Here are our recommended forex brokers：EXNESS Forex，IC Markets Forex

If you have used MetaTrader 4 (MT4), you might be wondering whether MT5 is worth the upgrade. The answer is yes—MT5 brings significant improvements in speed, order types, and charting tools.

I have personally used MT5 for six months after switching from MT4. This article is based on real hands-on experience, not just copied documentation. I will explain clearly where MT5 excels over MT4, which features might still feel better on MT4, and how to transition smoothly.

Quick Takeaway:

• ✅ MT5 is better suited for day traders, scalpers, and EA users.
• ✅ MT5 backtesting is 10–100x faster.
• ✅ MT5 offers more timeframes and order types.
• ✅ Beginners can start directly with MT5.
• ❌ MT5 EAs require recompilation/rewriting (MT4 EAs cannot run directly on MT5).

Why Trust This Guide

• I used MT4 for a year and MT5 for six months.
• I have tested both platforms connected to real Exness accounts.
• I have run EAs, executed manual trades, and conducted backtests on MT5.
• This guide is built on real trading experience, not generic manual copy-pasting.

1. MT5 vs. MT4: Core Differences

Feature / Dimension	MT4	MT5
Release Year	2005	2010
Programming Language	MQL4	MQL5 (More modern)
Backtesting Speed	Slow	10–100x faster ⭐
Timeframes	9	21 ⭐
Order Types	4	6 ⭐
Pending Order Types	4	6 ⭐
Built-in Indicators	30	38
Economic Calendar	❌ None	✅ Built-in ⭐
Market Depth	Level 1	Level 5 (DOM) ⭐
Multi-Account Management	Limited	✅ More flexible
EA Compatibility	MQL4	MQL5 (Not compatible with MT4)
Community EA Count	Large	Smaller (but growing)
Minimum Deposit	$1	$1
Beginner Friendliness	✅ Simple	⚠️ Slightly complex

Conclusion:

• MT5 is technically more advanced—stronger in backtesting, timeframes, and order types.
• MT4 has a richer ecosystem—more EAs, community tutorials, and third-party plugins.
• Beginners can start directly with MT5 without needing to start on MT4 first.

2. Core New Features in MT5 (Missing in MT4)

🌟 2.1 Built-in Economic Calendar

MT5 includes an integrated Economic Calendar, allowing you to monitor high-impact events directly inside the platform:

• Non-Farm Payrolls (NFP)
• Federal Reserve Interest Rate Decisions (FOMC)
• CPI Releases
• GDP Data
• Central Bank Speeches

No need to switch to external websites, saving you valuable time.

🌟 2.2 21 Timeframes

MT4 only provides 9 timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN).

MT5 adds 12 additional non-standard timeframes:

• M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12

For short-term traders and scalpers, lower timeframes like M2, M3, and M4 are exceptionally useful.

🌟 2.3 6 Order Types

MT4 only features 4 pending order types: Buy Limit, Sell Limit, Buy Stop, and Sell Stop.

MT5 adds 2 more:

• Buy Stop Limit
• Sell Stop Limit

These two types are primarily used for breakout trading, providing far finer entry control.

🌟 2.4 Depth of Market (DOM)

MT4 only displays Level 1 quotes. MT5 displays Level 5 Depth of Market:

• You can view pending order volumes across 5 levels above and below the current price.
• Highly useful for identifying support/resistance zones.
• Especially beneficial for scalpers.

🌟 2.5 Multi-Account Management

Bulk management in MT5 is more flexible:

• Manage multiple accounts within a single terminal.
• One-click hedging across multiple assets.
• Ideal for fund managers or EA traders.

3. How to Download and Install MT5 (Exness Dedicated Edition)

Windows Desktop

1. Log in to your Exness Personal Area.
2. Click “Trading Platforms” on the left menu.
3. Next to MetaTrader 5, click “Download Windows Version”.
4. Run the installer (mt5setup.exe).
5. Click Next → Install → Finish.
6. MT5 will launch automatically.

Mac

There is no native Mac client for MT5. You have two options:

Option A: Use the Mac-compatible version provided by Exness

• Some brokers offer an MT5 Mac version (powered by Wine).
• Check the “Trading Platforms” page in your Exness Personal Area.

Option B: Use WebTrader

• Open in your browser.
• No installation required.
• Slightly fewer features than desktop, but sufficient for daily trading.

iOS (iPhone / iPad)

1. Search for “MetaTrader 5” in the App Store (Developer: MetaQuotes).
2. Download for free.
3. Launch the app.

Android

1. Search for “MetaTrader 5” in Google Play.
2. Download and install.

⚠️ Note: Make sure the developer is MetaQuotes Software Corp to avoid fake apps.

4. Connecting MT5 to Your Exness Account

Steps:

1. Launch MT5.
2. Click File → Log in to Trade Account (Shortcut: Ctrl+Shift+L).
3. Select the server:
   • Real Account: Exness-Real or Exness-RealXX (the number depends on your account type).
   • Demo Account: Exness-Demo or Exness-DemoXX.
4. Enter your Login Number (your Exness MT5 account ID).
5. Enter your Trading Password (not your Exness Personal Area password!).
6. Click OK / Log In.

Upon successful login, your balance will display in the bottom “Trade” tab, and a green network status indicator will show at the bottom right.

💡 Can’t find your server? Go to Exness Personal Area → My Accounts → Click the server icon next to your account to copy the server name automatically.

5. MT5 Interface Overview

The MT5 interface is slightly more feature-packed than MT4, but the layout is clearly organized:

┌─────────────────────────────────────────────────────┐
│  Menu Bar: File | Edit | View | Insert | Charts... │ ← Top
├─────────────────────────────────────────────────────┤
│  Toolbar: New Order | Timeframes | Indicators...   │ ← Shortcuts
├──────────┬────────────────────────┬─────────────────┤
│          │                        │                 │
│ Market   │                        │ Navigator       │
│ Watch    │       Chart Area       │ (Indicators/EAs)│
│ (Prices) │      (Candlesticks)    │                 │
│          │                        │                 │
├──────────┴────────────────────────┴─────────────────┤
│ Trade | History | News | Calendar | Alerts | Mail...│ ← Bottom
└─────────────────────────────────────────────────────┘

Key Sections:

• Market Watch (Top-Left): List of tradeable instruments. Right-click → “Show All” to view the full list.
• Chart Area (Center): Candlesticks and price action charts.
• Navigator (Top-Right): Your accounts, technical indicators, and EAs.
• Toolbox / Trade Tab (Bottom): Active positions, pending orders, and account history.
• News / Calendar Tabs: Live news feeds and economic calendar (Exclusive to MT5).

6. Placing Orders in MT5 (Extra Options vs. MT4)

Steps:

1. Open a chart (Right-click an asset in Market Watch → Chart Window).
2. Click the “New Order” button (or press F9).
3. Fill in the order window:

Field	Description	Example
Symbol	Confirm instrument code	EURUSD
Type	Market Execution or Pending Order	Market Execution
Direction	Buy (Green) or Sell (Red)	Buy
Volume	0.01 = 1 micro lot	0.01
Stop Loss	Risk management price	1.0800
Take Profit	Target exit price	1.0950
Comment	Optional note	“Test Order”

4. Click Buy or Sell to execute.

Features Unique to MT5:

🌟 6.1 Netting vs. Hedging Accounting Modes

MT5 allows you to choose your accounting mode:

• Hedging Mode: Allows open long and short positions on the same instrument simultaneously (Default).
• Netting Mode: Only allows one net position per instrument.

For most retail traders, Hedging Mode offers far greater flexibility.

🌟 6.2 Level 5 Market Depth

Inside the order window, you can enable “Market Depth” to view 5 levels of bid/ask prices and available volume.

7. MT5’s Key Advantage: Lightning-Fast Strategy Tester

If you use EAs, MT5’s backtesting speed completely outclasses MT4:

MT5 vs. MT4 Backtesting Comparison:

Task	MT4	MT5
1-Year EUR/USD H1 Backtest	~30 minutes	~3 minutes
5-Year EUR/USD M15 Backtest	Several hours	~30 minutes
Multi-Currency Parallel Testing	❌	✅
Multi-Threading Optimization	❌	✅ Multi-core CPU support

How to Use the Strategy Tester:

1. Go to View → Strategy Tester (or Ctrl+R).
2. Select your Expert Advisor (EA).
3. Choose the symbol, timeframe, and date range.
4. Select execution precision: “Every tick based on real ticks” (most precise) or “Every tick” (faster).
5. Click Start.
6. Review results: Equity curve, trade log, max drawdown, etc.

💡 MT5 backtesting is a free performance upgrade—you don’t need to rent a VPS just to optimize your EA parameters quickly.

8. How to Use MT5’s Built-in Economic Calendar

MT5’s Economic Calendar is an essential tool for beginners—no need to check external news sites manually anymore.

Viewing the Calendar:

1. Click the “Calendar” tab at the bottom toolbox.
2. Select your date range.
3. Filter events by priority: High (Red), Medium (Orange), Low (Yellow).

Practical Tips:

• High Impact Events (Red): Consider closing active trades or reducing risk 30 minutes before release due to potential massive volatility.
• Medium Impact Events (Orange): Keep an eye on price action, but automatic exit isn’t strictly necessary.
• Low Impact Events (Yellow): Can generally be ignored.

⚠️ Common Account Wipeout Cause: Holding unhedged, tight stop-loss positions through NFP releases. A 50–100 pip surge in seconds can wipe out under-capitalized accounts instantly.

9. Practical Migration Guide: Moving from MT4 to MT5

If you already have active EAs or custom setups on MT4, transitioning involves a few steps:

9.1 EA Migration

MT4 EAs cannot run directly on MT5—MQL4 and MQL5 are fundamentally different languages.

Solutions:

• Rewrite the EA: If you code in MQL, translate your MQL4 codebase to MQL5.
• Find an alternative: Look for an MT5 equivalent in the official MQL5 Market.
• Hire a Developer: Freelance MQL5 programmers are available on MQL5.com or Fiverr.

9.2 Custom Indicator Migration

Similar to EAs, MT4 indicators must be recompiled or rewritten for MT5.

Standard Indicators (e.g., MA, RSI): Free native MQL5 versions are readily available.

Proprietary Indicators: Will require rewriting in MQL5.

9.3 Template Migration

MT4 .tpl template files are not directly compatible with MT5. However, you can easily replicate chart colors and indicator layouts manually in MT5.

9.4 Trade History Migration

MT5 trade records are kept completely separate. You cannot view MT4 history inside MT5, but you can export historical reports via your Exness Personal Area in CSV format anytime.

9.5 Running MT4 and MT5 Simultaneously

The good news: You do not need to abandon MT4 to use MT5.

• Use MT4 to run legacy EAs and familiar tools.
• Use MT5 for new manual strategies, backtesting, and news trading.

My setup: MT4 runs 1 legacy EA, while MT5 handles manual trading and strategy testing.

10. Top 3 Common MT5 Issues & Fixes

❌ Issue 1: MT5 Displays “No Connection”

Cause: Network drop or incorrect server selection.

Fix:

1. Check your internet connection.
2. Click File → Log In → Re-enter credentials.
3. Verify your server name matches your Exness account dashboard exactly.

❌ Issue 2: Price Quotes on MT5 Differ Slightly from MT4

Cause: Difference in server time sync, data feeds, or decimal rounding.

Fix:

• Minor variances (< 1 pip) are completely normal across different terminal engines.
• Always refer to your Exness Personal Area or active trade execution window for primary values.

❌ Issue 3: MT5 Expert Advisor Will Not Load

Cause: File format is .ex4 or .mq4 (MT4 format).

Fix:

• Obtain the .ex5 or .mq5 version of the file.
• Download an MT5-compatible alternative from MQL5 Market.

11. MT5 vs. MT4: Which One Should You Choose?

✅ Choose MT5 if you are:

• A Beginner (start with the modern standard directly).
• A Day Trader or Scalper.
• An EA Developer / User (requiring fast backtesting).
• A News Trader (needing an integrated economic calendar).
• A Multi-Account Manager.

✅ Stay on MT4 if you are:

• Already using legacy MT4 EAs/Indicators and do not want to rewrite them.
• Dependent on MT4-exclusive software plugins.
• Fully comfortable with MT4’s workflow.

✅ Use Both if you are:

• An experienced MT4 trader wanting to evaluate MT5 features risk-free.
• Running MT4 for active automated bots while testing new setups on MT5.

12. My Recommended MT5 Setup (Reference)

Chart Configuration

• Primary Timeframe: H4 (4-Hour) to determine overall trend.
• Entry Timeframe: M15 (15-Minute) to spot entry signals.
• Color Scheme: Black background with Green Bullish / Red Bearish candles.

Core Indicators

• MA 50 + MA 200: Trend directional bias.
• RSI 14: Overbought / Oversold conditions.
• ATR 14: Volatility monitoring for dynamic Stop Loss placement.

Daily Tools

• Economic Calendar: Checked prior to placing trades.
• Depth of Market: Enabled during active scalping sessions.
• Strategy Tester: Used for EA optimization.

FAQ

Q: Is MT5 better than MT4?

A: Yes, in terms of technology: faster backtesting, more timeframes, extra order types, built-in economic calendar, and 5-level Depth of Market.

Q: Can I use MT4 and MT5 simultaneously on Exness?

A: Yes. They are separate applications and can run side-by-side connected to your Exness accounts.

Q: Can MT5 EAs run on MT4?

A: No. MT5 uses MQL5, whereas MT4 uses MQL4. The code is not cross-compatible.

Q: Should beginners start with MT5?

A: Yes. While MT5 has more features, starting on MT5 avoids having to re-learn platform mechanics later.

Q: Is MT5 free to use?

A: Yes, MT5 is completely free to download and use through MetaQuotes or Exness.

Q: What is the minimum deposit for MT5 on Exness?

A: $1 for Exness Standard Accounts, and $200 for Pro Accounts.

Q: How much faster is MT5 backtesting compared to MT4?

A: Typically 10 to 100 times faster, thanks to multi-core CPU optimization.

Conclusion

MT5 represents a more modern, faster, and versatile trading environment. If you are a new trader, an EA user, or a short-term scalper, MT5 is the clear choice.

However, if you already operate a profitable, stable workflow on MT4, there is no rush to switch—stability always triumphs over new features.

Final Recommendation:

• New Traders → Go straight to MT5.
• EA Traders → Move to MT5 to leverage 10–100x faster backtesting speeds.
• Existing MT4 Users → Install MT5 alongside MT4 to test its features while keeping your existing setup running.

Ready to Get Started?

To trade on MT5 with Exness, all you need is an active Exness account:

• ⏱️ 5 minutes to register
• 💵 Start with as little as $1
• ✅ Free Demo Account ($10,000 virtual funds)
• 📈 Full support for both MT4 and MT5

👉 Register Your Exness Account Here ($1 Minimum Deposit)

Once registered, download MT5 from your dashboard and follow this guide to set up your trading workspace!

Here are our recommended forex brokers：EXNESS Forex，IC Markets Forex