Quick answer
- MT4: simpler, forex-focused, enormous library of EAs and indicators.
- MT5: more timeframes and order types, faster multi-currency strategy tester, built-in economic calendar and depth of market.
- Check which version your broker offers to UK clients — it can differ by entity.
Feature comparison
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Released | 2005 | 2010 |
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 (adds buy stop limit, sell stop limit) |
| Programming language | MQL4 | MQL5 (not backward compatible) |
| Strategy tester | Single-threaded, one symbol | Multi-threaded, multi-currency |
| Economic calendar | No (add-on) | Built in |
| Depth of market | No | Yes |
| Position accounting | Hedging | Hedging or netting |
| Asset classes | Mainly forex and CFDs | Forex, CFDs, and exchange-traded instruments where offered |
When MT4 makes sense
- You already use MT4 Expert Advisors or custom indicators.
- You trade mainly forex and want a familiar, lightweight platform.
- Your preferred broker offers MT4 to UK clients but not MT5.
When MT5 makes sense
- You backtest strategies across several currency pairs and want faster testing.
- You want more timeframes or stop-limit orders.
- You trade beyond forex and want one platform for everything.
Mobile and web
Both platforms have iOS and Android apps and web versions. The mobile apps are good for monitoring and managing trades but don't run Expert Advisors — automated strategies need the desktop platform or a VPS.
Broker availability in the UK
Not every broker offers both platforms to UK clients, and availability can differ between a broker's UK and international entities. For example, Hantec Markets offers MetaTrader 4 to UK clients, with MT5 available through its non-UK entities. Always confirm platform availability for the entity that will hold your account.
Verdict
If your strategies and tools are built for MT4, there's no urgent reason to switch. If you're starting fresh, building automated systems or want more built-in features, MT5 is the more modern choice — provided your broker offers it to UK clients.
Expert Advisors and automation
Both platforms run automated strategies ("Expert Advisors") and custom indicators, but in different languages. MQL4 is simpler and has a huge back catalogue of free and paid code. MQL5 is more powerful and object-oriented, and the MT5 strategy tester can use multiple CPU cores, test several symbols at once and use real tick data — useful if you build or optimise systems.
If you buy EAs from the MQL5 Market, check which platform they're built for before you buy.
Running MetaTrader around the clock
Automated strategies only run while the platform is open and connected. Many traders use a virtual private server (VPS) — a remote computer that runs MetaTrader 24/5. Some brokers offer a VPS free above a certain balance or trading volume; otherwise it's a monthly cost.
Switching from MT4 to MT5
- Open an MT5 demo with your broker and recreate your chart templates.
- Check whether MT5 versions of your indicators and EAs exist.
- Learn the differences in the order window (including stop-limit orders).
- Check whether the account uses hedging or netting mode.
- Run both platforms side by side on demo before moving real money.
Which brokers offer which?
Most forex brokers offer MT4, MT5 or both, but availability can differ by legal entity and country. Use our broker comparison table to filter UK brokers by platform.
Frequently asked questions
Can I use my MT4 Expert Advisors on MT5?
Not directly. MT4 uses MQL4 and MT5 uses MQL5, which aren't compatible, so EAs and indicators need to be rewritten or replaced.
Is MT4 being discontinued?
MetaQuotes has focused new development on MT5, but MT4 remains widely offered and supported by brokers.
Which is better for beginners?
Both are fine. MT4 has more tutorials and community content; MT5 has more built-in features. Pick the one your preferred broker offers to UK clients.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.