Course 4 Trading platforms · Lesson 4 of 15

MetaTrader 4 and MetaTrader 5

MetaTrader 4 and MetaTrader 5 are the platforms most forex brokers offer, built by MetaQuotes and supplied free to traders through the broker. MT4, from 2005, is the older and still the most widely used; MT5, from 2010, is its successor with more timeframes, more order types, a built-in economic calendar, depth of market and a faster strategy tester. Both run automated strategies called expert advisors, and both are the reason so much trading education assumes their layout.

What you'll learn

  • Know the practical differences between MT4 and MT5
  • Understand what expert advisors are
  • Decide which to learn

Side by side

MetaTrader 4MetaTrader 5
Timeframes921
Pending order types46
MarketsForex and CFDsForex, CFDs, stocks, futures
HedgingYesYes at most brokers, netting at some
Programming languageMQL4MQL5, faster, multi-threaded tester
Depth of marketNoYes
Economic calendarNoBuilt in
Still developedMaintenance onlyYes

Expert advisors

An expert advisor is a program that runs inside the platform and can analyse charts and place trades on its own. Traders write them, buy them or download them. MT4's enormous library of EAs and indicators is the main reason it survives; MT5's are not compatible without rewriting. If you plan to automate, the language matters; if you do not, the difference is small.

Which to learn

MT5 is the better platform and the one MetaQuotes develops. Learn it unless you have a specific MT4 tool you cannot live without. Most brokers offer both and the skills transfer almost entirely. The desktop version is the full one; the web and mobile versions cover ordinary trading but drop expert advisors and some analysis.

Things worth knowing

  • Your broker, not MetaQuotes, sets prices, spreads and swaps; the platform only displays them.
  • Hedging mode allows opposite positions in the same pair; netting mode combines them. Check which your broker uses.
  • The strategy tester lets you backtest an EA on historical data, and the quality of that data comes from your broker.
  • MetaQuotes withdrew MT4 and MT5 from Apple's App Store for a period; if you rely on iPhone, check what your broker offers today.

Key takeaways

  • MT5 is the newer, more capable platform; MT4 survives on its library of tools.
  • Expert advisors automate trading and are not portable between the two.
  • Learn MT5 unless a specific MT4 tool ties you to it.
  • The broker controls the prices and rules; the platform displays them.

Knowledge check

  1. What is an expert advisor?
Brokers offering MetaTrader

Glossary

Guides

Trading forex, CFDs and other leveraged products carries a high risk of losing money. This lesson is general education, not advice. Risk disclosure.

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