MetaTrader 5 (MT5) Review

MetaTrader 5 (MT5) is MetaQuotes' successor to MT4, released in 2010. Despite the name, it is not an upgrade but a separate, more powerful platform built for multi-asset trading — forex, stocks, futures, options and CFDs in a single terminal.

MT5 was engineered to fix MT4's structural limits. It adds a multi-threaded strategy tester that backtests across all CPU cores, true Level 2 depth-of-market, 21 timeframes, six pending order types, a built-in economic calendar and an integrated news feed. Its scripting language, MQL5, is more capable than MQL4 — but the two are not compatible, which is the main reason many forex traders stayed on MT4.

For traders who want a single modern platform across asset classes, faster optimisation and more granular charting, MT5 is the stronger technical choice in 2026. The trade-off is a smaller (though rapidly growing) library of ready-made tools compared with MT4's two-decade head start.

• Multi-asset trading: forex, stocks, futures, options and CFDs in one terminal.
• 21 timeframes and 38+ built-in indicators with advanced charting tools.
• Depth of Market (DOM): Level 2 order-book visibility for exchange-traded instruments.
• Multi-threaded strategy tester with real-tick, multi-currency backtesting and optimisation.
• Built-in economic calendar and news directly inside the platform.
• Both hedging and netting position accounting modes.

MT5 adds six pending order types (the four from MT4 plus buy stop limit and sell stop limit), 21 timeframes, partial order fills and true Level 2 depth-of-market. It supports both hedging and netting account modes, so it suits both retail FX strategies and exchange-style single-net-position trading.

The headline upgrade is the multi-threaded strategy tester: it backtests on real tick data across multiple CPU cores and can run multi-currency tests, making optimisation dramatically faster than MT4's single-threaded engine. The catch is compatibility — MQL5 Expert Advisors will not run on MT4 and vice versa, so legacy strategies must be ported.

Automation runs on MQL5, a faster, object-oriented evolution of MQL4. Expert Advisors, custom indicators and scripts work the same way conceptually, but the more powerful language and multi-threaded tester make MT5 the better environment for serious quant and optimisation work. The MetaTrader Market and Code Base carry a large and growing library of MQL5 tools.

The integrated economic calendar and news feed bring fundamental data into the platform, and the depth-of-market panel gives order-flow visibility that MT4 simply does not offer. For traders building or optimising automated systems, MT5's toolset is a clear generational step up.

Like MT4, MT5 runs on Windows, via a web terminal in any browser, and through full iOS and Android apps with real-time sync. macOS is supported via the web terminal or broker builds. The mobile apps are notably more capable than MT4's, surfacing the economic calendar and more chart objects. VPS hosting is widely used to keep MQL5 EAs running around the clock.

Most major brokers now offer MT5 alongside or instead of MT4. As with any platform, weigh the broker's spreads, execution and regulation first. If you intend to trade stocks or futures as well as forex, confirm the broker actually offers those instruments on its MT5 build — not every MT5 broker enables the full multi-asset range.