Two platforms, sixteen years of forum warfare, and a decision that matters less than the account type you attach it to.
Why is anyone still arguing about this?
MetaTrader 5 was released in 2010. It is now 2026. In most software categories a sixteen-year-old successor has long since buried its predecessor, and nobody writes comparison articles about the transition. MetaTrader 4 is still here, still offered by most UK brokers, and still the default choice for a large share of retail automated traders. That is unusual enough to be worth explaining properly. The short explanation is that MT5 was not an upgrade. It was a rewrite, and the rewrite broke compatibility with every Expert Advisor and custom indicator written for MT4. Sixteen years of accumulated code, much of it bought rather than written, stopped working. When switching costs are that high, the better product does not automatically win. It has to be enough better to justify rebuilding what you already own, and for a lot of traders it simply was not.
What actually changed between the two?
MT5 added a proper depth-of-market display, more timeframes, more order types, an economic calendar, and a strategy tester that runs multi-currency and multi-threaded rather than one symbol at a time on one core. It also moved to a netting-capable accounting model, though most retail brokers configure it for hedging so this rarely surfaces. On paper it is the more capable environment and has been from the start.
What it did not do was fix the thing people actually complain about, which is that both platforms are desktop applications with an interface designed around a 2005 view of what a trading terminal should look like. If you find MT4 clunky you will find MT5 clunky in almost exactly the same ways, with a few more menus. The generational leap people expect from a version number increment is not there.
Does the language difference matter if you are not writing the code yourself?
Yes, and this is the part most comparisons skate over. MT4 runs MQL4, MT5 runs MQL5, and they are different enough that porting an Expert Advisor is a rewrite rather than a recompile. If you bought your EA from a vendor, the question is not which platform is better. It is whether your vendor maintains an MT5 build, and whether that build has the same live track record as the MT4 one or is a fresh translation nobody has run in anger yet. That second point is where money gets lost. A ported EA is new code. It may compile cleanly, backtest identically and still behave differently in live conditions because the order-handling logic underneath it changed. Treating a migration as a formality is how people discover their risk management was relying on an MT4 quirk. If you are moving, run the new build on a demo alongside the old one on live for a few weeks and compare fills, not equity curves.
Is MT5 faster?
In the ways you can measure from a home connection, not meaningfully. Execution speed on a retail account is dominated by your broker’s infrastructure, the distance between your terminal and their server, and how they route your order. The terminal itself is a small term in that equation. Published comparison testing of three FCA-regulated brokers put median execution at 47ms, 85ms and 95ms, a spread of nearly a factor of two between firms that had nothing to do with which MetaTrader build was installed.
Those medians deserve reading carefully rather than quoting, because they are doing less work than they look like they are doing. They separate three brokers, not two terminals. A median summarises an unstated number of orders sent from one location at one set of times of day, and latency is a property of the route between a particular machine and a particular server. Anyone treating a published median as the speed you personally will get is generalising from a narrow measurement, and that applies to the people who do the measuring as much as to anyone repeating them afterwards. What survives the caveat is the ordering: brokers differ from one another by considerably more than MetaTrader builds differ from one another.
The one place MT5 is genuinely and dramatically faster is the strategy tester. Multi-threaded optimisation across multiple symbols runs at a different order of magnitude from MT4’s single-core, single-symbol approach. If you spend real time optimising parameters, that alone may settle the argument. If you run one EA on one pair and never touch the tester, you have just lost the only decisive advantage.
Which one do UK brokers actually offer?
Both, in most cases, and this is why the decision is less consequential than it looks. The FCA register listed 74 firms with permission to offer CFDs to retail clients as at December 2025, and the ones with a MetaTrader offering overwhelmingly run both builds side by side. You are rarely choosing a broker by choosing a platform. You are choosing which download link to click after you have already chosen the broker.
That ordering matters. The account type, the spread model and the commission structure will cost you more over a year than the terminal ever will. Reviewers who fund live accounts with their own money to test UK platforms tend to reach the same conclusion, and the working through of it is at theinvestorscentre.co.uk/trading/mt4-vs-mt5/, which compares the two on what they cost rather than what they claim.
What does the platform choice actually cost you?
Here is the arithmetic that should be driving the decision, taken from live funded accounts at a single FCA-regulated broker in July 2026. Note that the terminal you pick changes the commission, but the account type you pick changes it more.
| Route |
Spread |
Commission per standard lot |
All-in, liquid hours |
| Razor account, GBP MetaTrader |
0.1 pips |
GBP 4.50 round turn |
about GBP 5.30 |
| Razor account, cTrader |
0.1 pips |
USD 6.00 round turn |
higher than MetaTrader |
| Razor account, TradingView |
0.1 pips |
USD 7.00 round turn |
highest of the four |
| Standard account, no commission |
1.0 pips |
None |
about GBP 8.00 |
Four routes to the same standard lot at one FCA-regulated broker, priced from live funded accounts in July 2026. The GBP MetaTrader route was the cheapest of the four. MT4 and MT5 were charged identically, which is why neither of them has a row of its own.
Read that table again and notice what is not in it: any difference between MT4 and MT5. They were priced the same. The GBP MetaTrader route beat the same broker’s own cTrader and TradingView bridges, and the commission-free account cost roughly half again as much per round trip as the commission-bearing one once the wider spread was counted. Traders agonise over the terminal and then leave a third of their cost on the table by picking the account that looks free.
It is worth being blunt about what a table like that is. Funding an account buys you a price list you could not otherwise obtain, and nothing more. Four routes at one firm on one date does not describe the market, and a commission schedule is the most changeable item in this article, more changeable than the spread and far more changeable than the MQL4 and MQL5 code differences that will still be there in five years. Sites that fund accounts are producing a dated observation, and the honest ones print the date next to the figure rather than three sections below it.
Where does spread betting complicate things?
For UK residents it complicates things considerably, because spread betting and CFDs are taxed differently and not every MetaTrader offering supports both. Spread betting is outside capital gains tax, income tax and stamp duty for retail clients under HMRC’s guidance at BIM22020. CFD profits are inside the capital gains regime, which for 2025/26 means a GBP 3,000 annual allowance and then 18% or 24% depending on your band.
So the honest version of the decision tree starts before the platform. Decide the wrapper, because that has the largest effect on what you keep. Then find out which MetaTrader builds your broker offers inside that wrapper, because spread betting support on MT5 is less universal than on MT4 and some brokers run it only on one. Only then does the MQL4 against MQL5 question become live.
Picking the terminal first and working backwards is how people end up in the wrong tax treatment.
What breaks when you migrate an EA?
Order handling, usually. MT5’s position model, its handling of partial fills and the way it reports ticket numbers all differ from MT4, and an EA that assumed MT4 semantics can misbehave without erroring. Stop-loss placement on a partially filled order is a classic failure point. So is anything that counted open positions by looping through a list that MT5 structures differently. Then there is the boring category: your custom indicators, your alerts, your VPS setup, and any bridge you were running to a third-party charting package. All of it needs revisiting. The migration is a project, not an afternoon, and the correct time to do it is when you want something MT5 offers, not because a forum post told you MT4 is deprecated. It has been about to be deprecated for over a decade.
The backtesting difference is the real one
If you strip out the noise, one genuine reason to prefer MT5 survives, and it is the tester. Multi-currency backtesting matters if your strategy trades a basket. Multi-threaded optimisation matters if you sweep parameters. Real tick data support matters if your entries are sensitive to intrabar behaviour, which most short-timeframe strategies are whether their authors admit it or not.
But be clear-eyed about what a better backtest buys you. It buys a more accurate picture of how your strategy would have performed on historical data, which is a different thing from how it will perform next month. Under 1% of day traders earn predictably positive returns according to Barber, Lee, Liu and Odean’s study of 450,000 traders over fifteen years. A faster optimiser does not move you into that 1%. It just gets you to your overfitted parameter set sooner.
So should a UK automated trader pick MT5?
For a new setup with no legacy code, yes, choose MT5. It is the platform being developed, the tester is better, and starting on MQL5 means you never have to do the migration. There is no good argument for beginning a fresh project on MT4 in 2026 beyond the availability of a specific EA you want and cannot get elsewhere.
For an existing MT4 setup that works, running profitably, with code you understand, the answer is probably not yet. Migrate when you need something MT5 has. The cost of the rewrite is real, the risk of introducing a subtle bug is real, and the benefit is concentrated in a tool, the strategy tester, that some traders barely open. Sometimes inertia is only an accurate reading of what switching would cost.
What should you test before you commit?
Fund the account you intend to use, with a small amount, and check four things in this order. What does a round trip actually cost, including commission and the spread you are really getting rather than the one advertised. What happens to your fills when something moves, which you can only see by trading through a scheduled data release. What the overnight financing looks like if you hold, which is asymmetric and frequently tripled on Wednesdays to cover weekend settlement. And whether a withdrawal actually arrives when you ask for it.
Every item on that list tests the broker rather than the terminal, which is rather the point. Run the four checks on whichever build you were leaning towards and the platform question tends to answer itself by shrinking. The differences between the two terminals are smaller than the differences between account types at the same broker, and both are smaller than the difference between a spread bet and a CFD for a UK taxpayer. Sort those three in order of size and MT4 against MT5 lands where it belongs, which is last.
So run the argument backwards from the money. Settle the wrapper, then the broker, then the account type inside that broker, and only then open the download page. By the time you get there the decision you have been putting off is a choice between two builds that cost the same, run on the same infrastructure and differ mainly in a tester you may never open. A decade and a half of forum argument has produced remarkably little to choose between, which is itself the useful finding.
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