i Short answer
MT5 is not a newer version of MT4. They are separate platforms with different programming languages, and an Expert Advisor or custom indicator written for one will not run on the other without being rewritten.
For most South African traders the choice is already made by the broker. MetaQuotes stopped issuing new MT4 licences years ago, so newer brokers offer MT5 only. If both are available and you have no existing MQL4 tools, MT5 is the sensible default: more timeframes, more order types, a built-in economic calendar, and multi-asset support.
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MT4 vs MT5 at a Glance
Existing MT4 brokers can keep running the platform, but MetaQuotes stopped issuing new MT4 licences, so the long-term direction is settled.
1. Why MT5 is not an upgrade to MT4
The naming is misleading. MT5 was not built as a successor that reads MT4 files and continues where it left off. It was rebuilt from a different architecture for a broader set of markets, and the two run side by side as separate products with separate installers, separate accounts, and separate programming languages.
The practical consequence is that nothing transfers automatically. Your custom indicators, your Expert Advisors, your saved templates, and your account credentials all belong to one platform or the other. Traders who assume MT5 will simply open their MT4 setup discover this at the least convenient moment.
2. The differences that actually matter
Feature comparison tables for these platforms are usually long and mostly irrelevant to a retail trader. The differences below are the ones that change how you actually work.
| Feature | MT4 | MT5 |
|---|---|---|
| Chart timeframes | 9 | 21 |
| Pending order types | 4 | 6, including stop-limit |
| Economic calendar | Not built in | Built in |
| Depth of market | No | Yes, where the broker supplies it |
| Strategy tester | Single-threaded, one instrument | Multi-threaded, multi-currency |
| Position accounting | Hedging only | Hedging or netting, set by the broker |
| Asset coverage | Forex and CFDs | Forex, CFDs, and exchange-traded instruments |
| Programming language | MQL4 | MQL5 |
For a discretionary trader placing a few trades a week on one or two pairs, most of this is invisible. The additional timeframes and the built-in calendar are pleasant; nothing here changes whether a strategy works. For anyone doing serious backtesting, the multi-threaded tester is the single biggest functional gap, because MT5 can test across several instruments at once and finish far faster.
3. Expert Advisors, indicators, and the language split
This is the decision point for anyone using automated tools. MQL4 and MQL5 are different languages, and an Expert Advisor written for MT4 will not compile or run on MT5. Conversion is a coding job, not a file conversion, and the more complex the EA the less trivial it is.
MT4's twenty-year head start means its library of community indicators and EAs remains larger, particularly for older or more obscure tools. MT5's library has grown substantially and most actively maintained commercial tools now ship both versions, but a specific free indicator from a forum post in 2013 may exist only for MT4.
Vendors sometimes list a product generically as "MetaTrader" without specifying the version. Confirm which platform the licence covers before purchasing, and treat vendor performance claims with the scepticism set out in buying an EA from a marketplace.
4. Netting versus hedging accounts
MT4 accounts are always hedging accounts: you can hold a long and a short position on the same instrument at once, and they sit as separate positions. MT5 supports both hedging and netting, with the broker deciding which applies to your account type.
On a netting account, a buy and a sell on the same instrument combine into one net position rather than coexisting. Open one lot long and then sell one lot, and you are flat, not holding two opposing positions. Neither model is better, but it changes how some strategies behave, and it surprises traders who move from MT4 to an MT5 netting account without noticing.
5. Which one will your broker actually give you?
For most South African traders this settles the question. MetaQuotes stopped issuing new MT4 licences years ago, so brokers launching since then can offer MT5 but not MT4. Established brokers that already held an MT4 licence may continue offering both, and many do, but the direction of travel is clear and MT5 has since overtaken MT4 on trading volume across the industry.
Before committing either way, confirm what the broker actually supports rather than what appears on a features page. Platforms South African brokers offer covers the broader landscape, including proprietary web platforms that some brokers now push ahead of MetaTrader entirely.
6. What matters specifically in South Africa
Three local factors change the weighting of this decision compared with a trader in London or Sydney.
- Connection stability matters more than platform features; both handle reconnection, neither prevents a dropped order
- MT4 runs comfortably on older hardware, which is a real consideration on a low-spec laptop
- Server latency to European or Middle Eastern servers affects both platforms equally
- A VPS matters far more than platform choice if you run an EA
- Mobile apps exist for both; MT5 mobile is more actively developed
- Check whether your broker's ZAR account type is available on both platforms
Power interruptions and connectivity remain the more practical risk for South African traders than platform features. An EA running on a home laptop stops when the laptop does, which is the argument for a VPS regardless of which MetaTrader version you choose. Trading around load shedding covers the broader continuity question.
7. Switching from MT4 to MT5
If you decide to move, treat it as a migration rather than an update. Nothing carries across automatically, and the order below avoids the usual frustrations.
Export your MT4 history
Save account statements and trade history as files. They will not appear in MT5.
List the tools you rely on
Note every custom indicator and EA, and check whether an MQL5 version exists.
Open an MT5 demo first
Rebuild your chart setup and templates there before moving any live capital.
Confirm netting or hedging
Ask the broker which accounting model your MT5 account type uses, and test it on demo.
Run parallel briefly
Keep MT4 open alongside for a week or two rather than switching everything overnight.
★ Why It Matters
Platform choice is one of the most discussed and least consequential decisions in retail trading. Neither MT4 nor MT5 will make a losing strategy profitable, and the differences that generate the most forum argument barely touch a discretionary trader's results. Spend the saved deliberation on position sizing and rule discipline instead, where the returns to effort are genuinely larger.
8. When neither is the right answer
MetaTrader is no longer the only serious option. Many FSCA-regulated brokers now offer proprietary web and mobile platforms that are simpler for beginners, plus third-party charting tools that connect to broker accounts for traders who want better charts than either MetaTrader provides.
A reasonable pattern is to analyse where the charting is best and execute where the account sits. Charting apps for South African traders covers the options, and cloud-based charting explains why many traders separate the two functions rather than expecting one platform to do both well.
✕ Common mistakes
- Assuming MT5 is simply the newer MT4. They are separate platforms with incompatible languages and no shared settings.
- Buying an EA without checking the version. MQL4 code does not run on MT5, and conversion is a coding job.
- Overlooking netting accounts. On a netting MT5 account, opposing trades close each other rather than coexisting.
- Choosing a broker for its platform. Licence, costs, and withdrawal reliability matter far more than which MetaTrader version is offered.
- Expecting a platform switch to improve results. Neither platform changes strategy quality or risk discipline.
Key Takeaways
- MT5 is not an upgrade to MT4 but a separate platform, with different architecture, a different programming language, and nothing that transfers automatically.
- MT5 offers 21 chart timeframes to MT4's 9, two extra pending order types, a built-in economic calendar, and depth of market where the broker supplies it.
- MT5's multi-threaded, multi-currency strategy tester is the biggest functional advantage for anyone doing serious backtesting.
- MQL4 and MQL5 are incompatible, so an Expert Advisor or indicator written for one must be rewritten to run on the other.
- MT4 accounts are always hedging accounts; MT5 supports both hedging and netting, with the broker choosing, which changes how opposing trades behave.
- MetaQuotes stopped issuing new MT4 licences, so brokers launched since then offer MT5 only, and MT5 has overtaken MT4 on industry trading volume.
- MT4 remains lighter on older hardware, which is a practical consideration for South African traders on low-spec laptops.
- For traders running an EA, a VPS matters far more to reliability than the choice between MT4 and MT5, particularly given local power and connectivity interruptions.
Frequently asked follow-up questions
Is MT5 better than MT4?
MT5 has more features: 21 timeframes instead of 9, two additional pending order types, a built-in economic calendar, depth of market, and a far faster multi-threaded strategy tester. Whether that makes it better for you depends on whether you use any of it. For a discretionary trader on one or two pairs, the practical difference is small.
Can I run my MT4 Expert Advisor on MT5?
No, not without rewriting it. MQL4 and MQL5 are different programming languages, so an EA or custom indicator built for MT4 will not compile or run on MT5. Converting is a coding task rather than a file conversion, and any converted EA should be retested on demo before going live.
Which platform do South African brokers offer?
Most FSCA-regulated brokers offer MT5, many established ones offer both, and newer brokers typically offer MT5 only because MetaQuotes stopped issuing new MT4 licences. Several brokers also push their own proprietary web and mobile platforms alongside or instead of MetaTrader.
What is the difference between a netting and a hedging account on MT5?
On a hedging account you can hold long and short positions on the same instrument simultaneously as separate positions, which is how MT4 always worked. On a netting account, opposing trades combine into a single net position, so selling one lot while long one lot leaves you flat rather than holding both. The broker sets which model applies.
Is MT4 being discontinued?
MetaQuotes stopped issuing new MT4 licences to brokers, and development focus has moved entirely to MT5, but existing MT4 installations continue to operate with security and technical support. The realistic expectation is a long, gradual decline rather than a sudden shutdown, though new brokers cannot offer it at all.
Does MT4 or MT5 use less data and run better on a slow connection?
MT4 is lighter and was designed for the hardware and bandwidth of its era, so it generally runs more comfortably on older machines. Data usage between the two is broadly similar for normal chart activity, and neither prevents an order failing if the connection drops mid-execution.
Can I use both MT4 and MT5 at the same time?
Yes. They install and run independently, so you can keep both open, often with different broker accounts. This is a practical way to migrate gradually while rebuilding chart templates and confirming that converted tools behave as expected.
Do I need MT5 to trade JSE-linked instruments?
MT5 was built to handle exchange-traded instruments alongside forex and CFDs, so it handles them more natively. In practice, what matters is what your specific broker lists, since many offer JSE index exposure as a CFD that trades perfectly well on either platform.
Will switching platforms improve my trading results?
No. Platform features do not change whether a strategy has an edge, how well you size positions, or whether you follow your own rules. Platform choice is among the most discussed and least consequential decisions in retail trading.
Should I choose a broker based on which MetaTrader version it offers?
Only if you depend on specific MQL4 tools. Licence verification, total trading costs, withdrawal reliability, and negative balance protection all matter considerably more than which MetaTrader version appears on the broker's features page.
📚 Sources & further reading
This comparison draws on MetaQuotes platform documentation and industry reporting on broker platform adoption. Platform availability differs by broker, so confirm directly with yours.
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