The version numbers suggest a straightforward succession, and almost every comparison written on the subject treats MT5 as the newer, better MetaTrader. That framing obscures the practical situation. MT5 was built as a different platform for a broader set of markets, using a programming language that will not run MT4 code, and the split produced two ecosystems that have coexisted rather than one replacing the other.
The decisive differences
- MQL4 and MQL5 are not compatible: an MT4 expert advisor will not run on MT5 without a rewrite.
- MT5 supports exchange-traded instruments and a depth-of-market panel that MT4 lacks.
- MT5 offers more timeframes, more order types and a multi-threaded strategy tester.
- MT4's third-party ecosystem — indicators, scripts, robots — remains substantially larger.
The language split is the whole story
MQL5 is a different language from MQL4, with an object-oriented structure and a different event model. Code written for one does not compile on the other. For a trader who writes their own tools this is a one-time cost. For a trader who bought or downloaded an expert advisor, it means the tool simply does not transfer, and whether an MT5 version exists depends on whether its author chose to maintain one.
This is why MT4 persists. A large body of retail automation was written for it between 2005 and the mid-2010s, and much of that body was never ported. A trader whose method depends on a specific indicator or robot does not have a platform choice at all; they have whichever platform their tool was written for.
What MT5 genuinely adds
MT5 was designed for markets beyond spot forex, and its additions reflect that. It handles exchange-traded instruments with a real depth-of-market panel, supports a wider set of pending order types, and includes an economic calendar in the terminal itself. It offers twenty-one timeframes against MT4's nine, which matters more than it sounds if your method uses periods the older platform cannot draw.
The strategy tester is the most substantive improvement. MT5 tests multi-threaded and across multiple instruments simultaneously, where MT4 runs single-threaded on one symbol. For anyone optimising parameters over long histories, the difference is hours against days, and the multi-symbol capability makes portfolio-level testing possible rather than approximate.
MT5 also allows netting accounts alongside hedging ones. On a netting account, a buy and a sell in the same instrument offset into a single net position rather than sitting side by side. Which model applies is set by the broker, and traders arriving from MT4 sometimes find their familiar hedging workflow unavailable.
Check which accounting model the broker enabled
MT5 supports both netting and hedging, but the broker chooses per account type. If your method involves holding opposing positions in one instrument — some grid and recovery approaches do — confirm the account is set to hedging before funding it.
What MT4 still does better
Nothing structural, and that is the honest answer. MT4's advantages are ecosystem and familiarity: more available tools, more brokers offering it, more tutorials matching what is on your screen, and a lighter client that runs comfortably on modest hardware. For a discretionary trader placing manual orders on major pairs, the platforms are close enough that the choice barely registers.
There is also the matter of broker support. MetaQuotes stopped issuing new MT4 licences to brokers some years ago, so newer firms offer MT5 or a third-party platform. Established brokers continue to run both. The population of MT4 brokers is therefore stable to slowly shrinking, which is a consideration for a trader planning several years ahead.
How to decide
A decision procedure that takes ten minutes
- List the automated tools you rely on and check which language each is written in.
- If any is MT4-only and unported, that settles it unless you are prepared to rewrite.
- If you trade only spot forex manually, treat the platforms as interchangeable and pick on broker terms.
- If you optimise strategies over long histories, weigh the MT5 tester heavily.
- If you trade exchange-listed instruments or want real depth of market, choose MT5.
- Check that your chosen broker offers your chosen platform on the account type you want.
The order of that list matters. Tool compatibility is a hard constraint; everything else is a preference. Traders who choose on features and then discover their expert advisor will not load have made the decision in the wrong sequence.
Running both
There is no obstacle to installing both terminals on one machine, and many brokers will open accounts on each under the same client profile. For a trader in transition — running an MT4 robot while rebuilding it for MT5 — this is the pragmatic answer, and it removes the pressure to decide before the rewrite is finished.
What does not work is expecting the two to share anything. Charts, templates, indicators, history and settings are separate. Migrating means recreating, not copying.
Common questions
Can I run my MT4 expert advisor on MT5?
No. MQL4 and MQL5 are different languages and the code will not compile. The tool has to be rewritten, or an MT5 version obtained from its author.
Is MT5 faster than MT4?
In the strategy tester, substantially — it is multi-threaded and can test several instruments at once. In live trading the difference is negligible, since execution speed is dominated by the connection to the broker rather than by the terminal.
Why do so many brokers still offer MT4?
Because a large amount of retail automation was written for it and never ported, and because established brokers already hold MT4 licences. Newer firms generally cannot obtain one and offer MT5 or an alternative platform instead.
Does MT5 support hedging?
Yes, but the broker decides per account type whether the account is netting or hedging. If your method requires opposing positions in the same instrument, confirm this before funding.
