT4 has not died
The only real reason is the library of EAs and indicators. Twenty years of MQL4 development produced tens of thousands of tools, and none of them port automatically. A trader whose working system depends on one specific EA is not going to rewrite it for extra timeframes.
When switching is worth it
- You test and optimise strategies — MT5's multi-threaded tester is several times faster.
- You need shares, futures or exchange instruments in the same terminal.
- You write your own EAs and want the modern language.
- You need depth of market on an ECN account.
What a beginner should choose
MT5. The only counter-argument is a specific EA that exists only for MT4. If you trade manually, the fourth version offers nothing the fifth lacks.
Both platforms are free and available at all three of our brokers; each requires its own trading account.
Read next
Frequently asked questions
Can I move an EA from MT4 to MT5?
No — MQL4 and MQL5 are incompatible. An EA has to be rewritten, not converted. That is the main reason MT4 is still in use.
What is better in MT5?
More timeframes (21 versus 9), a built-in economic calendar, a multi-threaded strategy tester, depth of market, exchange instrument support, and position-based rather than order-based accounting.
What are netting and hedging modes?
Under netting there is one aggregate position per instrument. Under hedging you can hold opposing positions at once, as in MT4. Most forex brokers enable hedging on MT5.
- Min. deposit
- $100
- Spread
- from 1.2 pips
- Commission
- $3.5 per lot per side
72% of retail investor accounts lose money when trading CFDs
- Min. deposit
- $50
- Spread
- from 1.0 pip (Standard STP)
- Commission
- $3 per lot per side (Raw ECN)
CFDs are complex instruments with a high risk of losing money
- Min. deposit
- $100
- Spread
- from 1.1 pips (Standard STP)
- Commission
- $3 per lot per side (Raw ECN)
CFDs are complex instruments with a high risk of losing money