Ready to trade with a regulated broker? You’ll be redirected through our secure transition page.
Visit XM
MT4, MT5 and cTrader account for roughly 95% of retail forex execution. MT4 still dominates because of legacy EAs; MT5 is the multi-asset upgrade; cTrader is the platform of choice for ECN scalpers.
MetaTrader 4 — the legacy heavyweight
Released in 2005 by MetaQuotes. Still the most-used retail platform thanks to its enormous library of indicators and expert advisors (EAs) written in MQL4. Limitations: no native depth of market, only four order types, single-currency backtesting.
- Strengths — universal broker support, huge EA marketplace, light footprint.
- Weaknesses — feature frozen since 2014, single-threaded backtester.
MetaTrader 5 — the multi-asset successor
MT5 broke compatibility with MT4 EAs (new language: MQL5). The pay-off: native depth of market, 6 order types, multi-currency strategy tester, support for stocks and futures, faster compilation.
- Strengths — multi-asset, faster, modern internals.
- Weaknesses — MQL4 ecosystem doesn't port; smaller indicator library; some brokers still only offer MT4.
cTrader — the ECN purist's choice
Built by Spotware specifically for ECN execution. Level II depth of market is native, not an afterthought. Eight order types including stop-limit and OCO. Algorithmic trading via cBots in C# — generally easier to learn than MQL5.
- Strengths — fastest execution UX, transparent order book, modern UI.
- Weaknesses — fewer brokers offer it; smaller community.
Side-by-side: the seven points that matter
| Feature | MT4 | MT5 | cTrader |
|---|---|---|---|
| Year released | 2005 | 2010 | 2011 |
| Order types | 4 | 6 | 8 |
| Depth of market | No (broker plugin only) | Yes | Yes, native L2 |
| Asset coverage | FX, CFDs | FX, stocks, futures, options | FX, CFDs |
| Automation | MQL4 | MQL5 | C# (cBots) |
| Mobile app | Mature | Mature | Excellent |
| Broker coverage | ~95% | ~70% | ~25% |
Quick decision matrix
- You already own MQL4 EAs → MT4.
- You trade stocks and futures alongside forex → MT5.
- You scalp on raw ECN and care about order-book depth → cTrader.
- You are starting fresh and want the most modern tooling → MT5 or cTrader.
Frequently asked questions
Which is better: MT4, MT5, or cTrader?
MT4 is best for traders running existing MQL4 expert advisors and indicators (still the most popular EA marketplace). MT5 is better for multi-asset traders who need stocks, futures and depth-of-market. cTrader is the strongest choice for scalpers and ECN purists who prioritise execution transparency.
Is MT5 just a newer MT4?
No. MT5 uses a different programming language (MQL5 vs MQL4) and is not backward-compatible with MQL4 expert advisors. It has more order types, native depth-of-market and multi-asset support, but the MQL4 indicator and EA ecosystem is much larger.
Does cTrader have expert advisors?
Yes — cTrader supports automated strategies called cBots, written in C# rather than MQL. The cTrader Automate framework is considered more developer-friendly than MQL5 but the third-party marketplace is smaller.
Are there fees to use these platforms?
No. MT4, MT5 and cTrader are all free to download and use through any broker that offers them. The broker pays the platform vendor a licence fee and recovers it through spreads or commissions.
