Most people come across MetaTrader when they trade forex or CFDs, contracts that pay out the change in a price without you owning the asset. Below you’ll find how MT4 and MT5 differ, where to download them safely, the web and phone versions, demo accounts and the investor password. A comparison with TradeLocker, cTrader and TradingView follows. The trading platforms page gives the wider picture.
Key points
- MetaQuotes builds the MT4 and MT5 software. Your prices, costs and protections come from the broker whose server you log in to, so the same program behaves differently at two brokers.
- MT5 offers six pending order types and 21 timeframes, while MT4 gives you four and nine (MetaQuotes comparison).
- You can’t open an MT4 account in MT5. A robot written for one doesn’t run on the other without changes.
- There are three safe places to download either program: MetaQuotes’ own sites, the official app stores and your broker’s site.
- An investor password allows someone to view an account but stops them from placing any trade.
- TradeLocker, cTrader and TradingView are each a separate product from other companies. Like MetaTrader, they all reach the market through a broker.
What are MT4 and MT5?
MT4 and MT5 are two versions of one concept: software that displays a broker’s prices, plots charts and passes your orders to that broker. MetaQuotes builds the program, while the broker operates the server powering it. That means the broker sets the spread, the gap between the buy and sell price, along with the available instruments and the margin rules. Margin is the deposit the broker keeps while a trade is open.
To log in you need three details: an account number, a password and your broker’s server name. MetaQuotes’ help pages refer to the account number as the login, and the server is what the program connects to (MetaTrader 5 Help). An account lives on one broker’s server for one version of the program. You can’t open an MT4 account in MT5, and you can’t move an account from one broker to another by changing the server name.
MetaTrader 5 is the newer program, and MetaQuotes designed it to support more markets. The MetaQuotes comparison page lists forex, futures, options, stocks and bonds for MT5, but only forex for MT4 (MetaQuotes comparison). The markets available to you depend on what your broker has loaded onto its server (choosing a provider).
MT4 vs MT5: the main differences
The order types, position handling, chart tools and programming language in MT4 and MT5 are not the same. MetaQuotes publishes these figures in its own side-by-side comparison (MetaQuotes comparison).
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Pending order types | 4 (MetaQuotes) | 6 (MetaQuotes) |
| Position handling | Hedging only: each trade is its own position | Netting or hedging, set by the broker for each account |
| Timeframes | 9 (MetaQuotes) | 21 (MetaQuotes) |
| Built-in technical indicators | 30 (MetaQuotes) | 38 (MetaQuotes) |
| Economic calendar | No | Yes |
| Markets MetaQuotes lists | Forex | Forex, futures, options, stocks, bonds |
| Strategy tester | Single-threaded | Multi-threaded, several currencies at once, real ticks |
| Programming language | MQL4 | MQL5 |
What the differences mean when you trade
Three differences change how you trade: the extra order types, netting and the language robots are written in. Most of the rest is a longer menu.
Order types
MT4 offers four pending orders: buy limit, buy stop, sell limit and sell stop (MetaTrader 4 Help). A pending order doesn’t open a trade until the price reaches a level you choose. MT5 also has a buy stop limit and a sell stop limit, which place a limit order once a stop price is reached (MetaTrader 5 Help). In both programs you can attach a stop-loss and a take-profit. These orders close a trade at a set loss or a set profit (stop-loss orders).
One detail catches people out. A trailing stop is a stop that follows the price, and MetaQuotes’ help says it “works in client terminal, not at the server like Stop Loss” (MetaTrader 4 Help). If you close the program, the trailing stop stays where it last was.
Netting versus hedging
Netting and hedging are two methods for counting your positions. With netting you can hold “only one common position for a symbol at the same time”. So if you sell against an open buy, that buy gets smaller, closes or reverses. Hedging lets you hold several positions in the same symbol, even opposite ones (MetaTrader 5 Help). MT4 only supports hedging, while MT5 supports both netting and hedging (MetaQuotes comparison). On MT5 your broker chooses the mode when setting up the account.
MQL4 versus MQL5
MT4 and MT5 robots and custom indicators are written in the programming languages MQL4 and MQL5. MetaQuotes calls MQL5 the evolution of MQL4 and sets out what a programmer has to change when moving code from one to the other. The start(), init() and deinit() functions, for instance, are gone (MQL5 Reference). So an MT4 robot or indicator has to be reworked before it can run on MT5.
How to download MT4 or MT5 safely and log in
A safe download of MT4 or MT5 comes from one of three places: MetaQuotes’ own sites, the official app stores or your broker’s own site. The steps follow the menus described in MetaQuotes’ help pages.
- Get the installer from a source you can verify MetaQuotes’ download pages cover desktop versions for Windows, macOS and Linux, plus phone apps for iPhone, iPad and Android (MetaTrader 4 download page, MetaTrader 5 download page). Brokers that license MetaTrader usually give you their own download link as well. Before you install anything from a broker’s site, check the broker’s licence (how to check a licence).
- Pick the version your account was opened for The broker’s account email tells you whether the account is MT4 or MT5. The two don’t mix, so an MT5 login typed into MT4 fails.
- Choose the server In MT5, selecting “Open an Account” from the File menu shows a list of brokers, and you can type a name to search if yours doesn’t appear (MetaTrader 5 Help). Use the exact server name your broker provided, since a demo account and a live account can be on different servers.
- Enter your login and password Type your account number and master password. The master password grants full rights to the account (MetaTrader 5 Help). Once you connect, the prices in the Market Watch window begin to move.
- Check the account before you trade Find the margin level and the contract size of each instrument. The margin level is your account’s value as a percentage of the margin in use. The pips and lots page explains the sizes MetaTrader uses.
WebTrader and mobile: MetaTrader without installing it
WebTrader lets you use MetaTrader in your browser without installing anything. According to MetaQuotes, the MT5 web platform works with Chrome, Safari, Edge, Opera and Firefox on Windows, macOS and Linux. It supports both demo and real accounts and includes 30 technical indicators (MetaTrader 5 web platform). The MetaTrader 4 web platform also offers 30 indicators, 9 timeframes and one-click trading (MetaTrader 4 web trading).
The phone apps are available from the App Store, Google Play and Huawei AppGallery, with MetaQuotes’ download pages linking to each (MetaTrader 5 download page). Check that your phone shows the margin level and lets you move a stop quickly before you rely on it for open trades.
Demo accounts and the investor password
Demo accounts and the two kinds of password come with both programs. Each one is defined in MetaQuotes’ help pages (MetaTrader 5 Help, MetaTrader 4 Help).
- Demo account
- A practice account uses pretend money on a broker’s demo server. MetaTrader offers to open one the first time you start it (MetaTrader 4 download page). You pick the deposit, the currency and the leverage, how much bigger your trades can be than your deposit. What a demo leaves out is covered on the demo accounts page.
- Master password
- The password with full rights to the account, including trading.
- Investor password
- A read-only password. In MetaQuotes’ words it lets you “see the account status, analyze prices, and work with your own Expert Advisors, but not trade”. People use it to show an account to someone else or to watch it from a second device.
- Changing a password
- In MetaTrader 4 you’ll find a dedicated option called “Change investor (read only) password”. You change either password inside the program, and you need the current one to do it.
Expert advisors in brief
Expert advisors are programs that follow coded rules to trade an account on their own. MetaQuotes also names them trading robots, and both MT4 and MT5 come with a strategy tester that lets you run one against historical prices (MetaTrader 4 automated trading). This process of testing a rule on past prices is known as backtesting.
A robot carries out its rules without judgement, even during news events, wide spreads or sudden price moves. A solid backtest shows how well the rule matched past prices, but says little about next month. The expert advisors page explains how they’re built, tested and sold.
How TradeLocker, cTrader and TradingView differ from MetaTrader
What sets TradeLocker, cTrader and TradingView apart from MetaTrader is who makes them and how they automate trades. None of them is a broker.
| Platform | What it is | How you get it | Automation |
|---|---|---|---|
| TradeLocker | A web, desktop and phone platform whose charts come from TradingView (TradeLocker) | Through a broker or a prop firm that offers it | Bots built and backtested in TradeLocker Studio |
| cTrader | An FX and CFD platform made by Spotware Systems for brokers and prop firms (Spotware) | Through a broker that offers it, on Windows, Mac, web, iOS and Android | cBots written in C# or Python (cTrader Help) |
| TradingView | A charting service. TradingView says it “doesn’t process your trades and acts as an interface only” (TradingView support) | You connect a supported broker account in its Trading Panel | Alerts and scripts, with order handling left to the connected broker |
Risk warning
MetaTrader on the screen doesn’t make a broker safe
MetaTrader on the screen won’t tell you who runs the server. A licensed firm or an unlicensed one can run the same program, and the software looks identical either way. Before you deposit, check the firm on its regulator’s public register (is trading safe). Treat any installer sent by message as unverified, and do the same for any app from outside the official stores.
The platform doesn’t change the odds either. In 2018 ESMA reported national regulators’ findings that between 74 % and 89 % of retail CFD accounts lost money (ESMA press release).
MetaTrader questions people ask
People often ask what the two MetaTrader programs are, which one to pick and how logging in works.
What is MT4?
MT4 stands for MetaTrader 4, a trading program developed by MetaQuotes and licensed to brokers. You use it to view your broker’s prices, analyse charts and place orders. MetaQuotes identifies forex as its market, with 9 timeframes and 30 built-in indicators (MetaQuotes comparison). MetaQuotes isn’t a broker, so your account is always with the firm whose server you log in to.
What is MT5?
MT5 stands for MetaTrader 5, the newer program from the same company. It offers 6 pending order types and 21 timeframes, with MetaQuotes listing its markets as forex, futures, options, stocks and bonds (MetaQuotes comparison). You can’t install MT5 as an update to MT4, since they’re separate programs with separate accounts.
Is MT4 or MT5 better?
Neither MT4 nor MT5 is better for everyone, and this site doesn’t rank them. MT5 has more order types, more timeframes and a faster strategy tester. MT4 has a long history and many existing robots and indicators written in MQL4. The broker’s prices and terms matter more than the version, and the compare brokers page shows which platforms each provider offers.
Is the MT4 or MT5 download free?
The MT5 download is free from MetaQuotes’ own site, and the MT4 page offers a free demo account on first launch (MetaTrader 5 download page, MetaTrader 4 download page). You pay for trading through the spread, any commission and overnight charges set by your broker (costs and fees).
What is an investor password in MetaTrader?
An investor password is a second, read-only password for the same account. Someone who logs in with it can see the account status and analyse prices but can’t trade (MetaTrader 5 Help). The master password is the one that allows trading, so that’s the one to keep private.
Is TradeLocker the same as MetaTrader?
TradeLocker is a different platform, not a version of MetaTrader. It works on the web, desktop and phone, and shows TradingView charts (TradeLocker). You can’t use an MT4 or MT5 login to access TradeLocker, so you need an account at a broker or prop firm that offers it.
Which broker has MT4, MT5 or TradingView?
Brokers that offer MT4, MT5 or a TradingView link tell you so on their platform pages, and many give you more than one choice. But the platform is the last thing to check. Licence, costs and how your money is held all come first (choosing a provider). You can see which platforms each provider publishes on the compare brokers page.
Sources
The original documents this page cites, in the order they first appear.
- Download the MetaTrader 5 trading platform for free, MetaQuotes
- Comparison of the MetaTrader 5 and MetaTrader 4 platforms, MetaQuotes
- Connect to an Account - Getting Started - MetaTrader 5 Help, MetaQuotes
- Order Types - Trading - MetaTrader 4 Help, MetaQuotes
- Basic Principles - Trading Operations - MetaTrader 5 Help, MetaQuotes
- Trailing Stop - Trading - MetaTrader 4 Help, MetaQuotes
- Moving from MQL4 - MQL5 Reference, MetaQuotes
- Download MetaTrader 4 for PC, iPhone, iPad and Android, MetaQuotes
- Open an Account - Getting Started - MetaTrader 5 Help, MetaQuotes
- MetaTrader 5 web platform, MetaQuotes
- Forex Web Trading in MetaTrader 4, MetaQuotes
- Server - Client Terminal Settings - MetaTrader 4 Help, MetaQuotes
- Algorithmic trading and trading robots in MetaTrader 4, MetaQuotes
- TradeLocker trading platform, TradeLocker
- cTrader: Premium FX/CFD Trading Platform for Brokers and Prop Firms, Spotware Systems
- Algorithmic trading using cTrader Algo, Spotware Systems
- How to trade on TradingView, TradingView
- European Securities and Markets Authority, ESMA
- ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors, ESMA, 2018-03-27