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MetaTrader 5 (MT5) is the newer platform from the same company behind MT4, built as a broader upgrade rather than a simple replacement — many brokers now offer both, and the choice between them often comes down to which specific features and markets a trader needs rather than one being simply "better" in every way.
The most significant practical difference is market access: MT4 was built primarily around forex and CFDs, while MT5 was designed to support a wider range of instruments, including stocks, futures, and options more natively, alongside forex and CFDs. For traders wanting to trade multiple asset classes from a single platform, this broader native support is one of MT5's main advantages.
MT5 also introduced more order types and a more advanced built-in strategy tester, useful for the backtesting process covered elsewhere in this education section, along with an economic calendar built directly into the platform (MT4 generally relies on third-party or broker-provided calendars instead). MT5's automated trading system uses MQL5 rather than MT4's MQL4 — the two languages are related but not identical, meaning EAs generally need to be specifically built or converted for each platform rather than working interchangeably.
Despite MT5 being the newer platform, MT4 remains extremely widely used, particularly in forex-focused retail trading, partly due to its simplicity and the enormous existing library of MT4-specific EAs and indicators built up over many years. For a beginner choosing between the two, the more relevant question is usually which platform a shortlisted broker supports well and which one matches the specific markets you intend to trade, rather than assuming the newer platform is automatically the right choice.
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