Should I use Metatrader 4 or 5?

If you're getting started with algorithmic trading or deploying Expert Advisors (EAs), one of the first decisions you'll face is whether to use MetaTrader 4 (MT4) or MetaTrader 5 (MT5). While both platforms are developed by MetaQuotes and share many similarities, there are important differences that can affect your trading experience.

MetaTrader 4: Reliable and Widely Supported

MetaTrader 4 is the older of the two platforms and has become the industry standard for retail forex trading. It’s lightweight, fast, and supported by most brokers.

Key advantages of MT4:

• Widespread Broker Support: Nearly all forex brokers offer MT4.
• Large EA Ecosystem: Thousands of EAs and custom indicators have been built for MT4 over the years.
• Simple Interface: Designed specifically for forex, it’s easy to use and less resource-intensive.
• Lower System Requirements: Runs smoothly on most setups, including budget VPS servers.

Best if you’re focused on forex and want access to a huge range of existing tools.

MetaTrader 5: Modern and Multi-Asset

MetaTrader 5 is the successor to MT4, built to support not just forex but also stocks, commodities, and other asset classes. It offers several technical improvements and more advanced tools.

Key advantages of MT5:

• Multi-Asset Support: Trade forex, stocks, futures, and CFDs from a single platform.
• Faster Strategy Testing: MT5 includes multi-threaded backtesting with real tick data.
• More Charting Tools: Includes more timeframes, indicators, and built-in analytics.
• Advanced Order Management: Supports both hedging and netting systems.

Best if you want to trade multiple markets or need faster, more advanced testing tools.

Compatibility Note

Expert Advisors built for MT4 do not work on MT5, and vice versa. Be sure to download or purchase the correct version of your EA for the platform you plan to use.

So Which One Should You Use?

It depends on your goals:

• Choose MT4 if you're trading forex only, want simplicity, or already have MT4 tools.
• Choose MT5 if you're trading multiple asset classes or need advanced backtesting capabilities.

Both platforms are powerful and capable, just be sure your EA matches the platform you select.