If you’re learning to trade, you’ll probably hear about MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They’re both well-known, but they aren’t identical. The one you choose depends on what you’re trading and how you prefer to work.
MT4: Built for Forex, Still Going Strong
MT4 launched in 2005 as a platform focused on forex and CFD trading. It quickly became a go-to choice because it’s simple to install, works on most computers, and doesn’t use much space. If you trade only currency pairs and like a simple layout, MT4 gets the job done. For traders looking to expand beyond the basics, MetaTrader 5 by Dominion Markets offers a feature-rich alternative, giving users access to a wider range of features while keeping the platform user-friendly.
You get 9 timeframes, about 30 built-in indicators, and charts that are clean and quick to load. You can place trades with 4 types of pending orders—enough for most basic strategies. While there’s no market depth view or built-in economic calendar, many traders are fine without them.
MT4 uses MQL4 for bots and custom tools. The code is simple and fits most needs, and you can find thousands of scripts, indicators, and Expert Advisors online. Since it’s been around for so long, support is easy to find through forums, guides, and videos.
MT5: More Assets, More Tools, More Power
MT5 is the newer version, released in 2010. It wasn’t built to replace MT4 but to expand what traders can do—and it shows. With MT5, you’re not limited to forex. You can also trade stocks, indices, crypto, futures, and commodities, making it a better fit for anyone wanting more than just currency pairs.
The platform gives you 21 timeframes, 38 built-in indicators, an economic calendar, and Market Depth (DOM) view. Market Depth shows how many buyers and sellers are active at each price level, helping you time your trades more precisely.
MT5 runs on a 64-bit, multi-thread setup. It’s fast, handles large data easily, and supports cloud-based strategy testing. Backtests are quicker and more accurate. If you use bots, this matters.
It also supports 6 types of pending orders, including stop limit orders, giving you more control over trade entry and exit. MT5 uses MQL5, which is more powerful than MQL4 and allows multi-asset and multi-currency testing—great for building or buying complex systems.
MT4 vs MT5: At a Glance
| Feature | MT4 | MT5 |
| Asset Types | Forex, CFDs | Forex, Stocks, Crypto, Futures, More |
| Timeframes | 9 | 21 |
| Indicators | ~30 | 38+ |
| Pending Orders | 4 | 6 |
| Market Depth | No | Yes |
| Economic Calendar | No | Yes |
| Coding Language | MQL4 | MQL5 |
| Strategy Testing | Single asset | Multi-asset, faster |
| Community Support | Large | Growing |
What About Brokers?
Not all brokers offer both platforms. Some stick with MT4 because it’s well-established, while others now push MT5 for its features and speed. For example, Dominion Markets MT5 trading platform gives full access to MT5 tools with low spreads and fast execution. It’s a good choice for beginners who want support and for advanced traders exploring different markets.
Should You Switch?
If you already trade on MT4 and you’re happy, there’s no reason to rush. But if you want more tools, more asset types, and smarter automation, MT5 is the better option. MT5 also makes sense for beginners starting now. It’s built to grow with you, supports a wide range of trading styles, and runs smoothly on modern systems.
A Few Final Thoughts
MT4 is simple, stable, and still works well. If your focus is forex and you like a clean, no-fuss setup, it remains a solid choice. But MT5 offers more—more markets, more tools, and better performance. It gives you room to grow and tools to get better.
Try both on a demo if you’re unsure. See which one fits your style. Because in trading, the best platform isn’t the one with the most features. It’s the one that matches how you plan, manage, and execute your trades.
And if that’s MT5, you’ll be well-equipped from the start.
