MetaTrader 5 is an advanced, 5th generation trading platform from trading software goliath, MetaQuotes Software Corp. It’s a new and improved version of MetaTrader 4 that’s loaded with additional features and tools, such as new order types and customizable timeframes.
Something to remember: If you open a MetaTrader 4 account, you won’t be able to use MetaTrader 5 with your MT4 credentials and vice versa. If you want accounts for both MT4 and MT5, you have to open separate trading accounts for them.
Here’s a list of the main differences between the desktop versions of MetaTrader 4 and MetaTrader 5:
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Pending orders |
Buy Stop, Sell Stop Buy Limit, Sell Limit Take Profit, Stop Loss |
Buy Stop, Sell Stop Buy Limit, Sell Limit Take Profit, Stop Loss Buy Stop Limit, Sell Stop Limit |
| Timeframes | 9 timeframes (default only) | 21 timeframes (default and customized) |
| Account types | Standard Cent, Standard, Pro, Raw Spread, and Zero | Standard, Pro, Raw Spread, and Zero |
| Programming language | MQL4 | MQL5 |
| Archived orders | Orders older than 14 days are archived For Standard Cent accounts - orders older than 7 days are archived. | Orders are not archived |
MetaTrader 4 and MetaTrader 5 share the following features:
| Trading instruments | |
| Maximum leverage | 1:Unlimited (subject to conditions) |
| Hedging | Available |
| Demo accounts | Available (Except Standard Cent Accounts) |
| Order execution | Instant and market (depending on the account type) |
| EAs, scripts, and indicators* | Available (Offered by MetaQuotes) |
*Due to the difference in their programming languages (MQL4 for MetaTrader 4 and MQL5 for MetaTrader 5), the Expert Advisors, scripts, and indicators that you use in MetaTrader 4 aren’t compatible with MetaTrader 5, and vice versa.