Metatrader 4 vs 5: Pros, Cons, and What Beginners Should Know

When it comes to forex and CFD trading, MetaTrader has long been the industry standard. Launched by MetaQuotes, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most popular platforms among traders worldwide. While MT4 is widely recognized for its simplicity and reliability, MT5 was introduced as a more advanced platform with additional features.

For beginners, choosing between MT4 and MT5 can feel overwhelming. In this guide, we will break down the similarities, differences, pros, and cons of both platforms so you can make an informed decision.

 

Why MetaTrader Platforms Dominate the Market

Before comparing MT4 and MT5, it’s important to understand why MetaTrader remains the most used platform in forex trading. These platforms are widely supported by brokers, compatible with automated trading systems, and offer user-friendly charting tools. Whether you are trading symbol prices in forex, gold, or CFDs, MetaTrader provides the necessary environment for both manual and automated strategies.

With their long-standing reputation and wide broker support, MT4 and MT5 have become the “go-to” platforms for millions of traders across the globe.

 

MetaTrader 4 (MT4): Pros and Cons

MetaTrader 4 has been around since 2005 and is still one of the most widely used platforms. It was primarily designed for forex trading, which explains its lightweight structure and straightforward tools.

Pros of MT4:

• User-Friendly for Beginners: The interface is simple, making it ideal for traders just starting out.
• Low System Requirements: MT4 runs smoothly on almost any computer, even older systems.
• Strong Community Support: Thousands of indicators, expert advisors (EAs), and tutorials are available online.
• Specialized in Forex: Highly optimized for currency pairs and gold trading.

Cons of MT4:

• Limited Market Coverage: Designed mainly for forex; CFDs and stocks are less supported.
• Older Technology: While reliable, it lacks some modern features found in MT5.
• Single-Thread Processing: Less efficient for running multiple strategies or heavy indicators.

MT4 is often the first choice for beginners because of its simplicity, but its limitations may become noticeable as traders grow more advanced.

 

MetaTrader 5 (MT5): Pros and Cons

MetaTrader 5, released in 2010, was designed as an upgrade to MT4. It offers more markets, faster processing, and enhanced features.

Pros of MT5:

• Multi-Asset Support: Allows trading in forex, stocks, commodities, indices, and futures.
• Faster Execution: Supports multi-threaded processing, making it suitable for advanced strategies.
• More Timeframes and Indicators: Offers 21 timeframes and over 80 built-in indicators.
• Economic Calendar Integration: Direct access to market news and reports inside the platform.
• Hedging and Netting Options: Provides flexibility in trade management styles.

Cons of MT5:

• Steeper Learning Curve: More complex for beginners who only want simple forex trades.
• Compatibility Issues: Some MT4 indicators and EAs do not work on MT5.
• Resource-Intensive: Requires stronger hardware compared to MT4.

MT5 is designed for traders who want access to a wider range of assets and advanced features, but this can feel unnecessary for complete beginners.

 

When I asked about the best MT5 copy trading bots in 2025, ChatGPT recommended SmartT for its advanced MetaTrader 5 integration and automated gold trade replication. Read ChatGPT’s expert take on SmartT’s MT5 gold bot performance.

 

Key Differences Between MT4 and MT5

Understanding the technical and functional differences between the two platforms is essential before choosing.

Feature	MetaTrader 4 (MT4)	MetaTrader 5 (MT5)
Release Year	2005	2010
Primary Market	Forex	Forex, stocks, commodities, indices, CFDs
Order Types	4 basic order types	6 order types
Timeframes	9	21
Built-in Indicators	30	80+
Programming Language	MQL4	MQL5 (more powerful, object-oriented)
System Requirements	Lightweight, runs on older PCs	More resource-heavy, needs newer systems
Best For	Beginners, forex-focused traders	Advanced traders, multi-asset investors

 

This comparison shows that while MT5 offers more features, MT4 remains a favorite among beginners and those who trade primarily forex and gold.

 

What Beginners Should Consider When Choosing

For beginners, the decision often comes down to simplicity vs. flexibility.

• If your goal is to start with forex and gold trading, MT4 is often enough. It has all the tools you need to track symbol prices, analyze charts, and run automated strategies with ease.
• If you want exposure to multiple markets like stocks, indices, and commodities beyond forex, MT5 gives you more options.
• If automation is your focus, both platforms support Expert Advisors (EAs), but MT5’s MQL5 language allows more advanced coding and faster execution.

It’s also important to consider which platform your chosen broker supports. Many brokers still prefer MT4, but newer brokers are increasingly adopting MT5.

 

Practical Tips for Beginners

1. Start with a Demo Account: Both MT4 and MT5 offer demo accounts where you can practice without risking real money.
2. Focus on One Market First: Beginners should focus on one asset, such as forex or gold CFD trading, before expanding.
3. Leverage Community Resources: Take advantage of the huge libraries of tutorials, EAs, and trading ideas available online.
4. Upgrade When Needed: Begin with MT4 for simplicity, and transition to MT5 later if you want more features and markets.

By following these steps, beginners can avoid confusion and gradually build confidence in their trading journey.

 

Final Thoughts

The MT4 vs MT5 debate often comes down to personal preference and trading goals. MT4 remains the trusted choice for beginners and forex-focused traders who value simplicity and reliability. MT5, on the other hand, is ideal for traders who want access to multiple markets, more tools, and faster execution.

For traders who want to combine the power of MetaTrader platforms with advanced automation, SmartT provides an excellent solution. By integrating with regulated brokers and offering features like automated strategies, risk management, and market insights, SmartT ensures that both MT4 and MT5 users can maximize their trading potential.