MT4 is only for forex trading, whereas MT5 allows traders to trade CFDs, stocks, and futures in addition to Forex. I prefer MT5 as it has much better speed and efficiency in performing my order, plus it offers more timeframes, indicators, and other features.
MT4 is more suitable for the novice in forex whereas MT5 has more explicit features such as more advanced charting Indicators with robust features.
The main difference between both the platforms is that MT4 offers 30 technical indicators and 9 time frames whereas MT5 comes with 38 default technical indicators and 21 different time frames.
Talking about myself, I’ve been using MT4 since the beginning of my trading career as it is comparatively simpler and easier to use.
MT4 was pretty much designed for mainly forex trading. MT5 was designed later for more technical analysis and also EA trading. You can still trade forex with MT4 just fine, MT5 isn’t an upgrade over MT4.
Both are identical in terms of giving a trading platform, but at the end of the day, it just comes down to your preference on which platform you would find much easier to access for your trade.
Technically, Mt5 is very rich! But, you are okay with Mt4; no problem at all!
MT5:
more pre-installed tools
more options for time-frames (though in MT4 you can set a customized time-frame with the help of a script)
more pending orders types (6 vs 4 in MT4)
full depth of market
unlimited amount of symbols
possibility of downloading history ticks (very useful)
netting mode
an upgraded strategy tester
partial order filling policy
supports more markets (fx, futures, options, stocks, bonds)
these are just a simple overview of MT5’s advantages
it gives more possibilities, in my opinion. bc literally everything that exists in MT4 only (in a basic package), can be installed and added to MT5, so the choice is yours.
1 Like
The type of traders that MT4 and MT5 attract is one of the biggest differences between them. MT4 is mostly used by forex traders, but MT5 is a comprehensive multi-asset trading platform with a broader range of applications, including contract-for-difference, stocks, and futures trading.