MT4 vs MT5: which MetaTrader platform should Australian traders use in 2026?
Written by an ex-institutional trader. The genuine differences between MetaTrader 4 and MetaTrader 5, why MT5 is not simply a newer version of MT4, which one suits your trading, and the ASIC-regulated brokers that offer each in Australia.
Direct answer
MetaTrader 5 is the better default for most new Australian traders, but MetaTrader 4 is still the right choice if you depend on a specific MT4 expert advisor or indicator. Both are made by MetaQuotes. MT4, released in 2005, is forex-focused, lighter, and has the largest ecosystem of third-party expert advisors and indicators. MT5, released in 2010, is multi-asset, faster, and adds more timeframes, more order types, depth of market, an integrated economic calendar, and a far better strategy tester.
The catch most traders miss: MT5 is not a newer version of MT4. They use different programming languages (MQL4 versus MQL5) and are not backward compatible, so an MT4 expert advisor will not run on MT5 without being rewritten. In Australia, MetaTrader is offered by Pepperstone, FP Markets, Fusion Markets and AvaTrade; Plus500 runs a proprietary platform with no MetaTrader. Choose MT5 unless a legacy MT4 tool ties you to the older platform.
MT4 vs MT5 in one line
MetaTrader 4 and MetaTrader 5 are both trading platforms made by MetaQuotes, and despite the names, MT5 is not simply a newer version of MT4. They are different platforms that share a look. The short version: MT5 is the more capable, more modern platform and the better default for a new trader, while MT4 keeps its place because of the enormous library of expert advisors and indicators built for it over the years. If you are starting fresh, MT5. If you are tied to a specific MT4 tool, MT4.
The rest of this guide explains the genuine differences, why the two are not interchangeable, and which ASIC-regulated brokers offer each in Australia.
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The real differences
Strip away the marketing and the differences come down to scope, speed and tooling.
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Released | 2005 | 2010 |
| Built for | Forex (and CFDs) | Multi-asset (forex, shares, futures) |
| Programming language | MQL4 | MQL5 |
| Timeframes | 9 | 21 |
| Order types | 4 | 6 |
| Depth of market | No | Yes |
| Economic calendar | No (built-in) | Yes (integrated) |
| Strategy tester | Single-threaded | Multi-threaded, faster |
| Expert advisor library | Largest (legacy) | Growing |
| Best for | Legacy MT4 tools, pure forex | Multi-asset, modern features |
The headline gaps that actually change how you trade: MT5 covers more markets, runs more timeframes and order types, shows depth of market, has a built-in economic calendar, and backtests far faster thanks to a multi-threaded strategy tester. MT4 counters with the single thing that matters most to long-time traders: the deepest library of expert advisors and indicators, accumulated over nearly two decades.
Why MT5 is not just a newer MT4
This is the point that trips people up. The naming suggests MT5 is to MT4 what version 5 of an app is to version 4, a straightforward upgrade. It is not. MetaQuotes rebuilt the platform, and the two run different programming languages: MT4 uses MQL4, MT5 uses MQL5. They are not backward compatible.
The practical consequence is concrete. If you have bought or built an expert advisor or custom indicator for MT4, it will not run on MT5. It has to be rewritten in MQL5, which often means paying a developer or waiting for the original author to release an MT5 version. For a trader whose entire automated strategy lives in an MT4 expert advisor, that is a real barrier, and it is the single biggest reason MT4 is still everywhere despite MT5 being the better platform on paper. If you have no such tools, the barrier does not exist and you are free to pick on features alone.
Which one should you choose?
The decision is simpler than the feature list suggests.
Choose MT5 if:
- You are starting fresh with no MT4 expert advisors or indicators to carry over.
- You want to trade or might later trade markets beyond forex, such as shares or futures.
- You value the faster strategy tester, the extra timeframes and order types, the depth of market, or the built-in economic calendar.
Choose MT4 if:
- You depend on a specific expert advisor or indicator that only exists for MT4.
- You trade pure forex and prefer the lighter, familiar interface.
- A strategy you have already tested and trust runs on MT4.
For most new Australian traders the answer is MT5, simply because they have no legacy tools holding them to MT4 and MT5 is the more future-proof platform, especially as the industry moves toward it. The exception is a clear one: if an MT4 tool is central to how you trade, that tool decides the platform.
ASIC brokers that offer MT4 and MT5
The platform choice only matters if your broker offers it, and not all do. Among the ASIC-regulated brokers covered on this site, four offer both MetaTrader 4 and MetaTrader 5, and one offers neither.
| Broker | Open |
|---|---|
| Pepperstone AFSL 414530 |
|
| FP Markets AFSL 286354 |
|
| Fusion Markets AFSL 385620 |
|
| AvaTrade AFSL 406684 |
Plus500 is not listed because it runs a proprietary platform and does not offer MetaTrader. Commission and spread structures vary by broker; see each review for detail. CFD Service. Your capital is at risk.
All four are strong MetaTrader brokers, so the platform availability is a tie and the choice comes down to cost and execution. Pepperstone adds cTrader and TradingView on top of MetaTrader for the widest platform stack, Fusion Markets is the cheapest on commission, FP Markets adds IRESS for ASX shares, and AvaTrade pairs MetaTrader with strong education and the AvaProtect tool. For dedicated platform guides, see MetaTrader 4 Australia and MetaTrader 5 Australia, and for the full field, the best forex brokers in Australia ranking.
Sources and references
- MetaQuotes, developer of both MetaTrader 4 and MetaTrader 5, for the platform feature sets and the MQL4 versus MQL5 distinction.
- ASIC Connect register, used to verify each broker's Australian Financial Services Licence.
Broker platform availability and pricing reflect live-account testing across the brokers reviewed on this site. Last reviewed: 2026-06-01.
Frequently asked questions
Is MT5 better than MT4?
For most new traders, yes. MetaTrader 5 is faster, covers more asset classes, and adds more timeframes, more order types, depth of market, an integrated economic calendar and a far better strategy tester. The main reason to still choose MT4 is if you rely on a specific expert advisor or custom indicator written for MT4, because those do not run on MT5 without being rewritten. For a fresh start with no legacy tools, MT5 is the better default.
Can MT4 expert advisors run on MT5?
No, not directly. MT4 uses the MQL4 programming language and MT5 uses MQL5, and they are not backward compatible. An expert advisor or custom indicator built for MT4 must be rewritten in MQL5 to run on MT5. This single fact is why many long-time traders stay on MT4, even though MT5 is the more capable platform: their automated strategies are tied to MT4.
Which is better for forex, MT4 or MT5?
Both are excellent for forex, and for pure forex trading the practical difference is small. MT4 was built specifically for forex and remains the most popular retail forex platform, with the deepest library of forex expert advisors and indicators. MT5 trades forex just as well and adds extras most forex traders do not strictly need. If you trade only forex and use a popular MT4 tool, MT4 is fine; if you want room to trade other markets later, MT5 is the more future-proof choice.
Do Australian brokers offer MT4 and MT5?
Yes. Among the ASIC-regulated brokers covered on this site, Pepperstone, FP Markets, Fusion Markets and AvaTrade all offer both MetaTrader 4 and MetaTrader 5. Plus500 is the exception: it runs its own proprietary platform and does not offer MetaTrader at all. So if MetaTrader is essential to you, your shortlist is the four brokers that support it.
Is MT5 harder to use than MT4?
Only slightly, and mostly because it has more features. The core workflow of placing trades and reading charts is nearly identical, so an MT4 user moves to MT5 quickly. MT5 exposes more order types, more timeframes and additional analytical tools, which can feel busier at first, but none of it is required to place a simple trade. For an outright beginner with no MT4 habits, MT5 is no harder to learn than MT4.
Why do some brokers only offer MT5 now?
MetaQuotes, the company behind both platforms, stopped issuing new MetaTrader 4 licences to brokers a few years ago and has pushed the industry toward MT5. Existing MT4 offerings remain widely available, but the long-term direction is MT5. That is one more reason a new trader with no legacy tools should usually start on MT5 rather than build a workflow around a platform the industry is gradually moving on from.
