What is different
- Timeframes: 9 in MT4, 21 in MT5.
- Pending orders: 4 in MT4, 6 in MT5, adding buy stop limit and sell stop limit.
- Markets: MT4 handles forex and CFDs; MT5 also handles exchange-traded stocks and futures, with depth of market.
- Strategy tester: MT5's is multi-threaded and far faster, and it can test multiple currencies at once.
- Economic calendar: built into MT5.
- Languages: MQL4 and MQL5 are not compatible; an MT4 expert advisor must be rewritten for MT5.
- Position accounting: MT4 always hedges; MT5 offers hedging or netting, set by the broker.
Why MT4 persists
Fifteen years of indicators, scripts and expert advisors were written for it, and many traders' entire toolkits live there. Brokers keep offering it because clients ask for it. MetaQuotes stopped selling new MT4 licences to brokers in 2022 but continues to maintain the platform, so it will be around for years.
Which to choose
Learn MT5. The skills transfer entirely to MT4 if you ever need it, the tester and calendar are worth having, and MetaQuotes' development effort goes there. Choose MT4 only if you rely on a specific EA or indicator that has no MT5 version and you cannot rewrite it. Most brokers offer both, and the broker pages on this site list which.
Beyond MetaTrader
cTrader offers cleaner order handling and depth of market, and TradingView offers the best charts with execution at integrated brokers. Many traders chart on TradingView and execute on MetaTrader or cTrader. The platform reference pages compare all four.
Trading forex, CFDs and other leveraged products carries a high risk of losing money. This guide is general education, not advice.