MT4 vs MT5 Platform Comparison: Which One Should Beginners Choose?

2025-06-26
Learn Forex, Newbie

How to choose between MT4 and MT5? This article compares features, advantages and disadvantages, and program incompatibility issues for beginners, helping you make the most suitable choice.

This website uses AI-assisted translation. If you have any feedback or suggestions, feel free to contact us. We look forward to receiving your valuable feedback! [email protected]

This website uses AI-assisted translation. If you have any feedback or suggestions, feel free to contact us. We look forward to receiving your valuable feedback! [email protected]

MetaTrader 5 (MT5) Platform Introduction: What Are the Differences from MT4, Its Successor?

In the previous article, we got to know one of the world's most popular forex trading platforms, MetaTrader 4 (MT4).
But you may have also heard of or seen its updated version—MetaTrader 5 (MT5).
Also developed by MetaQuotes, MT5 is designed as a more powerful and versatile trading platform.

So, what exactly is MT5? What are the main differences and improvements compared to the widely used MT4?
For forex beginners, should you choose the classic MT4 or embrace the newer MT5?
This article will briefly introduce the main features of the MT5 platform and compare it with MT4 to help you make a choice that suits you best.

1. What is MetaTrader 5 (MT5) ? The New Generation Multi-Asset Platform

MetaTrader 5 (MT5) is the new generation electronic trading platform launched by MetaQuotes after MT4.
Its goal is not only to serve forex margin trading but to become a multi-asset trading platform supporting trading in forex, Contracts for Difference (CFDs), stocks, futures, options, and other financial instruments (the specific tradable instruments depend on the services provided by your broker).

Like MT4, MT5 itself is not a broker; it remains the software interface for you to trade with your chosen MT5-supported broker.

2. Major Improvements and New Features of MT5 Compared to MT4

MT5 has undergone multiple upgrades and feature expansions based on MT4. The more obvious improvements for users include:

Broader Market Access Capability: MT5 is designed to better support exchange-traded products such as stocks and futures, whereas MT4 mainly focuses on forex and CFDs.
More Chart Timeframes: MT4 offers 9 standard timeframes, while MT5 provides up to 21 timeframes (e.g., added 2-minute, 8-hour charts), giving technical analysts more options.
More Built-in Technical Indicators and Analysis Tools: MT5 includes more types of technical indicators (about 38, more than MT4's 30) and graphical objects (about 44, more than MT4's 31), providing more ready-to-use tools for technical analysis.
Depth of Market (DOM) Feature: MT5 usually has a built-in market depth feature that displays order volume information at different price levels for a trading instrument, helping to understand market liquidity and potential support/resistance zones (more useful for stock and futures traders).
Built-in Economic Calendar: MT5 integrates an Economic Calendar directly within the platform, allowing traders to view upcoming important economic data and news events conveniently.
Optimized Strategy Tester: For users who need to backtest automated trading strategies (EAs), MT5's strategy tester is more powerful, faster, and supports more complex testing modes.
Updated Programming Language (MQL5): MT5 uses the newer, more powerful MQL5 programming language to write custom indicators and EAs, offering more possibilities compared to MT4's MQL4 language.

3. Important Difference: Program Incompatibility!

This is the most critical distinction between MT4 and MT5 and one of the main reasons MT4 remains very popular:
Programs written for MT4 (custom indicators, scripts, and EAs using MQL4) generally cannot run directly on MT5!

They need to be rewritten or converted into MQL5 to be used on MT5.
This means if you rely on specific tools running on MT4 or want to utilize the vast existing resources developed for MT4 online, migrating directly to MT5 may encounter obstacles.

4. Is MT5 Free? How to Obtain It?

This is exactly the same as MT4:

The platform software is usually free: The MT5 trading platform itself is typically provided free of charge by brokers that support it.
Trading costs still apply: When trading with MT5, you still need to pay spreads, possible commissions, and swap fees charged by the broker.
How to get it: You need to find a broker offering MT5 trading, open an MT5 account (demo or live) on their official website, and then download the MT5 installation program from the broker's site.

5. Should Beginners Choose MT4 or MT5?

This is a common question with no absolute answer; it depends on your needs and preferences:

Reasons to Choose MT4:

Possibly more broker options: Although the gap is narrowing, the number of brokers supporting MT4 may still be slightly higher than MT5.
Extremely rich learning resources and community support: There are far more tutorials, forum discussions, free/paid custom indicators, and EAs available online for MT4 than MT5. It's easier to find solutions or ready-made tools when encountering problems.
May feel simpler: For absolute beginners who only need core functions, MT4's interface and options may seem less complicated.

Reasons to Choose MT5:

Platform updates and more features: Represents MetaQuotes' latest technology, with more timeframes and indicators built-in, and a convenient Economic Calendar.
Potentially better performance: Theoretically faster running speed and more efficient strategy testing.
Possible future trading of other assets: If you anticipate trading stocks or futures through the same platform in the future (if your broker offers them), MT5 is the natural choice.
Future-oriented: Choosing the newer platform may mean earlier access to future feature updates.

Advice for Beginners:

Both can meet basic needs: For beginners just learning forex basics (chart reading, order placement, risk management), MT4 and MT5 have very similar core functions and can both accomplish the task well.
Broker choice is key: Often, the broker you choose determines which platform you mainly use (depending on which platform the broker promotes or which platform offers better account types, spreads, etc.).
No need to overthink: If you have no special needs (such as trading other assets or using specific MT4 tools), just choose the platform recommended by your broker or the one with better conditions. If your broker offers both with similar conditions, then:
- For stability and abundant resources → MT4
- For new features and future potential → MT5
The core is learning trading itself: No matter which platform you use, the key to success lies in your trading knowledge, strategy, discipline, and risk management, not the platform itself.

Conclusion

MetaTrader 5 (MT5) is the new generation, more feature-rich multi-asset trading platform succeeding MetaTrader 4, offering more timeframes, built-in indicators, market depth information, and an Economic Calendar.
However, its program incompatibility with MT4 and MT4's vast existing resource base keep MT4's market share very high.

For forex beginners, both MT4 and MT5 are excellent entry platforms.
Which one to choose often depends on the options provided by your broker, whether you need MT5's new features, and your reliance on existing MT4 resources.
Whichever you choose, the most important thing is to practice thoroughly with a Demo Account, master the platform's basic operations, and focus on learning trading knowledge and risk management.

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