MetaTrader 5 (MT5) Forex Trading Platform – Features, MT4 Comparison, Pros & Cons (2025 Guide)

Introduction

MetaTrader 5 (MT5) is a powerful multi-asset trading platform that has become a top choice for forex trading in recent years. Launched in 2010 as the successor to the popular MetaTrader 4 (MT4), MT5 is faster and more efficient than its predecessor, offering access to a broader range of financial markets and advanced tools. MT4, released in 2005, remains popular among forex traders for its user-friendly interface and reliability, but it’s less versatile with newer assets compared to MT5. In the 2024–2025 trading environment, many brokers and traders see MT5 as the future of trading platforms (especially as MetaQuotes shifts support toward MT5) even though MT4 is still supported by some brokers. This comprehensive guide will delve into MetaTrader 5’s key features, a detailed MT5 vs. MT4 comparison, pros and cons, who should use it, how to get started, and a final recommendation for forex and prop firm traders.

Key Features of MetaTrader 5

MT5 was designed to enhance the trading experience for forex and beyond, packed with features that cater to both beginner and advanced traders. Below are the key features that make MetaTrader 5 stand out as a forex trading platform:

• Advanced Charting Tools and Timeframes: MetaTrader 5 provides rich charting capabilities, supporting up to 100 charts open simultaneously for comprehensive market monitoring. Traders can analyze price movements across 21 different timeframes, from one-minute charts to monthly intervals, far more granular than MT4’s 9 timeframes. This allows both scalpers and long-term traders to view the market in greater detail for forex trading and other assets.
• Technical Indicators and Analytical Objects: MT5 comes with 38 built-in technical indicators (vs 30 in MT4) and 44 graphical analytical objects for technical analysis. These include popular indicators (like Moving Averages, RSI, MACD) and advanced drawing tools (Gann, Fibonacci, Elliott Wave, etc.), giving traders a robust toolkit for market analysis. Thousands more custom indicators are available via the Code Base and Marketplace, ensuring that MT5 can meet the needs of even the most indicator-savvy forex traders.
• Expert Advisors (EAs) and Algorithmic Trading: For traders interested in automation, MT5 offers a powerful environment for algorithmic trading. It uses the MQL5 programming language, which is more advanced and efficient than MT4’s MQL4. This means traders can create more sophisticated Expert Advisors and scripts. MT5’s strategy tester is multi-threaded and 64-bit, allowing for faster backtesting and even simultaneous multi-currency strategy tests. (By contrast, MT4’s tester runs on a single thread and cannot test multiple currencies together.) The result is quicker optimization of trading robots and strategies in MT5. (Note: MT5 is not backward-compatible with MT4 EAs/indicators; MQL4 scripts must be rewritten in MQL5 to be used on MT5.)
• Execution Speed and Market Depth: Built on a 64-bit, multi-threaded architecture, MetaTrader 5 delivers faster trade execution and processing than MT4’s older 32-bit, single-threaded platform. This can be crucial for high-speed forex trading or scalping strategies where every millisecond counts. MT5 also features an integrated Depth of Market (DOM) window that displays Level II pricing – the real-time order book of buy/sell orders for an instrument. The DOM helps traders see liquidity and execute orders at desired price levels more efficiently (a feature not available in MT4’s basic interface).
• Expanded Order Types: MT5 supports all the order types that MT4 does, plus adds two new pending order types: Buy Stop Limit and Sell Stop Limit. In total, MT5 offers 6 pending order types vs 4 in MT4, giving traders more flexibility in how they set entries. It also supports advanced order execution policies (Fill or Kill, Immediate or Cancel, Return) and partial order fills, which can be useful in volatile markets. These additions allow more nuanced control of trades on the MT5 trading platform.
• Multi-Asset Market Support: Unlike MT4 which was primarily built for forex and CFDs, MetaTrader 5 is a multi-asset platform. Traders can access not only forex pairs but also exchange-traded instruments like stocks, indices, commodities, and futures from the same interface (depending on broker offerings). This makes MT5 a one-stop platform for diversified trading – an advantage for those who want to trade forex alongside other markets or switch instruments without changing platforms. MT5 even offers both hedging and netting account modes: hedging (multiple opposing positions on the same pair, common in forex) and netting (single consolidated position, common in stocks/futures).
• Economic Calendar and News: MetaTrader 5 has a built-in economic calendar and news feed integrated into the platform. Traders can track important economic releases (like GDP, employment figures, central bank announcements) and see their schedule and forecasts directly in MT5. This fundamental analysis tool helps forex traders anticipate volatility around news events. (MT4 does not include an internal economic calendar.) Additionally, real-time financial news updates are available in MT5, so traders can stay informed of market-moving headlines without leaving the platform.
• Additional Features: MT5 incorporates many other features to enhance the trading experience. It has built-in trading signals for copy trading, where users can subscribe to signals from experienced traders and mirror their trades. It also includes a Marketplace for purchasing or downloading free trading robots and indicators, an internal mailing system (with attachments support) for brokers to communicate with traders, and even a one-click trade fund transfer between accounts if enabled by the broker. MT5 is available on multiple platforms – you can use the MT5 desktop application (Windows, Mac, Linux), the MT5 mobile app (Android, iOS), or the WebTrader in any modern browser – allowing traders to monitor and manage trades on the go.

MetaTrader 5 interface showcasing advanced tools like Depth of Market and multi-chart layouts. MT5’s design is similar to MT4, so existing users can transition easily, but it packs more features under the hood. The DOM (shown on the left) reveals market liquidity, and multiple charts can be arranged for different forex pairs or timeframes simultaneously.

Pros and Cons of MetaTrader 5

Like any trading platform, MetaTrader 5 has its advantages and drawbacks. Below is a balanced look at the pros and cons of using MT5 for forex trading:

MT5 Pros

• Multi-Asset & Versatility: MT5 is a versatile platform supporting forex, stocks, indices, commodities, cryptocurrencies and more from one interface. This broad market access is ideal for traders who want diversification beyond forex or plan to explore other markets over time.
• Enhanced Analytical Tools: The platform offers a more extensive array of charting tools, technical indicators, and timeframes than MT4. With 38 built-in indicators and 21 timeframes, traders can conduct detailed technical analysis. Additional features like the economic calendar and DOM give a more comprehensive analysis toolkit within MT5.
• Faster Performance: MT5’s modern 64-bit, multi-thread architecture means smoother and faster performance. It can handle heavy loads (multiple charts, indicators, EAs) with less lag, and execute orders with lower latency than MT4 in comparable conditions. This is a big plus for high-frequency traders and those running complex algorithms.
• Advanced Strategy Testing: For algorithmic traders, MT5’s strategy tester is superior – enabling multi-currency and multi-threaded backtesting, optimization, and even cloud-distributed testing. Strategies that might take hours to backtest on MT4 can run in minutes on MT5 due to the efficient use of multiple CPU cores.
• Improved Features & Updates: MT5 continues to get regular updates and new features, whereas MT4 is now in maintenance mode. MetaQuotes has focused development on MT5, adding things like built-in Python integration and other enhancements in recent updates. Choosing MT5 means access to the latest tools and platform improvements going forward.

MT5 Cons

• Smaller Community & Market for Add-ons: Because MT4 was the industry standard for many years, it still has a larger library of third-party EAs, scripts, and custom indicators. MT5’s ecosystem, while growing, is newer – some niche or legacy MT4 tools may not be available in MT5 yet. In fact, fewer developers have historically focused on MT5, meaning some automated trading tools might be limited or require re-coding.
• Complexity for Beginners: MetaTrader 5’s advanced interface and features can be overwhelming for brand-new traders. MT4 is often praised for its simplicity, whereas MT5 introduces more complexity (additional order types, analytical tools, etc.) that might confuse novices at first. Beginners may find MT4’s stripped-down approach easier when learning the basics of forex trading.
• Compatibility Gaps: MT5 is not backward-compatible with MT4 resources. MT4 indicators or Expert Advisors do not work on MT5 due to the different programming language. Traders who have a suite of MT4 EAs or custom tools would need to find MT5 equivalents or have their tools converted to MQL5. This migration effort can be a drawback for those heavily invested in MT4’s ecosystem.
• Broker Support and Transition: While most major brokers now offer MT5, a few smaller brokers or specific services might still be MT4-only. Historically, MT4 has had wider broker support, and some traders stick to MT4 because their favorite broker or prop firm uses it. However, this is changing rapidly as brokers adopt MT5; still, it’s wise to ensure your broker supports MT5 and provides the same range of forex pairs or CFDs on MT5 as on MT4.
• Resource Usage: MT5’s enhanced capabilities can demand more from your hardware. The platform may use slightly more RAM/CPU, especially when running many charts or EAs, compared to MT4’s lighter footprint. On modern computers this isn’t usually an issue, but on older or very low-spec machines, MT4 might run a bit more smoothly under heavy loads.

Overall, the cons of MT5 are diminishing over time as the community grows and traders become more accustomed to its interface. For most users in 2025, the benefits of MT5 far outweigh these drawbacks, but it’s important to be aware of them.

Who Is MetaTrader 5 For?

MetaTrader 5 is designed for traders of all levels, but its feature set particularly shines for certain audiences:

• Advanced and Experienced Traders: Seasoned traders who need advanced tools, faster execution, and access to multiple asset classes will appreciate MT5. It’s often the obvious choice for experienced traders who want to leverage sophisticated trading strategies, a wider range of instruments, and cutting-edge analysis tools. If you plan to trade beyond just forex (like stocks or commodities) or employ complex algos, MT5 provides the flexibility and performance you need.
• Forex Traders Seeking Growth: If you are a forex trader starting on MT4, you might eventually “outgrow” it and crave more advanced functionality. MT5 offers higher operational speed and more extensive support for a wide range of financial instruments. It’s a natural progression when you want to graduate from basic forex trading to a more advanced environment with tools like DOM and integrated news.
• Prop Firm Traders and Professionals: Many proprietary trading firms and funded trader programs now offer MT5 accounts for their traders alongside or in place of MT4. Prop traders who manage accounts across different markets or require fast trade execution can benefit from MT5’s efficiency. The platform’s ability to handle large volumes and multiple asset types is well-suited for a professional trading environment. (Always check which platform your prop firm supports; being proficient in MT5 can be a plus as the industry leans toward newer technology.)
• Algorithmic and System Traders: If you rely on algorithmic trading, custom indicators, or automated strategies, MT5 is generally better. The MQL5 environment allows for more complex systems and faster backtesting, which is crucial for strategy development. Quantitative traders or anyone who wants to optimize EAs will find MT5’s advanced strategy tester and the MQL5 code base more accommodating.
• Beginners: While MT5 can certainly be used by beginners (and is increasingly offered as the default platform by brokers), absolute beginners might find MT4’s simpler interface a bit easier at the very start. That said, a new trader can still start on MT5 and learn step-by-step – using a demo account to get comfortable. MT5’s extra features don’t have to be used all at once, and starting on the newer platform can future-proof a beginner’s experience. Many educational resources now cover MT5 as well, so beginners should not shy away from it.

In summary, MT5 caters to a broad range of forex traders. MT4 is often recommended for beginners and forex-only traders due to its simplicity, whereas MT5 is favored by advanced traders and those looking for more capabilities. But as MT5 becomes the standard, it’s increasingly suitable for anyone ready to learn its features.

How to Get Started with MT5

Getting started with MetaTrader 5 is straightforward. Follow these steps to begin trading on the MT5 platform:

1. Choose a Broker that Supports MT5: First, ensure you have a forex broker (or prop trading firm) that offers MetaTrader 5 accounts. MT5 itself is free to download, but you need a broker to execute trades – you cannot trade on MT5 without a broker account. Most major brokers in 2025 support MT5, but double-check if your broker provides MT5 for forex trading.
2. Download MetaTrader 5: Download the MT5 platform from your broker’s website or from the official MetaQuotes site. There are versions for different operating systems – Windows, Mac, and Linux for desktop, as well as mobile apps. You can also use MT5 WebTrader in a browser if you prefer not to install software. Make sure to get the correct version (desktop vs mobile) as needed.
3. Install and Launch the Platform: Run the installer (on desktop) and follow the prompts to install MetaTrader 5. Once installed, launch the MT5 application. On first run, you’ll be prompted to log in or open an account. If using mobile, install the app from the app store and open it.
4. Open an Account (Demo or Live): It’s recommended to start with a demo account on MT5, especially if you’re new. Through the platform or your broker’s portal, create a demo trading account which will give you virtual funds to practice trading in real market conditions. You can also open a live account if you’re ready and have met your broker’s requirements. Either way, you’ll receive login credentials (account number, password, and server).
5. Log in to MT5: Enter your account credentials in MT5 (File -> Login to Trade Account on desktop, or Manage Accounts on mobile). Select the correct server as provided by your broker (e.g., demo server or live server). Once logged in, you should see your account balance and be able to access real-time forex quotes in the Market Watch panel.
6. Familiarize Yourself with the Interface: Take some time to explore the MT5 interface. By default, you’ll see charts, the Market Watch (price quotes), Navigator (accounts, indicators, EAs), and the Toolbox (which shows trade positions, account history, news, etc.). MT5’s layout is similar to MT4, so if you’ve used MT4, you’ll feel at home. New users should learn how to place a trade (using the Order window or one-click trading buttons), add indicators to charts, and navigate timeframes. There are many online tutorials and the Help menu in MT5 that explain each feature.
7. Customize and Add Tools: MT5 allows plenty of customization. You can add technical indicators to your charts (Insert -> Indicators), apply templates, or even run Expert Advisors for automated strategies (via the Navigator window). You can also open the built-in economic calendar tab to see upcoming news, or the Signals tab if you want to explore copy trading. Adjust settings to your preference (e.g., switch to dark mode charts, set up alerts, etc.).
8. Start Trading (Practice First): With MT5 set up, practice placing orders on your demo account. Try different order types (market orders for instant execution, pending orders to trigger trades at set levels) to see how they work in MT5’s interface. Use stop-loss and take-profit features to manage risk. As you become comfortable and consistently successful on demo, you can then move to trading live with real capital on MT5.

By following these steps, you’ll gain confidence in using the MT5 platform. Remember, both the desktop and mobile versions of MT5 are available, so you can trade on your computer and monitor positions on your smartphone seamlessly. MetaTrader 5’s learning curve is worth climbing, as it offers a complete suite of tools for forex trading once you become familiar with it.

MetaTrader 4 vs MetaTrader 5 – Comparison Table

For a quick overview, the table below summarizes the key differences between MetaTrader 4 (MT4) and MetaTrader 5 (MT5):

(Sources: Platform specifications and features as noted by MetaQuotes and industry comparisons.)

As shown above, MetaTrader 5 offers several improvements over MetaTrader 4 in terms of market access, technical tools, order management, and technology. MT4 remains a solid, simpler platform focused on forex, while MT5 delivers a more comprehensive trading experience.

Final Recommendation

Both MetaTrader 4 and MetaTrader 5 are highly capable trading platforms for forex trading, but they serve slightly different needs. MetaTrader 4 has long been the go-to platform for forex traders — it’s stable, easy to use, and well-supported by brokers and the trading community. However, as we move into 2025 and beyond, MetaTrader 5 (MT5) is increasingly the platform of choice for those seeking advanced features and future-proof technology. MT5’s advantages in speed, functionality, and multi-asset support make it a compelling upgrade for most traders.

If you are a beginner or primarily trade forex with very simple strategies, MT4 can still serve you well in the immediate term due to its simplicity and huge library of community content. But keep in mind that MetaQuotes (the developer) has shifted its focus to MT5 – no new MT4 updates or major features are coming, and brokers are gradually phasing in MT5 as the standard. For anyone serious about trading (especially if you plan to trade for a prop firm or diversify into other instruments), MetaTrader 5 is the recommended platform. It offers more tools for analysis, faster trade execution, and broadens your trading opportunities with access to various markets.

In conclusion, MetaTrader 5 provides a richer and faster trading experience that is well-suited to the 2024–2025 forex market environment. It retains all the capabilities that made MT4 popular, while adding enhancements that can help you stay ahead in modern trading – from its advanced charting and indicators to algorithmic trading power. Forex traders of all levels can benefit from MT5’s features by taking the time to learn the platform. MT4 is still a good platform, but if you want to leverage the latest trading technology and tools, MT5 is the way to go. Ultimately, the best choice comes down to your trading needs: for most, MT5 will offer more room to grow and adapt in the evolving world of forex and online trading. Embrace MetaTrader 5 as your trading platform to capitalize on its strengths – and take your forex trading to the next level.

If you’re looking for discounted accounts from top prop firms, check out our website TopPropOffers.com you’ll find exclusive promotions and codes to help you start trading on MetaTrader 5 with lower costs.