Quick Answer: Choose MT4 if you trade forex and Gold by hand, or if you already run EAs and indicators written for MT4. Choose MT5 if you want more timeframes (21 vs 9), more pending order types (6 vs 4), depth of market, a built-in economic calendar or a stronger strategy tester. MT5 is not an automatic upgrade that runs everything from MT4: an EA written in MQL4 usually will not run on MT5 until it is ported to MQL5, so choose based on your EA and trading style, not on "the newer version".
MT4 and MT5 are both made by MetaQuotes, and many forex brokers offer both. What confuses traders is that MT5 came later, yet MT4 is still widely used. This article uses MetaQuotes's official comparison, explains each difference in plain language and shows which ones actually matter for trading Gold and forex.
MT4 vs MT5 Comparison Table#
Criteria | MT4 | MT5 |
|---|---|---|
Timeframes | 9 | 21 |
Built-in technical indicators | 30 | 38 |
Graphical objects | 31 | 44 |
Pending order types | 4 | 6 |
Execution modes | 3 | 4 (Instant, Request, Market, Exchange) |
Partial fill policies | Fill or Kill | Fill or Kill, Immediate or Cancel, Return |
Depth of Market | No | Yes |
Built-in economic calendar | No | Yes |
Position accounting | Hedging | Netting and Hedging |
EA programming language | MQL4 | MQL5 |
Strategy tester | Single thread | Multi-threaded, multi-currency, real ticks |
Number of symbols | 1,024 | Unlimited |
Supported markets | Forex | Forex, futures, options, stocks, bonds |
Source: MetaQuotes's official comparison table and its MetaTrader 4 and MetaTrader 5 overview pages. Graphical object counts follow the comparison table; the MT4 overview page lists 23 analytical objects. Your broker may not enable every feature.
Which Differences Actually Matter?#
1. Orders and execution#
MT4 has 2 market orders, 4 pending orders, 2 stop orders and a trailing stop, with 3 execution modes. MT5 keeps the same set but raises it to 6 pending order types and 4 execution modes, and adds partial-fill policies (Immediate or Cancel, Return). If you trade Gold breakouts with pending orders or place more complex orders, MT5 is more flexible. If you only enter at market and set a stop loss and take profit, the difference is barely noticeable.
2. Analysis: timeframes, indicators, depth of market#
MT5 has 21 timeframes against 9 on MT4, and 38 built-in indicators against 30. MT5 also puts an economic calendar inside the platform and offers depth of market, which helps when you trade around news or want to see liquidity. Both platforms let you add thousands of extra indicators from the Code Base and the Market, so for many traders the built-in count is not decisive.
3. EAs and strategy testing#
This is the biggest difference if you use bots. MT4 runs EAs written in MQL4, and MT5 runs EAs written in MQL5. The two languages are not direct replacements for each other, so an EA written for MT4 usually has to be reprogrammed for MT5 and the other way around. MT5's tester is also stronger: it is multi-threaded, tests several currency pairs at once and uses real ticks, while MT4 runs on a single thread. That is why newer bots tend to target MT5. Two bots FN Trading Lab has reviewed, GRID V1 and Wukong 03, both run on MT5. If you are shopping for a bot, see the best EA bots for forex.
4. Hedging and netting#
MT4 uses hedging: you can hold several positions on the same symbol, including opposite ones. MT5 supports both hedging and netting (merging positions on the same symbol into one, as on an exchange). The mode you actually get is set by your broker, and many forex brokers enable hedging on MT5. If your strategy needs several buy and sell positions open on Gold at once (grid or DCA, for example), confirm your MT5 account uses hedging before you fund it.
5. Markets and symbol count#
MT4 was built for forex and caps symbols at 1,024. MT5 is a multi-asset platform (forex, futures, options, stocks, bonds) with no symbol limit. You can still only trade what your broker offers. For forex and Gold, both platforms cover what you need.
Trading Gold and Forex: Which Platform Should You Pick?#
For Gold (XAUUSD) and the major forex pairs, both platforms are enough. In practice the choice falls into three cases:
- Manual trading, market orders, no bots: either MT4 or MT5 works. Pick the one you know. MT4's interface is leaner.
- You need varied pending orders, the economic calendar or depth of market: MT5.
- You run EAs: choose the platform your EA was written for. If you buy or rent a new bot, check whether it supports MT4 or MT5, since many newer bots only have an MT5 version. Run it on a demo first.
One common mix-up: MT5 does not automatically give tighter spreads or faster fills. Spreads and execution quality depend on the account type and the broker, not on the MetaTrader version. See XM MT4 vs MT5 for these points applied to one specific broker.
Does MT4 or MT5 Affect Your Rebate?#
The rebate is calculated on closed lots and account type, not on whether you use MT4 or MT5. What matters is that the MT4/MT5 account is opened under FN Trading Lab's partner code. If you open an additional MT4 or MT5 account, enter the partner code when you open it so your trades are tracked.
Which Brokers Support MT4 and MT5?#
The four brokers below all offer MT4 and MT5 and support Expert Advisors. The broker-specific MT4/MT5 details are in the comparison articles:
Broker | MT4 | MT5 | Comparison with MT4/MT5 section |
|---|---|---|---|
TMGM | Yes | Yes | |
XM | Yes | Yes | |
Exness | Yes | Yes | |
Vantage | Yes | Yes |
If you want to choose a broker by Gold rebate, see the highest Gold rebate broker ranking. To try a platform before funding an account, open a demo.
Frequently Asked Questions#
Conclusion#
MT4 is lean and familiar, and MT5 is stronger on pending orders, analysis, depth of market and EA testing. For Gold and forex the difference is not which platform is "better" but which one fits how you trade and which EA you run. Choose by your EA and habits, test on a demo, then fund the account.
FN Trading Lab - For Traders and Trading Community
Affiliate disclosure: FN Trading Lab is a paid IB partner of some brokers mentioned in this article. We earn a commission based on trading volume generated through our referral links. This does not affect your spreads, execution speed or rebate.
Risk warning: Trading Forex and CFDs carries a high level of risk and may not be suitable for all investors. This content is for information only and is not investment advice.
