The MetaTrader Legacy
MetaTrader 4 was released in 2005 by MetaQuotes Software. It became the industry standard for retail forex trading within a few years — a position it held almost unchallenged for over a decade. MetaTrader 5, released in 2010, is not simply an "upgrade" — it's a redesigned, more capable platform with different technical underpinnings.
Key Differences at a Glance
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Release Year | 2005 | 2010 |
| Primary Market | Forex CFDs | Multi-asset (stocks, futures, forex) |
| Timeframes | 9 timeframes | 21 timeframes |
| Indicators | 30 built-in | 38 built-in |
| Order Types | 4 pending orders | 6 pending orders |
| Programming Language | MQL4 | MQL5 (object-oriented, faster) |
| Hedging | Yes (allowed by default) | Yes (account-type dependent) |
| Netting | No | Yes (for exchange-style accounts) |
| Economic Calendar | No | Built-in |
| Depth of Market | No | Yes |
| EA Ecosystem | Larger (15+ years) | Growing fast |
| Strategy Backtesting | Single-currency | Multi-currency, more accurate |
Why MT4 Is Still Popular in 2025
Despite being 20 years old, MT4 remains extremely popular — and for good reason:
- Ecosystem maturity: 15+ years of custom indicators, EAs, and scripts available. The MQL4 Marketplace has tens of thousands of tools.
- Simplicity: MT4 does what most retail forex traders need without unnecessary complexity.
- Hedging: MT4 allows full position hedging by default, which many traders prefer for managing complex strategies.
- Familiarity: Millions of traders know MT4 deeply — relearning a platform is a real cost.
Why MT5 Is the Future
- More timeframes: 21 vs. 9 — particularly useful for short-term traders who want M2, M4, M6, M20 charts.
- Multi-asset support: MT5 was designed to handle stocks, futures, and other exchange instruments — essential if you trade beyond forex.
- Faster backtesting: MQL5 is significantly faster than MQL4 for optimizing complex strategies.
- Built-in economic calendar: Eliminates the need for an external news feed during trading.
- Depth of Market: Real-time order book visibility — useful for level-2 analysis.
- MetaQuotes discontinued new MT4 licenses: Since 2022, MetaQuotes stopped offering new MT4 licenses to brokers. MT4 is in maintenance mode — MT5 is the future.
My Recommendation
If you're already on MT4 with established custom indicators and EAs: stay on MT4 unless a specific MT5 feature is compelling to you. Your existing tools work, and there's no urgency to switch.
If you're starting fresh in 2025: start with MT5. The platform is actively developed, supports more instruments, and your skills will be more future-proof. The MQL5 ecosystem, while younger than MQL4, is growing rapidly and has already caught up in most areas.
If you trade stocks or futures in addition to forex: MT5 is the clear choice — it's designed for multi-asset trading in a way MT4 is not.
⚠ Risk Disclaimer
This article is for informational purposes only. Past performance of trading systems is not indicative of future results. Always test strategies on a demo account before live trading.