MT4 and MT5 are both electronic trading platforms developed by MetaQuotes Software. MT4 was built to trade Forex, while MT5 was designed to allow easier trading in non-Forex CFDs. They use different programming languages, and MT5 has more indicators, timeframes, and trading functionalities in general. However, MT4 is simpler and easier to use, making it a better choice for new traders. The main differences between MT4 and MT5 are:
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Tradable instruments: Neither MT4 nor MT5 defines the list of assets you can trade. It only depends on the broker you open a trading account with. At FBS, you can trade all CFDs through either MT4 or MT5.
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Charting tools: MT4 has 31 graphical objects such as lines, channels, the Gann and Fibonacci tools, shapes, and arrows to predict future price movements. MT5 provides 38 built-in technical indicators to get insights into market direction.
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Programming language: MT4 uses MQL4, while MT5 uses MQL5.
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Functionality: MT5 has more advanced features, such as the ability to write or alter scripts, execute trades with a single function, and support for a broader range of financial instruments, including stocks, futures, and options.
Ultimately, the choice between MT4 and MT5 depends on personal preference, trading habits, and the financial instruments one wants to trade.
