💻 MT4 vs MT5: Which is Better?
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most popular forex trading platforms. MT4 is older and more established, while MT5 offers more features and better performance. Understanding the differences helps you choose the right platform for your trading needs, especially when choosing a broker.
Introduction to MT4 vs MT5
Both MT4 and MT5 are powerful trading platforms, but they have significant differences. MT4 is more popular and has more expert advisors and indicators, while MT5 offers better performance and more features.
Why Compare MT4 and MT5?
- Platform Choice: Choose the right platform
- Broker Selection: Important for broker selection
- Trading Needs: Match platform to needs
- Features: Understand available features
- Compatibility: Ensure compatibility
Key Differences
1. Market Coverage
MT4:
- Forex and CFDs only
- Limited to forex markets
- No stock trading
- No futures trading
MT5:
- Forex, stocks, futures, options
- Multiple markets
- More asset classes
- Better diversification
2. Order Types
MT4:
- 4 order types
- Market, limit, stop, stop limit
- Basic order management
MT5:
- 6 order types
- More order types
- Pending order types
- Better order management
3. Timeframes
MT4:
- 9 timeframes
- M1, M5, M15, M30, H1, H4, D1, W1, MN1
- Standard timeframes
MT5:
- 21 timeframes
- More timeframes
- M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12
- More flexibility
4. Indicators and EAs
MT4:
- More indicators available
- More expert advisors
- Larger community
- More resources
MT5:
- Fewer indicators (growing)
- Fewer EAs (growing)
- Smaller community
- Less resources
5. Programming Language
MT4:
- MQL4 language
- Easier to learn
- More tutorials
- More examples
MT5:
- MQL5 language
- More powerful
- Object-oriented
- Better performance
Advantages of MT4
1. Popularity
Benefits:
- More brokers offer MT4
- More expert advisors available
- Larger community
- More resources and tutorials
2. Simplicity
Benefits:
- Easier to use
- Simpler interface
- Less overwhelming
- Better for beginners
3. Resources
Benefits:
- More indicators
- More EAs
- More tutorials
- More support
Advantages of MT5
1. Performance
Benefits:
- Faster execution
- Better performance
- More efficient
- Handles more data
2. Features
Benefits:
- More order types
- More timeframes
- More markets
- Better backtesting
3. Modern Technology
Benefits:
- Newer platform
- Better architecture
- More advanced
- Future-proof
Which Platform to Choose?
Choose MT4 If:
- Forex Only: Trading forex only
- Beginner: New to trading
- Resources: Need more resources
- EAs: Need more expert advisors
- Simplicity: Prefer simpler platform
Choose MT5 If:
- Multiple Markets: Trading stocks, futures
- Performance: Need better performance
- Advanced Features: Need advanced features
- Modern: Prefer modern platform
- Future: Long-term investment
Migration from MT4 to MT5
Considerations
Compatibility:
- MT4 EAs don't work on MT5
- Need to rewrite or convert
- Indicators may need conversion
- Learning curve
Benefits:
- Better performance
- More features
- Future-proof
- Better support
Summary
MT4 and MT5 are both excellent platforms. MT4 is better for forex-only traders who want simplicity and more resources. MT5 is better for traders who need multiple markets, better performance, and advanced features. Choose based on your trading needs and broker availability.
Key Takeaways:
- MT4: More popular, simpler, more resources
- MT5: Better performance, more features, multiple markets
- Choose MT4 for forex-only and simplicity
- Choose MT5 for multiple markets and performance
- Consider broker availability
- Both are excellent platforms