MT4 is older, lighter and still the most widely supported platform for forex-only trading, with the largest library of free indicators and Expert Advisors (EAs).
MT5 adds more timeframes, a built-in economic calendar, a depth-of-market window, and native support for stocks and futures — but uses a different coding language (MQL5) for custom tools.
If your broker and strategy support both, MT5 is the better long-term choice in 2026. Stick with MT4 only if you depend on a specific MT4-only EA or indicator.
Every new trader eventually hits the same question on a broker's sign-up page: MT4 or MT5? The names suggest MT5 simply replaced MT4, but that's not quite what happened — MetaQuotes kept both running in parallel for over a decade, and brokers still support MT4 because so many traders and EAs depend on it. Here's what actually differs, in the order that matters for a decision.
1. Timeframes
MT4 offers 9 chart timeframes, from M1 (1 minute) to MN (monthly). MT5 offers 21, filling in gaps like M2, M3, M4, M6, M10, M20, H2, H3, H6, H8 and H12. For most retail strategies this rarely matters — but if you build strategies around specific intraday cycles, MT5's extra granularity is a genuine edge.
2. Order types and execution
MT5 supports more pending order types (buy/sell stop limit in addition to MT4's buy/sell limit and buy/sell stop) and offers a choice of execution modes — instant, request, market and exchange execution. MT4 is simpler: instant or market execution only. For most forex and CFD trading this difference is invisible day to day.
3. Hedging vs netting
This one matters. MT4 always allows hedging — holding a buy and a sell position on the same symbol at the same time. MT5 defaults to netting on many broker setups (opposite trades offset each other automatically), though a growing number of brokers now offer an MT5 hedging account type as well. If your strategy relies on hedging — grid systems, some arbitrage approaches, or simply wanting to average into a position from both sides — check which mode your broker's MT5 account uses before switching.
4. Depth of Market and built-in tools
MT5 includes a Depth of Market (DOM) window showing the order book on supported instruments, a built-in economic calendar, and an integrated tick chart. MT4 has none of these natively — traders rely on third-party add-ons or a separate browser tab (our homepage and market hours guide cover the free alternatives). For a trader who wants everything in one window, MT5 is noticeably more complete.
5. Asset coverage
MT4 was built for forex and CFDs. MT5 was designed from the ground up to also handle stocks, futures and more complex order routing — which is why brokers offering shares or futures alongside forex almost always default new clients to MT5.
6. Expert Advisors and indicators (MQL4 vs MQL5)
This is the biggest practical obstacle to switching. MT4 uses the MQL4 language; MT5 uses MQL5, which is closer to C++ and not directly compatible. A huge back-catalogue of free and paid EAs and custom indicators exists for MT4 that has never been ported to MT5. If you rely on a specific MT4-only EA, that alone can be a reason to stay — MetaQuotes added an MQL4-to-MQL5 compatibility mode, but it doesn't cover everything.
Before committing, open a free demo account on both platforms with the same broker and run your usual routine — charting, placing a few test trades, checking the indicators you use — for a week. The "right" platform is often decided by muscle memory, not features on paper.
7. Mobile and web platforms
Both have mature mobile apps (iOS/Android) and browser-based WebTrader versions. MT5's mobile app has slightly more chart tools; MT4's is simpler and loads faster on older phones. Neither is a dealbreaker either way.
Side-by-side summary
| Feature | MT4 | MT5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Hedging | Always on | Depends on account type |
| Depth of Market | No (native) | Yes |
| Economic calendar built in | No | Yes |
| Stocks/futures | Limited/no | Yes |
| EA/indicator language | MQL4 | MQL5 |
| Free EA/indicator library size | Largest | Growing |
Which should a beginner pick?
If you're starting from zero with no existing EAs or indicators to carry over, choose MT5. It's the platform MetaQuotes actively develops, has more built-in tools so you need fewer add-ons, and most brokers are steering new accounts toward it. Learn the basics first with our forex for beginners guide, then size every trade properly with the position size calculator regardless of which platform you pick — platform choice has zero effect on risk management.
What about cTrader, TradingView and proprietary platforms?
MT4/MT5 remain the most widely supported platforms across brokers, which matters if you ever switch brokers and want to keep your charts and EAs. cTrader is popular with ECN-focused brokers for its depth-of-market display and cleaner UI. Many brokers now also offer execution through TradingView's charting, which some traders prefer for its social and charting features even though order management is more limited. None of this changes the core math of position sizing or spread cost — those guides apply whichever platform you use.