MT4 vs MT5. Which one?
A clear comparison of MetaTrader 4 and MetaTrader 5, from markets and order types to MQL4 vs MQL5 and backtesting, so you can choose the right platform.
ZENKEI
ZENKEI
A clear comparison of MetaTrader 4 and MetaTrader 5, from markets and order types to MQL4 vs MQL5 and backtesting, so you can choose the right platform.
MT5 is the newer, more capable platform: more timeframes and order types, true multi-asset support, and a faster, multi-threaded backtester. MT4 is the forex veteran, simpler and backed by a huge library of existing tools. For a new project, MT5 is usually the better choice, unless your broker only offers MT4 or you depend on an MT4-only Expert Advisor or indicator.
Both are trading platforms from MetaQuotes. MT4 launched in 2005 and became the forex standard; MT5, released in 2010, is a broader, more modern platform built for multiple asset classes. Here is how they compare on the points that matter most.
| Feature | MT4 | MT5 |
|---|---|---|
| Released | 2005 | 2010 |
| Markets | Forex and CFDs | Forex, stocks, futures, options and more |
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 (adds Buy/Sell Stop Limit) |
| Position accounting | Hedging | Hedging and netting |
| Language | MQL4 | MQL5 (object-oriented, faster) |
| Strategy Tester | Single-thread, single-symbol | Multi-thread, multi-currency, real ticks |
| Economic calendar | No (add-ons only) | Built in |
| Depth of Market | No | Yes |
| Legacy tools | Huge existing library | Growing, fewer legacy EAs |
| Best for | Forex traders tied to MT4-only tools or brokers | New projects, multi-asset, serious backtesting |
MetaTrader 4 is the platform that made retail algorithmic trading mainstream. It focuses on forex and CFDs, is light and stable, and has the largest ecosystem of ready-made Expert Advisors and indicators anywhere. Its programming language, MQL4, is procedural and approachable. Many brokers and traders still run MT4 purely because of the tools and habits built around it over the years.
MetaTrader 5 is a ground-up redesign for multiple asset classes. It adds far more timeframes, extra order types, netting as well as hedging, a built-in economic calendar and Depth of Market, and a 64-bit, multi-threaded engine. Its language, MQL5, is object-oriented and closer to C++, which makes complex systems cleaner to build. Crucially, the MT5 Strategy Tester runs multi-currency backtests that MT4 simply cannot do.
On raw capability, yes. MT5 wins on markets, timeframes, order types, speed and backtesting depth. The reasons to stay on MT4 are practical rather than technical: your broker only offers MT4, you rely on an EA or indicator that exists only for MT4, or your community and habits are there. Even then, most of those tools can be rebuilt for MT5, so the lock-in is softer than it looks.
The one thing that does not carry over automatically is code. An MT4 Expert Advisor written in MQL4 will not run on MT5, because MT5 uses MQL5 (see MQL5 vs MQL4 for the language differences). To move a strategy across, the EA or indicator has to be rewritten in MQL5. That is a routine job for a developer, and it is a good moment to clean up old logic and add MT5-only features. We handle this directly as an MQL4 to MQL5 conversion, part of our MQL5 programming and Expert Advisor development services.
Whether you are starting fresh on MT5 or moving an MT4 strategy across, we can help. See our Expert Advisor development and MQL5 programming services, or turn an existing approach into a robot with strategy to Expert Advisor conversion.
MT5 is newer and more capable: more timeframes and order types, multi-asset support, and a faster multi-threaded, multi-currency Strategy Tester. For new projects it is usually the better choice, unless you depend on MT4-only tools or your broker only offers MT4.
No. MT4 Expert Advisors are written in MQL4 and will not run on MT5, which uses MQL5. To use an MT4 EA on MT5 it has to be rewritten in MQL5, a conversion we handle regularly.
If you are starting now, learn MQL5: it is the current language, more powerful, and runs on the platform most brokers are moving to. Learn MQL4 only if you need to maintain existing MetaTrader 4 code.
Generally yes. MT5 uses a 64-bit, multi-threaded engine, so backtesting and optimization are much faster than MT4, especially for multi-currency strategies that MT4 cannot test at all.
Yes. We port MQL4 Expert Advisors and indicators to MQL5 for MetaTrader 5, keeping the logic faithful to the original and delivering the full source code.
Bring your strategy or your existing EA. We build it, or port it, source code included.