What are MetaTrader 4 and 5?
MetaTrader is trading software made by MetaQuotes. It is not a broker. A broker licenses the software and runs its own servers, and you log in with the account number and password that your broker gives you. This is why the same program can be used with many brokers, and why a login for one broker does not work on another broker's server. Both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are available for Windows, Android and iOS, and as a web terminal. MT5 also has a macOS version in some distributions, and Mac users can use the web terminal if their broker offers it.
Main differences at a glance
| Feature | MT4 | MT5 |
|---|---|---|
| Launched | 2005 | 2010 |
| Main focus | Forex and CFDs | Forex, CFDs, stocks and futures where offered |
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 (adds buy stop limit and sell stop limit) |
| Built-in indicators | 30 | 38 |
| Depth of market | No | Yes |
| Position accounting | Hedging only | Netting or hedging, depending on the broker |
| Strategy tester | Single-thread, simpler | Multi-thread, more accurate |
| Programming language | MQL4 | MQL5 |
| Economic calendar | No | Built in |
These are general specifications of the software. Your broker may switch some features on or off, so check your account.
Hedging and netting
On a hedging account you can hold a buy and a sell on the same instrument at the same time, as separate positions. On a netting account, one instrument has only one position, and a new trade in the opposite direction reduces or closes it. MT4 always uses hedging. MT5 offers both, and the broker chooses which is used on each account type. If you copy a strategy that opens opposite positions, make sure your account allows it.
Expert advisors and indicators
Expert advisors (EAs) are programs that trade automatically. Indicators and EAs written for MT4 do not run on MT5, because the languages are different, and vice versa. If you rely on an indicator from a particular author, check which version it was written for. A large library of tools exists for MT4, and MT5 has been growing. Be careful: robots that promise guaranteed or "automatic" profit are a common scam, and test any EA on a demo for a long time before risking real money.
Which one should you choose?
- Choose MT4 if you trade only forex and gold, you want a simple screen, or you rely on a tool made for MT4.
- Choose MT5 if you want more timeframes, a built-in calendar, depth of market, more order types, better backtesting, or instruments that your broker offers only on MT5.
- If you are a complete beginner, either works. Pick the one your broker offers on the account type you want and learn it well.
How to install and log in: step by step
- Open a demo or real account at your broker. After registration you will see the account number (login), the server name and a way to set the trading password.
- Download the platform from your broker's own personal area, from the official MetaQuotes pages, or from the app store (Google Play or the App Store). Avoid APK files from Telegram groups or file-sharing sites.
- Install it and open the program. A window may ask for a server. If it does not, use File, then Login to Trade Account.
- Enter the login number, the trading password and select the exact server name from the list, for example the one that ends with Real or Demo and a number.
- Check the bottom-right corner: it should show a connection speed and the bars should be moving. Open the Market Watch window to see the instruments.
Choosing the right broker server
The most frequent problem is "invalid account". In nearly every case the cause is the wrong server, not a wrong password. Brokers have separate servers for demo and real accounts and often several numbered real servers. The correct name is shown in your personal area next to the account. If the server does not appear in the search box, type the name and the program will search for it. Also check that you are using the trading password and not the password of the personal area.
Why test on a demo first
A demo account uses virtual money with live prices. Use it to learn how to place market and pending orders, set a stop-loss and take-profit, change the chart timeframe and check the lot size. Execution and spreads on a demo can differ from a real account, so a demo cannot fully predict real results. Our guide lots, pips and leverage shows what to calculate, and risk management shows how to size your trades.
Practical settings for beginners
- Turn on one-click trading only after you are comfortable. An accidental click can open a trade.
- Use a separate profile or chart template for each pair.
- Enable the trade history to see all spreads and swaps you paid.
- Change the chart time to your local time zone by using the broker server time carefully. Note that servers often run on a time zone different from yours.
- Protect your phone with a screen lock and do not save passwords on a shared computer.
Next steps
If you plan to open an account, the Exness review and its download page show the platforms offered, and how to register with Exness walks you through setup. To choose among brokers, read how to choose a forex broker.
Web terminal, mobile app and desktop: which to use
The desktop version has the most features: multiple charts, templates, expert advisors and a full strategy tester. The mobile app is good for checking positions, moving a stop-loss and closing a trade when you are away from the computer, but it is easy to click the wrong button on a small screen. The web terminal needs no installation and is handy on a work or shared computer, but it has fewer tools. Many traders plan on the desktop and only monitor on the phone.
Safe handling of expert advisors
If you decide to try an expert advisor, treat it like a stranger who will trade your money. Test it on a demo account for weeks. Read what it does, including whether it uses martingale (doubling after losses) or grid methods, which can look excellent for a while and then lose a whole account in one sequence. Never download a robot from an unknown source, since it can contain malware. And remember that a backtest only shows the past, not the future.
Running MetaTrader on a virtual server
Some traders rent a virtual private server (VPS) so that their platform runs all day without depending on a home computer or an unstable connection. This is only useful for automated trading or for long-running positions. For manual trading, a stable internet connection and a phone backup are usually enough. Brokers may offer a free VPS for larger accounts, with conditions.
Account types and platforms
Some account types are available only on MT4 or only on MT5, or have different execution rules on each. Before you pick a platform, check that the account type you want supports it. The broker pages in our reviews list the platforms offered, and the account page in your personal area is the final source.
Open an Exness demo account for MT4 or MT5
Risk warning
The platform does not change the risk of trading. Forex and CFDs are high-risk products, leverage magnifies losses and most retail traders lose money. Automated robots and signals do not remove this risk. Trade only with money you can afford to lose entirely, and only if you are 18 or older. This article is education, not personal investment advice.