MT4 vs MT5 Forex Brokers Comparison

MT4 vs MT5 Forex Brokers Comparison
Article Summary And Broker Table
TL;DR Summary: A Comparison of MT4 and its Successor MT5, along with Brokers Offering these Platforms

MetaTrader is a platform offered by a range of Forex brokers. MetaTrader comes in two types, MT4 and MT5, though MT5 is the current release. Forex brokers may offer either platform or increasingly both (or just MT5). There are similarities between both platform, each allows automated trading with online trading robots. However MT5 has a range of enhancements on MT4 which may be of interest to Forex traders. MT5 is also designed as a multi-asset platform and can typically offer a greater number of markets than MT4. A selection of MT4 and MT5 brokers is provided below as well as a longer article, in addition to an MT4 vs MT5 comparison infographic.

Online ProviderAboutMinimum DepositForex Trading Platforms
Wide Range Of MarketsIC Markets provides rapid order processing, low Forex spreads and both MT4 and MT5 with a relatively wide range of markets including Forex and Stocks CFDs
About
$200
Minimum Deposit
MT4, MT5, cTrader, TradingView
Forex Trading Platforms
MT5 BrokerDeriv offers MT5, including copy trading on MetaTrader Signals. The Acuity Signal Center is provided as well. Deriv has a wide range of types of markets on MT5 from Forex to Synthetic Indices and additionally offers cTrader.
About
$5
Minimum Deposit
MT5, Deriv X, Deriv EZ, cTrader
Forex Trading Platforms
Spreads From ZeroPepperstone is known for supporting automated trading and offers both MT4 and MT5, with Forex spreads from 0 pips, plus commission. A wide range of other styles are supported as well, including those dependent on rapid order transmission
About
$200
Minimum Deposit
MT4, MT5, cTrader, TradingView
Forex Trading Platforms
MT4 vs MT5AvaTrade offers both MT4 and MT5 with a wide range of markets including Forex, and allows automated trading
About
$100
Minimum Deposit
MT4, MT5, WebTrader, AvaTradeGO, AvaOptions
Forex Trading Platforms
Fixed MT4 SpreadseasyMarkets offers fixed Forex spreads on MT4, from a tight 0.7 pips. MT5 is also provided, with variable spreads. Automated trading with EAs in available for both MetaTrader platforms.
About
$25
Minimum Deposit
MT4, MT5, easyMarkets Platform, TradingView
Forex Trading Platforms
Fixed & Variable SpreadsHYCM offers both MT4 and MT5, with accounts covering variable and fixed spreads types.
About
None
Minimum Deposit
MT4, MT5, HYCM Trader
Forex Trading Platforms

MetaTrader 4 (MT4) is an online trading platform made by MetaQuotes Software. It is a third party platform which some Forex brokers offer to their traders. Brokers may customise this platform in different ways, for example in terms of the markets offered or platform features. MT4 is well known as a platform for automated trading. MT4 allows the trader to use or make their own online trading robots. MT4 also supports those traders who plan and execute their own trades. In fact the trader can download or make new technical indicators.

But MT4 is not the latest offering from MetaQuotes. MT4 in fact has a successor platform, called MetaTrader 5 (MT5). MT5 possesses some similarities in terms of core features with MT4. However it also offers a number of significant enhancements. A key difference between MT5 and MT4 is that MT5 has a new language for making scripts (to automate processes), robots and technical indicators called MQL5 (versus MT4's MQL4). MQL5 however is not backwards compatible with MQL4.

So is MT5 better for Forex trading than MT4 ? MT4 is a popular platform for Forex trading and has been so for many years. While MT5 is the replacement for MT4, MT4 is still offered by many brokers. What has tended to happen is that MT4 brokers have become MT4 plus MT5 brokers over the years in a relatively gradual process. So while some brokers are still MT5 only or MT4 only, in practice a MT4 vs MT5 broker comparison can be more a difference of accounts and features at the same broker offering MetaTrader.

The lack of backwards compatibility of MT5 with MT4 for MQL5 and MQL4 (the programming language used on the platform) may suggest that a trader new to MetaTrader who wants to use this platform might wish to consider MT5. MT5 features an integrated Economic Calendar, which can be an asset for all traders as it provides a convenient way to check for news which might affect different markets. Volatility around news releases is targeted by some traders, but other traders may want to know about the possible effect on their ongoing trades of these events. MT5 also has an interface which can be seen as more user friendly than MT4, though they are pretty similar in terms of UI (user interface).

MT5 has more inbuilt technical indicators than MT4, but in practice MT4 can have more than its core offering. Both platforms allow the trader to download (typically for a fee) or to build more technical indicators as well as robots in MQL. MT5 also offers more time frames, graphical objects and pending order types than MT4 and supports 64 bit multi-threaded devices.

A difference between a broker offering MT4 and MT5, or between the accounts at a broker for each platform, is that MT5 supports more markets to trade than MT4. MT4 typically has up to 300 or so markets, while MT5 can have thousands of markets. For example, depending on the broker, MT5 may offer thousands of Stocks CFDs to trade. The bulk of a larger markets offering will be Stocks, as there are many more Stocks than other markets. However how many and even if they are offered depends on the particular broker. Allied with the platform features, the trader can take a deep dive into technical analysis or try automated trading on these and other markets, though automated trading has additional risks and can be seen as a more advanced way to trade.

MT5 is the successor to MT4 and offers a range of enhancements for a broadly similar feature offering

Behind MT4 or MT5 is a large community which offers additional features such as robots and technical indicators. One reason why some traders may prefer MQL4 is that the MT4 community has been in existence longer than MQL5's and thus offers more EAs. Traders can trade Forex on either MT4 or MT5 and make use of their analysis tools and trading automation (which can also include copy trading, depending on the broker). But MT5 is designed to be an enhancement on MT4 and is the current release of MetaTrader, so traders may wish to start with MT5 if they can.

MT5 is designed as a multi-asset platform and Forex traders may also trade other types of markets. If traders are interested in Stocks CFD trading, then MT5 may well be a more compelling choice. Forex traders may find the additional time frame and pending order types useful as well. News is a key fundamental in Forex trading, and having an inbuilt Economic Calendar may be a helpful tool in this complex, volatile market.

MT4 & MT5 IC Markets

  • Minimum deposit: $200
  • Online trading platform: MT4, MT5, cTrader

IC Markets is known for its support of automated trading with rapid order processing and no dealing desk intervention trading, and support for styles such as scalping and high frequency trading. Both MT4 and MT5 are offered as well as cTrader. IC Markets offers Forex trading and a relatively wide range of markets with 2000+ in all available, the bulk of which are Stocks CFDs.

EA Robots Pepperstone

  • Minimum deposit: $200
  • Online trading platforms: MT4, MT5, cTrader, TradingView

Pepperstone offers a wide range of online trading platforms, including MT5. Pepperstone supports styles such as scalping, automated trading and news trading as well as longer term trading techniques.

24/7 Trading Deriv

  • Minimum deposit: $5
  • Online trading platforms: MT5, Deriv X, Deriv EZ, cTrader

Deriv provides MT5 with MetaTrader Signals for copy trading. Additionally the Acuity Signal Center is offered, with signals and a user friendly Economic Calendar. Deriv provides a wide range of types of markets to trade on MT5, including Synthetic Indices, which may be traded 24/7. Additionally cTrader is now offered.

Fixed & Variable Spreads HYCM

  • Minimum deposit: None
  • Online trading platforms: MT4, MT5, HYCM Trader

HYCM offers both MT4 and MT5, offering accounts types covering variable Forex spreads with a commission charge (Raw) and without a commission charge (Classic), and fixed spreads without a commission charge (Fixed). On the Raw account, spreads from 0.1 pips, plus a commission charge are offered.

MT4 vs MT5 AvaTrade

  • Minimum deposit: $100
  • Online trading platforms: MT4, MT5, WebTrader, AvaTradeGO, AvaOptions

AvaTrade offers both MT4 and MT5, allowing automated trading. The trader can create demo accounts and try out MT4 vs MT5. AvaTrade offers a wide range of markets to trade and provides additional platforms including a user friendly WebTrader and Vanilla Options CFD trading on a dedicated platform.

Fixed Forex Spreads easyMarkets

  • Minimum deposit: $25
  • Online trading platforms: MT4, MT5, easyMarkets Platform, TradingView

easyMarkets offers both MT4 and MT5. On MT4, fixed spreads are available while on MT5, variable spreads are offered. easyMarkets allows automated trading with EA online trading robots on both MT4 and MT5.