MetaTrader 5 is an advanced, 5th-generation trading platform from trading software goliath, MetaQuotes Software Corp. It’s a newer, improved version of MetaTrader 4 that’s loaded with additional features and tools, such as new order types and customizable timeframes.
If you create a MetaTrader 4 trading account, you cannot use MetaTrader 5 with your MT4 credentials and vice versa. Multiple trading accounts can be created in one Personal Area to have access to both MT4 and MT5 trading accounts
Here’s a list of the main differences between the desktop versions of MetaTrader 4 and MetaTrader 5:
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Pending orders available: |
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| Timeframes available: | 9 timeframes (default only) | 21 timeframes (default and customized) |
| Account types available: |
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| Programming language type: | MQL4 | MQL5 |
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Archived orders procedure: |
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Orders are not archived |
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Availability of languages: |
39 languages |
52 languages |
MetaTrader 4 and MetaTrader 5 share the following features:
| Trading instruments available: | |
| Maximum leverage setting: | 1:Unlimited (subject to conditions) |
| Hedging: | Available |
| Demo accounts available: |
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| Order execution types: | Market, and instant (Pro account* only) |
| EAs, scripts, and indicators**: | Available (Offered by MetaQuotes) |
*Trading on Cryptocurrencies in Pro account is using Market Execution
**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.
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